Conferences, conventions, meetings, festivals, expos, summits, trade shows… Is it me or does it seem like just about every business has some sort of themed annual event? Many prominent organizations host an annual gathering, whereby everyone that is in some way connected to the organization is encouraged to converge in a major city. There are a number of reasons one might either host or attend such an event. This article will highlight 6 reasons why annual events are so popular and why you may want to consider hosting or attending a live event. Let’s look at reason number one:
It’s an opportunity for the hosting organization to profit. If it’s your first annual event, be prepared to break even. Over time, you will sort out the kinks and it will be an opportunity to profit. If the conference itself doesn’t bring in a profit after expenses, there is a good chance that a profit will be realized later down the road; mainly through brand recognition and other opportunities that may come as a result.
Confirmation of Influence
Businesses are constantly trying to stand out and establish themselves as industry leaders. By hosting an event, we get to see how strongly someone feels about the organization or the brand. Will 5,000 people pay $250 to attend the event? How about 10,000 people? These "social proof" metrics can then be used for leverage with maybe sponsors and others in the future.
Exclusivity or the opportunity to gain access to things like limited-access information and other resources. These perks are only available to attendees. You are being rewarded for your investment, trust, or brand loyalty. If you are the host, you may not want to reveal exclusive info, for example, in an online format where others can see it; particularly if they haven’t paid for a ticket or are a member of the organization.
How about networking opportunities? You can network and connect, in person, with people you may or may not already know. It’s a time where you can interact with various personalities that you see online; or maybe you’ve read their books or have taken their courses. So this is like going to a sports game, where you would normally see the athletes on television, and now you can actually go to see them live in the stadium.
If you are the host, a conference has the potential to go viral, Attendees will promote annual events through various forms of communication, and usually each year it grows and grows because everyone shares their experiences. And it’s not just the attendees, but even the sponsors will tell their customers that they will be attending the event. So you have all these indirect forms of promotion, which makes the event grow faster.
Vacation for Business Owners
If you are attending a conference out of state (Note: The conference cannot be within the state in which you live), travel expenses, food and drink, the cost to get into the event, and numerous other incidental charges that might be incurred… are a tax deduction for any business owner. With the exception of food, it’s a 100% tax deduction for the aforementioned. Food and drink, however, is a 50% deduction. And the event only kinda needs to resemble a business-related conference. Meaning, if they had singers and other entertainers… as long as there was an opportunity to network and grow your business, it counts. Technically, only 25% of your time needs to be spent doing business-related activities.
Well, there you have it: 6 reasons why many organizations host an annual event. Now you can see why being on either side of the transaction, the host or attendee, is advantageous for everyone involved. Lastly, don’t forget: at Leonard Innovation, the focus is on entrepreneurs who don’t come from wealth, but have the potential to be great. If you found this information helpful, please share it with a friend.
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