MAKE A FORTUNE WITH AN EVENT SPACE BUSINESS

my graduates from my school being forbes back drop back drop my drop back drop all right guys welcome back e yl this is a highly anticipated episode something that um you know it's been almost a year probably no it definitely has been a year march last year over a year so nehemiah davis uh we referenced him a lot on different episodes whether it's uh spurgo shout out to trey yeah legend uh i think we referenced him in him 500's episode yep um student loan doctor student loan doctor that's a fact so yeah you probably heard his name before if you if you're not familiar with him just on your own online so neo he's been just a good dude from the beginning i actually did his podcast accelerating that's great before we had a podcast yeah that was like two years ago over two years ago i did his podcast and um just connected on social media and uh just been a1 ever since so he's like one of these guys that's extremely helpful and uh never really acts to get on the podcast just like how can i provide value so when we was going to philly to do our show last year in march um we had a crazy lineup we had wallow we had um kashif in the machine john henry we had um craig parker yeah great bonnie hustle um was it on there player are you sure sheldon was and of course neo neo was there neil's from philly originally so two days before our event the whole country gets shut down with corona so that just killed everything so it was crazy because we were supposed to do a live podcast with neil and we was going to do an in-person podcast he's going to tape his and then go do live yeah yeah yeah yeah yeah so we gotta shut that down so it's been a long time and the reason why we didn't reschedule is because neo does he does a variety of different things online but um one of the things that he's become famous for is the event space business so he teaches people how to get event space how to make money on event spaces everything you know that's a huge huge business that it's very practical and something that most people don't even think about but there's always going to be baby showers there's always going to be weddings there's always going to be you know proms things of that nature so it's crazy because you know i never really heard anybody that had an events based business right until i met you so obviously we couldn't really do that episode during corona because there's no events that's happening during corona everything is shut down so what ended up happening is that we waited to the right tom and uh now we're in a point in time where states are reopening yep california just announced that they will be 100 open in june june 15th yeah as in fact texas um last moment 100 yeah 100 atlanta never closed atlanta never closed florida florida's opening new york is taking steps to reopen new jersey's taking steps to reopen yeah so now it's the when you hear about the reopening of the economy and you see even stocks you follow market monday you follow the stock market a lot of the you know reopening stocks are starting to boom and now from a micro level reopening businesses are starting to flourish and you know it's something that become viable again so the event space business is something that is now on people's radar or it should be on people's radar because it's something that you can start for a very low cost you don't actually even have to own the space we'll talk about that and you can keep a nice cash flow coming in and make really good money very passive business things of that nature so we're going to talk about something that we've never talked about ever before any leisure the event space business um so first and foremost thank you for joining us appreciate it i'm happy to be here man i'm excited i waited a year for this i was pumped up just about then i was excited all right they come to philly i was trying to help you with venues and all that type of stuff at that time i knew the size that we had couldn't accommodate what you were looking for so i'm just happy to be on here and i just appreciate what y'all doing for the people man this is the greatest podcast in the world yeah you understand this is one of those i've been saying oh yeah i'm like we gotta get neal man cuz we we we watch you speak we watch you online always killing them like you know we got to get neal when we like not time yet when it was time it was like yeah let's do it it's going to be one it's going to be one of them yeah i appreciate it and it's like even us like we get event spaces a lot when we're doing our events i'm about to start doing events again and it's difficult it's not as easy as people think like we got to find which spot can accommodate people like you said he was actually helping me out and putting me on different people and different things that nature so event space business is definitely something that is viable because we actually have used event spaces in chicago and atlanta atlanta la new york all over so i'm excited to have this conversation so let's jump right into it eventually first and foremost how did you how did you get into the event space game yeah so it's funny because in philly i've been doing like i've been doing events probably for for a long time i'm doing all type of uh book signing events i'm doing networking mixers i've always been a network like that's how i add bother to people like how can i help you because i've been networking and helping people for so long so i used to have these monthly events called social sundays where people would come out hang out i would have conferences i will always just be having all of this stuff and i realized in the process of me having all of these things right in the process of me having all of these things i never owned the space i never the most expensive of anybody's getting in this industry the most expensive thing when it comes to having events is finding the venue nothing's more expensive than finding the bean so i realized yo i kept having an event after event after event i kept paying these people and i realized in the process of me paying all these people the owners would never be there so i'm like how are they making this money and they're never here so that kind of what really got me in there but what really got me in the event space is before i even decided to really make this whole initial jump in in real estate essentially was i had a rental property and i kept getting burned over and over i'm talking about i fixed up the property put the lady in there for like three four months she burned me ended up having to get her evicted took a few months to get her out we then put someone else in the property they ended up burning me i ended up doing a deal with my brother where i said yo i'm going to do the renovation let's just split rent half and half ended up getting a rent for like one or two months then got burned so brother no i didn't get by the 10. okay so at that very time i'm like hey this i'm like crap like i'm killing the game yeah i'm like dang you tell me i'm keep getting burned i'm only getting 300 a month cash flow for the property anyway it's like i keep getting burnt so when i had the idea of getting my own event space i always do like an analysis i'm like do i want to go get my own event space or do i want to actually um just