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If you think that your event has to be huge to make a lot of money, you are wrong. It is one of those myths that persist, as people want more and more attendees at their events. Although having more attendees improves your income potential, small workshops can also be very lucrative.
In order to make big bucks with small workshops, you have to have three things in place: a strategy, attendees and an offer.
Before you even think about having a workshop, you need to know why you are doing it. What is your purpose? Where are your attendees in your marketing funnel? If they are at the top of your marketing funnel, you would hold a different event than if you are targeting clients that want to dive deeper into your material.
You always need attendees. However, that doesn’t mean you have to fill every workshop with 100 attendees. While large events have more potential for making more money, that doesn’t mean that small events can’t be very profitable. Sometimes smaller events do even better.
It is more important to have the right attendees than to have many attendees. When you have a smaller event, chances are you have a highly targeted audience. The people that are at your event are there for a specific reason: to learn from you.
Since the event is smaller, it is also more intimate. That gives you more opportunities to really connect with your audience. You can answer more questions and establish a genuine connection with your attendees.
Never leave your event before making an offer to work with you in some capacity. Depending on what you teach and your business, you can offer Done-For-You services, implementation and accountability support or the next step in your training.
Don’t assume that your audience knows what you offer and how to work with you. While we think that it is perfectly clear that we offer certain services, your audience may have different ideas. And if you don’t give them that next step, and tell them exactly how to work with you, the only thing you have done is get them ready for the next person to make them an offer. And that is very likely your competitor!
So let’s see how this all comes together. Your strategy is to host a full day workshop for your leads and entry level clients. They have been following you for a while, are definitely interested in working with you somehow, but so far haven’t bought anything or just small items. You want to turn them into higher level clients.
In this case, you fill your workshop with 20 attendees. You charge them $100 for a full day of content. (A bargain, right?) That is ticket revenue of $2,000. You deliver your fabulous content and make a special offer to workshop attendees only. Normally people pay $5,000 to work with you for 6 months, but if they sign up during the workshop, you give them a discount of a $1,000 and another fabulous bonus. Ten attendees take you up on it. That is $40,000 and you have 10 new clients. Your total revenue for the day is $42,000. Not too shabby! Even if only 5 attendees take you up on it, that is still $22,000 in 1 day.
If you want more information on how to make big bucks with your events, download my free report: The 3 Simple Secrets To Making 10K in a Day With Small Workshops.