- How to Make Money from Seminars and Workshops
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- How to Make Money from Seminars and Workshops
Have you ever looked at the registration costs for seminars, workshops and conferences and thought the organizers must be making a fortune? But can you make money with seminars and other events? How hard is it to organize a conference and how much does it cost to run a workshop? This last method, making money on special events, is the finale of that trend.
Tap into it and you can make thousands and it will take you to paradise destinations to host your event. Follow this guide to make it happen. The types of events you can organize to make money vary on size of audience, number of days and engagement with participants. The presentation format means seminars can be given to huge audiences even into the hundreds of people. Calling it a boot camp rather than just a workshop implies that people will get a fast-paced, learning environment and a lot of value for their money. Workshops are usually limited to 25 people or less to make sure everyone gets a chance to participate.
These include guest speakers and a lot more organization on your part but can bring in more sponsors and a larger audience. Instead of organizing your own event, you might also consider acting as a freelance speaker or expert for an existing event.
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There are speaker bureaus that act as agents for speakers or you can reach out individually to event organizers in your niche. The advantage here is obvious with a more certain profit and much less work on your part organizing the event. While you might be able to make several grand a month running a membership site , many event organizers struggle to make money especially on their first few events. The problem is the costs which get inflated by speaker fees, location costs, catering and travel. Besides watching costs, the key to making money with workshops and seminars often comes down to being able to sell add-on products.
Costs are going to vary depending on your type of event. You may be able to defer some of these by seeking sponsors or vendors but most of your revenue will come from registrations and add-on sales. Ticket pricing is lower for seminars but you can host many more people and hopefully sell more products. Hosting your event at an exotic locale has its advantages but it also comes at a higher cost. I know seminar organizers that count on the attraction for some beach paradise to draw more people but these locations also tend to be more expensive in venue fees.
Compared to conference costs, workshop costs seem like a bargain. The upside to conferences is that you can get a lot more out of sponsors and vendors which may be able to cover the entire cost. The upside is that you can host hundreds of participants and vendors will pay top dollar to have access to the group for several days.
Conference sponsorships are usually sold in levels, i.
You will try to sell one or two sponsors to your highest level then four or five to the next level and so on. Sponsorships will include signage around the conference, a page in the agenda booklet and other mentions as well as letting the sponsor introduce themselves ahead of the keynote speech. You will generally try to cover your conference costs through vendors and sponsorships with the registrations representing your profit. Making money on seminars and workshops though usually depends on selling add-on products or services.
There are two ways of thinking about this, either charging a very low registration fee and selling more products or charging more on registration and including more in the workshop. I was lucky enough to get an interview for the YouTube channel with one of the biggest names in personal finance conferences. Philip Taylor started the FinCon event in as a way for financial bloggers to meet and exchange ideas. The conference has since grown to over 2, people annually and PT makes well into six-figures on the four-day event. Subscribe to the Channel and Join the Community.
How to Make Money from Seminars and Workshops
Your seminar business idea really has to come from your niche and the products you sell. Few workshops or seminars make money solely on ticket sales, so you need something to sell during the event. Whether these topics are in high-demand or the products tend to be more profitable, these types of seminars make more money than others.
Now that you know how much it costs to organize a workshop or seminar, you have to ask yourself a few questions.
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What will participants get out of it? It will help sell tickets and attract sponsors if your event is in a trending theme.
Seminar participants will only need a booklet with promotional ads on your products or sponsors and some content around the theme. Workshops should include a course book, a work book and potentially a digital copy of the presentation and templates. You might be able to do some of the sponsorship outreach ahead of this but many sponsors will want to know what speakers you have lined up for the event. There are two ideas here for your seminars and workshops.
You can organize multiple destinations and market to a local audience or you can hold one event and market to a nationwide audience. Multiple locations make it easier for more people to attend on lower travel costs but are more expensive and time-consuming for you. Watch out for holidays or other events that might compete for your audience when booking.
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Late-spring or early-fall seems to be the best time for many seminars and workshops. Workshops are usually a one-person operation but seminars can benefit immensely by including multiple speakers. Different speakers and topics are going to attract different people so you expand your audience by bringing on another person or two. Instead of bringing on a paid-speaker, consider partnering up with a few other people for your seminar. As for keynote speakers at conferences…personally, I hate them. If nothing else, ask participants to sign up using your affiliate code.
Offer vendors the opportunity to rent booth space outside the room where speeches will be given. Both sponsors and vendors can be offered space in the event booklet as well as signage. Higher-level sponsors will also get introduction privileges before speeches.
Start by collecting materials from all the other conferences and industry publications in your topic. Your landing page for the event should be up at least a few months before the event so you can offer early-bird registration pricing. Consider having at least three pricing levels; early-bird, normal and late-registration. Being able to show how much someone saves by registering early is a great incentive to drive sales.
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Can people get a full- or partial-refund if they ask before a certain date? Can they sell their tickets? The worst you can do is underprice your event. A lot of hard work goes into workshops and seminars and you deserve to make money for it. Convince people that you can transform their life and they will enthusiastically spend a few hundred or more on the registration. Offline marketing can be a big part of your advertising for local events while nationwide events will usually advertise more through digital resources.
This can include books, post-event mastermind groups, access to a private Facebook community and video courses. This list should get you started on organizing a smaller event like a seminar or workshop. People have been making money with smaller hosted events for decades. Think Amway and Tupperware parties. These smaller hosting events can be in your home, in the home of another host or even a rented public space like the local library or a park. While most of the ideas in the rest of the article will apply, there are a few differences between making money with hosted events and more formal seminars or workshops:.
Gleeck goes on to suggest revenue per person attending the seminar per minute of time invested in presenting the seminar as a yardstick of a financially successful seminar. Gleeck also discusses price testing of your seminars to maximize profitability. Gleeck is a strong proponent of the back-end profitability of seminars.
Rather than just maximizing the seminar registration revenue, Gleeck suggests that the key to seminar success is maximizing the total revenue that the seminar generates for you. Gleeck expresses this as: In fact, Gleeck point out that seminars are a great way to generate business if you are a consultant. To be able to maximize seminar profitability, Gleeck suggests calculating the lifetime value of your seminar customers.
Then, you know how much you can spend on marketing to acquire new customers. Gleeck also says that you should record your seminars. In addition to allowing you to critique your performance, Gleeck writes:. What is a magic moment? This is where you do or say something to your audience that brings the house down. They either laugh or cry or explode with applause and adulation. You want to have this on tape. Take all of the magic moments and cut them together and you will have a phenomenal demo video or audio that you can use to promote yourself as a speaker and seminar leader.
Gleeck is also a strong supporter of recording your seminars to sell audio tapes to people who want to hear the seminar but were not be able to attend. Gleeck tells them to get over it.
How to Make Money from Seminars and Workshops
He says selling products is too profitable to pass up. Gleeck suggests creating products at many different price points and upselling to generate more revenue. Gleeck also says that your seminar products must not only be good, they must be great and, of course, he has a way to measure this—rates of return and rates of customer repeat business.
Gleeck also points out that withholding valuable information in an attempt to upsell customers to higher-priced products is a failing strategy. Rather, Gleeck argues that you want to make your information so useful that customers want more.