Right now, there’s a LOT of promotion out there about 6-figure pay days. MOST of them are teaching you how to have your own event and make 6 figures off of it.
Speakers, coaches, consultants and other “everyday experts” come to me about this asking,
“Can this be done?”
Umm… Of course it can be done. And by YOU. But there are a few things these people AREN’T telling you, that are — literally — CRITICAL to you being PROFITABLE in the “expert” industry… The first is related MOSTLY to having your own events. The second is relevant to ALL expert income streams… and all other income streams as well!
Before I dive right in, I want to thank you for your questions. I deeply appreciate my “positioning” as your B.S. meter. I don’t take this position lightly and will always give it to you straight! So… 2 things you need to know:
1) If you’re thinking of having a conference of your own, You’d BETTER make at least six-figures off of it.
Why? If not, you’ll be in the hole! The reason is simple: Events — large ones — are SUPER expensive to pull off! The people selling you into events that TEACH you how to put on events of your own aren’t sharing some of the gory details! For one, they fill their events through joint ventures. This means, they make anywhere from 40% – 60% off of each seat sold. Nothing wrong with that, of course,but it does cut into that “6 figure payday” pretty extensively.
So, let’s say they gross $100,000…. Technically, they’re still telling the truth, But they give away $50K in JV / affiliate fees. Well, these affiliates don’t have to pay for hotel minimums, food, insurance, etc. That comes out of the promoters $50K pocket. Nor did these affiliates pay for the hard work planning the event, promoting the event, getting the website up and running and perfect. NOR are these affiliates responsible for any refunds, if you offer them. That’s all out of the promoters $50K pocket. Now — after MOST expenses — we’re widdling that $50K down to (if you’ve chosen your hotel / conference center well) about $30K — which sounds GREAT for a 2 -3 day weekend conference. Right? Who wouldn’t want to make $30K in 2 days?
Um… anyone who’s ever been responsible for pulling off a large scale event, that’s who. Because we know better. Those of us who have done this KNOW how much time and effort it takes to plan (and fill… mainly fill) these large events… our effort and that of the team we pay to support us. To walk away from ALL OF THAT COLLECTIVE effort with $30K would leave most of us in tears.
But, here’s the worst part of it. Most people who’ve secretly approached me regarding “failed” events have LOST money. Anywhere from $3500 – $26K in LOST MONEY. So, they did all of the work… they put on the event they wanted… but they ended up WAY in the hole.
Now, I teach my “everyday expert” clients to make a minimum of 6 figures off of what they know, but it’s not the flashy, put-my-name-in-lights-beside-a-full-size-picture-of-me type of events. We do it differently. And that difference shows up in our bank accounts!
MOving on to point 2….
2) What you do EVERY DAY is more important that “THE BIG DAY.”
John Wooden encouraged people to make each day their masterpiece. He was known for making each practice as important as the championship game. His players approached each PRACTICE like it was the BIG DAY. There’s genius in this.
Recently, I stepped on a scale. You DO know how much you mean to me when I start a new paragraph that open and raw, right? And you know what? I’d GAINED 8 pounds. GAINED 8 pounds. Sure, I’d had a couple bad days in the past 6 weeks or so… but it wasn’t those “bad days” that produced my gain. It was the more regular “bite of this,” “bite of that” that led me to where I am now. It was those BITES. It was the small stuff. It was what I convinced myself was insignificant! Well, it all added up.
The same is true in our business. Often when we’re pursuing the BIG PAY DAY, we lose focus on Today. I see this all the time. And, of course, I’ve been guilty of it myself.
When we’re focusing on the BIG PAY DAY, we LOSE focus on the most profitable day we will EVER have a chance to cash in on — TODAY.
John Wooden got it right. EVERY DAY Should be your masterpiece. EVEN what goes on behind the scenes should be done with the energy and performance level of the BIG DAY.
Regardless of what you do or what you sell, remember that whatever money you want to make, TODAY is the only day made available to you… so maximize it. As for those BIG PAY DAYS…. I’ve had them. I like them. And I teach others how to create them. But, don’t be fooled. There are a lot of EVERYDAYS that lead up to them.
MORE to come… and if you’d like an invitation to my upcoming **completely free** event for speakers and coaches, email me at michelle@bmichellepippin.com so I can put you on the list and get you all of the details! =)
