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MagicCoach -
Helping you grow your Magic Business
from the Desk of Timothy Hyde
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THIS ISSUE

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So, how are you going to make more money this year?

I guess three easy options spring to mind as we plan out the year ahead.

1/ We could reduce the costs of doing business. We all pay out a certain
amount per show, makeup, petrol, consumables, gifts, wear and tear.
Then there's the fixed costs of running the office. Rental or lease of equipment, staff,
phone lines etc. Tighten your belt a bit and you could make more .

2/ Second option is to get more shows. Yes, simply increase the number of
shows per month and you obviously make more money. This seems to be
the theme of the advertising of several of the magic marketing texts.

3/ Or you could put your fees up slightly.

But which of these strategies is the most effective?? Do you know?

Lets do the math.
Imagine the Clown Bonzo Brothers.

Each does the same solo show, working out of their own office.
Last year each did 100 shows  and charged $100 per show.
Each makes $10,000. But each has fixed office costs of $2,000 and
a per show cost of $20. 100 shows @ $20, thats another $2,000 .
$4,000 costs.   So last year each made $6,000.

At their End of Year Goal Setting Retreat
each Clown determined to make more money in the coming year.
Each picked a different way to do it.

Bonzo 1, decided the easiest way was to cut costs.
He shaves 10% off both his per show cost and his fixed office costs.
So his costs are now $1,800 & $1,800 = 3,600.
Performance fees $10,000 - 3,600  =  $6,400!.   Whoopie, he made more money!

Bonzo 2, decides to get busier and book more shows!!!!
And he does.  Say, 10% more jobs.
He now does 110 shows at $100 and pulls in $11,000.
His fixed office cost remains the same, $2,000, but his
per show total figure rises with the increased jobs.
110 shows @ $20  = $2,200. His costs are $4,400 but he's made more money!!
$11,000 - $4,400   =   $6,800 !!

Bonzo 3, bites the bullet and puts his fees up.
Not much, just 10%.
He does the same number of shows, 100 but gets $110 for each.
Thats $11,000. His fixed costs remain the same, $2000
as does his per show consumable cost. $2000.
$11,000 - $4000 costs    =   $7,000 !!!

So each clown did end up making more money.
Each of the strategies work.
But one of them is much more effective than the rest.

So what are you going to do this year?

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MagicCoach recommends the following Resources
to dramatically grow your Businesss
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Success In Magic

Jim Snacks fantastic material.
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