The Unstoppable Eventrepreneur™

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FB private group: https://www.facebook.com/groups/events4anyone

Thursday Aug 10, 2023

Skills Don’t Directly Equate to Profits

Thursday Aug 10, 2023

In today's discussion, host May Yeo Silvers takes us on a journey to challenge a prevailing misconception: the belief that sheer skill is the ultimate key to unlocking profits in our events businesses. While undeniably crucial, possessing skills in event planning, design, and decoration isn't a one-way ticket to success when you're at the helm of your events venture. May Yeo Silvers adeptly articulates how thriving in this competitive landscape demands a holistic approach – one that encompasses not only your creative prowess but also a mastery of the art of effective marketing and sales.

Through insightful anecdotes and profound analysis, this episode sheds light on the experiences of highly skilled event planners and designers who found themselves grappling with a lack of profitability. The root causes? An oversight of the intricate business facet that accompanies entrepreneurship. May Yeo Silvers underscores a pivotal truth: excellence in your craft should be coupled with a strategic display of your work, proactive self-promotion, and the nurturing of a brand that resonates trust and admiration. It's when potential clients recognize and are willing to pay for your expertise that you truly stand out in the industry. This podcast episode isn't just a discourse on skills versus business acumen; it's a call to action. It challenges you to reshape your perspective and embrace the multifaceted realm of entrepreneurship.

So, whether you're an established event entrepreneur or just setting out on this exhilarating path, this episode has something compelling to offer. Tune in to gain a fresh perspective, be inspired by real stories, and equip yourself with the insights needed to transform your passion for events into a thriving, profitable venture. Remember, success is best achieved together.

Quotes

• "The more skillful you are doesn't mean that you're going to get booked. I can tell you for a fact that I know very talented event planners, designers, and decorators, but why are they not getting booked? Because they're not opening their mouth. They're not telling people about their business." (04:26 | May Yeo Silvers)

• "Being great at sales is only one part of the equation. Determining and keeping track of your numbers will help you make the best decisions for yourself and your business, as well as protect you from having to go back to a corporate job." (14:42 | May Yeo Silvers)

• "Confidence in your craft comes from clients willing to pay for your services. So, instead of constantly focusing on improving your skills, shift your attention to learning how to market yourself and showcase your incredible talents." (14:42 | May Yeo Silvers)

• "Let's figure out what is the existing skill that you have that people say, 'I'll pay you to do this, you should charge money for this.' Let's focus on that first, and if you get an inquiry because you are focusing your energy on how to market to the outside world that your skill set is balloon installation, for instance, 99% will hire you for that thing." (14:42 | May Yeo Silvers)

Links

Connect with me at: may@events4anyone.com

Website: www.mayyeosilvers.com.

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Aug 03, 2023

A Case Study of Having Return to Corporate Even Though Business Was Good

Thursday Aug 03, 2023

Have you really sat down and taken the time to figure out your sales numbers? If not, you are doing yourself a disservice and may even find yourself having to go back to working a corporate job. Today, host May Yeo Silvers shares real life examples as case studies of entrepreneurs who have had to go back to corporate in spite of their business looking like they were doing well.

When business is “good” and you have lots of money coming into your bank account every month, you may make the mistake of thinking you are in the clear and can go ahead and spend that money. However, you might just be making a big mistake! As CEO, it is critical that you take a step back and really get serious about knowing your numbers. Just making sales is not enough if you do not know how many sales you actually need to make in order to afford to pay both your personal bills and your business bills. Also, unlike a corporate job where you make a set amount of money every month, entrepreneurship is trickier. You will likely have some months that are slower where you make much less money or might not have any sales at all. By accounting for this in your calculations, you can determine exactly how many sales you need to be making and how much money you need to have in the bank at all times in order to afford your lifestyle and keep your business afloat even in hard times.

Even if you do not consider yourself a numbers person, it is a crucial component of being a successful CEO. Being great at sales is only one part of the equation. Determining and keeping track of your numbers will help you to make the best decisions for yourself and your business as well as protect you from having to go back to a corporate job.

