A major part of your growth as a performer is business; whether marketing, branding, managing finance or many other areas.Â
This week we delve into the cornerstone of your service, to get a deal that benefits all parties
Make sure you deliver
This is by far the most important part of your negation – before you agree to provide a service, make sure you have something to offer. Remember that you are hired as entertainment and must therefore be cost-affective.Â
- A venue has to hire staff, buy stock, pay overheads and pay for marketing. It’s your responsibility to keep people at the venue to make sure you’re worth the money, so charge accordingly.Â
- You can even promise to bring in a few friends to sweeten the deal! (e.g. food and a beverage per person could be ÂŁ10-ÂŁ30, so 5 friends could be worth ÂŁ50-150 alone!)
Understand the market
Your act is valuable to clients and the should benefit from your service. When you charge a rate, the venue should be earning more than that to justify bringing you in.
- You are there to attract and retain custom.Â
- Network with other musicians in the circuit to understand rates.
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We’ll release further bulletins to discuss breaking down an invoice.
Increase your bargaining power
Rates vary per person and you’re in a very weak position if you have nothing to show for it. Build up a portfolio of the following:
- Showreels
- High quality imagery
- Website
- Strong socialsÂ
- Â Business cards
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A live performance video can also help demonstrate the atmosphere you’re able to create.Â
Adjust for longevityÂ
Some clients may provide repeat opportunities. You can reduce your rate slightly if it means getting more work, in a “residency” for example.Â
- If it works for you and it works for the venue, you can commit to a deal that benefits both parties.
- Private functions, weddings and birthdays are often only single events, so can charge a premium. Often they come to you for your talent and you deserve full whack if it’s a one-off.
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Don’t enter a negotiation you’re not prepared to walk away from
- You must be prepared to walk away if you feel you are undervalued for your service. It is obviously discretionary, but if you drop too often then you’ll find that becomes your worth!
- If you enter a negotiation that you can’t lose, you lose all bargaining power.
Performance and entertainment are different things
You could sing an outstanding ballad, but a lively environment calls for lively music!
- To entertain people you need to work on performance techniques to retain people. See our previous articles to understand more.
- With a few shows behind you, you can encourage reviews and post videos to help get a deal over the line! Once you have the material, put together a media package ready for potential clients to review.Â
Charge reasonably for your serviceÂ
It’s a fine line between being greedy and undercharging.
- If you’ve just started, don’t expect the same pay as a seasoned professional. Experience counts in this industry and your job is not to perform, but to entertain!Â
- Equally, undercutting other acts will result in devaluing your service and if you are not as successful in the industry as those you undercut, you may find those venues numbers dwindle, which can lead to them to cutting live music completely…
- Play shorter shows with your best numbers until you have a full set to charge for.Â
- Rarer events deserve higher rates. Weddings, birthdays and corporate functions all have higher value (in that order)
Now that you are armed with this knowledge, you should be ready to discuss terms with potential clients. Remember, the aim is not to get as much as possible, but rather to reach a deal that benefits both parties and hopefully leads to a strong working relationship!
If you had any questions, you can ask in the comment section below!