Many people in our industry see their events… workshops and seminars… as their final product. What I mean by that is that they spend loads of time delivering seminars but at the end of the event, the product does not continue making money.
When I work with entrepreneurs who want to build lifestyle businesses, one of the first lessons they learn is that an essential element of building a lifestyle business is that leveraging your time is key to your business growth.
The age-old “trading time for money” model… where you charge an hourly rate, or only get paid for work that you do, will limit your income to the number of hours you are able to work each day/month.
But… taking this one step further, are you leveraging your events too?
What do I mean by leveraging your event anyway?
Say you run a seminar, and you get 50 attendees in the room. At the end of your event, 25 people register for your coaching program, so you now have two revenue streams from the event… ticket sales and sales from stage.
Leveraging your events introduces a third, fourth or even fifth revenue stream. It means you could if you wanted to; never have to deliver the seminar ever again!
It’s all AV baby!
If you’ve been to any of my events, you’ll know that we have our Audio Visual (AV) guys there filming the entire time.
Following the event, the videos are edited and turned into physical DVD’s, and online videos that we sell as a separate product.
You could also rip the audio from the videos to create MP3s or CD audio products to be sold as a separate product?
Taking excerpts from the videos, you can create a free mini-series… a lead generator that your community opt in to receive?
Virtual events too!
Think about the teleseminars or webinars that you run too. It’s usually pretty simple to record online broadcasts, and they can also form part of a physical product.
Having leveraged the event, and sold the recordings as a separate product, you can also bundle them into your high-ticket big packs… adding a huge amount of value into your higher priced offerings.
Do you get the idea?
So, what I’d like to invite you to do this week is to think about all the “in-person” stuff that you do in your business… whether it’s virtual such as webinars, or when you’re physically present at your seminars and workshops.
Consider how you can leverage these events to create more time and build additional (passive!) revenue streams.
Stop seeing your events as your end product and start thinking how you can make them work smartly for you in your lifestyle business.