Quotes

• “In running a business, you have to understand what are the must track numbers… all these numbers will determine what you need to do, the next course of action in your business.” (3:53 | May)

• “These four numbers are what's going to save you from not having to go back to corporate.” (5:09 | May)

• “You not only need to do the selling, you need to know how much to sell.” (7:39 | May)

• “I should have taken the time to sit down and determine how much money I need in order to live and thrive as a full time CEO for my business.” (9:17 | May)

• “When you are in a corporate world, you have a fixed paycheck, so you know how much money is coming in. But when you're in business, you don't know how much money is coming in unless you do your sales projection.” (19:06 | May)

• “If you are running a full time business, it is so important to incorporate a line item, which is your salary that you need to pay your personal bills.” (28:50 | May)

Links

Connect with me at: may@events4anyone.com

Website: www.mayyeosilvers.com.

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Jul 27, 2023

Are You REALLY Going All in for Your Business?

Thursday Jul 27, 2023

Are you really giving your business your all? It’s one thing to go through the motions, but it’s another to be fully present and put your heart into everything that you do for your business. Today, host May shares the importance of self-awareness and the ability to self audit in order to really be sure you are going all in for your business’ success.

In order for your business to grow, you must first grow as a person. Assuming you are a full time CEO, there are around 8 hours available for you to devote to your business each day. How many of those hours do you actually spend on sales generating activities or coming up with creative ideas for your business? If you’re being honest with yourself, you will likely find that you are not actually giving all you could be to being a CEO. You are getting your day to day activities done, but maybe your heart is not really in it or your mind is elsewhere. It can be daunting to ask yourself why you are procrastinating certain tasks or why you are struggling to be fully present, but self-awareness is key for accessing a growth mindset.

You owe it to yourself and to your business to give it your all. If you are struggling with really dedicating yourself to taking inspired action rather than just checking off tasks, you first need to have the courage to ask yourself the hard questions and face whatever fears and doubts are standing in the way.

Quotes

• “If you want your business to grow, you have got to grow first.” (2:42 | May)

• “How many hours are you taking inspired action? Taking action is not good enough. Taking inspired action is what is going to move the success needle. Taking actions by just checking off, okay, I got to do this, I got to do this, I got to do this. That means your heart is not there. When your heart is not there your people can feel it in terms of your content. You're just a robot reading a script.” (10:50 | May)

• “When you put in your heart, your emotions, in carrying out an action, a sales generating action, delivering a message, communicating your value, your expertise, talking about your brand, connecting with people, those are sales generating activities.” (13:11 | May)

• “You can work all day long. But all day long, are you really working? Are you really present? If you are not, you're just doing it for the sake of doing it, then you're not really giving it all.” (16:53 | May)

• “Self awareness is key.” (18:22 | May)

Links

Connect with me at: may@events4anyone.com

Website: www.mayyeosilvers.com.

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Jul 20, 2023

Create a Business Plan That Actually Works

Thursday Jul 20, 2023

No matter what stage of business ownership you are in, you need to have a business plan that you can actually follow. If you are unfamiliar with what makes having a business plan so vital for your success, this is the episode for you. Today, host May explains what a business plan is, why you need one, and how to create one that is simple and that can evolve, change, and grow alongside your business.

A business plan is like a GPS. It acts as a guide that you can follow to reach your goals. Since your goals are going to be ever changing and your plans will need to adjust depending on market conditions and personal growth evolution, you will need to revisit and revise your plan throughout the year. Don’t worry about making it perfect, because it will always be changing and growing as your business does. A lot of entrepreneurs make the mistake of overcomplicating their business plan and making it too hard to stick with. Instead of writing a complicated twenty page plan, keep it simple. A successful business plan needs only a handful of key things; your vision, your mission, and the specific service you wish to provide, who will want and need that service, how to market do this group of people and how much to charge for your services.

One of the most exciting parts about having your own business is that you have the flexibility to tweak and change anything you want as you go. Instead of getting hung up on trying to have everything perfect right from the start, remember that you can adjust your plan whenever you want to. Start off with a simple, easy to follow plan and you will be on your way to achieving your goals.