continue on with my rental property so the main reason why i i took this analysis was i'm like yo let's do a comparison most people never think about this most people are paying more for where they live than they can actually pay for event space so i did the comparison i'm like rental property event space like i i did the comparison i put one here one here like one water bill one water bill one gas bill one gas bill one electric bill one electric bill uh insurance the only difference in insurance between the two properties is you need a million dollars worth of coverage which just sounds like a lot but it's less than a hundred dollars a month and then i kept going down the line i'm like okay rental property i gotta hope i gotta wish i gotta pray that they're gonna pay me at the end of the 30 days uh event space i'm guaranteed to get my money and they're only in my venue for anywhere from four to six hours and they're giving me seven hundred to a thousand dollars to being in there if i gotta kick this person out for the rental property it's gonna take me one to three months if i gotta kick this person out my they will never get in because they didn't pay me yet so if you didn't pay me you're not using the venue anyway so in that very moment i did my calculations and realized like yo i can go ahead and make way more money with the event space business having a a rental income constantly than my home like most people don't understand like when you really i love real estate but i'm like this got me out of debt because i'm having five to ten events a month paying me 500 to 750 at the time i'm making way more money and i'm only using one building one water bill one electric bill one insurance bill so essentially i run an event space business like an apartment building i'm getting constant cash flow every single friday saturday sunday plus the other days that we do things constantly so it just became a no-brainer for me in that very moment plus i was tired of renting people places i couldn't keep doing that so one of the big things obviously in real estate and i guess an event space is location location location so how did you go about finding locations to actually say you know what this is what i want to put my place yeah two things so one of the things i tell people when you're looking for areas you're looking for areas on the cuffs you're not going to go down to new york city manhattan like yo i'm ready to go get me event space because it's just too expensive the cost of rent whether you got a mortgage or whether you're leasing is too much so i always tell people look for areas that are on the come up like i'm from west philly so we we say we're looking for areas that are kind of close to the hood and then also you know they're about to be gentrified they're right there kind of in the middle um i'm not necessarily looking for rural areas i'm looking for areas that people can get to fast and where i can get in at a lower rate so essentially um you're looking for areas on the cusp you're looking on areas that are right about to gentrify and you're also looking for areas that have the right price point what most people don't know what the event space industry is similar to airbnb you don't have to own the building so generally when you're getting an event space you got to go ahead and put to buy a crib 20 down unless you're going to use fha you can go ahead and lease the location pay first month last month security and then you end the game so ideally you're looking for a location that um people is easily accessible uh people could drive by and recognize that it's there that's that helps with our marketing i get so many events booked just from people driving by like oh i saw the venue there i rolled by it so i recommend areas that are right on the come up but the numbers got to be right so how did you when you hit your stride in the event space business so the way i run my spaces essentially is i got virtual assistants that running back and i got somebody running the day to day where i don't even show up so in the last year i showed up to the spaces i want to say probably five six times and one of the times i showed up because i was having the baby so we had the uh baby shower and the gender reveal or i'm going for my own events so all right we're in the age of kobe right now we're getting we're getting back into regular life but we still kind of you know under strict guidelines in all different capacities so why is it a good time now for people to start event space other than just america starting to reopen and why do you think now is a good time well it's two things i was recently at the conference the grant cardone conference 10x and donahue people you ever done so you know did billions and billions in real estate he said when everyone's running away from something that's when you run to it and what he's essentially saying now is the perfect time to get into commercial space because you're able to get it at a discount versus with versus before colgate it was much more expensive and for me the honest thing was i've been teaching people how to get micro spaces i've never been telling you how to go get a 500 person venue since i've started that's why when you came to philly you told me oh i need something for 150 250 i said shawty i don't got nothing but let me see what i could do my space we do 50 to 100 people because that's the sweet spot for the people that we're serving so for me i tell people now you go get in the commercial because right now the landlords are pulling their hair out trying to figure out how i'm going to pay my bills like most businesses a lot of businesses have shut down during coving because one whether they're food businesses some of them are thriving but some of them are clothed clothing boutiques they're a bunch of traditional businesses that are based on people coming inside shopping and hoping that that will cover their rent and allow them to be profitable with the event space industry people are looking to get out of the house they need a place it's not like you're going to my house to have events now you're going to a location so the reason why it's good to get it now because realtors excuse me the owners are like yo we just need to take anybody in our location so now what i've been teaching a lot of people is y'all you can go find an event space that was already open that closed down and take that because they don't know how to market most people don't know how to market so they're not even surviving you can go find a daycare that might have been open that closed down because so many parents like yo i'm not bringing my kids back cool now we could go ahead and change the use permit and now you could turn a potential daycare into event space same another thing in terms of commercial just to give you guys example we all know when covert right happened i want to say it was google they told their employees y'all can stay home we don't know when you when you're going to return to work so what that did was most of these companies around the world everyone started working from home so what the commercial industry is doing essentially it's like it was collapsing like yo how are we going to pay our overhead right so now when someone like you or me go approach a landlord we give them a plan let them know we're going