Did you know that the following question: How to make workshops profitable? Is typed into google just sort of 10 million times. Meaning this is a common problem businesses face when they are set on providing workshops apart of their business to service their customers and wish to make them profitable.
Whether this be at the start of their planning process or whether this be during; and them requiring knowledge; on how to turn this round for the better.
I have a saying when it comes to workshops; which is you can never guarantee how many attendees will purchase tickets but what you can guarantee is to know how much profit you wish to make from them to proceed, to know it will be worth your while and the value/return you can provide your audience.
In our opinion events are all about relationships and from a business perspective; workshops should be used to share your knowledge to a wider audience to maximise profits but also add atmosphere and rapport on the day by the networking element that naturally forms when you place a group of people together.
As, workshops should not just be solely about profit, but offer further valuable benefits to the business; such as:
- Increase Brand Awareness
- More Visibility
- Attract New Clients
- Retain Existing Clients
- Add to Corporate Responsibility
- Longevity of Customers
So, it is of our opinion that a business owner should not just be looking at the profitability of their workshops but also does is feed into the strategy of the business, whether this be:
- Short term = Quick wins (one time purchase)
- Medium term = Core product (workshops and further support)
- Long term = Core product and upsell
To conclude and answer the question on how to make workshops profitable, here are five key takeaways we provide to our customers to consider when faced with this same question:
- Know Your Why = Attracts Your Ideal Customer
- Utilise Your Network = Partnership Extend Your Audience
- Market, Market, Market = The More Value You Provide
- Give Yourself Time = Plan To Win, Don’t Plan To Fail
- Inform Existing Database = Cost’s Less To Retain v Attract New Customers
I hope you have found this micro blog useful for your business and to point you in the right direction when consider profit for your workshops and events,
If you would like further support on this area; we offer free discovery sessions of 45 minutes.
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