I’ve been reading a book called The $100 Startup. While my criticisms of the book are legion, it’s a fun read with useful ideas. I’m starting a new “side hustle” that I think qualifies as a $100 startup. It’s at an embryonic stage, but I’d like to share it with you.
When I was in university, I spent a lot of time on campus radio where I did a weekly news show for four years. After university, I continued my program into a fifth season. I’ve been off-the-airways since 2010, save for a few call-ins (e.g. News 95.7). But I miss radio. And goodness knows I have the face for it. (To prove it, and just in case you hadn’t read the Globe and Mail article, here’s the pic that made me a recognizable celebrity among the type of people who read the investment section of the G&M:)
I don’t want to claim that I have a golden voice (because I don’t, that’s not my speaking style) but, when I’m scripted and focused I certainly have a marketable range. And so this is the idea for my new side-hustle: voice overs (radio ads, phone systems, whatever).
What was the first thing that I needed to do? I needed to buy a piece of equipment. I understand that businesses can be capital-intensive. FedEx couldn’t have been a $100 startup. Bill Gates was frugal but still needed computers to start Micro-Soft (and those were kind of expensive in the 1970s). But I attempt to start side hustles on a shoe string, because I’m not trying to create the next FedEx or Microsoft. That way, if it’s not working I can bail and avoid throwing good money after bad. This site’s up-front investment was way under $100. Nothing irks me more than seeing a new “Entrepreneur” go out and buy business cards and a new iMac before they’ve even made a sale. Not only is it all likely to be a waste, but it’s distracting. Focus on adding value and making sales.
The piece of equipment I really really needed was a proper microphone. No, you can’t do voice-overs using the built-in microphone on your laptop or a $10 plug-in. Well, you can, but nobody will ever pay for the garbage that you produce. Based on my radio experience, I previously thought I’d need to invest hundreds of dollars in equipment to start a voice-over business. A good condenser microphone runs more than $200. But I learned that, nowadays, there are a few excellent low-cost USB microphones available. God bless capitalism.
Here’s the beauty that I picked up: a Yeti model produced by Blue Microphones. Thanks to FreeAt33.com’s Derek Knight for introducing me to this mike at Christmas time. I bought one for under $120, all-in. My business already has a laptop, I downloaded free software (Audacity), and now I had a proper mic at my disposal — everything I needed. (Yes, the investment was more than $100 and it required a laptop so it wasn’t truly a $100 startup. But most examples in the book cost more than $100 and required that the owner have other equipment.)
The next step (which I’m still working on) is to put together a portfolio. Thanks to an introduction from a good friend who, per their request, will remain nameless, I was able to get a job recording an interactive response system (a phone system) for a really cool tech company. I negotiated a low rate on the condition that I could use any of the resulting material in a portfolio (and there’s often follow-up work with a phone system anyway, since it’s more affordable to add a couple new options with the same voice than to order a full batch of new recordings).
I then set about recording each required clip in multiple styles. I used the most rudimentary of sound proofing (my partner took our lovely-but-often-loud daughter into town). I also implemented some slightly more sophisticated (but just as makeshift) acoustic dampening (let’s just say that this involved cardboard and clothes). The acoustic dampening was important, by the way, because I learned during this process that plaster echoes really badly.
I’ve completed one job. What’s the path forward?
- I need to add to the portfolio. One gig isn’t enough. Although I’ve been asked to do overlay for another company’s promo video, that production may be a while off.
- I need to setup a website where people can listen to my sample track, find information, and place orders — that step will only take a few hours.
- If the market continues to respond positively I’ll buy a few more items that will add a lot of value, e.g. a pop screen and a shock mount (items #1 and #2 on my list).
- I’d also like to connect with a sound engineer who does good work with fast turnaround so I can offer integrated end-to-end services to customers.
And if anybody needs affordable male voice talent (I’m discounting my rates until the portfolio is done!), my email is timelessfinance@gmail.com.
