One of the most common questions I get asked in the magic shop is about deciding how much to charge for performing magic at an event. Some magicians have been learning magic as a hobby and now feel ready to take on their first paid work, whilst others are already working, but don't know how to increase their fee without losing work.
So.. Here's the advice I give them:
Know Your Costs.
Each performer is different, but you will have a number of costs that need to be covered in the fee you charge. You need to work out how many bookings it will take to cover those expenses and generate you an acceptable income. Your costs could include:
* Equipment
* Travel costs to and from gigs
* Costumes
* Make-up
* Consumable items, such as decks of playing cards
* Backing music
* Insurance – Public liability insurance is vital.
* Club or society membership
Do you currently have a full-time job? If so, you need to work out your costs, then determine how many gigs over the course of a year, you will need to replace the income you currently enjoy.
Can you attract that number of magic bookings at the fee you charge, to achieve your current income and allow growth over time?
Understand your target customer
There are lots of different types of magician, which are you? If you’re a children’s entertainer, your customer base is quite different to that of a close up magician or a stage show illusionist. Each type of customer and event has varying needs, and a different budget for your services. When deciding your fee, you must look at the factors in your specific target market and set your prices within that market’s level.
Starting small.
Your reputation and customer base will expand slowly at first, so you may find that you will need to do some work for less that the normal rate when you are getting established. Once your reputation spreads and your marketing becomes more effective, you will be able to increase your fees. I recommend that you don't work for free to begin with. It's easy to become trapped in a series of low paying bookings, because you started for free, and can’t justify to your client why they should now pay you. A reduced fee for a limited time as a ‘trial’ is OK, but remember that your fee will often reflect your value to a client. There are much better ways to compete rather than on price when you start out.
Go low on the client, not the fee.
Instead of targeting prestigious venues or high end events with a low price, pick clients that have a smaller budget, but would like to use magic at their event. Premium venues will be wary of an entertainer who is cheaper than other entertainers locally, but a small business may be really happy to be able to afford your services.
Restaurants.
Restaurants are different from most parties because the overall goal of the establishment is to make a profit from serving their customers. The restaurant must entertain the guests whilst selling them food and drink. It doesn’t matter how good a magician you are, the restaurant will know how many customers (or covers) it will turn in an evening, and that sets its budget for that night. Live entertainment is always popular, and during times of economic pressure venues will seek out live entertainment to give them an edge in the market. A magician is a low cost option for a bar or restaurant, compared to live music or sporting events. Restaurant work is often low paid, but a few regular gigs each week and support you, and be a good source of leads for work going forward.
How much should magicians charge a restaurant
As a general rule of thumb:
For a restaurant, it is acceptable to charge 4 x the price of a meal for one.
Weddings.
Wedding events have a much larger budget than restaurant gigs, after all, the goal of a wedding reception is to entertain the guests, without making a profit from them. Because of this, you can charge a more realistic fee. The price you can charge for your services will depend very much on the area and wealth of the clients that book you. An easy way to estimate how much you should charge is to find out what comparable forms of entertainment charge in your area. Get some quotes for casino tables, live wedding singers and photo booths locally. A wedding magician can normally charge a small premium above these other options but will be price capped close to them.
Children’s Magic Shows
It's very easy to find out what the going rate for a kids magic show is in your area. Don’t undercut the other magicians locally, as that simply creates a rush to the bottom of the market. If you want to increase your income from the shows you do, look to advertise your services in wealthy areas. Don't limit yourself just to events near where you live. If you are prepared to travel, you can market yourself in a number of affluent towns and cities, increasing the fee for your services instead of increasing the number of shows you give.
Having a good understanding of the costs, income needs, and the market for the product you are offering. Once you have this knowledge, you can work on establishing your reputation and building your client base over time.
I hope you find this of use to you
Best wishes
Dominic Reyes
www.dominicreyes.me