Quotes

• “Every single business, especially when they're starting their business, needs to have a business plan. A business plan is like a North Star. It's like your GPS. Your business plan is the GPS for your business.” (2:02 | May)

• “The business plan should be very simple and easy to follow, and easy to create.” (4:17 | May)

• “If you want to know the truth about owning a business, you're constantly flying the plane while tweaking your engine at the same time.” (5:36 | May)

• “That's the beauty of owning your business, being a business owner that has the flexibility to twist and turn to make changes without going through all the bureaucracy. That's the fun of having a business that is constantly evolving.” (21:47 | May)

Links

Connect with me at: may@events4anyone.com

Website: www.mayyeosilvers.com.

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Jul 13, 2023

Busting the Biggest Myth of All You Need to Start Your Event Planning Business

Thursday Jul 13, 2023

It is finally time to bust the biggest myth of all when it comes to starting your event planning business. If you’ve been told that in order to be an event planner you need to purchase your own inventory, listen up, because May is here to explain why this could not be further from the truth. In fact, if you do decide to invest in your own inventory, you could actually be limiting your business growth potential.

While it may seem like less of a hassle or even a way to save money in the long run, owning your own inventory comes with a lot of additional costs than just buying it in the first place. You will have to maintain that inventory, store it somewhere, set it up at the event and break it down afterward. That’s a lot of extra work! These are all labor costs and taking up valuable time that you could be spending on growing your business and generating sales. If your goal is to be an event planner, then you do not need to spend your money, time, and energy on physically designing and staging the materials for the event. You’re a planner, not a designer! Doing all that extra work on top of your planning duties will quickly cause you to wear down and risk burning out, all while not really benefiting your business in terms of revenue.

Don’t let not being able to afford your own inventory stop you from starting your event planning business! The top most successful event planners in the industry do not own or manage their own inventory. You should not have to be responsible for manual labor at your events like setting up and breaking down equipment, because this takes from your time to actually manage the event and generate more sales. The next time someone tells you that you need to own your own inventory in order to be a successful event planner, direct them to May for some much needed myth busting.

Quotes

• “It's a widespread belief that you need to purchase inventory in order to start your event planning business.” (1:28-1:41 | May)

• “If you want to own inventory, you were probably given this idea that it's so much cheaper to just own it than to rent it from a vendor.” (8:55-9:09 | May)

• “You forget the costs of maintaining the inventory, of keeping the inventory, of setting up the inventory. You forget the costs of breaking down the inventory. All those are labor hours.” (9:48-10:08 | May)

• “You want to copycat? Find the right cat to copy.” (14:04-14:06 | May)

• “If you are living in a small town and you need this inventory, find a cheaper labor than you that costs less than what you're charging yourself.” (16:50-17:01 | May)

• “If you are doing something, that means you're not able to do something else. You also limit your growth. If you are actively involved in the inventory portion, that means you're doing things that's not sales generating.” (18:10-18:24 | May)

Links

Connect with me at: may@events4anyone.com

Website: www.mayyeosilvers.com

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Jul 06, 2023

Is the Passion for Your Craft Killing the Profit for Your Business?

Thursday Jul 06, 2023

If you are an event planner or designer who wants to build a sustainable business both in terms of profit AND freedom based lifestyle, you CANNOT be personally handling every manual task at each event. Instead, envision yourself as the CEO or boss lady, overseeing a team of talented individuals who specialize in different aspects of your craft. By delegating tasks and trusting others, you can scale your business, cater to multiple events in a day, and avoid limiting your earning potential.

The key here is finding the right balance between honoring your passion and maximizing your income. You deserve to enjoy what you do, but you must also consider the opportunity cost of your time. Charging premium rates for your presence at events is a fair and effective way to ensure you're adequately compensated for your expertise. By openly communicating with clients about the additional fee for your on-site involvement, you can maintain transparency while aligning your income goals. Remember, you don't have to be physically present at every event to provide exceptional service. Instead, selectively choose which events require your direct involvement and charge accordingly, allowing you to play to your strengths, earn a substantial income, and nurture your passion for your craft without sacrificing your financial success.

