June 17, 2024
I Made $740k from Attending a Single Event - Here’s How
✅ [Free Masterclass] 3 ways to attract more patients in 2024: https://entremd.com/go
👉 Ready for the next step? Book a call: https://program.www.entremd.com/call
Business events are investments, not expenses.
Don't believe me?
Ask yourself why all the ultra-successful physician entrepreneurs jump from one event to another. Trust me, it’s not because they simply love socializing so much. It’s because they know how much value they will get from them.
I once attended an event that brought me $740K, so believe me when I say that one of the most powerful and transformative things you can do in your business is attend any relevant events.
In today’s highly transformative episode of EntreMD, I will share 3 ways you can make an ROI from events that will completely change your business game.
Tune in!
—
Key Takeaways:
- 00:00 Intro
- 01:53 Why ultra-successful people attend events
- 03:03 Creating value on events
- 07:24 Content - the gift that keeps giving
- 12:03 Seeing practical examples
- 13:14 How I made $740K at an event
- 21:04 Networking
- 23:02 Quick recap
- 25:51 Outro
—
Additional Resources:
- Learn more about my 12-month program.
- Interested in 1-on-1 coaching? Apply here.
- Grab a copy of the "The EntreMD Method" book.
When you are ready to work with us, here are three ways:
- EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
- EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
- EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.
To get on a call with my team to determine your next best step, go here ...
00:00 - The Power of Networking and Events
10:28 - Achieving Business Growth and Success
22:33 - Maximizing ROI Through Networking and Events
29:40 - Life Transformation Through Networking
WEBVTT
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There are so many events I've been to that the magic happened, not in the room, not listening to the content, not listening to the examples, but in the conversation at lunch, in the conversation in the bathroom, because it doesn't take much.
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You may find out that there's this thing that you're paying for and you're using, and it's costing you 500 bucks a month that one simple automation will take care of forever.
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You may be having a hard time staffing your private practice and somebody lets you know how they're using VAs, and this is not a thing anymore.
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You may have a conversation with somebody who knows the person that you've been trying to connect with for the last four years.
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You may have a conversation with somebody who is down the street that they have access to hundreds of your clients that will happily refer to you.
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There is so much magic in networking.
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Hi docs, welcome to the EntreMD podcast, where it's all about helping amazing physicians just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms.
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I'm your host, dr Imna.
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One of the most powerful and most transformative things you can do in your business ever is go to an event that is relevant to your business I want to share with you a story of how I created $740,000 just because I went to one event from one event.
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Okay, all right.
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So this is going to be an absolutely phenomenal episode.
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I think it will probably be one of the most transformative ones that you've ever listened to and we have some pretty good episodes and so I want you to lean in, I want you to pay attention to this.
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This is not just a random episode filled with fluff or anything like this.
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This is going to be a game changer for you.
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Okay, now, one of the things I've noticed you've heard me talk a lot about how I study ultra successful people, and one of the things I've noticed hanging out with them is that they are very big on going to places and being with people and being in the right room, so much so that they could find out about an event a week before the event, two days before the event, a day before the event, book a ticket and go there, and I always wondered about it.
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It's something that I observed, it's something that I found myself doing because of the power of being in a room Now, at the time of this recording.
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Entremd Live is coming up on June, the 29th of 2024.
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So I'm actually going to use that as a case study and then I'm going to unpack this.
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But after you listen to this, the way you show up at events will change completely, and the ROI the return on investment you'll get from events, will blow your mind.
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Okay, so I'm going to give you numbers.
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I'm going to be writing as we do this.
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I'm going to share all of this because everything is about to change for you.
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Okay, all right, so let me use EntreMD Live as a case study, okay, and we're going to run some numbers, we're going to play around with some numbers.
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I'll walk you through how I think about this.
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Okay, so let's say, you find out about EntreMD Live and it's a week before it.
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What I hear a lot of people say is oh, you know, I didn't plan for it, it's a week away, forget it, type of stuff.
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And of course, we should plan.
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I'm not saying that we shouldn't plan.
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In fact, we should really, really plan, but I just want to show you how to think about this, right?
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Okay, so let's say you know the ticket to the event.
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You know if you're coming to Atlanta, it's a thousand dollars, which is which it is not.
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But let's say that it's $1,000.
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And okay, so you're like, wow, the cost of it, right, and that's not the only cost.
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So let's say you're like, shoot, I'm 45 years old, I don't fly economy anymore.