to open an event space they don't even know you can make money from this industry they have no clue that this even exists so they'll hear you out and if they're interested we'll go ahead and do a deal with first my last my security now right now because they just want to lock someone in for two to three years they're willing to do tenant improvements they're willing to help you get in there they're willing to pay they're willing to do all these things that my landlords weren't willing to do when i initially got mine because nehemiah if you if you don't get this somebody else won't get this anyway is that is that typical because as you were speaking i'm thinking to myself how long would the lease usually be and you said something very interesting you said the sweet spot is 50 to 100. yeah so i'm thinking to myself i'm like well maybe that's a sweet spot because how many people have events where they can invite 500 people yeah not very right so what type of flexibility do you have when you have 50 to 100 what kind of events are you able to get so for me our sweetest events and these are really popping now are baby showers you know all the babies that were created during cold it's crazy but that was already our most popular event yeah so you got baby showers you got book signings you got seminars you got workshops you got kid birthday parties you got sweet 16s you got all those type of events that are just happening every single day but 50 to 100 when the last time you've been in a baby shower with 200 people that's tough like when you even go to a regular networking type event generally with 200 300 people right so the person who's looking at it is thinking oh i'll get the grandiose space but you can't feel the space no it's very tough and then on it when the cover did happen you know they they cut your limits they did all types of stuff so now these bigger locations they call it their they got to come to the smaller locations now but i only ever been teaching 50 to 100 people it's the sweet spot you can make 700 to a grand every event that's with no upsells just from you offering the space to somebody yeah and even when covert hits now is miss perfect because even the 20 is your capacity and and then not on that peep this no one want to be around all these people all right let's we having a small event for 50 people we've been running that 50 people for the last few years like that's we always been running because that's what the size of events that people are generally having yeah what's going on ernest look at 26 i made one of the most important decisions of my life that's right i didn't have family at the time but i did have a life insurance policy a wise man told me life insurance isn't about the people who die it's about the people who live it's one of the best ways to secure generational wealth for your family's future and it makes perfect sense why people get life insurance especially term coverage which surprisingly is affordable why not pay a little bit each month to secure the future of the people you love long term if you're asking yourself that question i want you to check out ladder ladder makes it impressively fast and easy to get coverage you just need a few minutes in a phone or a laptop to apply ladders algorithms work instantly so you'll know right away if you're approved for coverage no hidden fees and you can cancel any time and since life insurance costs more as you age now is the time to get started so check out ladder today to see if you're instantly approved go to ladderlife.com e-y-l that's l-a-d-d-e-r-life.com e-y-l that's ladderlife.com you know how this works don't wait don't hesitate secure your family's future right now so what about um how did covet affect that you personally as far as your business and your your people that you've seen in your industry um how did that affect and how were you able to weather that storm how were other colleagues or people that you mentor how were they able to weather that storm during covey because it's like once that hit everybody you know shut down was it just having cash reserves were they having flexible leases what's the deal yeah so in march for us that was our toughest time for about three months and it's not just us you know they shut every type of business down for the most part for three four months so we told a lot of our uh mentees like negotiate with your landlord see if they willing to give you a money or two free see if they could put it on the back of the lease someone was willing to do that excuse me in addition to that i do recommend that you do have some cash like because this man i had to pay my rent for a couple months but i'm saving the money that i'm not just blowing the money that i'm making right so for those first few months it was tough but i realized that once it opened up that more people would people are die even now dying to get out of the house like events are booming now like at these conferences i've been going to two three thousand people there they're like yo i'm so happy to be around regular people again so at the time yeah it was hard for everybody in the industry for those first few months it was tough but when as cities start opening more even if it's a little bit we were getting creative we had people getting goats kitchen ghost kitchens where you essentially would set up your um set up your uber eats inside of somebody event space that has a kitchen and you're doing deliveries out there and you're partnering with a you're partnering with a restaurant owner and they're paying you now yeah we spoke about that with uh shout out to nacho banker killer what up yeah we spoke about that that was something that really boomed during corona was that ghost kitchen situation virtual events yeah even if you didn't have a restaurant if you was just a chef or entrepreneur and um you know you need somewhere to sell you can't like sell it out of your house so you need like a you know uh industrial kitchen so if you have an event space that has an industrial kitchen in it then that's something that's a good now it could be like a pop-up restaurant exactly where you're actually selling food on grubhub or ubereats yeah one of the moves we're about to make soon and i'm saying this one here i didn't even tell nobody we're getting like a a theme event space so you can come in our location it'll be like 10 different locations one got a private jet look right where you at you're looking like you're in a private jet another one is like a bathtub with balls in it another one is like a green grass wall so now you're coming in and doing like a museum type event and everybody's paying 25 35 in there and that to re-answer your question to another thing you said how did it affect people now people are getting their event spaces now a little bit cheaper because they're negotiating the rents i couldn't negotiate my rent with my landlord you had to take it or leave it now if you if they wanted 2 500 are you willing to do 2100 you want to do 2200 so anyone listening to this and going to run this play always negotiating ask everybody you deal with is that the best you could do and shut up don't say nothing and just see what they say and i got my rent at my my larger location from 2500 to 1900 just by saying that one statement that's another one of our alumni