The price of fame
For those old enough to remember, the original Fame series started with a dance teacher telling the pupils, “Fame costs, and right here’s where you start paying, in sweat.” We’re not talking strictly about fame here, but success costs. Achieving a dream is not free. We pay in our energy, our time, our courage and our resilience. We also literally pay. Why? Because as well as being artists, we are entrepreneurs. We are running a business.
Invested not wasted
Successful business owners know that in order to compete, they need to spend money on marketing, service delivery, innovation, office space and staff training, to name just a few. In fact, most businesses don’t make a profit in their first year because they have invested so much launching the company. This is not wasted money it is invested money. Money that they will recoup when the business is a success.
What are you prepared to sacrifice?
Living in London can be expensive, and day-jobs are usual not well paid. This often means actors feel they don’t have the money to fund new headshots or to keep working on our craft. But this is shortsighted and in some ways unprofessional. The point of an investment is that we will reap the reward later. So we need to make sacrifices now. If you want an extraordinary life we cannot take ordinary actions. Giving up on something today for your future career is how dreams are made.
Let’s talk money
So let’s talk finances for a change. For an actor this will include keeping invoices and doing your tax return. You can outsource some of this to an accountant and if you are nervous about numbers, I suggest you do this. Thinking about your business finances also means finding a day job that can support your acting career through the quieter times and to pay for tuition, classes or coaching. It is important that you invest in yourself and your business.
Make a plan
Make a financial plan and see what you need to save to run your business. How will you fund your Spotlight entry, new headshot, show reel or a month off doing the Edinburgh fringe? What do you need to cut out so you can afford to do this? Perhaps swapping the gym subscription for an outdoor workout. Or buy fewer clothes, have fewer nights out. Or think about how else you might make extra income?
If you are chasing what I believe to be the dream – doing what you love and getting paid well for it – then you need to take responsibility for your career and run your business like a business. Working on your craft and marketing tools is key to your success. This doesn’t mean throw money at them. It means get clear on what you need to get where you want to go and invest in that future. The future you will thank you.
For more success strategies why not read my book Talent isn’t Enough.
