Support for this bought gas comes from Bullman. Sacks, what Goldman Sachs expert and leading thinkers have to say about trends, shaping markets industries and the global economy, stain formed with the latest insights from Goldman Sachs on the economic and market implications of covert nineteen available on our part gas at yes, a calm such covert nineteen or any of your favorite podcast platforms. Just what day it is today, a first of all the societal school on your host critical about today is the three hundredth day of the year. I don't know that, because today is the three hundred episode of sawdust If three hundred I remember aside back when we started, then I remember in that milestone of one hundred episodes than two hundred episodes. And here we are still going strong. Thanks to you, the listeners and all the great stories we ve been getting I'm having so Fine, I hope you are enjoying it too and I hope you're learning through the process of you so

You can apply to your own life in your quest for more freedom. If you wanna started hustle without cutting your job or otherwise, in the midst of lots of busy responsibilities. This show is, for you, and today, story on our three North Day is about a guy who built a conference into a six figure business now. Conferences and events are not usually a great way to make money, unless you know You're doing you have a long term plan. We featured a couple of success stories recently and both of those p We had some background in event planning and for those exceptions, and today's too, as well. When it does, work can effectively be a version of recurring revenue. If you build it. Dana away. That's what today's featured side us or dead manager in Silicon Valley decides to create a conference in two years. He built it to that six your business level, while working his day job I'll, tell you all about in just a moment. Support for this podcast comes from progressive. What would you do with an extra eight hundred dollars My plane ticket made on your student loan treat yourself to those whose, U benign with progressive you could find out drivers who switch

save save an average of seven hundred ninety six dollars on car insurance, get your quote online, a progressive dot com and see how much you could be saving nationally Jane car insurance saving by new customer Serbia who say with progressive and twenty nineteen, Today. Story comes from. Farm in northern California. He's the founder of Culture Summit conference that helps companies build strong when, in culture from the bottom up before you quit as corporate job, to pursue its hustle full time. He was working as a programme manager at Cisco. He worked on a site hustle for two years. While we had a full time job and just quit. Last summer, When she saw also became a six figure. Business hung it spent ten years working there. Jobs in Silicon Valley was often frustrated with the culture of companies. He worked out, you didn't work and hr. We assumed it was a charge responsibility to fix the culture that didn't happen, and he got tired of waiting for change.

Twenty four teeny began looking for events in the culture space so that he can learn more, but the events he found all targeted, H our leaders and they were all very expensive, because there was an event for everyday employees who warned executives and didn't work and hr. He decided to make one. This would be a conference that focused on building culture at the employee level when hung had this idea, he pitched it to other organizers for feedback. They told him of the concept of workplace. Culture is too fluffy the idea wouldn't work, and even if it did work to some degree, not to expect to make any money, but he knew if he felt disengaged and frustrated others had. This problem to three months later, hung launched his own conference, announcing it with a partner, but unfortunately it didn't go so great. They couldn't sell a single ticket. Or get any big name speakers on the line up a few months later, when they, still struggling his partner. Quit discouraged hung thought about quitting himself for a couple of weeks, but his wife encouraged him to push through. So he went back to the drawing board and interviewed ten founders of companies. They told the cold

was important, but not as important as making payroll or keeping the lights on one. You told him, he wouldn't have time to go and would send someone else in his place. That's when Hung realized. He was talk. The wrong audience. Shifting tactics he began looking for people on linked in who are cheap culture, officers or vps of culture or other eyes had culture in their title and he called e mailed them. Yes, she got a twenty five percent response rate of people running back in a number of people bought tickets for their team right away. He would then caught a say thanks and ask where he could find more people like them. Then he retorted People are those communities to ask for help if I'm running the conference didn't happen overnight, but eventually the culture summit sold out in his first year to order tickets at two hundred and fifty dollars each for a total of fifty thousand dollars, second year. He raised the price and sold more tickets. A total of three hundred for a hunt Fifty thousand dollars in revenue and this year, your three they sold five and are tickets for three Twenty five thousand dollars in revenue and Hung was able leave his job to manage culture summit for time next year is helping to bring

five hundred thousand dollars in revenue, but how did you do it at first not first year hung got a small than you for free and had about four or five founders. He knew come to speak at the summit. The conference is now a day longer and includes a workshop day dedicated to helping attendees learn real actionable materials. They can use to improve their workplace next. Thinking of having three days since people are eager to do more group work and have more time to interact the culture summit. Doesn't just talk the talk they receive feedback that the audience wanted. More female speakers say, move from a fifty fifty split and twenty fifteen to sixty forty split and twenty Sixteen and twenty seventeen they worked on other types of diversity as well. Even turning down big names, speakers and brands didn't seem like the rifle in three years. The culture conference is now featured speakers from sales Force Urban be linked in Facebook and Google, all of whom volunteer their services, the biggest expenses or venue and catering, but they also have things like photography, radiography and works.

Materials to pay for the ticket price has gone up. Tickets now range from five: ninety nine to ninety nine in the hundreds of dollars, so six dollars to a thousand dollars just about. Two days, three hundred and ninety nine, two thousand four hundred and ninety nine. For one day, as I said this year, they did thriller five thousand dollars in revenue and net profit was a hundred and fifty thousand dollars. Eighty percent of the revenue comes from ticket sales, twenty percent comes from sponsors and usually the companies that Answer have products that are in the employee, engagement or hr culture space, so that is a natural FED and sponsors packages. Seventy five hundred dollars or fifteen thousand dollars Huns advice for anyone want to make a conference is to start with. A small meet up then do a suit. Is it meet to build a following? If you do a series of smaller You can get an initial group, a ticket buyers, then, just as he did sure you're finding the right people make sure your targeting the people who are the best fit for the conference or event. If you can host one event? Well, especially one paid event? It's not that hard,

then into a repeat and then another all the while improving the experience and making more money what someone who has produced events, I appreciated the story congrats to hung for tackling a topic that was important. How many felt was underserved by other events and conferences tat initial success came from targeting a clear group of people. Targeting didn't work because seemingly see, Those in Silicon Valley were sadly too busy to attend an event on improving company culture which of course, could lead to a whole other topic. But the relevant point here is that confound. His tribe is group of people who gladly said Yes, the sounds great sounds like something we need. Maybe haven't made that If he very likely would have been successful with the event, then he notes that project for the second and third years. Raising the price and creating package options for people to choose from

to smart and easy things to do. As you go your hustle. It's not just events in conferences that can do this by the way. Raising the price and creating package options are two of the very first things you should at least consider. But you ve got something this working in your asking yourself. Ok, what do I do next? How do I grow it? And then, lastly, on this three hundredth day, actually gonna like the fact that his partner dropped out really difficult to do something like this as a partnership, because two people, necessarily have the same motivation for something, even if they both think it's a good idea if they both like to work on it, Inevitably, one person is gonna, be more excited about it more willing to commit time in resource to it. So then how sort that out six months later or two years later, once it's a successful six bigger business. So I think it's actually go that he able to go it alone after those first few months. Well, my friends, thank you listening is always. Inspiration is good, but inspiration with action is so much better. I am you're out travelling meeting people hearing stories everyday of people applying the side, also plan to their life up you're, doing in some way like to hear about it at some point today.

It's our line at sight of school dot, com slashed, three hundred three: zero, zero you're right. Star, I'm critical about four side, also school and I'll, be back tomorrow for day three one.