5,000 Performances Later, My Magic Show Business Continues to Grow [Update]
This is a follow up story for Dan Chan Presents: Virtual Magic Shows. If you're interested in reading how they got started, published over 3 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
I've always been fascinated by magic. In the days before Google, YouTube, and the broader Internet, I devoted countless hours to studying magic. I would meticulously review VCR tapes in slow motion, delve into library books, and try to unravel the secrets behind various magic tricks.
My journey into magic began when I met a magician, Gerald Joseph. After a party where he performed, I approached him with questions. He generously shared the secret of one of magic's most astonishing tricks: making a ring vanish and reappear inside a zippered compartment in his wallet.
This act of kindness marked the start of our friendship in the magic community. Around the same time, I discovered Misdirections Magic Shop and its owner, Joe Pon, who introduced me to many renowned magicians through his lecture series.
Choosing a career in magic isn't just about mastering the art itself. It also involves learning about budgeting, marketing, finance, website development, effective communication, and business management.
While working full-time at Paypal before its IPO, I also pursued magic on the side. I would perform magic shows on weekends, sometimes even using my sick days for lucrative gigs. This meant working seven days a week: my daytime hours were spent at my desk job, evenings dedicated to refining my magic, and weekends filled with performances.
The pivotal moment came when I realized that my earnings from magic could allow me to leave my desk job and pursue magic full-time. It was a significant risk, abandoning a stable income with numerous benefits, but I was confident in building a business based on referrals, repeat clients and excellent reviews.
Initially, my goal was to earn $100K per year from magic. I calculated that performing eight shows weekly at $250 each would achieve this. It took time to reach that $100K milestone. After over 5000 shows, my performances have become more polished and sophisticated.
My approach evolved as I matured; I needed to shift their perception of me from a children's entertainer to a professional corporate entertainer to attract top corporate clients. This transition took off when I decided to stop performing at children's events.
Now, our family business caters to both markets, with my 16-year-old son handling all the children's events. He earns up to $1250 per show, demonstrating skills that impress children and adults, such as juggling five balls, three flaming torches, and even pickpocketing.
We've found that when we ask for higher rates, often in the range of $5,000 and above, many clients agree to these numbers. This response has been a significant indicator that we are successfully differentiating ourselves in the market, not just as another option, but as a unique, high-value service.
Tell us about what youβve been up to. Has the business been growing?
We've experienced significant growth, particularly by pivoting to virtual shows. This shift has enabled us to perform an impressive 52 shows in a week and up to 12 shows in one day. The adaptability to virtual platforms has not only expanded our reach but also intensified our schedule.
Our productivity has seen a notable boost thanks to ChatGPT, which enables us to respond to inquiries with more tailored and personalized proposals. I frequently use the "rewrite:" prompt as well. Previously, my wife handled a lot of the proofreading and editing (like for Starter Story articles for example), but this time around, all of that was efficiently managed by ChatGPT.
We created several new promotional videos and also conducted multiple photo shoots, which significantly enhanced our brand image. In today's visual-centric world, the right images are crucial in elevating perceived value, and both photos and videos play a key role in this.
Additionally, our presence on television has been a notable highlight. We've made multiple TV appearances, showcasing our unique blend of magic and entertainment. You can view some of our most recent television appearances by following this link: Dan Chan's TV Appearances.
Moreover, we've been exploring and creating innovative magic, like our Chi Gong Magic. This unique act combines the art of magic with the principles of Chi Gong, offering a fresh and intriguing performance. You can see this special act here: Chi Gong Magic by Dan Chan.
We've also had the exciting opportunity to perform in notable locations such as Las Vegas and Idaho earlier this month. Weβre always getting new media and have been featured in the Hustle, BuzzFeed, Business of Business, The Wall Street Journal, CNBC x2, and Business Insider x5!
Last year 2022 we made $139,398.00 in credit card receipts and this year $163,498.76 which represents a 17.29% rise in revenue. Some clients prefer to pay with a check and/or ACH.
We've also gradually reduced our reliance on working with agents. While we still collaborate with them, the volume has decreased as we've positioned our services at a higher price point. Recognizing that what we offer is not a commodity, we understand the importance of differentiation.
The most effective way to achieve this is through our content and, ultimately, our website, which we fully control. This shift allows us to better showcase our unique value proposition to our clients.
My journey has truly come full circle. As I mentioned before, my career began at PayPal in 1999. Excitingly, I had the chance to perform for Elon Musk recently and had them autograph a card. This signed card was then auctioned and fetched nearly $5,000. Additionally, I was involved in Airbnb's IPO, having been one of their initial online experience hosts.
