Dragon’s Den

Would You Survive The Shark Tank?

by Paul Strikwerda in Articles, Career, Freelancing, Gear, Money Matters 13 Comments

Three years ago, two aspiring voice-overs took the plunge, and opened up shop.

One was incredibly talented, undisciplined, and thought he always knew best. The other one wasn’t as good, but she was business-savvy, and listened to feedback.

36 months later, number one is now an Uber-driver, entertaining his clients with celebrity impressions. Number two is starting to make a living… as a voice talent.

What went wrong, and what went right? Was it a matter of luck, attitude, or preparation?

Simply put, it takes more than talent to make it as a freelancer, no matter what field you pick. Way more. Let’s explore.

INVESTING IN YOU

Here’s a question for you.

If I were an investor on Shark Tank or Dragons’ Den, and you came to me with a pitch to back your business, what would I be looking for?

Number one: I’d look for your ability to make me money. By the way: that happens to be the same reason why agents sign you, and clients hire you. 

Think about that for a minute.

You may believe that you’re doing what you’re doing to make money for yourself. If that’s the case, I have news for you.

Your clients don’t care whether or not you turn a profit. Your clients don’t want to know how much you spent on that new microphone or revamped website. All they are interested in, is this:

“Will your voice help me spread my message so I can make more money?”

Even if you happen to work with a non-profit, it’s always a matter of benefits and costs. The benefits of hiring you should outweigh how much your clients pay. If that’s the case, those clients will perceive you as an asset, and not as an expense.

MAKING YOUR PITCH

There’s a lot of psychology in selling, but it starts with this: in a competitive market you have to offer a competitive product. Something that’s different, or better than what’s already on the shelves. 

If you’re providing a service like voice-over narration, you better bring it from day one. Don’t jump into the ocean if you barely know how to swim. Amateurs learn on the job, and they get eaten alive. Professionals know what they’re doing, and they’re able to survive.

In the Shark Tank as well as in real life, you’d need to bring something to the table that’s rather unique; a brilliant solution to a common problem, sold at the right price. Yes, you heard me. As one of the investors, I would expect you to know what you’re worth and charge accordingly.

Mark my words: Those who sell themselves short, aren’t taken seriously.

You’d also have to demonstrate what sets you apart from the competition. You have to come up with a solid marketing plan, and convince me why I should trust you.

It’s also important that you present your plans compellingly and logically, particularly under pressure. The reason is simple. If you cannot sell yourself, how will you ever sell your service, especially if you are the embodiment of that service?

LOOKING AT THE NUMBERS

Lastly, you’d have to show me your books.

Some freelancers think this is the boring stuff, but to me, this is where things get interesting.

No matter what business you’re in, the way you manage your money is one of the most important predictors of success. You may have the most enchanting voice in the world, but if you don’t price for profit, and you spend more than you make without even knowing it, you may end up driving for Uber.

Your balance sheet needs to reflect a few other things as well:

  • a keen sense of organization,
  • an aptitude for making intelligent investments, and
  • an ability to control costs.

 

If it’s okay with you, I want to talk about the last two things I just mentioned: investing in your business, and controlling how much you spend. Today I’ll talk a bit about spending. Next week I’ll show you a few of my favorite ways to save. 

WHERE TO PUT YOUR MONEY

No matter what some people want you to believe, you cannot run a profitable voice-over business on a shoestring budget. It starts with getting the proper training. Clients pay you because they trust that you know what you’re doing. They don’t expect you to figure it out on the fly and on their dime.

Just as a carpenter needs quality tools to deliver quality work, you need to have equipment that says you’re taking this voice-over thing seriously. Otherwise, you’re nothing more than a hopeful hobbyist talking into a stupid snowball microphone. 

Now, if you’re just getting started, here’s something you probably don’t want to hear: without a dedicated, isolated, and acoustically treated recording space, you’re not going to make enough money to stay afloat.

When a client calls, or there’s an audition, you need to be able to jump into your booth and press “record.” Otherwise the client will go somewhere else, and you’ll be last in line for that audition. You really can’t afford to wait until your neighbor stops using his snow blower, or until that barking bulldog finally falls asleep.

An expensive microphone in a bad recording space won’t sound half as good as a cheaper microphone in a treated environment. I think you get the point. Looking back at my career, building a home studio was one of the best investments I’ve ever made. It has paid for itself many times over, and frankly, I wish I’d done it earlier.

