How to Grow an Event-Promotion Business
Issue #2278
- WEALTHY: One company’s renovations could mean profits for you (Rick Pendergraft)
- HEALTHY: You don’t need to be super-fit to protect your heart (Craig Ballantyne)
- WISE: John Quincy Adams on patience and perseverance
ALSO IN THIS ISSUE:
- 4 steps for starting a low-capital business with huge potential (Paul Lawrence)
- Did you hear what you thought you did? (Suzanne Richardson)
- It’s Fun to Know… about the long trek of the humpback whale
- Add "dishabille" to your vocabulary
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Better Late Than Never
General Motors (GM) is taking drastic measures to get out of the red. And that means great things for its share price.
The company recently announced it would offer buyouts to 46,000 hourly workers next month in an effort to reduce labor costs. Approximately 20,000 workers are expected to accept the offer and leave the company by April of this year. The move is meant to boost GM’s lagging stock price and increase profitability by $1,400 per vehicle.
GM will also be replacing higher-paid hourly workers with "second-tier" workers, mostly new hires in non-core jobs. Even at their highest pay levels, these workers won’t approach the current hourly rates or benefit plans of current workers. The total savings from the layoffs and a new retiree healthcare plan is expected to total nearly $5 billion by 2011.
This will help get GM back in the black sooner rather than never, and paints a rosy picture for the company. But no matter how many costs they cut, it still wouldn’t matter if they couldn’t get one thing right: designing cars and trucks people actually want to buy. And it appears that their design studio finally got the message.
The Chevy Malibu recently won the North American Car of the Year award. And the new Corvette ZR1 (which has a $100,000 price tag) is generating interest in the General again. This bodes well for shares of GM, which have dropped to around the $22 level recently. There appears to be support around the $19 level, so the time may be right to jump back in.
[Ed. Note: Rick Pendergraft, a two-time winner of the "Top Trader" award at Schaeffer’s Investment Research, is a contributor to ETR’s free e-zine, Investor’s Daily Edge. Learn how to protect your portfolio and multiply your money - in any market - by clicking here.
You can meet Rick Pendergraft in person - and learn the SAFEST and most PROFITABLE income-generating and entrepreneurial opportunities you’ve never heard of - at our 72-hour wealth-building summit this April. Learn more here.]
"Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish."
John Quincy Adams
How to Grow an Event-Promotion Business
I’ve discovered a small business you can start for as little as $100 - one that can make thousands in a single night. Better yet, once you’ve got it going, you can rapidly expand it. I’m talking about the event-promotion business.
I’ve been promoting events part-time for over 10 years. In 2006, for example, I promoted the International Sketch Comedy Championship in Los Angeles. Because of the success of that event, I expanded it for the 2007 Championships to include three preliminary competitions in New York City, Chicago, and Los Angeles.
Top sketch comedy groups competed in comedy clubs in the preliminaries. Then the winners went on to the finals, held at the world-famous Laugh Factory on Sunset Boulevard in Hollywood. All of the venues were packed, and the entire competition was a resounding success.
I like the event-promotion business for several reasons:
- It can be started with little capital.
- You don’t need experience or "connections."
- You can easily run it part-time.
- It can be extremely profitable.
- You can promote many different types of events.
- It has enormous growth potential.
All of these qualities make this business exciting for aspiring entrepreneurs. But today, I’d like to focus on just one of them - its enormous growth potential.
Whenever I’m considering launching a business, I always ask myself one crucial question: "Does this business not only have the ability to make a profit, but also the potential to make BIG profits?" Since profits are tied to revenues, the question becomes: "Once this business is off the ground, is there an easy way to expand it and bring in more money?"
Depending on the kind of business you’re in, you can increase revenues by (1) charging more for your product or service, (2) selling more of it, or (3) doing what you’re doing, but more often and/or in more places. This third method works perfectly with the event-promotion business.
You see, once you’ve developed a formula that works, it’s pretty easy to simply do the same thing in other, similar markets. Hit more markets, and you pull in more revenues. Which means more money in your pocket. That’s what I did with the sketch comedy competition. I took a formula that worked for one event, and turned it into four events. In doing so, I quadrupled my profits.
