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EVENTrepreneur: A person who turns their passion for events into a profitable business. The Unstoppable Eventrepreneur™ Podcast brings you the strategies and tactics you need to build and scale your event planning business. Learn about the thinking and habits you must develop in order to turn your passion for event planning into a full-time job! Learn from a multiple 6-figure event planning veteran, May Yeo Silvers. Her specialty? Her “no sugar coating, giving it to you the way it is” form of communication that breaks down ideas and strategies into actionable step-by-step processes. Tune in, be inspired and get ready to start discovering the untapped potential within you to truly become an Unstoppable Eventrepreneur! For more business tips, strategies and mindset reset, follow along with May: • Connect with me at: may@events4anyone.com • Website: www.mayyeosilvers.com • LinkedIn: www.linkedin.com/in/mayyeosilvers • Facebook: www.facebook.com/mayyeosilvers • IG: www.instagram.com/mayyeosilvers • TikTok: https://www.tiktok.com/@mayyeosilversofficial • FB private group: https://www.facebook.com/groups/events4anyone
Episodes
Thursday Aug 11, 2022
Thursday Aug 11, 2022
Does the market rate in your area affect how much you should be charging for your services? According to host May Yeo Silvers, answering this question is more complicated than it may seem. In reality, the answer is both yes and no. However, in today’s episode, May warns listeners about the dangers of setting your prices based on the market rate.
Before you make the decision to lower your prices, it is important to understand that in the event planning space, the market rate is largely based on false data. May explains that an estimated 50 to 75% of event planners don’t know how to properly price their services and instead rely on the market rate to set their prices. To get a more accurate idea of what your prices should be, May explains that you must consider other factors such as your operational costs, income goals, and how many hours you are okay with working.
At the end of the day, your business needs a profit to survive so it is important that you are charging accordingly. Tune into this week’s episode of The Unstoppable Eventrepreneur™ for a reminder on how to calculate your hourly rate so that you can make a sustainable living without working yourself into burnout.
Quotes
• “There are a lot of event planners out there who don’t have any idea how much to charge.” (03:00-03:05 | May)
• “The market rate is false data unless you are in an environment where everybody knows what they're doing in terms of their business finances, and they are able to come up with a rate that can yield them profit at the end of each year.” (03:44-04:03 | May)
• “Does the market rate actually depict how you should charge? Not really. But it's good to know what is going on, especially if you have been under-charging yourself.” (09:56-10:07 | May)
• “If you want to have a sustainable and thriving business, your income coming in has to be more than your costs going out.” (11:01-11:12 | May)
Links
Connect with me at: may@events4anyone.com
Website: events4anyone.com
LinkedIn: www.linkedin.com/in/mayyeosilvers
Facebook: www.facebook.com/mayyeosilvers
IG: www.instagram.com/mayyeosilvers
TikTok: https://www.tiktok.com/@mayyeosilvers
FB private group: https://www.facebook.com/groups/events4anyone
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