The Unstoppable Eventrepreneur™

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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

Podcast production and show notes provided by HiveCast.fm

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

Thursday Jun 08, 2023

Your Business Shouldn’t Stop When You Stop

Thursday Jun 08, 2023

When you go on vacation, do you shut down your business? As a business owner, you cannot afford for business to stop just because you stop. Assuming this is your main source of income, you will need to plan accordingly ahead of time so that essential business tasks are still getting done even while you are away from work. In today’s episode, host May Yeo Silvers explains the importance of doing your homework in advance so that your business can keep running smoothly without you there.

There are always going to be things that come up that you did not anticipate, such as an illness or a family emergency. However, there are ways you can prepare your business so that you can still keep generating income even when you need to step away. May shares the story of a client who worked with her to create a strong team to support her business. When she ended up becoming very ill and being hospitalized, her business did not have to stop because she had prepared in advance by building a reliable team. However, let’s say you are not ill and are simply wanting to take a vacation. This is entirely possible to do without shutting down your business as long as you shift your schedule accordingly, get critical tasks done before going on vacation, and have a team in place who can keep things rolling for you.

Your bills do not stop coming just because you want to take a vacation or you fall ill, so your business should not stop either. Tune into this episode of The Unstoppable Eventrepreneur™ to learn more about how to plan in advance for an absence from your business so that you can keep generating income no matter what life throws your way.

Quotes

• “The reasons that people tell me that they can't work on their business for me, it's just a lack of planning on your end. In fact, for me, it sounds just like a poor excuse.” (7:19-7:30 | May)

• “This woman was near death, near death experience from COVID, but the business did not stop because she had good planning.” (11:16-11:25 | May)

• “Your non-negotiable business activities on your CEO schedule does not stop even when you go on vacation.” (13:15-13:21 | May)

• “If you're not committed to your why, you're not committed to your calling, no amount of me telling you what to do, no amount of strategies, planning, is going to happen.” (18:17-18:26 | 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 01, 2023

Why Assuming the Sales May Not Be the Best Sales Strategy

Thursday Jun 01, 2023

Have you been taught by sales professionals that you should always go into a sale assuming that it is a done deal? While assuming the sales is an important piece of a sales strategy, it is not the complete equation. In today’s episode, host May Yeo Silvers discusses the other 50% of the equation for forming a successful sales strategy.

Building up your confidence is a big part of being successful in sales. You always want to go into a conversation with a potential client with a lot of confidence in yourself and the services you are offering, as well as with an assumption that they will want to work with you. However, if you go into it leaning too heavily into your assumptions, that potential client might feel like they are being forced to say yes to you. Instead, give that person a way out by asking them questions that enable them to explain in their own words why they want to work with you. When people have a chance to articulate their reasoning, they will be much more likely to go through with the sale.

Most people are not inclined to argue against themselves. So, instead of insisting that someone work with you, give them an opportunity to choose to work with you and explain their reasoning in their own words. Tune into this episode of The Unstoppable Eventrepreneur™ to learn more about why assuming the sales is not always enough.

Quotes

• “Assuming the sales is 50% of the equation.” (7:14-7:17 | May)

• “You need to create an opportunity for your potential client to tell you, to articulate it themselves, that you are the person that they want to work with.” (7:59-8:15 | May)

• “You want them to explain why they want to work with you. Because when they say out loud the reasons why they want to work with you, they are justifying to themselves and they probably will hear 100% of what they're saying.” (11:44-12:22 | May)

• “You want to be confident in presenting your services and assuming the sales. But then at the later part, you want to be curious by asking them questions, so they don't feel that they are being pushed to have to work with you.” (15:04-15:16 | 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 May 25, 2023

The 4 Demons That You Will Face When Building Your Business

Thursday May 25, 2023

Are you afraid of being judged or rejected? Do you struggle with imposter syndrome? Knowing strategy and tactics is only a small part of being successful when building a business. You also have to be able to execute that strategy, but that can be hard to do when your ego is getting in the way. In today’s episode, host May Yeo Silvers discusses what she refers to as the four demons you face when building a business and shares her tips for dealing with them.

May explains that the four demons are imposter syndrome, the fear of failure, the fear of rejection and the fear of judgment. All of these fears are tied to the ego and to your pride. With imposter syndrome, it is important to check the source and verify the facts. If someone is calling you a fake, who are they to say that? Unless you are lying about your services, you are not an imposter. When thinking about the fear of failure, judgment, and rejection, these fears are linked to a desire for external validation and come from your ego trying to protect itself. Remind your ego that you are grateful for it keeping you safe all these years, but that it is no longer necessary.

If you focus only on learning strategy and do not put in the work to get past your own ego and imposter syndrome, then you will not be able to implement these strategies effectively. Tune into this episode of The Unstoppable Eventrepreneur™ for a closer look at the four demons and ways to navigate them.

Quotes

• “Knowing strategies and tactics are only probably 20% of what you need in your business and the rest of the percentage all depends on how you manage these four demons.” (2:58-3:12 | May)

• “Unless you are lying about it, you are not an impostor. You may not know the ins and outs, or you may not be an expert in the subject topic, but that doesn't mean that you're an impostor.” (5:50-6:07 | May)

• “You should not need someone's validation to tell you whether you're doing a good job or not.” (6:38-6:44 | May)

• “A lot of times what we fear are not real fears. A lot of times it’s our pride.” (10:05-10:10 | May)

• “If you have impostor syndrome, if you have a fear of failure, that means you are afraid of being judged.” (13:55-14:03 | 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 May 18, 2023

The Sales Numbers You Must Know In Your Business

Thursday May 18, 2023

Do you know all of your sales numbers for your business? It is a common mistake for new entrepreneurs to not understand the difference between financial numbers and sales numbers. Without knowing your sales numbers, you cannot turn your passion into profit. In today’s episode, host May Yeo Silvers talks about the sales numbers you absolutely must know in your business.

