“How much revenue my business generates means nothing to me in reality. What I care about is the profit,” shares May Yeo Silvers. This week, May delves into the essential strategies and mindset shifts needed to grow an event planning business from four-figure to six-figure profits. Drawing from her extensive experience in the events industry, May emphasizes focusing on profit over revenue, describing revenue as merely a vanity metric. She outlines a clear path for business growth, starting with the foundational steps necessary to achieve a four-figure profit, often involving significant “sweat equity” and manual effort, especially for those balancing a full-time job with their entrepreneurial pursuits.
May highlights the importance of auditing efficiency and productivity in the early stages of business development. She advises new entrepreneurs to be frugal with resources, investing only in essential tools and software that directly contribute to sales and client acquisition. As the business grows to a five-figure profit, she recommends gradually incorporating paid marketing strategies, such as ads and trade shows, and considering hiring virtual assistants to handle time-consuming tasks, allowing the entrepreneur to focus more on sales and marketing outreach.
According to May, the transition to a six-figure profit is more about mindset than operational changes. She discusses common psychological barriers that entrepreneurs face, such as imposter syndrome and the fear of growth, which can hinder progress. May shares her personal experiences of overcoming these mental hurdles and emphasizes the need for intentional business structuring. She advocates for building a capable team and refining systems and processes to sustain and scale the business further.
Quotes
• “How much revenue my business generates means nothing to me in reality. What I care about is the profit, which can be impacted by various variables, including how much revenue you’re bringing in and what your operating expenses are, as those will ultimately affect the amount of profit you have at the end of the day.” (01:57 | May Yeo Silvers)
• “The majority of the Unstoppable EVENTrepreneurs who work with us inside our mentorship program hit a five-figure profit or low five-figure profit in their very first year of launching their business, even while working a full-time job.” (05:54 | May Yeo Silvers)
• “If you are doing this by yourself, don’t be too hard on yourself if you don’t achieve a five-figure profit in your first year. Give yourself some grace because you don’t have someone to guide you along. You’re managing everything yourself and trying different approaches; it’s a trial-and-error process. The growth path will have many more bumps compared to when you’re working within a program with a mentor to guide you. You need to audit your efficiency and productivity.” (06:15 | May Yeo Silvers)
• “Now you are the CEO—the true CEO who is the visionary—you cannot be afraid to manage people; it’s a necessary part of the role. Just acknowledge that you will make mistakes, and you may hire the wrong people. It’s a work in progress, and you have to engage in a lot of self-talk and self-auditing. Be willing to fall and get back up again.” (31:18 | May Yeo Silvers)
Links
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Connect with May at: [email protected]
Website: www.mayyeosilvers.com
LinkedIn: https://www.linkedin.com/in/mayyeosilvers/
Facebook: www.facebook.com/mayyeosilvers
IG: www.instagram.com/mayyeosilvers
TikTok: https://www.tiktok.com/@mayyeosilversofficial
FB private group: https://www.facebook.com/groups/events4anyone
