Three Business Tips to Get Your 2018 Rocking!

By Peter Mennie

1. GIVE UP TRYING TO BE A MILLIONAIRE

Chances are it ain’t going to happen. Besides, “with great power comes great responsibility”, or something like that. With great wealth comes great stress.

Years ago before I knew anything about the business of entertainment, I told myself that I only want to make enough money so I didn’t have to worry about making money. You only need enough for food, family, fun, and the future. So make enough to feed yourself, house your family, have fun and save for the future. Anything left over, give to a charity of your choice.

2. DROP 10% OF YOUR BUSINESS

They say that 80% of will come from 20% of your clients. While that may be true, you are likely wasting more than 50% of your time trying to get or keep 10% of your business model.

Look back over 2017 and figure out where 90% of clients came from and then stop promoting to the remaining 10%. Instead, take those resources and apply them to back to the 90% (time, money, social media tags, blogging, etc.). You will more than make-up for the lost 10%.

3. INVEST!

Take 10% of EVERY gross show fee and put it into a retirement plan. Eventually, you won’t want to, or worse, be able to work and you have to be your own pension plan.

10% is not that much. Don’t try and save after you have paid all of your other bills, take it off the top BEFORE you pay for everything else. When I get a fee cheque, I go right to the bank and divide it up – 10% to income tax saving, 20% to my business expense account and 10% to my RSP (401K in the States). I live on the rest, quite comfortably, thank you.

These ideas are not hard and you can put them in place right now! Get on it!

Do you have a business tip you’d like to share?

  • Ryan Joyce

    Great tips for anyone serious about a career in magic– directly from a full-time pro.
    Thanks Peter!

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