How many hustles can you handle?
Here’s a message for everyone in the concert promotions business. As you continue to book shows and other related events, meet new people, and grow as a concert promoter, there is a strong possibility that you may have the foundation to start a new business. The key is finding a related service that you can provide to the people you are currently doing business with. They know your work and would be the most likely candidates to try your new services or products. If you can manage your time or find a partner, expanding your business may be just the thing for you. The more checks that come in, the easier it is to pay your bills. My philosophy is the amount of money you get from each check is not the issue. The key is to create constant streams of revenue from these businesses. Assuming you do not spread yourself too thin, you can look for each check to increase over time with the right marketing plan.
It’s not as difficult to start a new business as you may think. Many have found success in using the services of other companies and marking up the price 10%. This way you get paid and the other company does all the work. However, if you know that you can bring this company a lot of business, negotiate a discounted price from them. This will keep your price in step with the competition. The other option is to negotiate a commission from the company. This will also keep your prices competitive.
A prime example of how a local concert promoter can make extra income is by contracting their street team to national or regional promoters. Contact your local arena and find out who is promoting the next big show and offer them your services. Maybe you have developed skills as a stage manager, these types of services are always in demand when a local promoter with little experience books a big theater or arena concert.
Here are some additional suggestions: sound system rental, stage light rental, photography and video, event planning, on-site production, street team marketing, flyer and poster design, web site design, consulting, security, catering and so much more. The money is out there. You have the skills. Take the leap and make it happen.
The bottom line is that as a promoter you have all the skills to market just about anything. Use your abilities to set up additional businesses and create as many streams of revenue and residual income opportunities that you can comfortably manage. You’ll appreciate it when you’re driving that new ride, moving into a new house, or better yet, just watching your bank account grow.
by Kevin Morrison (on Google+)
eJams Entertainment Booking Agency
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