friends derek falcon out of baltimore and he said that he said that he did a class at ewyle university in the summer he was talking about he's a restaurant owner and he was like if you're a restaurant and you're not negotiating your turns with your landlord you're crazy right now because it's like all right you know i don't have it right now i'll do fifty percent of that hey what are they gonna do they kick you out nobody else is coming in especially at that time like probably even now like it's not like it's easy to get tenants to come in doing a global pandemic so it's if you not negotiate in your terms you're crazy and like the worst that could happen is that they could say no but yeah like you said the ball is actually in the court of the tenant because the landlord even if you stop paying rent they can't even kick you out it takes months depending on what state you're in like i know in new york it takes probably up to a year to kick a tenant out and especially during covet like there's not even the courts aren't even open you got to go to zoom to get a court date exactly those be stretched out for like seven eight months in itself that's true so why wouldn't i want to just work with somebody who do want to pay me although i'm going to take less so they're willing to take less because most people are signing a two to three year lease they're like true cause that's what happened they're gonna foreclose on that building if no one in that strip mall is paying and no one in that uh warehouse is paying if no one at that single location is paying so if i'm starting this what kind of startup money do i need obviously you said having reserves is key but am i releasing it based on the square footage or how does that work well i recommend that you release the location anywhere from 3 000 square feet and under that's good in terms of size it gets you up to 50 to 100 people it's a nice size where you could do a thousand to a 1500 event base so i recommend you start there you could go on craigsy you can go on uh craigslist you can hire your realtor or realtor go looks for you on your behalf for free because the landlord pays them once they lock in the location so generally any city you're gonna need first month last month security deposit from the very jump street that's just standard and again you might negotiate that where you might only do first month security deposit in addition to that you're going to need whatever permits that you may need to get the location or use permit and again just so we're clear you can do this in someone's house it has to be a zone commercial building where you're going to change the use permit to art gallery to a bank or hall or whatever it is that you're looking to essentially do in your location and then after that i tell everybody you're looking for like a box like you don't want a space that got a bunch of cuts because you want somebody to come inside of your venue and be able to transform that location whatever it is that they want it to be so what i tell people to do i tell them to follow the mvp model minimum viable product how do we get this up as quickly as we can with the least amount of time so that means having the floor is done painting the walls white adding surround sound system adding your projector and tv and keeping it as basic as possible because when someone come in there such as event planner they're going to design it yourself so just get your spot up and running i got students who my first spot 18 000 all in that's what me making mistakes because i don't have no real mentor that showed me every little thing my second spot twenty four thousand all in that include first amount last month security construction everything that we could think of that had the so 24 000 cash cash so you like use credit too you refurbished the whole place yeah i refurbished yeah okay before and after like i yeah sound system lighting all that sound system lighting but i also negotiated when you negotiate with the landlord for that location they redid my floors for me they put all the lights above my cause at the time we were doing we were still doing junk removal a little bit because that's one of my businesses i started with so we went in here and did the demo ourselves that's when you got the construction hats on yeah yeah i don't want to wait around for them to charge me actually to do that demo true so we literally got the spot up and if you do it right always ask negotiate an extra few months free while you're getting the space right so i knew i could get the space up and running a lot quicker than they could so i let them do everything they was going to do but we got the space up and running in 30 days but we still had two three more months left for free rent that we negotiate because we told them it's going to take us like three four months to get this where it needs to be in addition to what you guys are doing for us so now we just start making money those next couple months without making money while it's free while it's free so now always negotiate yo how much free rent are you willing to give me why we got to repair this and then some people go in and they spend minimal the space is already done some people are finding event venues that were once event venues but they don't know how to market their vet venues so that's so your your overhead could be as low as i mean your it could be as low as 5 000 it could be 20 000 it could be 30 000 but when you think about it in terms of i used to really think about the 18 grand like yo that might sound like a lot to people that make 30 grand might sound crazy to some people but then i just start thinking about traditional real estate if you want to go buy a two family building or a three family building just hypothetically say a triplex in philly on the low end a quarter million dollars you got to come to the table with 20 down which is what's that 20 50 grand most people don't just have 50 grand laying around um so you got to come to the table with that then you still got to do whatever improvement you need to do you're essentially paying at 250 75 150. you're basically paying 80 grand per door your cash flowing at best most real estate investors their cash flowing anywhere from 300 to 400 dollars per door for investment product so at best this triplex may be cash flowing a thousand dollars a month but you had to come up with 50 000 down to get it right i came up with 24 000 down i mean 24 000 all in to get my second location where every event that we do is eight hundred dollars per event so if you're doing five events in a week let's do the event space math you do one event on friday two events on saturday one event on on sunday and let's just say at the lowest number i teach people 500 is the very lowest number that's for a small venue you just made 2500 that's 10 grand a month that don't include no upsells that don't include if you actually charging it i got someone in new york right here in queens she charged 1500 minimum and then she's the in-house decorator so she's getting 25 under the event so the idea is that i can go and get in this game for under 25 000 then i could go ahead and leverage that with some credit cards well i suppose my actual as far as financing so for people that you know are interested in the business but they you know they