It's crucial to recognize that your passion for your craft shouldn't come at the expense of your profit margin. Embrace the role of a business owner and delegate tasks to a competent team, but find the right compromise that allows you to maximize your income without compromising your love for your craft.

Quotes

• "If you are hearing from other people or seeing how other people are running their business by having to use your talent and your time doing all these manual tasks that you could actually delegate to someone else to do it or hire a vendor to do that, that means you are limiting your earning income." (06:20-06:38 | May)

• “You’ve got to have a good balance of really honoring your passion for your craft and making the money that you want to make.” (09:52-09:59 | May)

• "If you wanna make money, start looking at how very successful wealthy people run their business. They are not in the day-to-day operation. They're not in the day-to-day client facing operation. They do more strategy work." (11:19-11:32 | May)

Links

Connect with me at: may@events4anyone.com

Website: www.mayyeosilvers.com

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Jun 29, 2023

How to Budget Your Business Finance to Hire a Team

Thursday Jun 29, 2023

Are you planning to be a solopreneur or is your goal to eventually hire a team of employees? Depending on your business goals and desired income, you may benefit from not having to do everything yourself. It is very difficult to scale your business when you are doing everything on your own. In today’s episode, host May Yeo Silvers shares her tips for determining how to budget your business finances so that you can hire a team.

If you do not want to hire anybody, you do not have to. However, you will have to charge much higher prices in order for your business to be profitable. You also run the risk of burning out, because you are having to wear too many hats all the time. If you don’t want to do it all on your own, but still feel uncomfortable with the idea of managing employees, contractors are a great compromise. By hiring a contractor for each project, you can get some tasks off your back without having to manage a full time employee. If you do want to grow your company and build a team of employees, it is important to make sure your business is bringing in enough revenue for that investment to make sense. This means that your business is generating enough money each month to pay not only your business expenses (including the salary you plan to pay the employee whom you are planning to hire in the next 6 months), but also your personal bills. May recommends that your business be successfully generating this level of revenue for six months prior to hiring an employee. Then, when you do hire someone, make sure that they can bring in at least four to ten times what you are paying them so they are paying for their own salary PLUS generating profit for the company.

As your business grows you may find yourself needing to hire someone to help you. Whether you decide to do it all yourself, hire a contractor, or hire a full time employee or team of employees, you need to get very clear on your business finances first. Understand how much income your business is bringing in and how much you can afford to spend on hiring. This way you can scale your business while maintaining profitability.

Quotes

• “There's only this much you can do by yourself, so scaling almost becomes impossible.” (3:55-4:01 | May)

• “I don't want to have a big team, I don't want to manage people. So what I do is, I hire contractors, because I also understand that I don't want to do everything myself.” (7:31-7:42 | May)

• “They cannot just bring in enough money to break even, to pay for their own salary. It has to be at least 4 to 10 times of what you're paying them in order for you to have a profitable business.” (18:03-18:16 | May)

• “If you don't want to hire anybody, then you have got to make sure that you charge a lot of money.” (25:09-25:13 | May)

• “When you hire a team or contractor to do the work, you may not need to tell the client that somebody else is doing the work.” (25:36-25:42 | May)

• “In order for a company to grow in building a team, you have to elevate the status of your team member to instill the confidence in your clients that they are as capable as you.” (26:40-26:55 | May)

Links

Connect with me at: may@events4anyone.com

Website: events4anyone.com

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

Thursday Jun 22, 2023

Planning Destination Weddings with Katie Mast

Thursday Jun 22, 2023

Do you dream of planning beautiful destination weddings all across the globe for your clients? Destination wedding planning is a whole different beast from planning local events. It requires someone who can stay calm no matter what challenges pop up. For a confident, authentic and honest salesperson, destination weddings provide incredible opportunities to upsell and earn more money. In today’s episode, host May Yeo Silvers sits down with Katie Mast, community manager for Rock Paper Coin and former owner of Cotton & Oak, to discuss everything you need to know about planning destination weddings.

