The Seminar Formula
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TRANSCRIPT:
Avish: Alright Fred, you have created this seminar formula that you talk about and you say it’s the most important formula in the seminar business.
Fred: That’s correct!
Avish: So, could you, please tell us what that formula is and then explain it?
Fred: OK. My semular, seminar, semular. My formula in the seminar business, by the way, that semular is the formula for seminar, by the way. New term.
The formula for seminars is the total revenue,TR, is equal to SR, seminar registration, plus PS, product sales, plus CB, consulting business or coaching business or any ancillary products, I just lumped them all into the CBs. So, total revenue is equal to seminar registration plus product sales plus coaching or consulting business.
Avish: OK! Well, makes a lot with — can you take us step by step what are those four components mean?
Fred: Yeah. Well, Seminar — total revenue is obviously the total amount of money that you make in the seminar which by the way, you really can’t come up with that total computation until a few months or maybe a few years, but for our purposes say, 90 to 120 days after the seminar occurs. Because the revenue comes from the people’s registration dollars which they pay you immediately, usually before they attend the event unless you do some kind of a payment plan.
Number 2 is the product sales and anything that means from time they register, until during the seminar and even after the seminar that has to do with products, loosely defined as products and services, so that’s the PS. And then the CB which is coaching or consulting business which tends to happen sometime usually after the seminar occurs and again, I’m giving a rough estimate of somewhere 3 and 4 months to take the total amount of revenue generated from a seminar. You give a little bit of time because some to those people who at event may not make a decision immediately to either get products or sign up for the coaching or consulting that you will be doing.
Avish: OK. So, why do you say this is the most important formula in the seminar business?
Fred: Well, I think that many people are a little bit confused and they think that in order to make money in the seminar business, it’s basically TR equals SR, which is total revenue is equal to seminar registration and if all you did was make money from registration then, you really – in many cases, many seminars would not be profitable at all. Many people are now doing – and we’re going to talk about this when we talk about the different seminar methods.
A lot of people are making money, charging people zero dollars on the front-end so their SR is equal to zero. So, obviously, the PS and the CB, for many people is the entire, you know, TR. So, it’s important to realize that all of these components are necessary in order to make, in all of the different elements. Not just the seminar registrations are important for you to make money in this business.
Avish: Fred, have you heard a story about how you used this formula to really just make a tremendous amount of money in a short period of time. I don’t know if you’re playing on telling up this later, but this would be a good time to share it with us.
Fred: Well, you’re talking about the self storage, example?
Avish: Yeah.
Fred: Yeah. One of the times I can really clearly illustrate this and again, this wasn’t at my seminar but I was speaking but I’ve spoken in numerous seminars and events where I wasn’t the person that got any of the registration dollars but in the example on self storage field, there were about 550 people in the room and I went in there delivered my 55 minute or 50 minute presentation and ended up generating over 60 thousand in revenue from product sales and a fair amount of additional business from consulting and coaching.
And that is the kind of money that can be made from the PS and the CB so people who were listening to this program, if they’re thinking about going out there and doing a seminar, the idea of putting together products is not just an – it shouldn’t be an after-thought but it should be, they should be thinking the fact that this might be one of the primary drivers of their income and that they should definitely put stuff together before they get out there.
Avish: Got it. And when it comes to this formula, one thing we did really talk much about is, what exactly do you mean by coaching and consulting business?
Fred: Well, coaching and consulting would be when the person who signs up for the seminar either becomes a coaching client in one manner, shape or form. Or in the consulting, example they’re representing an organization and the organization decides to hire or retain you as a consultant after seen your brilliance and your dazzling seminar performance. So, you’ve got the coaching and the consulting-coaching I usually think of as individual one-on-one work for as consulting might be you consulting to an organization as a whole.
Avish: OK! Got it. So, total revenue is equal to seminar registration plus product sales plus coaching or consulting business.
Fred: You got it!
Avish: Super! Thanks, Fred!
Consult With Fred Gleeck
Want to get some advice DIRECTLY from me? Find out how I can help you (one-on-one) with YOUR business. The rates are surprisingly affordable!