don't have 25 000 what do they do got you so it's it's too i can't break down a couple ways for you so it's a few things that they could do one um leverage credit i'm big on leveraging credit for me when i started i leveraged uh lines of credits i leveraged all my credit cards i'm big on opm how can i get someone else's money to make me more money that's my my thing that i always ask myself how can i do that so for me here's a couple play that some people can run one um you can go to lo you can go to i'll give you two right now so if you already got a llc it's a car called divi this is a new car that came out where they give you a line of cr they basically give you it's a charge card where they give you uh a line based on the amount of money that's in your bank account so it's no pg and it's a soft pull and they'll give you a decision within the next just say 24 to 72 hours so i have people getting 10 grand i have people getting 20 grand so that's what they call debbie d-i-v-v-y it might be apply dot divi so somebody can go do that right now and you'll be able to go ahead and get approved and you're able to use this now again it's a charge card so you do have to pay it off within 30 days but this is good for somebody who got to float something like i know i'm going to get x amount of money in in 30 days let me go ahead and use that and you can get that card now and never use it until the time that you need it another play um you can run the navy federal play where you simply can call navy federal right now and there's something anybody can you can pause the episode call navy federal i'm like hey i'm looking to get a navy federal car my granddad was in the military um generally they're not going to ask for their information and they just approve you right there essentially most most times normally if you don't get approved just hang up and call back and just talk to someone else and they're probably going to approve you once they approve you i suggest that you go ahead and put money in the bank account kind of hang out for like 30 days let them know that you're looking to build a business with them looking to do business with them and most likely they're going to approve you for hire if you wait 30 days but i did it right away i got from navy pharaoh i think i want to say i got maybe 18 000 on the first i did as soon as i did it but the card that you want to apply for is the platinum card and the reason why you do the platinum card because it's zero interest for a year if you do balance transfer within 30 days so now you got credit elsewhere that you're already paying 18 20 my suggestion that you do is you go ahead and pay that off you you pay that off with that card and now you got zero interest on it or use that same zero interest card and you start outfitting your event space and that's for people with credit another thing that you could do one if your credit is right you can also go to floor and decor if you need flooring if you need backsplash if you got to install a bathroom and again most cases you don't got to do all of this stuff but if you are doing this go get your flooring decor car same exact thing no pg and it will also give you that for a year zero percent interest so now i can go get my flooring done that is one of the most expensive things when you're getting event space if you are responsible for putting in floor another move that i tell a lot of people and this is something i presented to my friends like you may know how to cash partner with somebody two ways you can partner with somebody find somebody who already has the event space i.e a church i.e someone who got one laying around because most of them don't know how to effectively market you let them know hey i'll do the marketing can i bring you some events and can we split the money or come up with a percentage that may make sense for you bringing them so all you got to do is say hey i got an event space i teach everybody start marketing that you have event space before you get it because it may take you three months to get your spot it may take you four months but if everyone knows you're in the process of getting one when you finally get one it's like oh i i can go to church or even saying you're about to get a spot now so now i'm sending my business to you so even if i don't even have business yet hey earners one thing we've learned over the past few years the importance of building a solid team and in business things can get really difficult if everybody doesn't 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wait don't hesitate head over there now i mean when i start getting a business i'm now sending that to all of my partners another way you could set this up you can call a hotel right now in your city you can call multiple hotels right now in your city most of them are turning down so many different events because they want catering packages they want you to get catering they want you to get you got to have a huge minimum people trying to spend no more than like three grand on a baby shower you go to a hotel might be like 10. so now you create a relationship ask for the catering manager let them know you manage multiple smaller event spaces this is when you already went to these other ones created like a partnership and do you mind sending any work your way that you know you can't handle whether you give them a kickback or you create some sort of mutual beneficial relationship with them but now we got hotels calling us giving us work that it's trash work for them anyway because they can't facilitate only got a grant only got two grand right so they not even referring it to nobody so now somebody can go get that and the other thing that last thing i said that some people could do is um partner with some friends i i literally was in philly i had a bunch of my homies come by i'm like yo guys let's run this event space play all of us it was five or ten of us in the room let's all put it was ten of us at the time i just need all y'all to put and these my childhood friends let's all put three hundred dollars up a month i'm gonna run the event i'm gonna take 50 50 y'all take the other hat i'll run it i'll do all of that um everybody put three thousand dollars up a month as a collective three hundred or two thousand three hundred each okay equals three thousand three zombie all right so after the year we got thirty six thousand dollars that's enough for us to get the space and and again since i'm not just teach you how to get the space now we're doing event rentals now we're doing table and chair rentals now we're doing throwing rounds and now everybody out of those 10 people are running a different department now we just built us essentially event space so you built a business inside the business right so you're the one that's when you have the event space obviously you have to have chairs and so now people need the chairs you're renting the chairs i run in the chair i give you my tables and chairs yeah as just as a because most people are charging out of the cart for all at least right right right so when you come to me hey um you call hey your answer hey how much did it cost for your venue so the first thing hey um let me break down everything you get all your tables and chairs are included so you don't have to rent them listen to my what i'm