Unlike in the olden days, deejaying has become a solid and acceptable career. If you love music or performing and you love being around people, deejaying may be an appropriate career choice for you. However, like with all careers, the importance of hard work, persistence, and discipline cannot be overemphasized. Simply put, you will require more than just being stylish and having state-of-the-art equipment. You will need to build good publicity and your reputation to become a competitive brand.
While most event planners hire bands for entertainment, DJs offer the most practical alternative as they do not need a lot of space to do their jobs; plus, they have a big library of music to choose from. The following factors can be used to come up with the right way of starting a DJ business.
Research the Targeted Market
Like with all businesses, a feasibility study plays a role in the success of the intended venture. Let's face it: At the end of the day, the primary purpose of starting the deejaying business is to make money.
Doing a feasibility study or market research helps estimate market demand. Before venturing into any business, it's wise to have an idea of how much business you'll be getting. Moreover, you need to gauge and evaluate the competition you'll be up against.
Another good way of getting a true and fair view of the market demand is by considering the average number of events that happen in the desired area of operation. During the initial stages of your deejaying business, try to get feedback from your clients or even the guests you entertained to improve yourself. You could get feedback on whether the music selection was as expected and whether the song mixing was OK and then adjust accordingly.
After knowing the current market demands and before the launching, educate yourself about the current trends, including the legal and monetary issues touching on the deejaying business.
Pricing and Payment Policy
To sell and advertise yourself, you may need to go for lower rates than what's usually charged. However, you'll need to strike a balance and ensure that prospective clients do not take advantage of your marketing gimmicks.
Network with the other DJs in your area, and find out the prevailing market rates. Ensure your charges can take into account wages and other incidental costs. Ensure the net profit will be able to account for business and personal growth. Alternatively, you could sign up for an agency if you find their rates work out for you.
Finally, find out if the commonly used payment methods are suitable for you. Most clients will offer to pay using cash or checks, and in some cases, online payment methods such as PayPal will be an option.
However trustworthy your client may seem, never enter into a verbal business agreement. If an unforeseen event crops up, it will be your word against theirs. Bearing in mind that the customer/client is always correct, it's advisable to always protect yourself with a written and signed contract.
A contract does not only spell the terms and conditions of operation, but it also indicates the deliverables expected from both parties. It acts as a document of proof when any misunderstandings pop up along the way.
Tools of the Trade
Without a doubt, the tools of the trade for successful DJs are state-of-the-art equipment and mixers, stylish clothes, and outgoing personalities. Since deejaying and entertainment are most popular with younger generations, you'll need to keep up with the current entertainment trends to avoid being seen as behind the times. In addition to that, ensure you're using the latest equipment to stay on top of the game.
How Much Does It Cost to Start a DJ Business?
Typically, the nature of a DJ is mostly mobile, hence the term mobile DJ. As a DJ, you take the service to your clients unlike other businesses where the clients come looking for your services. Even though moving from one client to another can be hectic, most DJs operate from home offices, keeping office rental costs at a minimum. To get your deejaying outfit up and running, the following can be used as a mobile DJ checklist:
DJ business license
Mixers and turntables
Cabling, quality headphones, and microphones
A laptop installed with assistive software, such as VirtualDJ
Colored lights, smoke machine, and lasers
Amplifiers and public address system
Uniforms—These are important as they leave a lasting impression on your audience; since you'll also be a point of focus, use the uniforms for advertising your company
Marketing tools, such as brochures and a business website
The cost of a good mixer could range between $20,000-$50,000. In addition to the cost of a mixer, the abovementioned tools could cost another $50,000. To be on the safe side, expect to spend an average of $200,000 for all of the above.
DJ Business License
Most DJs start their careers by advertising themselves at house parties or the local clubs, mostly for free. After building a name, they start performing at private parties and other high-profile events. All this time, you'll not need to worry about a DJ business license. However, when performing at public events, you'll be required to have a DJ business license.
The license is not only a legal document but also a guarantee that you're covered in the event of any unforeseen eventualities while performing. At CoverWallet, we understand that all businesses have unique needs, and that's why we have different plans suitable for different deejaying businesses.
CoverWallet DJ Insurance Plans
Regardless of the size of your DJ business, CoverWallet has got you covered. With the insurance plans listed below, your assets are fully covered. This allows you to dedicate more time to other areas of your business.
Our basic plan covers you against general liability. The general liabilities cover damaged property, bodily injury, and personal injury. Essentially, the basic plan caters to your client's demands.
This package covers your equipment, lost income, broken-down equipment, damage to the client's property, and other third parties.
This plan protects DJs against employment issues. It covers you against diseases and accidents that may occur at the workplace, lost income, subsequent medical expenses, and workers' compensation.
At times, your DJ outfit may require specialized or customized coverage. When the abovementioned insurance plans seem to be unappealing and not cut out for you, talk to us for customized coverage meant to cater for commercial auto or interruptions at the workplace.
DJ Business Plan
Even in a deejaying outfit, the business plan is essential. In times long gone, business plans were only used by serious businesses. However, things have changed, causing a revolution even in the entertainment sector. A business plan should be short, clear, and concise. The following are key components that can be included in a deejaying business plan.
This section outlines the summary of a business. It sheds light on the following areas on the technical affairs of a company.
This is a section that outlines the overview or summary of the business plan. It's usually the first part of a business plan, but some people conclude with it.
It addresses the primary focus and functions of the business. This section tells the world what products and services your company offers. This section is also called "our products and services." The opportunity section also identifies the solutions a company offers for a certain problem.
This section of a business plan explains how your business will transform the details listed in the opportunity section into a viable business. The execution section generally outlines the blueprint of how your business journey will be achieved.
Besides great ideas, investors are attracted by great teams. Your summary should also outline your company's legal team and location if you've been in operation, including your business history.
Financial Goals or Plan
This is arguably the crucial section of the whole document. With the support of your business's financial statements, the financial goals section outlines a company's financial goals and obligations.
This part of the business plan is meant for additional information, such as a catalog and images of your products.
Launch Your DJ Business the Right Way
Launching a successful DJ outfit can be an uphill task, especially if you do not have proper information on what is required and how to carry yourself. However, when approached in the right way, nothing will stand in your way of starting your business. Of importance is securing your business's future for rainy days. A secure financial future can only be guaranteed when your DJ business is insured against any unforeseen eventualities. Talk to us for the best DJ insurance solutions today.