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I'm nice to my body, so I fly business and from where I live it's going to cost me $1,000 to get the business class ticket to go there.
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Okay, so we're at $2,000.
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And let's say you say you say the hotel I choose to stay at is 500 bucks a night when you include taxes and all of that, and I'm going to stay for two nights.
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I'm going to be there the night before, the night after so I can stay back and network and all of that stuff, and that's another $1,000.
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Now I'm using the zeros because it's easy to do the math.
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And let's say you think about the opportunity cost, right, two nights away from your family.
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Of course you can't put a number to that, there is no number, right.
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But let's say, like we just put $5,000, like, for the sake of you know, making the cost, if you will quote, unquote, of the events, like you know, like I have the numbers together.
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So if you look at that, the actual ticket to the event for $1,000 and the flight for 1,000 and the hotel for 1,000 and the opportunity cost for 5,000, that's $8,000.
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And people will say, oh my goodness, that's expensive.
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There is a cost.
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Now, the ultra successful don't look at cost, they look at value.
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Right, it's not about what would it cost me to get there, it's about what is the value I would get out of it.
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Okay, so there's some employee models where they'll talk about four times profitability, four times your payroll.
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So what that means is, if you hire somebody or paying the person $100,000, and that person is creating $400,000 in value, that is an amazing arrangement.
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It's a win-win situation.
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You would happily pay them $100,000 all day, every day and twice on Sunday, because they're able to generate four times their salary.
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And so if we apply that to this model, that means it's not about the eight grand that it quote unquote costs me to go to the event.
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It's can I create $32,000 in value, right, which is four times 8,000.
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Can I produce that?
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Will I get that because I went to the event?
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If the answer is yes, what do you do?
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You go to the events all day, every day, and twice on Sunday, and it's not a cost.
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It no longer is a cost, it becomes an investment.
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I don't go to events that cost me.
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I go to events that are investments.
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Okay, and this is in the context of business.
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You know, business events.
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Okay, now, 4x is not the number I use, 10x is, you know, it's my floor.
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And there are events that I've done, you know, like a thousand X, right, but 10X is my floor.
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So what would that be?
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$80,000, right, like, if this event can create $80,000 in value, then I pay the 8,000.
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I paid so happily, I fly business class, so happily, right To go there because of what I know will happen.
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Okay.
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So now it's like do you just then say oh, yeah, you know, like I make $80,000 in value.
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I'm sure that's what happened at the end of the event?
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No, no, no.
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Like you want to be able to do the math and I'll tell you what happened.
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I'm going to give you a bunch of stories here, but okay, so for me, when I look at an event, I'm like okay, can I create 10X?
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And so, since we're using EntreeMD Live here and let's say 10X and we're saying 80 grand, okay, so let's use 80 grand, can I create 80 grand out of this?
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Okay, now, of course, we live in a country where I have to give you the disclaimer of I'm not promising this amount or anything.
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I am merely telling you how I think about it, how I approach it, how I do my math.
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Okay, all right.
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So the first place I'm going to show you three places where you can get value from, and any of these can give you 4X, 10x, 2x, 1,000x.
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It all depends on you know, okay.
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The first place is the content.
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Okay, the content that is going to be delivered.
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There is an idea, there is a concept, there is an audit.
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There is a concept, there is an audit.
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Any of these things that can go on to create unbelievable value that may hit the 80 grand, that may surpass the 80 grand.
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So let me give you a few examples.
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Now, again, we're using On-Term Day Live as a case study.
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So I want you to imagine, right, one of our sessions is going to be on the things that are working for physicians in 2024.
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We can say, oh, we're stuck.
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There's burnout, there's loss of autonomy, the you know private practice.
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You know what.
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The reimbursements are dwindling.
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You know DPC I'm having a hard time, you know, attracting all the clients that I want, or I have all the clients that I want, or I have all the patients that I want, but, oh my goodness, I don't have a life because they're contacting me all the time and I'm super busy.
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It may be, as a coach, and you've bought into this narrative that you cannot replace your physician salary with the coaching revenue and all of those things.
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There's all these narratives but there are things that are working right.
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There are things that are working in that you can have one idea, one idea that puts you in a position to take your business from where it's been.
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Maybe it's struggling, maybe it's doing great, maybe it's doing so great that you just don't have a life anymore.
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You get your life back.
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If you get your life back, is that worth 80,000, right, okay.