saying up so you don't have to run them in their mind like oh crap you ain't got a rental it includes your surround sound system so you don't have to hire a dj another pricing it includes your projector and tv if you want to put a presentation or put anything up on the wall it includes a six hour event time four hour event time hour set up an hour breakdown it includes parking the parking is the street parking or paid parking if we do have our spot we have a paid parking lot um our price is normally a thousand we're doing that for only 800. they calling someone else yeah so chairs is this much chairs that much chairs is this much and it may be the same price but by the time they saying all of that they're like huh so now we're able to make money off the linens we're able to make money off the throne chairs we're able to make money off all but you need an extra hour of time so i was just plugging my homies into our system where somebody running the drones somebody running tables and chairs somebody run the marquee letters so every area that we can make money somebody run the event playing the business so now we just created the business that possibly can make us 30 grand a month off of everybody putting a small 300 up so again you may not have 10 friends but you might have somebody that got the money and you got the time so i tell people now this game is about getting creative no one knows event spaces exist like all of us go to these event spaces you know we can own these right so that's just something i've been just i'm just showing people you know i think i i mean the throne chair thing is when you think about it right you see it at the showers all the time like the the mother of the beast sits in it i'm never thinking like somebody's writing that yeah right you know i mean so what what are some of you said the the letter rentals like people are renting actual like if i had my son's name was aiding like i'm renting at 125 each those letters cost about 175 to produce you're renting them out at 125 each so every letter eight a-i-d-y-n 125 128 125 125 and then i might even charge you a delivery fee for that but they only cost you 175 to get so now the the reason why i love this business whether it's event space drone chairs because mostly everything you rent you got your money back after three runs and it's all free money after that everything like let me give you guys a play on making your event space for free right so the reason why i love this game so much is i show you how to go ahead and get your space for free like once you go ahead and get and get the space lock down how do we make this space for free so one of my strategies and i'm sharing this with y'all this is one of my secret my little back pocket that's been working good but we go ahead and find churches so for the last couple years i had one church who wrote my space my smaller and let me give you all my numbers so you understand but my smaller space is 1900 a month 1500 for the rent 100 for the electric electric insurance all wi-fi 1900 my larger space is 2500 all in so one my smaller space i had a church who rent my space during the daytime uh they run it every sunday from nine a.m to twelve it's a thousand dollars a month at a church who rented every sunday from five pm to eight three sundays out of the month they paid fourteen hundred dollars a month so for twenty five hundred dollars a month i have one church two churches in there covering my entire overhead everything else is profit they're coming in what's the time frames again the church is coming in so the church is coming in most most people don't get two churches i had two at one location but the time frames is nine to twelve what you're doing 9 or 12 on a sunday anyway you sleep you're going to work you're going to church or you're going to church so we're giving away our dead hours we never rent our big our location on sundays at 9am ever no one said oh we having the baby shower at 9am this sunday ain't nobody pulling up so now we lock in the church they give us our overhead from who giving us a stack a month every month guaranteed you could go and put up a post on craigslist facebook let people know you're looking for a church home locking the church most churches don't want to have we in us we we're running in the world now where people just want to be lean with things like we not just being outlandish with spending so they don't want to go get a whole big building worry about electric worry about gas show just give me a grand of my it include everything or a lot of churches like don't even have enough money to like you know people think of church and it's like all the big churches the mega churches but this especially in a black community this church is on every single corner pick a corner so a lot of these churches financially they don't they don't have a large congregation or they might just be starting out and they can't afford to buy a building that's why they do this and then people are shouting so keep the game if if you get 10 people in there giving you tides and offerings at 25 hours each it's 250. if you're giving us a thousand a month it's 250 a week so now even to the pastor like man i'm even i'm basically doing i'm able to serve you know give give you know help help give the word give me the word i'll get it right give him the word basically yeah and get it and make a profit [Laughter] you know i go to church and i'm thinking that saturday sunday play is very very smart because sunday obviously it's traditional for you know black people and christian christians go to church but on saturday nights they have spanish speaking church and then sunday evenings they got they got a master you see them so now it's like they can rent they're renting but saturday night's not a good night that's not you can't but that's when people are going no no but saturday night's an event space yeah you're not for you not for you i'm i'm thinking about my church specifically but yeah that's crazy and philly especially it's a large muslim population in philadelphia so friday so far that's in the afternoon that's not well no one's using it so let me give you two more so you got the magic that could run on friday they could give you 500 to a stack a month you got your church giving you a stack of money right most people are not paying more than three grand for their rent unless you're in new york unless you're in la for the most part if you're running my model 3 000 square feet or less for the most part so now what we did was we locked in our church you possibly locked in the magic but here's the other the next things you do now you host a monthly business pop-up shop so now with the monthly business pop-up shop you have 10 vendors all of those vendors give you a hundred dollars they're dying to get out and sell their merch they can come one location every single month first fridays of the month if you do this i recommend fridays with event spaces fridays are normally the slower day at the three out of friday saturday and sunday so now we're doing that every month at a thousand dollars ten people all giving us a hundred dollars and what we tell them in the contract they gotta bring the people in order for you to go ahead and set up you are required to bring 15 people here minimum so now guess what we just did we