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Planning a live event gives you an opportunity to apply your business expertise to generate profits in a new, potentially recurring revenue stream. How you intend to monetize your event plays a big role in planning the event itself, so determine what strategies you’ll use to monetize your event before you begin the planning process.

How Does the Event Fit into Your Overall Business Strategy?
When you’re considering what strategy to use to monetize your live event, think about how the event fits into your overall business strategy. Is the purpose of your event to generate revenue, or to launch a new product? Do you see this event as an ongoing revenue stream, or a one-time event with a specific goal? Decide how your live event fits into your overall business strategy so you can appropriately decide how to monetize your event.

Decide How Much You Want to Make
How much money do you want to make with your live event? Ask yourself what you want to make, and what you realistically think you can make. Generally, your mindset of what you can realistically make is far lower than what you can actually make, so think about how much you think you can make and then increase that number. You can turn your live event into a six-digit payday with the right strategies and mindset. Start by deciding how much you want to make, so you can build an appropriate revenue strategy.

Create a Product
One way in which you can monetize your event is to create a product from your event itself. Set up an event with speakers, written materials and/or interface with your attendees, and turn that into a product. You could create a DVD series with accompanying written materials from your event, which could lead to far more revenue than the event itself actually generates.

Sell a Product
Another way in which you can generate revenue from your live event is to use it to sell a product. You can set up a live event to sell a product that your company produces, or you can hold a conference where you bring in speakers who are promoting their own products and then split revenues for product sales through your event. Both of these techniques can generate significant revenue; often more revenue than the event itself creates.

Hold a Recurring Event
Finally, you could decide to hold a recurring event, or an event that has several incarnations. For example, you could hold an annual seminar or conference in your field. Or you could hold several seminars to deal with a specific aspect of your field, and then a super-event to encompass all of the mini-events. By hosting micro- and macro- events, you can capitalize on your field to multiply your revenue opportunities.

Plan a Live Event to Create Your Big Payday
Holding a live event is a great way to diversify your revenue streams and earn a six-figure payday; just by sharing your expertise. Think about how you want to monetize your event, and start planning. Use the right strategy, or combination of strategies, to turn your event into your Big Payday.

Want to learn more about how to make money with your own events? Visit our Event Money Machine Blog. You’ll learn about an amazing Telesummit being held later this month. Tickets to this event are FREE – so join our priority notification list to be the first to know when they become available.