#171 - How to Generate Millions from Paid Events (Bootstrapped)
Apr 16, 2021
01:05:55
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Quick takeaways
Building a network and attracting big-name speakers are key to hosting successful paid events.
Paid events offer an experience, networking opportunities, and the potential for substantial profits.
Building an email list, utilizing blog posts, and offering time-limited discounts can boost ticket sales and generate revenue for events.
Deep dives
Starting an Event from Scratch
Starting with minimal resources and a small email list, the speaker successfully hosted a profitable event within six weeks. The event generated $60,000 in revenue and $50,000 in profit. The second event earned even more, with approximately $150,000 to $200,000 in revenue and a similar amount in profit. The key to success was focusing on building a network and attracting big-name speakers, leveraging the initial anchor speaker to secure others. The content of the events served as marketing to bring like-minded individuals together, rather than being the main draw.
The Value of Paid Events
Paid events provide more than just content; they offer an experience and the opportunity to connect with a network of like-minded individuals. People attend events not primarily for the content, but for the experience, networking, and connections. While the content may be available online, the value lies in the in-person interaction and the serendipitous connections that can be made. Hosting events also brings luck and opens doors to new opportunities by being the hub of a network. Additionally, events provide the potential for substantial profits, especially when combined with paid communities and sponsorships.
Future Fit: A Case of Accountability Coaching
Future Fit is a company that provides accountability coaching through personal trainers and fitness coaches. At a monthly fee of around $150, users receive a customized workout plan based on their goals, which is tracked through smartwatches. The coaches offer support, motivation, and accountability by checking in, tracking progress, and sending reminders. This service fills the gap between expensive personal training sessions and cheaper gym memberships, focusing on the habit of exercise and helping individuals stay committed to their fitness goals.
Building an Email List and Generating Sales for Events
One of the main ideas discussed in the podcast episode is the importance of building an email list for events and how it can lead to increased website traffic and sales. The speaker shares their experience launching a website and using blog posts to attract visitors. They explain that by collecting email addresses through the website, they were able to send targeted emails promoting ticket sales and offering discounts. The strategy of utilizing blog posts, collecting emails, and offering time-limited discounts proved effective in boosting ticket sales and generating revenue.
Maximizing Profitability of Events through Strategic Choices
The podcast episode highlights strategies for maximizing profitability when organizing events. The speaker emphasizes the significance of choosing the right venue to avoid unnecessary expenses, especially with regards to union venues and catering costs. They recommend seeking out non-traditional venues and working with local businesses to cut costs. Additionally, the speaker discusses the importance of getting sponsors to provide free goods and services, such as food and beverages, to reduce expenses. By carefully managing costs, leveraging free sponsorships, and setting higher ticket prices, event organizers can increase their profit margins.
Shaan (@ShaanVP) and Sam (@TheSamParr) break down the events business step-by-step. Sam explains how he grew HustleCon from nothing into a powerhouse. Sam shares numbers and the techniques he used to generate sales and keep costs low. It's a masterclass on how to run an events business. The guys also discuss the "Billie of the Week" Sam Bankman-Fried, and how he became a billionaire at 29 from crypto. At the end, they brainstorm on the idea of "accountability coaching for X".
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Show notes:
* (1:20) The amazing story of how Sam Bankman-Fried made his fortune by the age of 29
* (14:01) How a gambler beat Vegas and a kid took over the internet
* (22:27) Sam explains how to run and scale a profitable event step-by-step
* (47:07) Brainstorming on "accountability coaching for X"
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