bought 150 new people in our location remember everybody who i bring my location essentially is a marketer for me because every time we have an event every event we have somebody's going to return and book the location or they're going to tell somebody about it just in casual conversation that hey i'm looking for a space oh you know i was just there for a pop-up shop so now we possibly making a thousand dollars now on on the pop-up shop the next event that we run and this is in-house events that you grant or you can partner with somebody the next event that we run we run a a art show every month so you could do an art show with one artist or you could do it with four artists you could charge four artists each 250 each i'm just everything i do i think about i at least need a thousand dollars for this to make sense so you could charge each artist a thousand uh 250 they all get their own wall to display their art they keep the money i make my money they're responsible for all the marketing but it doesn't feel like a burden on that artist to give me 250 to just be here for the for four or five hours promoting everything i got going on so now we just ran the art place so now we're making money from the artist now we make money from the pop-up shop now we're making money from the church in addition to the artists what my mentor does he does a 60 40 split the artist keeps 60 they keep 40. so if you go sell 10 grand worth for art that night artists get six grand he get four grand so you may make more money doing a rev share model then you will make then a one-off so now you got an art show every month you got a business event every month you got the church every month so now every event outside of them three events is free money yeah every baby shower you get every book signing you get every seminar you get and you do co-working space during the week is free money a lot of people even use these spaces as their office now i had one of my man's paying 1700 a month his name pat shout out pad 1700 a month to use a co-working space i said yo bro run the event space play bring all your employees that work nine or five and then rent it out so now his office isn't free and now he's profit so those are just a few ways that you can essentially make your event space for free just from the church play all my mentees run that that's like that take up half of your overhead you know i was thinking i was thinking myself that monday through friday right that event space because we we actually run into this problem um as far as schools they say this good that's good they would they they needed a space for after school program yeah and so i'm thinking now you get tied in with the school districts and now you got a you got you turn your event space into an actual after school program activity and that's guaranteed every single month bro also mlm so mlm they have monday night events trading forex they normally go to the hotels so now i'm going to if i'm somebody getting in the game i'm going to the hotel events just to go to mlm me and let me find out who's in charge what the hotel charger they charge me more than i'm going to charge you let me lock in that contract so i had herbalife one of my mentees giving us a thousand dollars a month for using a spot three thursdays every month every every every month that's why and then guess what how to get in lock box i'm not going to none of these events this is all all on auto it's like airbnb let me ask you this so four minutes um all right is it necessary really it's like you can get the spot without actually refurbishing and all of that do you have to refurbish it obviously the the nicer it looks the more appealing the more attractive it is to people yeah but um is that mandatory can you just go as is you could go as is if it's like it got to look like something these nobody can come to know and it depends on your theme if this is a rustic old look if it's an abandoned look it depends on well if you can you do bear like can you just paint the walls and like do you recommend to have strobe lights to make it really nice oh no you paint that's my mvp model you do all of that when you start making some bread right later on paint the paint paint it if you got semen floors glaze the semen floors are painted excuse me paint them keep it moving add your tv add your projector because now you can have movie screenings you can do all the extra stuff that you get you can uh you can have madden tournaments all type of stuff so you add all of that little stuff because now it's also helping my customer they don't got to go out and hire a dj they come to us and book with us because they're like i don't got to hire a dj i don't got to get surround sound i don't got to get tables and chairs it's a variety of different things um sororities fraternities they have to meet somewhere um different organizations have to meet places um community-based organizations um just you just run down the list like a lot of stuff happens like in local community centers and stuff like that but if there's no local community center or if the local community center isn't available or if the local community center just doesn't have the capacity these are all things if you think about it there's so many different stuff political events where people need to you know talk to people i mean you can kind of just go on and on the list just goes you know forever like different different places where people need to meet because people always need to meet now we're in the age of kovis so people are meeting virtually a lot but uh you know we're getting back to people actually meeting in person so let me ask you this as far as because we do a lot of traveling and it's crazy like we've actually done more traveling during colgate than we did before colby yeah i've been getting it's crazy man like um every week yeah that's a fact it's been a lot of time in miami a lot of time in l.a we spent a month in california during the summer so we've been moving around because you're trying to move to college but most people still aren't really moving around that much so how has um like is it what's the vibe as far as people coming back into the event space are they like six feet apart wearing masks is it weird is it or is it just like atlanta where people just don't care and not win like how have you seen or like what have you heard as far as people coming back in and how has that been just like from a vibe standpoint well atlanta is regular you know texas right it's just it's on and popping see the thing about it is most people who are coming to these events they want to come to these events so they're coming there you know when we went out when we hang we we we hang like we boys we just having us a good time so we're not like oh get away from me so yeah people are wearing masks we are telling the protocol hey you do need to wear a mask don't be all gather heavier in clusters we do need to be around but we're not in there like the police yeah we're not because we run our thing on auto anyway so we're not like monitoring every little little thing that you do so from my understanding that people just want to get out is it like temperature checks that have to be yeah so that's a whole i'll give you that place so temperature checks we were doing temperature checks momentarily