What have been your biggest challenges in the last year?
One of the biggest challenges we've faced in the past year has been navigating the intricacies of pricing and client expectations. It's always a delicate balance to ask for higher fees, especially when fully booked.
However, we've found that when we ask for higher rates, often in the range of $5,000 and above, many clients agree to these numbers. This response has been a significant indicator that we are successfully differentiating ourselves in the market, not just as another option, but as a unique, high-value service.
Additionally, our television appearances have played a crucial role in this aspect. Being featured on TV has significantly boosted our brand's visibility and credibility. These appearances have broadened our audience and enhanced our reputation, enabling us to command higher performance fees. It's a testament to the quality and uniqueness of our entertainment offerings that clients see the value in investing more in our services.
For entrepreneurs struggling to grow their businesses, one of the most valuable pieces of advice is to find mentors who have achieved similar goals to what you're aiming for. Having a mentor who has navigated the challenges you're facing can provide invaluable guidance and insights.
What have been your biggest lessons learned in the last year?
In the last year, some of the most valuable lessons I've learned have revolved around the importance of time management and setting priorities. A personal experience that particularly highlighted this was when my dad had to move twice, and my brother and I assisted him. This situation made it clear that time truly is our most important commodity.
Balancing family commitments with professional ones taught me the importance of saying "yes" to family when needed and "no" to certain gigs. It's crucial to recognize that not every opportunity is right and that declining certain events is okay.
This approach also extends to understanding and acknowledging my worth as a performer. Learning to price myself accurately for the value I bring to my performances is an ongoing lesson. It's about striking a balance between being accessible to a wide range of clients and ensuring that I am compensated fairly for my skills and unique experience.
These lessons have been instrumental in shaping how I approach my business and personal life, constantly reminding me to value my time and choose engagements that align with my professional and personal goals.
Whatβs in the plans for the upcoming year, and the next 5 years?
For the next five years, the focus will be on expanding visibility in the world of magic by getting more on television and showcasing original magic presentations. This involves developing new tricks and routines that are entertaining and distinct in their style and execution. The aim is to craft magic acts that are innovative, engaging, and memorable.
These efforts will be supported by continuous improvement and refinement of skills, along with networking and collaboration with other professionals in the industry by going to magic conventions and hiring a director. Staying up-to-date with the latest trends and technologies in magic and entertainment will also be crucial to ensure that the performances remain fresh and relevant.
Whatβs the best thing you read in the last year?
The best things I read last year were "How Magicians Think" by Joshua Jay and "Before the Show" by Asi Wind. These books offer incredible insights into the world of magic and the minds of magicians.
"How Magicians Think" by Joshua Jay delves deep into the psychology and creativity behind magic. It reveals the thought processes, techniques, and secrets that magicians use to astonish audiences. This book is not just about tricks; it's about the art and science of magic and what it teaches us about perception and reality.
Advice for other entrepreneurs who might be struggling to grow their business?
For entrepreneurs struggling to grow their business, one of the most valuable pieces of advice is to find mentors who have achieved similar goals to what you're aiming for. Having a mentor who has navigated the challenges you're facing can provide invaluable guidance and insights.
Mentors bring a wealth of experience and can offer practical advice on running and growing a business. They can help you identify potential pitfalls, streamline your strategies, and make more informed decisions. Moreover, mentors often have extensive networks, which can be beneficial for networking and finding new opportunities.
Finding the right mentor involves looking for someone whose achievements align with your business goals. It's important to seek out individuals who have the experience and willingness to share their knowledge and insights.
Also, talking about mentors, I owe a big thank you to Cal Tong for his mentorship as I embark on the exciting journey of serving as the president of IBM Ring 216, our local magic club.
Are you looking to hire for certain positions right now?
Yes, we are looking to expand our team for various roles in the magic entertainment sector. Personally, for my shows, I am searching for a director who can bring a unique vision and creative direction to enhance the overall performance experience.
Additionally, we are seeking talented magicians who specialize in children's parties and corporate events. These roles require individuals who are not only skilled in magic but also can engage and entertain diverse audiences, creating memorable experiences for all attendees.
If you have a passion for magic and entertainment and believe you have the skills and charisma for these positions, we would be delighted to hear from you. For more details and to apply, please visit Dan Chan Magic for live shows and Millionaires Mentalist.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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- 4,818 founder case studies
- Access to our founder directory
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- 8,628 business ideas
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- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
