Show notes
When you're an voice actor, growing your business is not just about booking another job. It's a whole process of making your business work. That process is full of potential risks, big investments...and even bigger successes. In this episode, Anne & Lau discuss making money, investing money back in your business, and fears surrounding money. In today's world, it's not enough to just be a great voice over talent. You also need to be a savvy businessperson. And that means understanding the basics of finance, including how to invest in your own business & make sure you're doing it intelligently. Money can be a scary topic to think about, and even scarier to talk about. You're not alone if you feel scared. It means that you care! Transcript It's time to take your business to the next level, the BOSS level! These are the premiere Business Owner Strategies and Successes being utilized by the industry's top talent today. Rock your business like a BOSS, a VO BOSS! Now let's welcome your host, Anne Ganguzza. Anne: Hey everyone. Welcome to the VO BOSS podcast. I'm your host Anne Ganguzza, and I am here with the lovely and most wonderful VO BOSS co-host (laugh) Lau Lapides. Hey Lau. Lau: Hey everyone. Hey Anne. Anne: How are you this week? Lau: Oh, fabulous. Anne: Awesome. Lau: As always. How are you? How are you? Anne: I'm good, but you know what? I think it's time that we had a talk about money, and I know we spoke about raising rates before, but I think maybe it's because -- okay, so I admission, I downloaded Rocket Money for my iPhone, and I started to see like, where are my expenses going? What income's coming in? What am I paying on a monthly basis? And I'm just gonna start by saying that when you're trying to either cut your expenses -- and I wanted to start at least on that, if you find that you need to cut your expenses so that you can make a profit, right? Because, I mean, this is why we do VO, right? We are a business, we'd like to make a profit. It's good to find out the areas in which you're spending money. And it surprised me -- it, well, it didn't surprise me a whole lot because I've always said that a podcast is a labor of love. But I'm going to tell you that my discovery was that this podcast, with all the different things that I have going on and paying people to help me transcribe, edit, put out videos, do some social media stuff, cost me on average per year, just about $15,000 and that is not a small amount of money. (laugh) It's something, when you have a business, that's something you've gotta keep your eyes open and really look at and decide, is this worth my investment? Lau: Yes. Absolutely. And that's, look, is that true of any business, not just our business? You really should be having some sort of a business model at the start, even if it's a skeletal one, having an idea of what's my growth? Where is my growth in the first three years, three to five years of my business? That's really the time, I mean, according to statistics, that most businesses do fail is within the first five years. So it is really important to say, okay, here's my basic model and here are the first year projects. Here are my second year projects. What do I think I'm going to gross? Like, where is my gross coming from? Where is my net? And just like basic financial language so that when you get to that powerhouse podcast, like what you have, you're not outta your mind going, what? How is that possible to invest that kind of money? Right? Anne: Well, and I think it's something too though, and I spoke about this earlier this week on another webinar, how being an entrepreneur and having a, a voiceover business, it takes courage. It really does. It takes courage to get out there. And I know there's so many people that tend to get into this industry thinking, oh, I can work from home. All I have to do is go in my studio and record and I'll make my money. But nobody really thinks about the cycle of money. Right? Because there's an investment that has to happen. And I think our brains kind of shut that off when we first get started, because all we're thinking about is, oh, I just have to go in my studio and record, and I'll just make that money. But for every business to, I think, function successfully, there is money that you need to invest. And it takes courage to invest money really takes courage to, especially if, let's say you're doing this full-time and you're just starting, and we're in that time period where maybe you're not comfortable yet or feel like you're making any kind of headway or profits (laugh) in the first few years. So Lau, I mean, you went even further than just a voice talent. I mean, you have a studio (laugh) like... and that is a considerable investment. And so what was it like when you were first investing in this like a physical studio, right? I mean, there's rent, there's (laugh), you know, there's equipment. What was it like for you when you first got involved in that in terms of was it scary? Lau: Well, I'll be honest, as I try to be all the time, I was shitting bricks. I mean, it was terrifying. (laugh) I'm