The Unstoppable Eventrepreneur™

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

Podcast production and show notes provided by HiveCast.fm

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

Thursday Apr 27, 2023

Is the Highest Paying Job the Best Lead?

Thursday Apr 27, 2023

Are the highest paying jobs automatically the best leads for you? While many people would jump to the conclusion that yes, they are, this may not always be true. In today’s episode, host May Yeo Silvers takes the time to bust this common myth and leave you with a surprising piece of advice that will help you run your business more successfully.

On the front end, a large and expensive event may sound exciting to you. And if you feel you can do the job and you like the client enough to take the time to put it all together, it may be the right decision for you to take that lead. However, as May becomes a more seasoned business owner, she also understands alternative ways she can work to make her time worth the money. Before accepting any job, you must thoroughly evaluate your leads. High paying jobs often require a lot more of your time and attention, therefore, your hourly rate is likely to decrease. To get a better idea of whether or not this job is worth accepting, you must understand your opportunity cost. How much money are you going to make on this event? Do you have the time in your schedule to forgo other events that may fulfill your hourly rate? To maximize her hourly rate and hit her income goals, May takes a variety of events that range in price and time spent working.

Are the highest paying jobs the best leads? The truth is, the answer is never cut and dry. That’s why it is important for you to spend time evaluating your hourly rate and accessing your opportunity costs so that you can make the best decision for yourself and your business financially.

Quotes

• “Every time I take on a big client that pays me between $30,000-$50,000, I know I'm going to have to devote at least 120 to 150 hours of my time to do that job.” (03:39-04:01 | May)

• “As I grow my business, I am becoming more savvy with numbers. And also understanding how best to use my time to gain the most traction financially.” (04:31-04:45 | May)

• “When you are evaluating your leads, it's not just about the numbers. There are other things involved.” (04:51-04:57 | May)

• “Instead of taking on only big jobs, my business model is a combination of big jobs, medium size jobs, and small jobs. Because always taking on the big job doesn't mean that I'm going to make my income goal.” (14:39-14:54 | 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 Apr 20, 2023

How To Say NO Without Feeling Guilty

Thursday Apr 20, 2023

We are taught from a young age that a lot of our value has to do with how much we help others. And while it is important to be a kind and helpful person, it is also okay to say no from time to time. In today’s episode, host May Yeo Silvers teaches listeners how they can say no without feeling the backlash of guilt.

As entrepreneurs, our time and resources are already very limited. And while we understand the value of help, it doesn’t always make sense for us to overextend ourselves to others. Before you agree to do something for someone else, May suggests walking yourself through a series of questions. That way, you are more intentional about the things you do for yourself and others. First ask yourself whether or not this person has only come to you for help. And if not, then why are other people saying no? Secondly, do you even have the resources and time to offer this help? And by offering your help, are you enabling them to continue to use you for your time and expertise. If you can answer all of these questions easily, you must ask yourself the final and most important question: how is helping going to impact your personal and business lives? If you realize that doing something for someone else is going to cause you hardship or turmoil, then it might be time to say no.

In the end, if we are not in the position to help ourselves, there is no way we can help others and that is why it is okay to say no sometimes. By being more intentional about where we put our time and energy, we not only open opportunities to create an abundant life for ourselves, but others too.

Quotes

• “My ultimate goal is to understand when I say yes to something, I am at peace. And when I say no to something, I am also at peace.” (02:18-02:34 | May)

• “When someone comes to me for help, before I readily say yes or no, I ask myself a few questions. So that when I come to the final decision, regardless whether it's a yes or a no, I have gone through an intentional process to come to that conclusion.” (02:58-03:21 | May)

• “The reason why we have a hard time saying no is because we want people to love us and not label us as being selfish.” (05:12-05:20 | May)

• “When you're running a full cup, you can give a lot more. But if you are not able to even sustain yourself emotionally or financially, how can you sustain another person?” (08:58-09:14 | 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 Apr 13, 2023

The Strategy I Use to Tackle a New Challenge

Thursday Apr 13, 2023

Do you want to take on new challenges but don’t know where to start? For many of us, it can be hard to implement new strategies into our lives and businesses that we are not familiar with. In today’s episode, host May Yeo Silvers goes through the six-step process she uses to tackle new challenges with ease.

After you have identified what the task is that you need to take on, you must ask yourself what it will do for your life and your business. You then must understand what resources you have or might need to complete this task. Do you need to hire someone to help you accomplish this task? Or can you do it yourself? Then, identify the obstacles that are preventing you from checking this task off your to-do list. For many entrepreneurs, their habits or belief systems are constantly blocking them from achieving their goals. Once you have addressed the root problem, you will be able to complete tasks more easily. But in the end, you must implement and audit. Ask yourself what is working, what isn’t, and how you can tweak your process to become more efficient and effective.

The easiest way to achieve our goals is to implement thorough processes that help keep us in check. Tune in to learn more about this six-step process and how you can implement it in your life to help you tackle new challenges successfully!

Quotes

• “Step number one is to identify the task that you say you want to tackle. And then, you have to ask yourself, ‘By tackling this task, how is that going to impact or affect my business and my personal life?’ This is where we get really intentional.” (03:08-03:25 | May)

• “What obstacles are preventing you to not just carry out the task, but to complete it?” (04:46-04:56 | May)

• “The problem that most of the people face is they start something, but they never finish.” (05:02-05:06 | May)

• “Step number six is to implement and audit. This is a step that a lot of people miss. They implement, but then they don't audit. They just do, do, do. And then they don't collect data to analyze, ‘How come things are not working?’ Or, ‘How come things are working? What can we pour more gasoline into the things that are working? And what do we need to tweak with the things that aren’t working?’” (09:43-10:06 | 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 Apr 06, 2023

How to Get More Done in a Day

Thursday Apr 06, 2023

Do you struggle to check everything off of your to-do list? As a successful veteran entrepreneur and event planner, host May Yeo Silvers has mastered time management. In today’s episode, she shares her secrets on how she created a life that many others aspire to have.

Many entrepreneurs wish there were more hours in a day to get everything done. And while most people rely on their to-do lists, May has spent the last year perfecting her process that ensures she gets everything she needs done in a timely manner. The first place to start is by brain dumping on a piece of paper all of the tasks you need to complete in both your business and personal life. And then organize your to-do list based on the priority these tasks need to get done and see if any of these things are able to be delegated to someone else. To ensure that you hold yourself accountable, May explains that you need to write down the potential consequences of not completing that item.

The reality is that most of the time, we pack our schedules with too many things and expect to get it all completed. But by following May’s five-step process, you can make the most of your day without becoming overwhelmed.

Quotes

• “The common problem is we pack too many things in one day or one week expecting that we can do it all.” (02:03-02:10 | May)

• “For every single task that you have on the piece of paper, you're going to then write down the consequences if this task does not get done.” (04:43-04:51 | May)

• “I also will determine if I can delegate some of these tasks or roll them over into the next week.” (06:35-06:41 | May)

• “In summary, I started with four tasks, but I ended up with only one thing that needs to be done. This is how I avoid becoming overwhelmed.” (08:50-08:59 | May)

Links

Connect with me at: may@events4anyone.com

Website: events4anyone.com