I just saved a NON-CLIENT $5000 during a 45 minute strategy call.
Today, we are gonna talk about money leakage in your events.
As you might know, I offer free retreat strategy calls to thought leaders and retreat leaders just like you.
When I get a booking from someone I do not know, I do a bit of social stalking.That was this type of call. I like to be prepared in knowing what they have done in the past, what they are up to now, and how engaged they are on social media about the things that matter in their businesses, etc…
After all my stalking, I was getting super excited for this call!
I could not wait for our strategy call, so I could dive into their business model and get a peek behind the curtain of their brilliance. Their social presence was impressive, authentic, intentional… my type of client!
During the call, we chatted about the flow of the events she wanted to hold to grow her business, the timelines for launching, as well as what types of venues would help with the transformation of her clients. Then, we got to the BIGGIE: event pricing—so she left the event with PROFIT.
This coach who had "successfully" incorporated retreats into the mix was making LESS THAN $3000 profit at each event! :o HOLD THE PHONE - WAIT, WHAT?
So we strategized about her NEXT event. We looked toward her new future–because as we all know, there is no sense in going back to what MAY have been, but we chose to focus on what WILL be for the future of her business!
As we spoke, here are the main financial leaks that we uncovered:
She had chosen a great boutique hotel... that happened to be 75+ minutes from the airport! This meant adding TWO group shuttles EACH WAY to the airport totaling $1200. Location matters for sure - but just not for the vibe and on-site amenities.
EVENT PROFIT INSIGHT (+$1200):
There are many site variables to consider as you can see.
This venue offered a slightly lower rate per night for a small room block so they thought that was a deal. It is common that there may be a food and beverage minimum to order included to use space AND a space rental fee. They had gotten the minimums and did not negotiate! They never really haggled much as they didn’t know where to start or have time to think about it - so the full costs went into the budget.
EVENT PROFIT INSIGHTS (+$1890):
By asking for the paid hotel breakfast to be included in the room rate, she saved $990–which means she didn’t need to serve food in the morning.
Adding a special afternoon toast with a signature drink we created just for the group increased the food and beverage which meant we could then negotiate NO room rental fee. This not only saved $900 in total, after the costs, but upleveled the participant experience with an extra celebration.
I asked her, on the call, "Do you realize how brilliant you are?" Over her past 8 events, she agreed her delivery and skills in coaching have grown. But her pricing had not. As she was more skilled and her guests were raving fans, I simply asked if she felt valued for her service looking at the balance sheet of the event.
EVENT PROFIT INSIGHT (+$1800):
She reflected on two things. First, a $200 price increase per ticket would double her current profit and if she was leading 12 people, could she also lead 15 people and still make sure all clients got the transformation? - By adding 3 more guests, and changing nothing else, she would raise her profit by another $1800.
Have you been running "successful" events, too? If so, let’s set up a strategy call to determine where the hidden money leaks might be in your events.
Finding money in your business has never been so fun!
Book your free strategy call to see how we can INCREASE YOUR EVENT PROFIT.