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James Araujo - MIK Team

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The business manager is the person on your team who handles all your money. He or she collects it, keeps track of it, pays your bills, invests it, makes sure you file your tax returns, etc. Did you know that in California, a person needs no credentials whatsoever to be a business manager?

What this means is that you could be turning your money over to someone who has no more financial training than you do. And when you stop to think about it, that’s pretty scary. SO BE EXTREMELY CAREFUL WHEN YOU PICK A BUSINESS MANAGER!

When interviewing business managers, there are some essential questions you should ask:

  1. What kinds of financial reports are you going to get, and how often? (You should get monthly reports.) Ask to see samples of the reports. Are they clear? Can you understand them?

  2. What is the business manager’s investment philosophy? Will they only keep your money in conservative, short-term paper or in highly speculative pork belly futures? Don’t settle for the gobbledygook that says, “We tailor to every individual’s needs.” Ask what they’d do for you. And why.

  3. How much do they charge?

  4. Does the business manager represent music clients? This may seem like a silly question, but some very talented business managers have no expertise in the music industry, and you don’t want one of them. The music industry is very specialized, and you need someone who understands its intricacies. For example, if they don’t understand music publishing, they can’t do a good job of making sure you’re getting paid everything you’re owed by the publisher. Good business managers know when something should have come in but didn’t; someone without industry expertise may not.

  5. Have they handled people with your particular problems and challenges? If you’re a new artist, you want to be sure they know how to watch every penny so you can survive.

Be sure the business manager wants to educate you, rather than just pat you on the head and say, “Trust me, kid.” Most decisions can be condensed down to a fairly simple summary, and you should make all the significant decisions yourself. Be wary of someone who just wants to tell you what to do and seems offended if you question it.

Remember: BE EXTREMELY CAREFUL WHEN YOU PICK A BUSINESS MANAGER!

Source:

Passman, Donald. All You Need to Know About the Music Business: 8th edition RosettaBooks. Kindle Edition.

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James Araujo - MIK Team

It’s an inevitable truth that the logistic of clubs/festivals is mostly around the financial side of the business. If they are not profitable, they will fail. It’s as simple as that. The same thing is true about your DJing career. If you want to survive and make a career as a DJ, you need to start taking a better look at how much to charge for your DJing services. Here are 5 tips to help you with that:

Tip#1 - The price you charge says a lot about you and your brand

Before you decide to charge $50 per gig, think about this: What will people perceive about my services/brand based on this price? Not quite a lot, right? Perception is the reality in the mind of our customers. So, always try to charge as much as you can, of course being reasonable. Add value for your brand constantly. If you have no idea on how much to charge, do a little research and find out how much other DJs, that are in the same position as you are right now in your career, are charging. It will give you a good idea to decide the price for your services.

Tip#2 - Have a pricing policy

It’s always good to have a standard price that you charge for your services. First, it gives you a better sense of when to accept/deny offers. Furthermore, it helps you avoid playing at gigs for free. Sometimes it’s better not to play at a gig than playing it for free or for a very small “fee”. There are exceptions of course, for example, if you are offered to play at Ultra Music Festival for a small fee (or even for free), it’s definitely a good deal because of the exposure that the festival brings.

*Make sure to include any extra expenses such as hotel, travel costs, etc to the final price you send to the contractor.

Tip#3 - Charging less DOESN'T mean NOT giving your best

If you are just beginning your career, you are most likely not in a position to charge a lot for your services. The reason being that you haven’t created enough value for your brand to justify charging a lot. However, it doesn’t mean that you shouldn't deliver your best work at all times. If you don’t, you risk ruining your reputation and this is something almost impossible to recover once it’s ruined. So, always deliver your best work, do activities to increase the value of your brand, and it will be just a matter of time till you start charging more money for your services.

Tip#4 - Whenever possible, ask to get your $ beforehand

It’s always good to have a contract signed between you and the other party. There are a couple of reasons for this:

A) You don’t want to be inconvenient asking for your money while the party is still going on or waiting after the party to get it
B) It diminishes the risk that the contractor will not pay your money if they didn’t profit that night
C) You will still get your money, or at least part of it, even if the event is canceled for some reason


Tip#5 - Use common sense when increasing the price for your services

It will come a time when you will need/want to increase the price you charge for your gigs. But, make sure that you are not charging what Calvin Harris charges if you cannot deliver what he does ;) In the end, for the person/club hiring your services it’s all about the Return on Investment. So, make sure that you factor ROI, current brand value, and other factors when deciding by how much you should increase the price you charge for your gigs.

Do you have a pricing strategy for your DJ services?

Sources Used:

AMD - Academia De Marketing Para DJs

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