A piece of the action: agents are making it big off of other people's fortunes.

You hear about it all the time. Bad-boy actors sign $10 million movie contracts to blow up buildings and bare their chests. Rap artists and models saunter into Tinseltown and become huge successes, signing million-dollar contracts.

You want to know, can you get a piece of this action? It's possible--if you have the smarts and the funds to open a talent or artist management agency. Agents generally charge 10% of the deals they sign on behalf of their clients. If you are working with an actor's union, you can charge scale (a set fee for a day's work) plus 10% of whatever your client earns.

Obviously, the hottest spots for talent agencies are New York and Los Angeles. But there's also an agent on almost every corner of the Big Apple and under every palm tree in the City of Angels, which makes the competition fierce.

Talent agents provide advice and procure employment for actors, screenwriters, composers, costume designers and virtually any other money-making human property. In essence, they run employment agencies for very expensive talent.

Agents representing musical talent act as liaisons between the artist and the record company. Essentially, the agent shops groups around to different record labels and negotiates their contracts.

Since the music industry isn't regulated, practically anyone can become an agent. However, most states require those representing actors and actresses to have a state-issued license and to hold employment franchises with the performers' guilds and unions. A talent agent is licensed by either the local Department of Industrial Relations or local Department of Consumer Affairs.

Regulations vary from state to state. California, for instance, requires affidavits of character, the posting of a $10,000 bond, a set of the owner's fingerprints and an annual fee of about $225.

The Screen Actors Guild (SAG) represents performers appearing in any film project--motion pictures, television, commercials, music videos and CD ROMs. This 34-year-old union has some 77,000 members. The American Federation of Television and Radio Artists (AFTRA) handles all artists who appear on videotaped property, Actors Equity represents stage performers.

Although it's relatively easy to open a talent agency firm, Anthony LeGrand, group administrator of SAG's New York headquarters, says it's wise for newcomers to have experience in the field. However, there aren't any formal training programs that prepare aspiring agents for this tough business. LeGrand suggests securing informal "internships" with an agency or obtaining entry-level employment and working up to sub-agent status. Sub-agents can sign clients, procure employment and even make deals, but they are employees, not agency owners.

To obtain a California talent agency application, contact: Licensing, Dept. of Industrial Relations, P.O. Box 420603, San Francisco, CA 94142.

For more information, contact the National Screen Actors Guild at 213-954-1600 or 212-944-1030. The National Conference of Personal Managers can be reached at 212-421-2670.