An entrepreneur is someone who is willing to work 80 hours per week to avoid working 40 hours per week for someone else!
Owning your event business is one of the most exciting things in life. This roller-coaster ride isn’t for the faint of heart, however, and all business owners experience feeling alone and overwhelmed on their journeys.
Drawing from my own experiences and hard-earned lessons, I’ve compiled this checklist of 10 essential points I wish someone had told me when I launched my first venture.
Read More Articles by Eric Rozenberg
1. Where Are You Going?
How do you know you are walking in the right direction? Define your 10-year vision. It will motivate you and help you make decisions when new opportunities arise.
2. Make Mama Proud
What are your values? What is the culture you want to instill in your business? The most successful businesses are those with a strong culture and values that are known, shared and understood the same way by every team member.
3. Start Your Engine!
Establish your business model early and decide which operating system you will implement. This will help you define and manage priorities for the next year, quarter, month and week. Get clarity on your meeting rhythm and who should be in attendance.
[Related: 7 Secrets to Developing Your Business Network]
4. Net Worth
Your network is your net worth. Keep meeting new people. Follow up with them. Look for ways to help them and, when you commit to something, deliver on it. In a world plagued by solitude, your network will bring you opportunities, new ideas, a support system and an enriched life.
5. Sales Playbook
No customers, no business! What is the profile of your ideal client? Where do you find them? What are their needs? How do they learn about your company? How do you handle objections? Which CRM (customer relationship management system) are you using? Compile all the answers into your sales playbook. It will help you train your sales team and ensure that everyone speaks the same language. Oh, and by the way, it will increase your close rate.
6. Clarity Is Power
You need to know your numbers. What are the lead and lag indicators you are measuring? How do you establish your pricing? What are your revenue goals? What is your profit? When do you refuse a project because the margins are too small? Define your important KPIs (key performance indicators) and create a dashboard with them.
[Related: Independent Life: Every Independent Event Planner Is an Entrepreneur]
7. Lifelong Learner
Keep learning, be curious, ask questions. Whether it is about business, geopolitics, sciecnce or AI, your business will grow to the extent you do! You’ll open your mind to new horizons and have interesting conversations with your clients.
8. Delegate
I know it is “your business,” “your project,” “your client” and “no one would do it as well as you.” Guess what? If you want more time for your family and friends and to grow your business, you need to work more on your business than in it. Additionally, the less you are involved in the daily operations, the greater the value of your company because potential buyers will see it runs smoothly without you.
[Related: Stress Management Tips for Independent Meeting Planners]
9. Mental Health
You face a double whammy: You have one of the most stressful jobs and you own a business. Your first responsibility is to manage yourself and your energy and block time for it.
10. Accountability
You can have the best thought-out plan, but without execution it will remain a plan. The key to execution is accountability. Put an accountability system in place and make sure that your calendar reflects your priorities.