Here are some of the most important things I’ve learned about successfully creating and expanding an event-promotion business:
* Choose venues for your events that don’t require a big advance payment.
As a fledgling event promoter, you’re not going to be able to rent out a stadium and produce a giant concert with a famous rock band. That would be an enormous cost up front, which would tap resources you don’t have. That’s why you want to host smaller events at venues that can be secured without making a major financial investment. Some ways to do this are by signing with venues that will accept little or nothing in the way of an initial deposit, by signing with venues that will do revenue-sharing deals, or by obtaining sponsors who’ll fund the cost.
The trick is to make them an offer that can make them money with little risk or effort on their part.
For example, I have promoted ballroom dance competitions that were videotaped and shown on local cable television. These events drew enthusiastic crowds to the dance halls where they were held, so the owners of those places were not only willing to do a 50-50 split with me on the price of admission, but also paid additional promotional fees. I’ve also promoted many comedy shows at clubs that allowed me to keep the entire admission price if they got to keep the food and beverage revenues.
* Choose to promote events that will not only attract audiences but also local participants.
Ice shows, circuses, theater companies - there are many promoters that produce extravaganzas that travel around the country and even the world. They may make lots of money… but think of what it costs to transport all of those people (not to mention costumes, scenery, and equipment)!
I prefer to keep my business simple (and low stress). So I make sure any event I produce will attract audiences in many different parts of the country, as well as lots of local participants. You might, for example, decide to promote a series of beauty contests… or hot rod exhibitions… or stand-up comedy nights… or even dog shows. These are all events that, once you have a winning formula, could be easily expanded to additional cities.
* Develop a marketing plan that can be executed the same way in each city.
Most cities have a local newspaper or two, radio stations for popular music genres, various cultural and ethnic groups, and entertainment venues ranging from theaters to nightclubs. This will make it easy for you to produce your event in different places with similar demographics, just by using your already established and proven marketing strategy.
In the case of my sketch comedy competition, I used a three-pronged approach:
- I took out small classified ads in local entertainment-orientated publications.
- I got the comedy clubs to promote my events to their customer base. They put up signs, mentioned my competition in their local advertising, had the hosts of other comedy shows mention it to their audiences, and included it in their online advertising and e-mail promotions.
- I strongly encouraged - but didn’t require - the groups that would be participating in the competition to promote it to their friends and relatives. I pointed out that professional judges are human, and are bound to be influenced by audience laughter. So having a room full of supporters couldn’t hurt their chances of winning. I also noted that if we had a good turnout, the club would probably be happy to hold sketch comedy competitions in the future - something that was important to all the participants.
The potential profits from the event-promotion business vary quite a bit, depending on the type of events you choose to produce. But even smaller events - such as a local fashion show - can net around $1,500. Larger events - such as concerts or athletic competitions - can bring in $5,000 to $10,000 a night.
There’s one more advantage to this business that I want to mention. Once the event is over, it’s over. You can go back to your regular life until you decide you want to promote something else. It gives you the best of both worlds. You can be involved in the glamour and excitement of a live event… but you don’t have to disrupt your entire life to do so. Plus, there’s almost infinite room for this business to grow, which means it could help you achieve the wealth you’ve always wanted.
[Ed. Note: Paul Lawrence is a produced screenwriter who has written a multimillion-dollar film and is the president of a successful direct-mail company. If you’d like to learn how to run your own event-promotion business, check out Paul’s "Learn the Event-Promotion Business in 6 Weeks" program here.]
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Praise for Ready, Fire, Aim : "I read the entire book the first day."
"The phrase Ready, Fire, Aim is one I have personally heard from Michael Masterson many times. When I saw it was the title his new book, I read the entire thing the first day I got my hands on it.
"You see, I was lucky enough to meet Michael Masterson about 10 years ago. He started helping me improve my business shortly after that. We created two new businesses that were successful, doing good work, and making over a million dollars annually one year after launch.
"I can’t overstate how much I value and use the advice in this book. I give it my highest recommendation. Don’t start your own business without reading it first. If I had not had advice from Michael Masterson, I might still be at ‘Aim.’"
