But Like, Why are You Even Doing This in the First Place?
The Third Step In Planning Any Successful Live Event Is To Establish Your Business Goals
OK guys – here is the thing about creating a live event, just like any other revenue driver for your business, an event should be seen as an investment.
And investment of your time AND your money.
Because here are two FACTS about events:
It is going to take A LOT of work.
And it is going to be a financial INVESTMENT.
Now, ideally you want to at the very least cover your costs for your event, and that is ALWAYS the goal when I work with clients to create budgets, but you must know before you even start this process that if you want to get it right the first time, so that everyone comes back for more the second time, you will have to make an investment to get started.
How much of an investment?
That is truly up to you - there is no black and white answer for that, but just know that an initial investment will have to be made.
With that said, I wanted to talk today about your BUSINESS OBJECTIVE for creating an event.
Please, For the love don’t create an event just because you want to have an experience with your friends, or potential friends.
And PLEASE take the time to understand your business goals when creating your first event – because the real shame would be if you only did your event once.
I say this for THREE reasons:
Reason #1: You are going to be working SO HARD to make this event happen. Between the financial investment, the time, the energy, the stress – it is going to take a lot out of you and your team. To do it only once (like a wedding) would be a disservice to how hard you worked.
Reason #2: Your audience deserves the chance to experience it again and again. The best part about events – as far as I’m concerned - is that you can get better and better with time. It would be a true disservice to your audience to not allow them the chance to see how much better the second time around – or third time - will be.
Reason #3: It is when you do the event again and again that you’ll be able to really see some ROI. Again, the chances of you covering 100% costs the first time are slim (although it is the goal) but when you plan for the event to be annual or even bi-annual, you are allowing your community to show up for you time and again, and they will not only in bodies but also in dollars!
SO how do we figure out what our business objective should be for our event?
Let me tell you.
The Top 3 Ways to Incorporate Events Into Your Business Model
Option 1: Events are part of the larger package.
This option is common for BIG ticket packages like large scale masterminds or group coaching packages. Usually, this option is INCLUDED as a benefit in the package someone who signs up with you pays for.For example: let’s say you run a year-long mastermind for $20,000 and it includes not only monthly coaching but also two weekend long retreats where you have guest speakers, opportunities to take deep dives into your client’s businesses and you provide housing/food for the weekend.
The price for this experience is INCLUDED in the big package price so you won’t be making any additional money off of this experience, in fact you most likely will be paying for it out of the income you generated from the mastermind fees.
Option 2: You want to COVER costs and you’ll make profit from selling larger packages either by you or as an affiliate other speakers selling their packages at your event.
If this is the case, generally ticket prices are not that high and just reflect enough to cover the cost of the event (think a ticket price of $99 rather than $999) and you would go after sponsorships to cover the remaining costs.
The goal would be to fill the room with bodies, hopefully all ideal customers, and then sell them on your products from the stage. Some events are known as “pitch fests” where every single speaker is on stage selling something. You can do that OR you can allow only YOUR big packages to be sold from the stage, it’s up to you.
Option 3: This event is designed to MAKE YOU MONEY and is a revenue stream for your business.
Now again, I still say it is likely you won’t make money on your first event, but if this is your business strategy, then you should definitely plan your budget accordingly for year 1 and then look at this business strategy with a 3 and 5 year goal in mind.
Generally, ticket sales would be higher AND you would definitely go after a lot of sponsorships and vendors to be in an expo hall. Of course, with higher ticket sales you want to be sure you are LOADING the event with incredible content that all aligns with your mission and vision.
Whatever business strategy you choose – you MUST be sure you figure this out BEFORE you do anything else – especially creating your budget.
You can’t create a realistic budget for this event if you don’t truly understand your business
Want to know HOW TO GET FUNDING? CLICK HERE for my FREE GUIDE on how to incorporate sponsors into your event and GET PAID!
Have more questions about establishing your business goals or need more support in planning your live event?
CLICK HERE to set up a FREE 60-minute strategy session with me and we’ll take a deeper dive into your event and see if there is a bigger way for me to support you!