sorry, your engineer might have to take that one out, but listen, I think our audience can deal with that. Anne: I think so too. Lau: Yeah. I'll be honest with you, I was 40, I was not a young kid. I was already, you know, getting to middle-age, and I was offered a space -- this is how it happened for me. I was offered a space through my dad who was a big real estate owner, and he was an amazing entrepreneur unto himself in his own right. And he looked at me one day and he said, I have a space that's opening up, Lau. It's in a prime location. Location is everything, when you're looking at space, whether you're looking to live or own a business, I wanna give it to you, not give it to you, but I wanna offer it to you. And how do you feel about that? And I remember exactly where I was. I was in a Dunkin Donuts, I know the exactly where it was, how I felt, and I could feel my heart, Anne, drop into my stomach as if you're on the edge of a cliff, like I could feel it like you're gonna jump out of a plane. And all I could say is in the most important times of my life with the biggest decisions, all I could say was yes. That doesn't mean I was like, knew what the hell I was doing. It just meant more of me wanted to do it than not wanna do it. And I knew, I knew in my heart it was now or never, that that was the window of time to do it. So taking on that level of financial investment, taking on prime territory space, all these things that we do need to think about is a leap of faith. A tremendous leap of faith. Anne: Yes. I was just gonna say that, it's a tremendous leap of faith, and something that I think that -- you know, it's great to have a leap of faith and belief and a passion and a dream to follow it. But I think you also have to have the street smarts to do that in an intelligent way. Right? Because we're not gonna make investments if we don't have some money to back that up, of course. And before we can get to that place to where we might have money to invest, right, there might be places in our career where we can start to save a little money and put that away. And I've said this multiple times, that the most confident I was ever in my business was when I had a savings account, that I had enough money in there that I could make sure that I could pay the mortgage for the next three months, six months -- actually it was six months -- and I would feel okay if the work didn't come in, or if I needed to make an investment. That confidence led me to take the leap of faith and take the risks that was required for me to actually grow beyond where I was. Because otherwise, I think we just sit here in our studio, and we sit there, and we try to get job after job and we audition, we audition, we audition. But where is the growth? I mean, you could audition your life away, right? But if you're not taking a leap of faith or a risk somewhere and making an investment -- and investment doesn't always have to be money. But I'm gonna say that for most of us, right, the money is like in your face, (laugh), you know what I mean? It's like, that's the kind of risky, scary stuff that it's like, oh no, I've gotta pay what? (laugh) And even if you're talking about a demo, right, or something, you're just getting started or a new microphone, it can be overwhelming, the investment, the money. And I think we're both here to say that, look, you're not alone if you're scared. Right? You're not-- or if you're nervous about that. Lau: No, no. And you have to be, it's important to me because that level of fear, apprehension, that level of anxiety is also telling yourself that you care. You really care about what happens to you, what happens to the business, what happens to your money, what happens with safety and security. Like you're connected to that ,you care. You're not just saying, oh yeah, it'll be easy and fun. Let me just throw a hundred grand at it and let's see what happens. You're really connected to the outcomes in understanding that sacrifice is happening. You have to be ready to sacrifice to have a business, especially a brick and mortar business. Anne: Oh gosh, yes. Lau: Yeah. Like all of our wonderful restaurant friends during Covid really sacrificed and suffered. Well, so did we to some degree. Like we can have a home studio, which is amazing. But if you have any kind of brick and mortar, you have to be ready to sacrifice to keep that shingle up every single month. Every every month it has to be up. You can't just take six months off from it or a year off from paying your rent or your mortgage, or the heat, or I always say, you know, there's toilet paper, there's all sorts of ancillary services that you are providing if you have any kind of a brick and mortar that the public comes into. You have to have insurance. You have to make sure if God forbid, someone gets hurt, you're covered. You have to make sure that, you know, on and on it goes. Taxes are paid, property taxes, on and on it goes. So not to scare anyone, but to sort of keep it real, that even if you're in a home studio, someone is taking care of that home. Someone is paying