Oh wow, this is amazing. I can’t wait for “Timeless Finance: The Podcast”. I’ve heard a couple tips while listening to podcasts regarding acoustic dampening. One guy was giving an interview in his walk-in closet, he jammed himself in between the shirts hanging on the rack. At one point his kids start talking to him, so he had to call out to them “Give me a few more minutes, I’m busy here.” I guess he could have used your tip re: Cat.
The other tip came from Jesse Brown, formerly of the CBC and TVO podcast “Search Engine”. He claimed he was recording under a pile of blankets. Sounds a little like your system.
Anyway, congratulations on the new venture. I admire your money mind, you seem to attract dough wherever you go.
Yes, the second idea is much more akin to what I actually did than I, as an always-dignified thespian, would like to admit.
Thanks, that compliment means a lot this month. I feel like I’ve been absolutely hemorrhaging money because I just got a house. The bleeding — seeing money disappear into paying deposits, daily fast food, buying new tools and supplies twice a day — it’s all pretty painful for an ostensibly frugal person.
Interesting idea. I like the low cost startup idea.
For sidelines, I personally like to have two criteria:
1) passive
2) must touch what I’m doing now (stay within my area of expertise)
Stick to what you know, and do something that once setup, requires little work to continue. Otherwise you end up working twice as hard for twice the money – and that’s not scaleable.
Passive is awesome if you can line it up, but I think bloggers often have a tendency to assert something as “passive income” when it’s anything but, e.g. being a landlord, running a blog, etc. Dividend income is passive, most other gigs require significant inputs of labour or capital.
As for this idea; the back office stuff is already automated since it’s run under my corporation and the setup — acquiring / setting up a proper work area, a website, etc. — will require significant one-time inputs. After that, it’s pay-for-work and I’d obviously hope to leverage my experience and rep into being well-compensated for every hour of my time invested. Of course, at the moment, my sweat equity is being invested almost entirely in my house lol
I’m a fairly new blogger with less than two month’s under my belt but I have to agree with Joe. Based on what I’ve been doing so far there is nothing passive about blogging!
Clothes do seem to muffle sound pretty well… I guess all those people who are shopping daily are on to something!
Seriously though, you’re on the right track here. If you start with $100 in revenue you just need to grow it by 10x, four times in a row and you’ll have a million-dollar business. And all it takes to grow 10x (especially at this size) is a good idea and a bit of hustling.
Having even one customer puts you far ahead of the people who only have professionally designed business cards, since you can ask a real customer if they know anyone else who needs this.
Thanks VI. I think, as Glenn points out above, the fact that any revenue depends almost entirely on my labour input makes it challenging if not impossible to scale in the manner you’ve mentioned. But I certainly hope to set rates that reflect the quality and quick turnaround I offer.
It’s certainly a challenge; there are at least 3 ways to get there. You could do it by increasing rates (which would make them pretty high), re-selling the same work to more people (if you find the right market this could go pretty far), or hiring others (which is a lot of work). Or some combination of the 3 along with other improvements.
Or by drinking a lot of caffeine and staying up later to do more work each day (prob not the best idea).
Great to see you in the major media! Well done! We should have you back to Trent to visit sometime.
Ray
Thanks Dr. Dart, I’d love to visit sometime. And I hope the TBSA is able to organize another event in TO for Trent students and area alum, that was awesome.
Aha, so I finally see a picture of Joe wood, now I know what the gentleman on the other end of the email looks like! One quick suggestion, Foam padding used in packing materials makes excellent sound deadener, especially the egg crate type. I usually have a bunch laying around. Of course, like all other things, I will have thrown it all away about two days before I find an urgent need for it. By the way, Are you going to post some sound clips for us to listen too?
Re: soundclips — not likely on here, although whenever I get my voice work site going, for sure.
Great tip about egg cartons, although I would probably just drop the $50 for the real deal because we don’t eat enough eggs lol
Joe, just to clarify. I didnt mean actual egg cartons but foam rubber that looks like egg carton. I’ve had tons of the stuff laying around after doing data center upgrades. Most of it gets thrown away , which is a shame since it’s basically the same stuff used in studios (or at least very similiar. Here’s a tip, if you know of any small PC repair or IT shops that cater to small business, check with them. You may be able to get a bunch of it for free.