THE INVISIBLE EQUALIZER

Another investment you should make, is an investment in something invaluable that cannot be bought or rented. You can’t taste it, or touch it. Yet, everyone is using it every day (some to greater effect than others).

I’m talking about Time.

The success or failure of your business greatly depends on how you spend your time. First of all, give yourself time to become good at what you want to do. Cultivate your craft. Don’t rush it. There’s a lot more to doing voice-overs than most people think. And just because it sounds easy, doesn’t mean it is. 

Time is all about goals and priorities. We usually get things done that are important to us. People tend to get their “musts,” but not their “shoulds.” 

In a past profession, I interviewed many people who were considered to be a success. Politicians, captains of industry, and entertainers. Most of them were incredibly busy, but they were really good at planning, or had someone else do the planning for them. That way, they made the most out of every day.

These people were just like you and me, but they didn’t spend hours checking Facebook, or watching soap operas. What struck me most was their tremendous power to prioritize, delegate, and focus. Whatever they were doing at a particular moment, had their full attention.

So, if you wish to learn from those who are where you want to be, don’t ask them about the moment they knew they wanted to be a voice-over.

Don’t ask them about the silliest thing that ever happened to them in a studio.

Ask them how they spend their time, and learn from it.

This will help you get ready for the Shark Tank that is your professional life.

Three years from now, it might make the difference between working a dream job, or driving a cab.

Paul Strikwerda ©nethervoice

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Raising money for your business

by Paul Strikwerda in Articles, Freelancing, Internet, Money Matters, Pay-to-Play, Promotion, Social Media 2 Comments

So, you have this amazing idea for a new service, a movie, a video game or a CD. Your plans are in place. Your team is ready. What’s the one thing you need to make it happen?

Money!

One way to get your hands on a chunk of startup cash is to pitch your idea to investors. A few years ago, Priscilla Groves and James Kennedy did just that. They went on the TV show Dragon’s Den, to raise cash for their budding business called “Piehole,” an online voice casting service.

Did they get the money they asked for? Find out for yourself:

Audio book publisher Karen Wolfer had a different idea. She used crowdfunding to pay for the spoken version of “Safe Harbor,” by Radclyffe. You can find her project on Kickstarter.com.

Since launching in April 2009, Kickstarter has successfully funded more than 20 thousand projects backed by 1.8 million people who raised over 200 million dollars.

The idea is simple. Once your project is approved, you post it on the site and you list how much you’d like to raise within a certain time frame. Visitors to the site can pledge a dollar amount and in return they receive a reward.

If the project succeeds in reaching its funding goal, all backers’ credit cards are charged when time expires. If the project falls short, no one is charged.

SUCCESS STORIES

Winning projects don’t get to keep all the money raised. 3-5% goes to Amazon Payments for processing the donations and 5% goes to Kickstarter.

Video game developer Double Fine Productions surprised everybody in 2012. They were shooting for a 400 thousand dollar investment. Within 24 hours they had received over 1 million. An hour before it closed, the project had reached the 3 million dollar level.

Entrepreneur Eric Migicovsky outdid them. He created Pebble, a futuristic watch that syncs with Android or iPhone apps. Migicovsky raised over 10 million dollars!

Compared to them, Karen Wolfer was asking for a modest $4,700. Why did she decide to raise funds using Kickstarter? Karen Wolfer:

“With Kickstarter, the money is collected before the recording project is started. Fees can be paid for narrators, sound engineers and materials up front. And by involving fans of the story or of the narrator, it becomes a form of pre-advertising for the finished book. Social media is utilized in a big way, so buzz is created from the first stage of an audio book’s life.”

You need a minimum $4,700 for this project to get the green light. Is this your entire production budget, and if not, what does it cover?

“Yes, this is my entire production budget. It will cover travel expenses for the actresses (Diane Gaidry) we signed to do the book, her fees, the sound engineer fees, and a new pre-amp we need.”

How do you reach potential backers?

“Social media: Facebook, Twitter, emails. Lots of them!”

Your company, Dog Ear Audio specializes in lesbian literature. What has been the response, so far?

“Pretty darn good! There is a passionate fan base for these stories, and Dog Ear Audio is the only audio publisher serving this niche market. The biggest surprise so far is the dollar amounts being pledged. We’ve had more pledges over the $100 amount, than we’ve had of the expected $5 and $10 amounts. The biggest pledge was a whopping $500 from folks in the Australian Outback! That floored me. But it also showed me there is a hunger for these books.

