How much would you quote a potential client to do this wedding?

[MIXMASTERMACHOM]

If the person who took your card on Saturday was seriously interested in you, then you woul have already received that phone call. What shocks me is that you are planning on what to tell one single peosn who may call. Why do you not already have your wedding rates set for others who may call you that you do not know about?

Oh yes you never resonded back tot he thread you started about your illegal music not working properly.

You said one very good thing even though I know I'm not on your favorite DJ list. And that is to have a price point already in place. Meaning that for a certain service provided for say a wedding it will cost this much for a minimum price and can go up from there. In other words having a rock bottom price and sticking to it. Not just giving in to a potential client to win a gig.

Another way to put it that I'm guilty of is to stop being this desperate DJ to get gigs and get serious when it comes to a price. Just because a gig sounds easy and seems attractive doesn't mean I got to quote such a crazy ow price to say I was the DJ at their event. Now that's part of the plan.

I've got to get out of the old mind set that I had in the past when I had my day job. I had my day job so I would go out to do gigs for a very cheap price because I didn't have to depend on DJing to survive. It's that simple.

 

[TheOlogee]

Mix...good for you for recognizing that some of your challenges are from how you think/thought about your business. Use that momentum and start your b-plan bro.

I work full time and DJ part time. I don't need to DJ to survive but I do to reach some other goals I have which includes going multi-op so I plan, track progress, tweak. Others may disagree but business is business regardless of how many hours you put in weekly.

Get your plan on Mix.

 

[redhotdj]

MIX make yourself look good know your prices, when someone ask for a price for a graduation, birthday, or wedding tell them a base price

 

[ahoustondj]

Mix...good for you for recognizing that some of your challenges are from how you think/thought about your business. Use that momentum and start your b-plan bro.

I work full time and DJ part time. I don't need to DJ to survive but I do to reach some other goals I have which includes going multi-op so I plan, track progress, tweak. Others may disagree but business is business regardless of how many hours you put in weekly.

Get your plan on Mix.

I agree with your comments Theo. A person can have a business with "Part Time Hours" even if that person has a regular job. There is a big difference between a person who has a business by true definition,( reporting Income, losses, having a DBA, Inc. etc) vs a person who is making money on the "side" from a venture and not reporting it. The latter is usually a Hobbyist.

The terminology "Full time" to describe a business can be misleading. For example, if a person has a business of picking up and delivering breakfast meals to a facility from 7.00am -10.00am, then that business can be described as having Part Time Hours even if that is all the person does. However it can also be termed a Full Time Business. So a person does not necessarily have to work 40 hours or more doing something to call it a full time business. I hardly think that anyone can call Warren Buffet a Part Timer because he has multiple businesses and does not spend 40 hours a week on each individual entity that he owns.

One last thing is, a true measure of the business is, if one can go to the Bank and get a loan or line of credit based on that business's income.

 

[rickryan.com]

One last thing is, a true measure of the business is, if one can go to the Bank and get a loan or line of credit based on that business's income.

Bologna. I ran a consulting business for a dozen years. It was certainly a "true business". Given it was a service-based business, with no hard assets, you'd be hard pressed to get any bank to make loans to it. There were other special financing sources available but your blanket statement is bologna.

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You said one very good thing even though I know I'm not on your favorite DJ list. And that is to have a price point already in place. Meaning that for a certain service provided for say a wedding it will cost this much for a minimum price and can go up from there. In other words having a rock bottom price and sticking to it. Not just giving in to a potential client to win a gig.

Another way to put it that I'm guilty of is to stop being this desperate DJ to get gigs and get serious when it comes to a price. Just because a gig sounds easy and seems attractive doesn't mean I got to quote such a crazy ow price to say I was the DJ at their event. Now that's part of the plan.

I've got to get out of the old mind set that I had in the past when I had my day job. I had my day job so I would go out to do gigs for a very cheap price because I didn't have to depend on DJing to survive. It's that simple.

You also need to get out of depending on "buddy referrals" for your leads. No offense, but it's my perception that the crew you're hanging with are used to paying $100-$250 per event. You'll do nothing but beat your head against a wall trying to get a reasonable rate out of them. You're going to have to up your image (website, presentation, sales skills) and do some actual marketing to un-cover and pitch to some decent prospects.

 

[steve149]

I agree with Rick .. IMO, the true measure of a business is NOT needing to get a loan from a bank.

Additionally, I don't agree with the simple part-time / full-time / hobbyist breakdown. Most people here understand what they do and what they want out of a chat room .. the ones that don't we try to steer. Tags are too simplistic. Take me .. I don't do a whole lot of gigs (by desire), yet I carry liability insurance, have a dba, have a state tax license, pay for music subscriptions, and file taxes for my "business". Label that.

 

[ahoustondj]

Bologna. I ran a consulting business for a dozen years. It was certainly a "true business". Given it was a service-based business, with no hard assets, you'd be hard pressed to get any bank to make loans to it. There were other special financing sources available but your blanket statement is bologna.

Lets agree to disagree because I have a $10K line of Credit at Dell, $6K at Sweetwater, $3K at a Local Pro Sound in Houston and these are all Music related. I have others that are not but was given based on my IRS Tax Filings over the years. I recently purchased a new vehicle financed by Chase. These were all granted to me based on my Businesses incomes. You need to find a new Banker!

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I agree with Rick .. IMO, the true measure of a business is NOT needing to get a loan from a bank.

Additionally, I don't agree with the simple part-time / full-time / hobbyist breakdown. Most people here understand what they do and what they want out of a chat room .. the ones that don't we try to steer. Tags are too simplistic. Take me .. I don't do a whole lot of gigs (by desire), yet I carry liability insurance, have a dba, have a state tax license, pay for music subscriptions, and file taxes for my "business". Label that.