May explains that while exact sales numbers differ for every business owner, they do not differ in the manner in which they are calculated. She gives an example working backward from an income goal of $120,000 and walks through how to arrive at each sales number including calculating conversion rate, number of qualified leads, and how many sales you need to make to reach the desired income. May also explains the 80/20 rule which states that in a room of 100 people, only 20 will actually hear you and maybe 1 or 2 will become a sale. When you can see each sales number tracked, then you have a better understanding of what is required to reach your goals.

Sales numbers are different from financial numbers, but are just as important for running a successful and profitable business. Tune into this episode of The Unstoppable Eventrepreneur™ for a deeper dive into the sales numbers every business owner must know.

Quotes

• “There's a big difference between financial numbers and sales numbers.” (1:41-1:45 | May)

• “A lead is someone who knows the services you provide and they want and need the services you provide. They know how much you cost and they're able to pay how much you are charging.” (5:05-5:23 | May)

• “The goal here is to work less and make more. So you need to keep testing your price point to see where you are in terms of your conversion rate.” (9:07-9:18 | May)

• “You want to be able to track all these numbers to see what your closing rate is. You want to be able to reverse engineer the numbers.” (17:11-17:18 | 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 May 11, 2023

The Numbers You MUST Know In Your Business

Thursday May 11, 2023

Do you know the difference between a 6-figure revenue versus a 6-figure profit? Many new business owners make the mistake of not knowing the difference between the two. And by not understanding your numbers, it is impossible to run a business. In today’s episode, host May Yeo Silvers talks about the numbers that every eventrepreneur must know in order to maintain and run a profitable business.

In terms of numbers related to your business, it is important to get familiar with and focus on a few terms. First, you need to know what your operating costs are. Aka the cost of doing business. May explains that operating costs are broken down into two categories: fixed costs (anything related to staying in business) and variable costs (costs to bring in business). Next, you need to understand revenue, loss, profit, and net income. Revenue is all the money that you bring in from doing business, but it does not equal the amount that you take in profit. For example, if you brought in $10,000 of revenue, but your operating costs were $5,000, that means you only have $5,000 left over in profit. However, this can change from month to month because your operating costs are subject to change. So to calculate your net income, you need to track your profit and loss on a regular basis. That way you know how much money is in your bank account and you avoid making any bad financial decisions.

While many people fear numbers, it is a necessary part of running your business. Tune into this episode of The Unstoppable Eventrepreneur™ for a deeper dive into the numbers every business owner must know so that you can run a profitable business.

Quotes

• “To me, if you don't know your numbers, you don't have a business.” (02:01-02:05 | May)

• “Do you like money? Do you like to live your best life doing what you love most? If you do, let's develop a different relationship with numbers.” (03:12-03:22 | May)

• “Revenue basically means the money that you collect every time someone pays you for your service.” (09:54-10:00 | May)

• “If you don't know your profit and loss you will have no idea how much money your business has at any moment in time.” (16:42-16:53 | 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 May 04, 2023

Should I Set a Minimum Expected Revenue Before Saying Yes to a Lead?

Thursday May 04, 2023

When it comes to saying yes to a lead, many event planners are eager to know how much money they are going to make. And while money is a motivating factor, it isn’t the only one. In fact, being motivated only by money could be a huge mistake. In today’s episode, host May Yeo Silvers answers the question, should you set a minimum revenue before accepting a job?

If you are motivated only by money, you most likely don’t have a good understanding on how to analyze your numbers, differentiate a good lead from a bad lead, and you could probably benefit from having a better relationship with money. Before accepting a job, is it important to ask yourself a series of questions to help determine whether or not the job is good for you. Ask yourself these questions, what is the scope of work? Do you feel good about the lead themselves? And how many hours will it take me to complete this job? A job that is $5,000 might take you 100 hours to complete which means your hourly rate would be dropped down to $50. In this case, it might not be worth your time or effort if your regular hourly rate is $100. Because ultimately, your hourly rate is what determines whether or not you will hit your income goals.

In the end, not all money is good money and the minimum revenue goal you set for yourself should not be the ultimate determining factor of whether or not you say yes to a lead. You should make sure that you are qualifying your leads from all angles. That way you are getting paid what you deserve while serving clients who are ideal for you.

Quotes

• “The minimum you set for yourself should not be the determining factor whether you say yes or no to the lead.” (03:03-03:14 | May)

• “If you are governed by the criteria that you need to make at least $5,000 for the job, you already have this belief that you will take the job and it doesn't matter what the scope of work is.” (04:42-04:58 | May)

• “Your hourly rate is going to determine whether you're going to hit your income goal or not.” (08:39-08:43 | May)

• “I always say to overestimate because if you underestimate and then you work more hours than you thought, you will make less money every hour.” (09:18-09:34 | May)

• “Not all money is good money.” (13:18-13:22 | May)

Links

Connect with me at: may@events4anyone.com

Website: events4anyone.com