How much money!?!
I believe in targets. Whether it's big business, sports, or your personal life most situations achieve greater success when there is a target or a goal. Yelmo has a target to bring in ten thousand pounds gross with a net of £0. That money will be almost solely used to reinvest in equipment and ensure that none of the core members need to put themselves in debt to create a space for our unique voice. So, net £0 spend, pretty stupid? Or the right idea?
Scrooge McDuck had the wrong idea, the money is not yours, you shouldn't hoard it. Here is my philosophy and how I got there.
Capitalism at its core is the expansion of wealth through trade, that is private individuals/companies trading with each other. To me, that means money must circulate, it is so tempting to keep every penny for a rainy day but I think we all know rainy days end up being lunch expenses.
When I looked at Yelmo finances the first £1000 earnt was spent on.....no idea....but what I do know was there was no reinvestment, this was a massive mistake on our part. The mindset change came about when we bought a Moog Grandmother. Now, don't get the point wrong the Moog isn't important, the intention was.
So what was the intention? To make a sexier looking studio? Unparalleled sound quality and intense new music? Sponsorship from the greatest ever synth company (hi Moog <3)? Well yeah, all of those but mainly to improve our creativity and work speed. There was something tangibly different in our first test session when creating synth bass lines instantly, hands-on with the client rather than preset browsing in Kontakt and tweaking. For us, there is inclusiveness with instruments that we felt made us more desirable and at the grassroots level in our niche, more unusual.
So the decision was made to reinvest all of our money into high-end instruments and microphones, sound sells music, strange that. Interactivity and involvement sells Yelmo. We had to learn that over multiple rejections. It sounds obvious but I realised we were getting so involved with the music that we may have been neglecting the human being that the music was for. As soon as we started to rectify that behaviour and invest in tools that allowed us to be less computer-centric our sales conversion rate jumped up.
So now we keep the money circulating and I can honestly say that the more we invest in the people we work with, and the tools that allow us to stay in the moment with them, the more we are hired, and the more money that comes in.
Its a circle, of business, Hakuna-Matata.