Katie Mast was the business owner of Cotton & Oak, a 6 figure destination wedding services company, for nearly 12 years while residing in the San Francisco Bay Area. After covid, her family moved to South Carolina, and Katie decided to retire from her business. During her 12 years as a destination wedding planner, Katie learned how to confidently plan gorgeous weddings from afar, gain her clients’ trust, and pivot on the spot whenever challenges arose. Destination weddings are more complicated, because you have to have not only have a plan A, but several backup plans. When you are on site at a far off destination, you will not have access to the same resources you would have if you were planning a local wedding. This means you really have to know your stuff and research the location thoroughly during the planning process. The good news is that once you have done all of that, you have the opportunity to make a lot more money off destination weddings, as you can upsell for pre and post wedding events.

If you have been considering transitioning into destination wedding planning, tune into this episode of The Unstoppable Eventrepreneur™ to learn more about the skills needed to succeed.

Quotes

• “It is a completely different beast, when it comes to wedding planning versus destination wedding planning. Because you have to be just as confident planning a wedding from afar as you would in your own backyard.” (7:36-7:50 | Katie)

• “Always start with your easiest service that you know that you're going to be able to deliver on, and that is month of coordination.” (23:13-23:22 | Katie)

• “You can have the ability to upsell so much more in destination wedding planning.” (28:22-28:28 | Katie)

• “If you are going to invest in any kind of marketing, make it be SEO.” (40:15-40:19 | Katie)

Links

Connect with me at: may@events4anyone.com

Website: events4anyone.com

Podcast production and show notes provided by HiveCast.fm

FB private group: https://www.facebook.com/groups/events4anyone

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Thursday Jun 15, 2023

Interview With Will Curran-How To Set Up Your Business for Early Retirement

Thursday Jun 15, 2023

When you think of retirement, what does it look like to you? Retirement does not have to mean that you do nothing or even require you to fully leave your business behind. There are many steps you can take to set up your business in a way that enables you to step back from the day to day activities and retire early. Whether you plan to retire or not, these steps will help your business to run more smoothly with less reliance on you. In today’s episode, host May Yeo Silvers sits down with serial entrepreneur Will Curran to discuss the steps required to set your business up for early retirement.

As the founder of Endless Events, & creator of the #EventProfs Community, and host of the event industry podcasts, #EventIcons, Event Brew, and Event Tech Podcast, Will Curran has been named one of the most influential people in the meeting and events industry. By designing Endless Events to run successfully without him there, Will was able to semi-retire at just 33 years old. Although he maintains ownership of his business, he now has a COO who can manage everything for him and keep business running smoothly. As an entrepreneur, the goal is to not have to be doing every single thing for your business until the end of time. It can be hard to step back and allow someone else to have control, but it is necessary in order to continue to grow and free up time you could be using in other ways. In order to set your business up for your early retirement, you must become a master at both delegation and documentation, hire and build a trustworthy team of people who can follow the documented processes to the letter, and choose an integrator who will be able to take over your CEO duties.

Retirement does not have to mean doing nothing with your day. What it really means is having more freedom to choose what you want to do with your time. If you are still involved in the day to day on-site work, then you are less able to take advantage of the freedom that comes with entrepreneurship. Tune into this episode of The Unstoppable Eventrepreneur™ to learn more about the steps necessary to build your business into one that can run smoothly without you being there, so that you can retire whenever you wish.

Quotes

• “Your business doesn't own you, you own it. And it generates income for you to do what you want to do.” (11:33-11:38 | Will)

• “We think to ourselves that no one can ever do what I do, but in reality, if you wrote down everything and captured it, you can distill everything you've done into a very simple and easy process.” (24:51-25:03 | Will)

• “If you have documented really well and you have delegated really well, a person will start to emerge sometimes within your organization who can follow your vision and take it moving forward.” (27:37-27:47 | Will)

• “Whenever you do a task, just write out how you're doing it as you do it.” (30:43-30:46 | Will)

• “First tip I'd have for almost every entrepreneur is, hire a personal assistant.” (45:01-45:06 | Will)

Links

Connect with Will Curran:

Website: www.helloendless.com

Website: www.eventprofscommunity.com

Podcasts: #EventIcons, Event Brew, and Event Tech Podcast

Connect with me at: may@events4anyone.com

Website: events4anyone.com