The Single Most Important Formula in the Seminar Business
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The most important formula in the seminar business is:
TR = SR + PS + CB
Total Revenue equals Seminar Registration + Product Sales + Consulting Business
Two of these items can easily be tallied immediately after your event. The dollars that come in from consulting work that you generate may go on for years after you do a seminar. Nice!
Seminar registration is the total number of dollars you generate from people who attend your event.
Product sales are orders that come in at your event and at any point after the seminar from those who attended your event to begin with.
Consulting business comes in over a much longer period of time. It is also the item that can be your biggest revenue item. Not long ago someone attended a $297 seminar of mine. They then bought the $777 package at the seminar. They then called up two months later and asked how much it would be to consult with me for 3 hours every month.
Understanding this formula is the difference between profit and loss in many cases. The uninformed observer will often conclude that you’re not making any money when they show up at the hotel where you are giving seminars and count the number of people who come through your doors.
They are not computing the two additional factors that are so crucial to your long term success. The sale of products and the future consulting business that results. Registration dollars come in immediately. Product sales come in immediately for the most part. True, if you market correctly, orders for products should come in for the foreseeable future. Consulting business might come in forever.