When it comes to saying yes to a lead, many event planners are eager to know how much money they are going to make. And while money is a motivating factor, it isn’t the only one. In fact, being motivated only by money could be a huge mistake. In today’s episode, host May Yeo Silvers answers the question, should you set a minimum revenue before accepting a job?
If you are motivated only by money, you most likely don’t have a good understanding on how to analyze your numbers, differentiate a good lead from a bad lead, and you could probably benefit from having a better relationship with money. Before accepting a job, is it important to ask yourself a series of questions to help determine whether or not the job is good for you. Ask yourself these questions, what is the scope of work? Do you feel good about the lead themselves? And how many hours will it take me to complete this job? A job that is $5,000 might take you 100 hours to complete which means your hourly rate would be dropped down to $50. In this case, it might not be worth your time or effort if your regular hourly rate is $100. Because ultimately, your hourly rate is what determines whether or not you will hit your income goals.
In the end, not all money is good money and the minimum revenue goal you set for yourself should not be the ultimate determining factor of whether or not you say yes to a lead. You should make sure that you are qualifying your leads from all angles. That way you are getting paid what you deserve while serving clients who are ideal for you.
Quotes
• “The minimum you set for yourself should not be the determining factor whether you say yes or no to the lead.” (03:03-03:14 | May)
• “If you are governed by the criteria that you need to make at least $5,000 for the job, you already have this belief that you will take the job and it doesn’t matter what the scope of work is.” (04:42-04:58 | May)
• “Your hourly rate is going to determine whether you’re going to hit your income goal or not.” (08:39-08:43 | May)
• “I always say to overestimate because if you underestimate and then you work more hours than you thought, you will make less money every hour.” (09:18-09:34 | May)
• “Not all money is good money.” (13:18-13:22 | May)
Links
Connect with me at: [email protected]
Website: events4anyone.com
LinkedIn: www.linkedin.com/in/mayyeosilvers
Facebook: www.facebook.com/mayyeosilvers
IG: www.instagram.com/mayyeosilvers
TikTok: https://www.tiktok.com/@mayyeosilvers
FB private group: https://www.facebook.com/groups/events4anyone