I was involved with the Alberta International Air Show for a number of years (until the fiery wreck of ’09) and one of the guys on our board did voice-overs. He did a lot of commercials and on-hold messaging and he did announcing for the local horse races and car shows. He even handled the PA at the air show for a couple of years. I think he’s landed a gig on one of the popular radio stations in Lethbridge and has built his side gig into a full on production business (lastudioprod dot com).
Working in a small city like Lethbridge he’s built up his reputation and now gets a ton of referral business being the voice guy in town.
Not a bad gig!
That’s fantastic. I doubt I’d ever achieve that same level of success without really focusing on voice work fulltime (whether it’s split between radio and freelancing or just one), but here’s hoping I can find some kind of niche. Although at the moment, moving to a house and staging bathroom renos is taking a big chunk out of my free time lol.
And I remember that CF-18 crash! That was shocking but, after googling, see that it was mainly a jammed piston aka a critical engine failure? I think people unfairly assumed pilot error if I recall, glad he was cleared. http://www.youtube.com/watch?v=ZSzk7lDY1iw
Yeah, I was president that year and so I got a crash course in dealing with the media. Since it was a military plane I was able to defer most of the questions to the Colonel on site. Thankfully the pilot was okay and the plane crashed without spoiling the runway so we were still able to run the event. The pilot even came out to watch on the last day.
That’s why I started the blog, so when you Googled my name you wouldn’t just see a bunch of my dumb interviews and quotes about that incident.
“my partner took our lovely-but-often-loud daughter into town” – Nice line.
So, when’s the podcast? We’re almost a year in at this point, and I’ve been trying to be the most boring voice in PF. Here’s my setup:
Prodipe TT1
Alesis MultiMix 4
Generic Amazon Boom Stand
Generic Amazon Pop Screen
Reaper (so I can record with Asio – Audacity didn’t work)
I am going to VERY sheepishly admit that I was unaware you do a podcast; very cool that you have a segment on Two Guys and Your Money. I’m clueless about podcasting, and I just went to iTunes to listen, but I don’t have iTunes because it’s awful. Is there another way to tune in?
Preet Bannerjee of wheredoesallmymoneygo.com also does an excellent podcast.
If anybody knows of any other perfi podcasts let me know. I should do a post about them sometime.
Ever heard of Dave Ramsey?
I know you have. I don’t listen to it anymore, but I used to enjoy it a fair amount. I like a show called Marketplace. It’s American business news done by public radio. The host is kind of funny in a relaxed way, and the stories are interesting. Planet Money is an American economics podcast from NPR. Not personal finance, but entertaining and educational.
These aren’t personal finance podcasts, but they’re enjoyable.
I actually listened to Dave Ramsey a lot in the summer while working around the house. Unfortunately I found the excessive ads to be nauseating and, of course, his poor advice about things like the debt snowball just made me livid. I suspect he sometimes says things simply so he can retain a (massive and profitable) niche as a personal finance guru with opinions that differ from those of others, even if some of those opinions are false.
I will definitely check out Marketplace (which I first assumed was the CBC program I love) and Planet Money even if I don’t include them in my future hypothetical post. Thanks guys!
Back when I was really into listening to Dave Ramsey, I used an mp3 editor to cut out the ads… might have even been audacity, but I don’t remember. The ads were formatted to the radio stations’ schedules, so they were uniform. Not the most ethical thing to do, but I had heard the ads lots of times and was unlikely to use any of the companies’ services. I didn’t want cash for gold, or whatever else he sponsored (can’t remember now).
“GET YOURSELF A GOOD GROWTH STOCK MUTUAL FUND WITH A PROVEN MANAGER” lol
Wow, very interesting post, hope you get more business, $120 for a startup is fantastic.
It’s funny, I’ve actually been told on multiple ocasions that I should use my voice to make money, now I know of someone else who’s actually giving it a try. Very early in my career when I worked in a call center a woman liked my voice so much she wanted to get more… intimate over the phone with me once I fixed her problem! Talk about uncomfortable, I just told her to have a nice day and hung up!
A part time voice talent gig would be amazing!
Thanks Andrew. And wow lol customer service people have the most bizarre stories.