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So we're going to look at things that are working.
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We're going to look at business models.
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There are so many businesses that I've seen clients that I worked with and just looking at their business, I'm like there is no way to make this math work, like this business cannot work.
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You either have to change your volume, change your price, change your this, work around the mindset, drama around that and get it done, but the way it is it is not going to work.
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Just having your business model fixed can take you from a business that is not generating money or is generating revenue, but the profit margins are so thin that it doesn't even matter to a business that is now, you know, like, has profits, has cashflow that will easily, easily, be more than 80,000.
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Okay, we're going to look at how to 10X your visibility, and the thing about visibility is nothing works if visibility is not working.
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You don't have the clients you want, you don't have the 18 members you want, you don't have the referral sources you want, and there are so many opportunities that would really really change everything for your business and for your finances in general that you will not have access to because you don't have visibility.
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Right, we're going to look at the attraction system.
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Like, okay, now you're visible, lots of likes, lots of follows, big email lists, but nobody's saying yes, you don't have the clients that match up.
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Like, how do we create a system so you can have that and these are not?
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I mean like these are not things that are that don't work.
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For instance, we have a doc.
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He's in the Entremly Business School now and when he came into the school, his narrative was like listen, this is my last ditch effort.
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I have been working on this business for the last three years and if this does not work this time, then I'm going to have to shut it down.
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He has not even been in the school for up to 120 days and the conversation around shutting his business is no longer a conversation.
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He's having his biggest month, biggest quarter, biggest.
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All of that.
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How come?
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He learned an attraction system?
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Now, if you ask him if he made $80,000 from that one decision, he made a ton more than that.
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Right, because not only has he built the system and it's working, but he's built the system and it's going to continue to work.
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It's the gift that keeps giving.
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Okay, we're going to talk about the dream life.
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A lot of times, people treat business like they treat medical school and residency Like I'm going to put off my life until I am done with this and there's no being done with business.
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And, frankly, we're at an age and a time and we've given up so much that it doesn't make sense to put our dream life on hold anymore.
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So the question is how can I build my dream life while I am building my dream business?
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And that is a thing that in Entremdi, we talk about it a lot In the Entremdi Business School.
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We just live there because you can build both concurrently.
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So that's the first thing, is the content, is the content?
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Is the content?
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Okay, so that's the first one.
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The second one, and it's one of my favorite, is the examples.
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Now, people go to events and they just do the content and they're done.
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It is a third of what you can get out of an event.
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It is a third.
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If you miss these other things, you're leaving so much money, so much transformation, so much peace and quiet on the table.
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Okay, so it's the examples.
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Now, when it comes to the examples, it is the examples of the people who are in the room.
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Okay, so you may be running a business that is doing a million, but in the room there'll be people who are running multiple businesses doing millions.
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There'll be people in the room running $8 million businesses, $5 million businesses and things like that.
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You may not have a team at all.
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They have so much drama around hiring and all of those things, and there may be people there who are leading a team of 15, leading a team of 20, leading an A team that is literally running their business and they're not running it right, and so you get to see these real life examples on what it's like.
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It's like the concepts you learn in the content, but you have people who are living it out.
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It's almost like learning by storytelling.
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It is so powerful to see an example in the room.
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Now I told you that I was gonna tell you about how I made $740,000 at an event and I'll tell you what that was.
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I made $740,000 at an event and I'll tell you what that was.
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So in 2020, as a business, entremes degenerated $260,000 in revenue and in 2021, I had no grand plan to make that different.
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My prices were the same, my marketing strategy was the same.
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It was all the same.
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And, frankly, you know, I was already running a very successful private practice.
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You, you know like I was like.
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I was like, yeah, you know, we'll do the business and stuff like that.
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I think one of the things I had going for me is I did not want to be a ceiling for anybody in the physician community.
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So I was like, okay, I'll grow it.
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I grow it almost like an experiment, so people can see what is possible.
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So I was driving.
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I was like, yeah, it would be better if we make more and all of these things.
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And I saw I have this nudge and I'm like, what if you could make it a million dollars?
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I'm like, how are you going to make it?
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Who goes from $260,000 to a million dollars?
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But anyway, come 2021, january, february, march I'm totally on track to do what I did last year, or a little more, I think.
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Actually, I was on track to do for that first quarter.
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We had done about 120,000.
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So I was on track to do near to half a million, right, which is not a million, but I mean like it's almost twice.
