Securing the Deal

The entertainment industry is has many different dynamics and is very competitive in nature.  In past posts I discussed the double edge sword of freelancing and doing independent contracting.  Although I love this type of work because it offers flexibility that a 9am to 5pm could never offer.  The problem is that this type of work is a constant uphill battle.  South Florida is a very competitive market as are countless production companies and graduates. This week I interviewed production industry location manager Lyndell Pedis.  He has worked on countless productions with some of the industry’s leading creative minds.  He has scouted locations for more than 10 years working as an independent contractor. 

When discussing how he makes deals and works to create beneficial client relations, he said one thing he had to learn was to refer jobs or turn them down when conditions were not beneficial for both parties.  When faced with the positional bargaining he learned that it is rare a situation like this where both parties prevail.  When dealing with the all or nothing client sometimes it’s best to remove yourself from a situation where you may end up working for free.  Although developing relationships is a vital part of the deal making process, some relationships are not beneficial for the independent contractor.  It may be best to walk away from deals that will cost you instead of yield return.  He further explained that in the event you can accommodate the clients requests without giving away your time ensure you get all agreements in writing and never verbally accept terms as documentation is all that can truly clear miscommunication.

One example he recalled was working with bring a large production company to South Florida.  The company had countries bidding to get the company to move to their area.  They were very interested in taking their business out of the country, but that had certain requirements.  Pedis helped show them locations here in South Florida and showed the many benefits moving to this area had to satisfy their requirements.  His negotiating skills worked perfectly to mutually benefit both parties.  He also said that sometimes people can be very direct or not direct at all, so make sure that you keep personal feelings from business decisions.

Business Financial Option

In past posts I discussed how to deal as a freelancer artist and contractor.  I also discussed what you should expect from your clients.  This week I want to touch on something current in my professional growth, which is finance.  Although this sometimes-discouraging term has deterred me from ever truly delving into the subject, I’d like to discuss the importance that I have over looked in the past.

Financial Decision Making is a huge part of deciding weather to start a business or invest in an idea.  As creative people I have found we tend to have ideas with no plan of how to achieve them or how to create a profit.   What makes a good idea a good idea?  What makes an idea more successful than other?  How do you find investors?  I recently found a few websites to help with financial research and I’d like to share my findings.  Although there are many routes to securing finance for your new business what’s the best and most profitable way?

Recently, I read an article about two guys that took an idea and turned it into millions.  You can read the full article here.  Inc.com reports that Ben Lerer and Adam Rich and their company Thrillist made over 32 million last year and even with their significant growth they are still looking for a cash growth because they are expanding their company.

The author of this article Christine Lagorio, further says “Lerer told me the $13 million will go in the bank so Thrillist can create or buy new brands and hire more people: "When we have conviction of what direction to go in, we don't want to have to forego something."

What does this mean for their company?  Is this a good or bad decision to take on investors after they are already yielding a profit?  I am still researching to find answers to these questions this article is just one of many amazing resource.  Let me know what you think.  What are some of your financial resources?

Olympians & Endorsements; should Olympians tell their own stories?

In my last post I discussed, “the danger of a single story.”  This post I will delve into some examples of Olympians that have amazing stories.  After reading some exciting articles and watching some amazing Olympic coverage I found that the only way to tell your story is to do it yourself.

It’s no secret that Olympians are among some of the most marketable brands in the entertainment and sports industries.  Recently one young Olympian has exploded unto the scene and made a stand as a true winner.  Advertising agencies and product brands are fighting head to head to secure this young super star’s brand in a partnership with their own.   Gabrielle Douglas has won both the hearts and attention of the world during her debut at the London 2012 Olympics.  Additionally her heart-warming story of passion and determination are making her an advertisers dream.

         In 2008 Michael Phelps become a force as the Olympic swimmer.  He took home 18 gold medals and a wealth of endorsements, but one negative action almost caused him to loose it all.  After reportedly being caught smoking marijuana all of the positive publicity became a negative shadow that almost destroyed the Olympians image.  Robert Greene describes this situation in one of his 48 laws of power “so much depends on reputation, guard it with your life.”  Although many may argue smoking marijuana isn’t offensive this one thing damage the image people wanted from an Olympian. 

         Almost four years later, Michael Phelps is still making waves, but he is not as highly regarded as he once was.  The importance of telling your own story is more apparent than ever in this case.  Michael Phelps is an all star, but he is letting the media tell his story and they make it what they want.  The same is true for Gabrielle Douglas, but in her case she is making out like a bandit.  Advertising Age recently released an article about young Gabby and her journey to the Olympics.  They also further discuss her wildfire popularity upcoming partnerships that marketers are looking to capitalize on.  How do you think Gabby could tell her own story?  She is a household name today, but it won’t be long before the media finds another American sweetheart.  What do you think Gabby’s media team should do to keep her from becoming over saturated and washed out in the media?