that rental on that apartment. Someone is, and it's probably you. Right? So it is a level of sacrifice and understanding that I need to continue doing this in order to build this into a viable business, a real business that makes profit. Anne: Yeah. And I think too, something that's very key is in terms of having the courage, right, to make investments, we're investing in a business that is very much a business about us. Right? It's very much a personal brand. This is about our voice. This is about us being able to perform a service with our voice, which is such a personal part of us. And if we see failure, I think it compounds it. It's not like, oh, I have a product here, a new formula. Right? But when it's our voice, and it's when it's all about us, and we're talking about making an investment in us and giving that money up to invest in us -- if it does not work, right, it affects us personally. And I think that is where a lot of the fear comes in for people coming into this industry. And I'll tell you what, it doesn't go away. And I'm not trying to be a Debbie Downer, but the bigger you get, right, the more you grow and the more you invest. And so I'm gonna say from the beginning it was just about, well, let me invest in my coaching, let me invest in my demos. Then it became, I've got to invest in, create an S Corp or an LLC or let me invest into a better studio now. And then also I have to invest in other things. Now I've gotten to the point where if I haven't grown every year, I'm looking at my growth. And if I'm not growing, I have to figure out, well what do I need to do to continue that growth? And we can talk about outsourcing, right? I pay people, gosh, for at least 10 years, I've been paying people to help me do things. And the team, I have a team and and that team again is another investment in my business and in my growth. Lau: Yes. I mean, we can flower this out for hours, this program because we can't even get into the level of detail as you grow. Like we both have a business, roughly both of us are at like the 15 year mark. So can you stay static? Sure. Can you stay in a comfort zone? Absolutely. And I totally am okay with that and respect people who say, I'm capped, I'm at my ceiling, I'm happy with what I'm doing. I'm happy with my services, but I'm not. Like, I'm insatiable in the sense of wanting to provide more value, to educate more, to lift the level of income, to go from, as they say now in the ether, it's very big. Go from six figure to seven figure. How do you do that? Well, you do that through scaling. So everything that you're talking about, Anne, that we built our our businesses on, which is the person, the personality, the personalization, which is what we try to bring to our copy as talent. Right? How do we personalize a real person. Also, there's a sacrifice in that too. And it's a very hard gray zone. How do I keep the personalization and keep the boutiqueness of my product and scale? Which is automization, which is about, you know, you're in the whole AI world. It's about like, how do I get into a place where things are being funneled and things are being structured in a system? It's no longer high touch. Like I don't have to be a part of every transaction. And then at the end of the day, it's not about me anymore; it's about the process or the product. And that's like to wrap your brain around that, when you start a business that's so personal and so high touch, is just a jump. It's a jump. It's a transition that a lot of us are working towards making. Keeping it personal. Keeping it real for us. Keeping it something we love and care about, but allowing our control to get out of the way so that other systems and controls can come in. And keep providing value at a much larger level. Anne: Absolutely. And I think in terms of money, (laugh) I say money, and I don't want people to think -- Lau: I like how you said that. Anne: -- that Anne, money, she's obsessed with money, that Anne. But here's the deal for me, like again, I always talk about wanting to grow my business. And so for me, it becomes a challenge. And I've always been a girl that takes on challenges. And so you have to feel comfortable with money, number one. And you have to feel comfortable investing money to make money. Right? And then to be accepting of that money. And again, that goes back to like, know you're worth, charge an appropriate fee so that you can make that money, so that you can reinvest in parts of your business to continue to grow, and take that opportunity to just embrace the thought of money (laugh) in abundance. Right? You're always talking about abundance, Lau. And again, I'm not gonna get too woo woo here, but I think manifesting that worth, you need to manifest that worth out to your potential clients so that they say, oh yeah, absolutely. My goodness, can I pay you more money to do what you're doing, (laugh)? Lau: Yeah. Yeah, yeah. Anne: That's what I want. And really that's how it comes. And I think that as entrepreneurs, you have to not just think of y…
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