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You know what we had done the year before and I was good with that.
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But I was like, yeah, but it would be nice to make a million, how would you do that?
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Right, but it was a thought I, you know, I had, yeah, kind of had to quite worked it out and things like this.
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And then I go to this event.
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It wasn't the content.
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This is why I'm taking the time to explain this.
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It wasn't the content.
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So there was content, I was listening, I was fascinated, I was learning new things.
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It was amazing All of that.
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Now, somewhere, a conversation and somebody came up to share and she was talking about her business and she said someone had approached me to buy my business and it was going to be a nine figure acquisition.
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Okay, so I'm counting one, two, three, four, five, six, seven, eight, nine.
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I mean like we're talking a minimum of a hundred million.
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I'm like that's amazing.
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So she says that's what the offer was.
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And I turned down the offer.
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And I was like well, this is getting fascinating.
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And she said I turned down the offer because I think in a few years we'll be able to get there ourselves generating 9 million or you know, and stuff like that.
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And I'm like, okay.
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And then she made a statement, a statement I will never forget.
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This was March of 2021.
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And she said at this point in our business, we're doing an easy million a month.
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That exploded in me.
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Okay, I'm like so here I am thinking I might, could maybe take up the thing and do a million in a year.
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And somebody is just like yeah, you know, like at this point we're doing an easy million a month.
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I'm like an easy million, we're doing an easy million a month, I'm like an easy million a month, an easy million a month, an easy million a month.
00:15:52.216 --> 00:16:01.466
If she could do an easy million a month, then it is possible for me to do an easy million a year, like in 12 times the time.
00:16:02.568 --> 00:16:07.822
And I thought about it and it was a whole process as far as me accepting that.
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But the starting point was that one sentence we're doing an easy million a month.
00:16:14.352 --> 00:16:40.028
And so I sat with that thought, I imagined it, I leaned into it and before I left that event I went straight to my computer, changed the pricing on my products, changed the offerings, the process, what we offer, the results we can get people, changed all of that.
00:16:40.028 --> 00:16:43.653
And that year we ended at a million dollars.
00:16:43.653 --> 00:16:50.289
And so when you think about it, that's why I said from that event I made $740,000.
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Just from that one line.
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Do you see what I'm saying?
00:16:54.698 --> 00:17:10.137
And if I think about it, maybe I paid, maybe the investment to be at that event probably was somewhere in the neighborhood of five or $8,000, but, oh my goodness, like measure the ROI, right, okay.
00:17:10.137 --> 00:17:12.352
So the story.
00:17:12.565 --> 00:17:15.515
So you pay attention to the people in the room.
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You pay attention to the stories that are being shared because their results there, those results, are designed to inspire.
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Now, if it's not something you want to do, you don't have to do it.
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It's a buffet you can pick, but this was something I wanted to do.
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So you pay attention to the stories.
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You pay attention to the processes, right, that they tell you about.
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You pay attention to all of that because there's so many things that have been struggles that one person's story will fix.
00:17:40.713 --> 00:17:49.269
So it's the example of the people who are in the room, the attendees, the other speakers, all of those kinds of things, all those stories that are shared.
00:17:49.269 --> 00:17:54.699
It's also the example of the people who are putting on the event.
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Again, people miss this.
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Right, when I go for an event, I'm paying attention.
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How are they engaging the people?
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How are they wowing the attention?
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How are they engaging the people?
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How are they wowing the people?
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How are they helping the people get results?
00:18:06.133 --> 00:18:08.645
Okay, people are having aha moments and all of that.
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What is triggering those?
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Okay, I was at this event last year.
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I'm here this year.
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How did they upgrade this event, right?
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How did they get people to register?
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You pay attention to it.
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How are they growing?
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How is this company growing?
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How is the leader showing up All of these things?
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Because, listen, there is school.
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That is school.
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Where you go, you sit down, a professor tells you all the things and you do that.
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But there is life school, there's business school, which you don't just learn from whatever is happening from the stage.
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You learn from all of it.
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You learn from what they said, you learn from what they didn't say, you learn from what you observe, you learn from conversations other people are having.
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It's all learning.
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It's all learning.
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So, learning from the example of the organizers, especially if you are a speaker.
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Oh my goodness, listen to what they said, but listen to how they said it.
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Watch how they showed up on stage.
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How did they start their talk?
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How did they end it?
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Where did they get the people?
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