All the money is coming from fans of the author our narrator, and of course, we also have fans of Dog Ear Audio’s other titles. They have been very loyal customers. We’ve had pledges from the aforementioned Outback of Australia, the UK, and all over the US. I wrote to my brother about donating, but have not heard back from him. If he doesn’t help, boy, is he in trouble.” 😉

What will happen if you don’t reach your goal on June 1st. Will “Safe Harbor” still be recorded?

“Lol…I won’t let that happen now that we are so close. There are still lots of people to meet and share our project with. It’s all a matter of finding those ‘friends’ and groups that this story would appeal to. It is very much like any sales campaign, only the sales work is done first. You get paid first, and then you create the product.

The great thing is, there are still sales to be made after the book is published through the normal sales pathways. But to further answer your question, yes, I would still record “Safe Harbor” because I believe in this project so much, and I know the fan base is there.”

Based on your experience with Kickstarter, will you be using it again?

“Absolutely. The site is so beautifully organized. It is easy to create your project, all the answers are there to help you with the process, and I love the energy the creators of Kickstarter put into all their communications. Someone has put a lot of thought into the entire process.

A huge side benefit to launching a project this way, is that you can measure the likely success rate of your book, or any project, before you invest considerable time and money into that work. I have seen some projects receive no money, so maybe that idea needs to be revamped or even abandoned. But the person now knows that there may not be a market for that idea without having invested a lot of their own money.

Or, it may be that person needs to hone up on their social media skills. That can make or break a project, too. And as you see with Kickstarter, if a project does not receive full funding, no money is collected from donors. It is safe for anyone pledging.

I understand that it helps if a person donates to other projects before they launch their own. It is a form of ‘payback karma’; you help me, I help you, not only in donations, but in advertising of a project. I have ‘liked’ other projects that are similar to mine, and they have done the same to me, so the social networking is wonderful. Sooooo, if anyone needs a place to start, I would greatly appreciate any help from this voice-over community toward our goal.

One last detail. We are donating a percentage of any monies collected to the Safe Harbor Prison Dog rescue in Lansing KS. There are more details on this on our Kickstarter page. Again, it is in the spirit of paying it forward, and sharing the abundance that is out there.”

RISKS & RETURNS

Karen reached her goal three weeks before the deadline plus and extra $1,000. It doesn’t always work out that way. In 2011, 46% of the projects posted on Kickstarter were successful. In 2010 the success rate was 43%.

Let’s assume a project reaches its minimum limit. Who will hold the fundraiser accountable to live up to his or her promises? Kickstarter writes:

“It is the responsibility of the project creator to fulfill the promises of their project. Kickstarter reviews projects to ensure they do not violate the Project Guidelines, however Kickstarter does not investigate a creator’s ability to complete their project. (…) At the end of the day, use your internet street smarts.

Pledges to Kickstarter projects are generally not tax-deductible and if you live outside of the United States, the site will tell you that you might “experience a problem trying to pledge.”

Then there’s the fact that the success of a Kickstarter campaign heavily depends on word of mouth. It’s the number of backers that determines what gets funded and not necessarily the quality of what’s being offered. It’s a popularity contest.

If we would leave it to public opinion, the paintings of Thomas Kinkade would now be in the Museum of Modern Art. Indie artists looking for funding might think twice about seeking support for their work on Kickstarter.

Last but not least, funding Kickstarter projects is not an investment. You might get a T-shirt out of it, or some public recognition from an author, but that’s it.

What if Eric Migicovsky’s Pebble watch becomes a huge hit? We know that Kickstarter and Amazon together take about ten percent of his 10 million dollars raised.

If you have pledged $99, all you get is a watch. Okay, it’s a very cool watch, but still…

Would you back or post a project on Kickstarter?

Paul Strikwerda ©nethervoice

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Paying the Price

by Paul Strikwerda in Articles, Career, Freelancing, Money Matters, Pay-to-Play 8 Comments

Is there a hidden link between price and perception?

Do we get what we are paying for?

Are we more satisfied when we’ve paid top dollar?

On January 14th, 2008, a team a of scientists from the California Institute of Technology and Stanford University, published a paper called:

“Marketing actions can modulate neural representations of experienced pleasantness.”

It was the result of research I would have loved to be part of. The hypothesis was that…

Read the rest of this story in my new book. Click on the cover to access the website and get a sneak peek. Use the buttons to buy the book.

Making Money In Your PJs cover

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