- Dr. Al Sears
What Fitness Level Predicts Heart Attacks?
There’s a lot of confusion about how fit you need to be in order to avoid a heart attack. Some folks even think you need to be "marathon-fit" or else you’ve got one foot in the grave. But research suggests otherwise.
An Archives of Internal Medicine study followed 9,191 men and women and categorized them according to statistically predicted levels of normal fitness for people with their genetic backgrounds. Both men and women who were not as fit as they were expected to be had a 2.36 times greater risk of heart attack than those who were at least at 100 percent of their predicted fitness levels.
This indicates that you don’t have to be a trained athlete to reduce your risk of a heart attack. But you do have to be at least as fit as you should be, given your genetic makeup. And you can do that by combining consistent physical activity (like brisk walking, dancing, or playing sports) with healthy eating and a healthy weight.
[Ed. Note: Fitness expert Craig Ballantyne is the creator of the Turbulence Training for Fat Loss system. For a free online source of information, motivation, and social support to help you improve your health, lose weight, and get fit, sign up for ETR’s free natural health e-letter.]
Ditch Chew Her Watch Youth Awe Shooted?
"What did you just say?" I clicked off the stereo.
My fiance and I had been singing along with the radio at top volume.
"It’s been a while since I wasn’t a jerk to you," he replied.
"Is that the lyric?" I asked. "I thought it was, ‘And it’s been a while since I wasn’t addicted.’" (Turns out it’s actually "And it’s been awhile/ Since I can say that I wasn’t addicted.")
We’d stumbled unwittingly into a mondegreen - a phrase (often from a song lyric) that is misheard and, thus, misinterpreted.
The word "mondegreen" is usually attributed to American writer Sylvia Wright. In a 1964 Harper’s column, she revealed that she’d long misunderstood a line in the Scottish ballad "The Bonny Earl of Murray." The last two lines are: "They ha’e slain the Earl of Murray / And they laid him on the Green." Wright believed them to be: "They ha’e slain the Earl of Murray/ And Lady Mondegreen." When she discovered her error, she lent the non-existent Lady’s name to a very common mistake that most everybody has made. (For the longest time, I thought that Paul McCartney’s "Band on the Run" was " Man on the Run.")
Other examples of mondegreens:
- "The girl with colitis goes by" - from the Beatles’ "Lucy in the Sky With Diamonds." The real lyric: "The girl with kaleidoscope eyes."
- "Scuse me while I kiss this guy" - from the Jimmy Hendrix classic "Purple Haze." The real lyric: "Scuse me while I kiss the sky."
- "Gladly, the cross-eyed bear" - from the hymn "Keep Thou My Way." The real lyric: "Gladly the cross I’ll bear."
(Source: SFGate.com)
[Ed. Note: Add 120 more words to your vocabulary with ETR’s Words to the Wise CD Library . You’ll be surprised how a broader scope of the language will enhance your confidence, garner you more respect from others, even improve your income. Click here to learn more.
Have you ever come across a mondegreen? Share with us at ReaderFeedback@gmail.com.
Correction: In the 2/14 issue of Early to Rise, we mistakenly said that "Band on the Run" was a Beatles song. In fact, the song - and album with the same name - are by Paul McCartney and Wings.]
It’s Fun to Know: The Long Trek of the Humpback Whale
The next time your kids complain about the long car trip to Grandma’s house, tell them to be thankful they aren’t humpback whales. Humpback whales spend the summer feeding in the waters off the Arctic Peninsula, and then travel 5,000 miles to spend the winter in their breeding grounds on the Equator. This is the longest migration made by any mammal.
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Word to the Wise: Dishabille
"Dishabille" (dis-uh-BEEL) - from the French for "to undress" - is the state of being carelessly or partially clothed.
Example (as used by Anita Shreve in Fortune’s Rocks): "She imagines the shocked faces of Josiah or her father or her mother were any of them to come around the corner and catch her in her dishabille."
[Ed. Note: Become a more persuasive writer and speaker … build your self-confidence and intellect … increase your attractiveness to others … just by spending 10 VERY enjoyable minutes a day with ETR’s new Words to the Wise CD Library.]
Copyright ETR, LLC, 2008