The thrust is to give you no excuse to not make money in 2022. That is why since the beginning of the year it has been business idea after business idea. The reality of it at times is that you might be blinded to things around you that can be inspirations for making money. At times you even pay for products or services that you could make money from. You must be observant and perspective at all times. I know most of you pay for and attend strategic events from time to time. These can be seminars, workshops, boot camps, and the like. Have you ever stopped to consider the possibility of you making money organizing such?
Do you know that just because an event is a business seminar does not always mean the conveners, organizers or facilitators are business experts? Yes, you do not need to be a guru to organize an event in a particular field. All it takes is some event management skills to piece such events together. For example, you know or have links to a notable guru or industry expert. Take, for instance, an iconic entrepreneur, author, sports personality, or TV or radio personality. Given their public appeal you can, with their cooperation, organize an event where participants get to interact with them.
You could be an expert in a particular area with a proven track record. In the same vein, you can leverage that to put together an event. People are nowadays hungry for current, tried and tested, and relevant information. Most people would gladly pay to be a part of an event that will improve their skills, knowledge, or capacity. Depending on the nature of the event you can even include certificates of participation – people love that. I am saying all this to get your creative faculties running. I am sure by now you are already seeing pictures in your mind of what you can do with this.
There are several strategies you can use to make money through organizing events. The most basic is charging an entry or participation fee. When coming up with this, go for the blended approach. Here is what I mean: make it possible for participants to participate either physically or virtually. One, this allows for a wider reach as anyone from anywhere can participate. Two, this also circumvents limitations that can be caused by lower physical attendance due to pandemic-related restrictions. Today I saw an event where participants will pay US$100 for physical attendance and US$60 for virtual attendance. That is an example of what I am referring to.
Another monetization strategy is via sponsorships for the event. Advertisers or sponsors can pay to have their brand part of the event in a bid for brand awareness. Another strategy is selling your products or services, during the event, where applicable. You can also consider selling things like regalia, memorabilia, or any other alluring items. These are just some of the monetization strategies you can use. The best overall strategy is to ensure that the total from entry or participation charges covers the core costs. Other monetization strategies should come in to widen your margins. As you can see, this all requires meticulous planning and financial management. Otherwise, it would be unfortunate to be left after an event with debt on your hands.
One thing I can guarantee you is that people, especially in Zimbabwe love strategic events. They love them for the opportunity to network and forge lucrative relationships or partnerships. Some love them for the opportunity to learn stuff. Some simply love them to take a detour off their busy schedules to explore something different.
If you daily use social media you can agree with me that it is normal to come across strategic events calling for your participation. This tells you that the Zimbabwean market is well-suited for such events. It is now high time you become the one to organize such events. If you play your cards well and bring in superior value propositions there is no telling how lucrative this can be for you. Do not just think it is solely the preserve of business areas. You can organize strategic events in any industry and make good money whilst giving out immense value.