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The key is three tiers, and three is the target. More than three and you get decision paralysis, less than three and you cut yourself at the knees, and here’s why:
There are by and large three types of buyers.
The “Fuckit buyer“
They want the top tier because they want it. They want the best, at whatever cost. Money is no object.
The “Budget buyer“
They are pinching pennies which, to no fault of theirs perhaps, they just don’t have the budget… but they want YOU. Give them your most affordable option.
Most folks don’t want the cheapest, or the most expensive. Buyers also use the first price they see as the “anchor”, hence you list a premium package before the middle package. (This tactic is also used at restaurants with a priced bottle of wine they hardly ever expect to sell; its primary purpose is to anchor every other bottle of wine.)
Whatever is in the packages almost doesn’t matter, just begin with your historically most popular package the middle of the three. My pricing structure is as follows: $3.5k $2.5k $1.7k (the industry average Wedding DJ price in my area is $1.1k-$1.5k, ala greater NYC metro)
Most folks book my middle package, a smaller portion book the budget package, and a rare rare few book my highest rate. Can you tell I have a Psychology degree?!
- What months do most bookings come in
- Estimate how much do you owe in taxes each quarter
- Analyze the where your gigs are coming from through time
- Which sources of gigs are most profitable
- Revenue and expenses through time
ALL NUMBERS, FIGURES, CHARTS, GRAPHS, FORMATTING AND CALCULATIONS ARE ILLUSTRATIVE. NOTHING IS TO BE TAKEN AS ADVICE, NEITHER TAX, LEGAL OR OTHERWISE. USE AT OWN RISK, CONSULT A TAX OR LEGAL PROFESSIONAL BEFORE MAKING DECISIONS