The Unstoppable Eventrepreneur™
Business:Entrepreneurship
As the previous events director at luxury five-star hotels, host May Yeo Silvers knows the ins and outs of running a venue. In today’s episode, she shares her wisdom with listeners who aspire to one day own a venue of their own.
According to May, before you decide to buy a venue it is first important to be well versed in the event planning industry. Not only do you need to understand what it takes to run a successful event, but you need to be competent in understanding your costs. If you want to own a venue, the best thing to do is spend two to five years building your network within the industry. So that when the time comes for you to open your doors, you will already have your network of partners in the events field and clients lined up wanting to use your venue.
Tune into this week’s episode of The Unstoppable Eventrepreneur™ for an in-depth discussion about what it takes to own an event venue. Learn more about the importance of understanding your costs, location, and networking with industry professionals.
Quotes
• “There are two ways to own a venue. Either you take over a venue that's an already existing facility or you build something from scratch.” (02:35-02:51)
• “If you’re using any space within the venue that does not directly bring in revenue, that means you are cutting back the amount of space you can actually sell.” (10:02-10:11)
• “You definitely want to make sure that your venue fee is priced at a level that supports the law of demand and supply.” (14:41-14:50)
• “Your overhead is going to determine how much you need to charge at least to break even and not lose money. Then you want to look at what the market is charging plus several other factors, like seasonality, to decide how much you want to charge.” (17:37-17:50)
• “Owning a venue is a great idea when you already understand how the events industry works.” (22:24-22:30)
Links
Connect with me at: may@events4anyone.com
Website: events4anyone.com
LinkedIn: www.linkedin.com/in/mayyeosilvers
Facebook: www.facebook.com/mayyeosilvers
IG: www.instagram.com/mayyeosilvers
TikTok: https://www.tiktok.com/@mayyeosilvers
FB private group: https://www.facebook.com/groups/events4anyone
Podcast production and show notes provided by HiveCast.fm
Do These 2 Things to Get Consistent Sales - Episode 134
5 Reasons Why Most People Won’t Achieve Their Dreams - Episode 133
Day 1 vs Day 100 - Episode 132
THIS Is How You Will Win EVERY TIME - Episode 131
Do Your Ideal Clients Even Know That You Are Speaking To Them? - Episode 130
Things to Consider When Trying out New Strategies - Episode 129
When and Where To Hire & How to Keep Good Help - Episode 128
Handling Sales Objections Is About Prevention, Not Reaction - Episode 127
Is Your Business Structured to Have Sustainable Profit? - Episode 126
Should You Invest In A Course Or A Mentorship Program? - Episode 125
Business Financial Numbers to Know at the Beginning and Ending of the Year - Episode 124
Is Staying Status Quo a Good Place to Be? - Episode 123
3 Ways to Overcome Price Objections - Episode 122
Don't Adjust Your Goals to Match Your Actions - Episode 121
Believing in AND Embodying Your 2024 Goals - Episode 120
Don’t Lose Sight of Your REAL Goal When Chasing Your 2024 Goals - Episode 119
If It Is Not on the Calendar, It Ain’t Happening! - Episode 118
Fitting Your Business into Your Life, Not the Other Way Around - Episode 117
Auditing Your Business Investment & Opportunity Cost for 2023 - Episode 116
What It Really Takes To Own A Successful Venue with Jonathan Aymin - Episode 115
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