27 Pros & Cons Of Starting A Virtual Magician (2024)

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Meaningful business connections

You never know who you will meet as a virtual magician. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Gain exposure and experience

This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you!

Unlimited income potential

With becoming a virtual magician there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.

You are your own boss!

With becoming a virtual magician, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!

Predictable income stream

Your businesses income stream tends to be predictable based on the number of customers you have signed up. This makes financial planning and outlooks much more seamless!

Simple business model

A virtual magician has the advantage of a simple business model, which makes launching and building the business more seamless.

Control your own destiny

Becoming A Virtual Magician allows you to control every aspect of your life and make your own dreams come true every day.

Greater Income Potential

With this business, the sky is the limit in regards to your income potential.

You get to do something you truly love

With starting a virtual magician, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.

Tax Benefits

The tax deductions when you becoming a virtual magician are too good to be true. In most cases, you get to essentially deduct the majority of expenses you pay. Many other businesses do not have this advantage - so make sure to discuss what this could look like for your business with a professional.

You can work from anywhere!

Not only can you start your virtual magician from home, you can also run your business from anywhere in the world. This is the entrepreneur dream.

Strong Demand & Relatively Recession Proof

The demand for virtual magician is increasing year over year and the business is known to be relatively recession proof.

You establish yourself as an expert

With becoming a virtual magician, you establish yourself as an expert in your niche, which builds your credibility. In return, customers are more likely to trust you and refer you to other friends and family.

Results and revenue happen quickly!

Unlike other businesses, it can be relatively quick to start seeing results and revenue. As long as you follow all the steps to validate your idea before launch, you are likely to see quick results and ROI.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A virtual magician can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Low margins

The gross margins for your virtual magician are typically around 40%, which can make it more challenging to incur new expenses and maintain profitability.

Difficult to build trust with your customer

With becoming a virtual magician, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business.

Impatient customers

You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service.

Difficult to scale

With a virtual magician, it can be challenging to find ways to scale. Check out this article that discusses scaling your business and the challenges that come with it.

Learning Curve

When you start your own business, you no longer have upper management to provide you with a playbook for your roles and responsibilities. You should know the ins and outs of every aspect of your business, as every decision will come down to you.

Equipment Breakdowns

Over the years, your equipment can get damaged, break down, and may need repairs which can be expensive. It's important you prepare for these expenses and try to avoid damages/wear & tear as much as possible.

Technical issues can be frustrating

Technical issues are common in this business. If you struggle with the technical side of things, you may want to consider outsourcing this responsibility to save yourself the time and frustration.

More challenging to earn passive income

It can be more of a challenge to make passive income in this business. Often times, the amount of revenue you bring in is limited by the amount of time you have in the day.