the £5000 question

[Ryu]

So, I've managed to put together a wedge of money to invest in my business.

Yep, sure, I've got my eye on a new soundsystem, a new centrepiece light maybe, I have a new site in the pipeline....but by and large, I want this investment to pay for itself.

So, my question is this, what would be the real business sense investment for this kind of cash? I'm not mad interested in hearing willy waving about unbelievable soundsystems (although I know some quite good ones are within that budget) and this isn't about buying an endless stream of toys and lights, but ensuring that each pound spent is, in some way, improving either the level of service I provide or my opportunities to gain more business.

So...what way would you go? All opinions welcome, like they say in some training seminars, there are no wrong answers (except the incorrect ones )

[ukpartydj]

So, my question is this, what would be the real business sense investment for this kind of cash?

I would also be interested in any answers as I've been thinking of ways to invest.
Currently I've ordered some custom podiums to be made and added mirror balls and am tidying up my setup, I will then be doing lots of work to my website and spending lots on advertising but that's the bit where I'm confused really... where to spend the money for maximum advertising power per £££

[LeapCreative]

I think the main question is whether you're happy with the quality of your gear as it is. If so, then it's pointless throwing money at it for the sake of it, as you rightly say.

As far as marketing goes, the way I tend to look at it, is to look at the type of work you want to target. If it's weddings, then maybe spend some money getting into the wedding fairs and getting your name out there. If it's 18th's and 21st's, then maybe consider some Facebook ad's. With the right targeting you could feasibly target that audience directly (i.e. 17-20 yr olds).

The best thing you could do is work out where you want to be by this time next year, what type of gigs you want to be doing, and how far a-field. Once you've answered those, you'll find a lot of it just fits into place quite naturally.

One thing I will say, is if you're looking at marketing, don't go for it for the sake of marketing. I frequently see a lot of websites trying to be 'all things to all people' and it's very easy to do more harm than good. If you have any ideas in mind for marketing, I'll be glad to give you some ideas of which advertising delivers the best ROI.

[Ryu]

I think the main question is whether you're happy with the quality of your gear as it is. If so, then it's pointless throwing money at it for the sake of it, as you rightly say.

As far as marketing goes, the way I tend to look at it, is to look at the type of work you want to target. If it's weddings, then maybe spend some money getting into the wedding fairs and getting your name out there. If it's 18th's and 21st's, then maybe consider some Facebook ad's. With the right targeting you could feasibly target that audience directly (i.e. 17-20 yr olds).

The best thing you could do is work out where you want to be by this time next year, what type of gigs you want to be doing, and how far a-field. Once you've answered those, you'll find a lot of it just fits into place quite naturally.

One thing I will say, is if you're looking at marketing, don't go for it for the sake of marketing. I frequently see a lot of websites trying to be 'all things to all people' and it's very easy to do more harm than good. If you have any ideas in mind for marketing, I'll be glad to give you some ideas of which advertising delivers the best ROI.

Good comments and some good things to think about. I'd definitely appreciate any pointers about advertising. Whilst I do have ideas about where I'd like to develop, and what I want my business to look like in 12 months time, my question is also deliberately open, to gather a bit of inspiration and perhaps some new angles I hadn't previously considered...

[DeckstarDeluxe]

Depends on what direction you wish to go in. If DJing then I'd look into the MC training and also tag along with some experienced pros.

If like me you're not keen on DJing for the next 30/40 years then I'd look into other areas such as event hire...things like dancefloors (though led I'd hold off), uplighting, draping etc...

They are slow burners and 5k won't last you that long, I'm still working on it and nowhere near the inventory I'd like....

Maybe 5k might be worth investing elsewhere such as stocks etc... (naturally only if you know what you are doing and understand the risks, I'm no expert!).

[surround sounds]

Now i find Led Dance floors (white Starlit) fairly easy to sell on, add ons etc..
Thats the route i had taken and doing very well

[DeckstarDeluxe]

Now i find Led Dance floors (white Starlit) fairly easy to sell on, add ons etc..
Thats the route i had taken and doing very well

You own or re-sell them? What prices are you quoting?

[surround sounds]

You own or re-sell them? What prices are you quoting?

What i have been doing over the last 12 month is re- selling them from somewhere i get dance floor very cheap.
I then add my price on to it (what i would hire them out as) to see if i could sell them on and make a profit.
From April to December i passed on £6200 on dancefloors alone. So over a year maybe around £9000.
So now i will have my own in around a month and i should get my money back within 1 year.
All booking for 2014 i have taken on myself and so far i have 4 LED Dance floors booked so already i am a 3rd of the way money wise

[ukpartydj]

I've thought about dance floors before ... white starlit ones seems to cost around £4500 for 12ft square.
My only concern is how many bookings it would take and how often people want these.

I guess at least there will be a fair good re-sale value to them if you decide to stop providing the service after a while so it's not like throwing money down the drain.

[DeckstarDeluxe]

What i have been doing over the last 12 month is re- selling them from somewhere i get dance floor very cheap.
I then add my price on to it (what i would hire them out as) to see if i could sell them on and make a profit.
From April to December i passed on £6200 on dancefloors alone. So over a year maybe around £9000.
So now i will have my own in around a month and i should get my money back within 1 year.
All booking for 2014 i have taken on myself and so far i have 4 LED Dance floors booked so already i am a 3rd of the way money wise

What sort of prices are you sending them out for? I have to say demand here appears to have decreased and clearly doing something wrong by the sounds of it.