Let me then correct myself and state that it is ONE of the measures. In the eyes of the IRS if you don't show a profit in x number of years they declare what you do as a Hobby. That is NOT my opinion, it is the IRS. If you meet their criteria then indeed you are a Business.

 

[rickryan.com]

Lets agree to disagree because I have a $10K line of Credit at Dell, $6K at Sweetwater, $3K at a Local Pro Sound in Houston and these are all Music related. I have others that are not but was given based on my IRS Tax Filings over the years. I recently purchased a new vehicle financed by Chase. These were all granted to me based on my Businesses incomes. You need to find a new Banker!

No, let's have you admit you don't know what you're talking about. Getting a revolving line of credit from a business is one thing. Getting a LOAN from a traditional bank is quite another. The later requires assets to secure the loan whereas the former is often an un-secured line of credit. Those are entirely different animals and your statement that a "true business" can walk into a bank and get a loan, especially for a service type operation that, in many banks eyes, would be a highly questionable form (from a security standpoint) of business is simply wrong.

 

[ahoustondj]

No, let's have you admit you don't know what you're talking about. Getting a revolving line of credit from a business is one thing. Getting a LOAN from a traditional bank is quite another. The later requires assets to secure the loan whereas the former is often an un-secured line of credit. Those are entirely different animals and your statement that a "true business" can walk into a bank and get a loan, especially for a service type operation that, in many banks eyes, would be a highly questionable form (from a security standpoint) of business is simply wrong.

I wrote Quote: "if one can go to the Bank and get a loan or line of credit based on that business's income." I never said that I got a Line of Credit from the Bank, I got it from the Retailers I listed. However, it is a Bank(s) that provide those loans to the retailers anyway! With only a DBA a Bank will view the Loan as Personal. With a Corporation then it is different. It does not matter to me what it is called as long as I can get the Goods or the money. The result is the same for me.

 

[redhotdj]

I have a 8k line of credit at dell it doesn't make me special

 

[ahoustondj]

I have a 8k line of credit at dell it doesn't make me special

Whoever said that my Credit made me special? You guys are always trying to stir up shyt! My contention was that I got the Credit based on my business Income viewed upon as Legit!

 

[steve149]

I get credit all the time based on my business income .. have for as long as I have had income. I doubt the music stores differentiate between what comes from DJing or from the other income you have unless they have asked for a Schedule C. Generally they don't ask for anything .. just do a credit check.

 

[ahoustondj]

I get credit all the time based on my business income .. have for as long as I have had income. I doubt the music stores differentiate between what comes from DJing or from the other income you have unless they have asked for a Schedule C. Generally they don't ask for anything .. just do a credit check.

If there was little or no income one would not have proof would they? I list my Businesses as place of Employment. What I was getting at is that based on DJ or other Business alone, backed up by IRS Tax Reports, one can get Credit. Leave off the "Job" income and if the Business Income was not high enough, credit could be denied. Several factors are taken into consideration before credit is granted.
Anyways y'all can argue all you want I am done with this one.

 

[steve149]

If there was little or no income one would not have proof would they? I list my Businesses as place of Employment. What I was getting at is that based on DJ or other Business alone, backed up by IRS Tax Reports, one can get Credit. Leave off the "Job" income and if the Business Income was not high enough, credit could be denied. Several factors are taken into consideration before credit is granted.
Anyways y'all can argue all you want I am done with this one.

All I was alluding to was the credit you received could have been based solely on your art business and the music stores wouldn't care. Income is income.

 

[Kirby Ball]

Credit is a trap you don't want to fall into. Plan your purchases and pay cash.

 

[Jeff Romard]

I agree with Rick .. IMO, the true measure of a business is NOT needing to get a loan from a bank
.

That really depends Steve if you are getting the loan at a reasonable enough rate it may pay to keep the cash flow and take the loan depending on how much is involved and how your business runs. I can get a bank loan at around 5% or so

 

[steve149]

That really depends Steve if you are getting the loan at a reasonable enough rate it may pay to keep the cash flow and take the loan depending on how much is involved and how your business runs. I can get a bank loan at around 5% or so

I was being a bit simplistic, but yes, properly thought out loans can make sense. Too many use loans to buy much more than they need or have a plan for. If you get a low interest loan, but have the means of paying it off .. take it.

 

[ittigger]

Credit is a trap you don't want to fall into. Plan your purchases and pay cash.

I agree - however no credit is worse than bad credit.

 

[ahoustondj]

Credit is a trap you don't want to fall into. Plan your purchases and pay cash.

It is great to use other people's money. Most of the Gear I have purchased including my Laptops have been purchased on a 12-18 Months No Interest Plan . That is hard to beat.

Sweetwater is now offering a 24 Months same as cash deal and I am contemplating some new purchases because of it. 24 months of using a couple thousand dollars of someone's money is a steal. Pay the minimum monthly for 23 months then the balance in the last month before the promotion expires.

 

[Kirby Ball]

I agree - however no credit is worse than bad credit.

Not really. I'm going to have to disagree.

My goal is to have a "0" credit rating and that's a good thing. I used to believe in all that crap about having a good credit rating, then what I realized was if you managed your money correctly the only money the average person should have to borrow is for their house.

For example, our business is a "part-time" business but we currently have a 13k nest egg built up because we are planning ahead. I don't care how "cheap" it is to get a loan, you're still paying something to use someone else's money. Anyone who thinks they're getting a great deal on purchasing on things on a 12-18 month same as cash plan are fooling themselves as the seller has already padded the selling price to make money off of you while "you think you're getting a deal."

Become debt free and you'll never want to owe someone money again. We only owe on our house and we'll have it knocked out in much less than the 10 year note we currently have.