but you do need to have employee there to be doing that or you just put it in your contract that someone is required to do temperature checks from there from their team who's booking it that way you're saving money or not having to actually have someone there um but right now with temperature checks such as conferences and stuff this is another business someone can run literally right now you can go ahead and get you the temperature check system pretty much where it can check multiple people for like a couple grand it's cameras that are checking multiple people when we're going into 10x conference that is a requirement at bigger locations so you can almost two two things you can now go reach out to every uh every convention center in america let them know the services that you provide hey i realize that based on your government rules temperature checks are required we offer service where we send somebody in and do all the temperature checks to keep your event safe and up to standards and if anyone who doesn't make the temperature check we put them in the room and we'll deal with that you're having an event you don't really want to be focusing on that second thing you can do as an upsell we're big on upsells in the event space you can now tell people yo we require a temperature check person on on site it's going to be another uh 150 for your event we check everybody in your event this keeps us safe and this makes sure your event is safe earners the year is almost halfway over do not miss this opportunity to scale to the next level eyl university is the biggest institution when it comes to business online period we have ramped up things in 2021 with over 20 infinity groups including our breakout crypto club which is fastly becoming one of the top online communities for cryptocurrency information it also includes mg the mortgage guys home buyers blueprint volume one it also includes monthly financial planning calls with yours truly it also includes our book club our movie club access to our private facebook group with over 6 000 members access to over 100 past webinars and access to weekly webinars from industry experts all that and more for a limited offer of 60 off that's right 60 off of the annual tuition go to eyluniversity.com right now and become an earner you pay that individual 25 an hour you're charging them 150 or whatever the number is so in this game you're trying to increase the volume on everything whether it's you also adding linens and chair you're adding linens if you're adding to our time we give you six hour four hour event time hour setup hour breakdown most event planners can't set up an hour so guess what they need now another hour of time so how can we increase the value how can we increase the amount of money so i know you don't really go to the spaces yourself right it's running on auto so are there employees there because i know the biggest thing especially in events is set up breakdown and sometimes if you got two or three events in a day that has to be expedited so what's that process like um getting people in high are they are people on site yeah so let me let me break this down for you so i used to be the guy on site so for the first two and a half three years this i haven't talked about event spaces like i just started teaching people just like two years ago first three years i'm in there grinding everything setting it up breaking it down taking out the trash mopping and i tell people when you do first start you need to be in there doing this because you need to know nobody can tell me it's going to take me more than an hour to clean that place up i used to do it myself in 15-20 minutes at a rapid speed right so i used to be the guy there super overprotective want to see everything i tore my acl playing ball went to went to the hospital and they was like yo you're not going to be able to uh do nothing for the next you know no acl seriously damn you on crutches for the next 30 days minimum 30 60 days i'm like yo i got a business to run luckily i was a business owner because he was like yo you got to tell your job you can't you can't do nothing on your legs i'm like lucky i'm a business owner that's why i tell people it's important to know how to make money more than just from your hands you got to learn how to use your mind as well so while i'm sitting there um i just start thinking my wife and my mom it wasn't my wife at the time my fiance is running the spaces they setting people up they breaking it down i'm like yo this is too much work on them like this just i can't be having to do all this work so i literally sat there and i had an epiphany and the word just came in my mind that said all to me i don't know how it came on there and i said what did that mean i'm gonna have everybody moving forward sign a contract that they're required to give me my event space the same exact way that we gave it to them so now with this automate process everyone signs a contract you have to read and we tell them because we're offering this event space to you for so cheap it's required for you to do the setup and it's required for you to do the breakdown so when you come inside of our venue it's just a blank canvas chairs our neck chairs are over there tables are over there you set all those things up and you break all of those things down and we're being very clear on the contract and when we're communicating this with them so they are aware of this so now they're setting it up and they're breaking it down and returning it the same way that we gave them or they lose their security deposit so now i just send an employee in there at the end and it depends how we're working he just comes sweet mop and prepare for the next event for that quick turnaround time so essentially we start automating everything by making them do and then we give them a lock box code to go get in if we can't get there in time so now they go there and now they go there get in with a lock box they set it up and they break it down give it back to us the same way that we gave to them and now we're running that play over and over again and the same employee i tell people to hire one employee go 18 or 21 year older you could pay them anywhere from three to five hundred dollars a week to run your location and again when you're running the microspace under 3000 square feet you can use one person two people may be ideal but one person is sweet so what i tell people is that's how we run it that same one person they work our open house on tuesdays they work our open house on thursday so they handling booking people with and they're also the person who clean up the venue if you hire a cleaning service when y'all do airbnb uh they always add the cleaning service 125 85 200 that same person now is also clean so now that one employee now is cleaning they're doing the bookings they're setting up events that they need to they're breaking down events and they need to one person and then you got a virtual assistant which we hire you can go to onlinejobs.ph to pick one up or virtual assistants on demand pick a va up they run my entire back office they do all the instagram posts they do all the posts on craigslist they do all the marketing posts they answer all the phone calls they do all the contracts they do all the texts so you can have a two-person operation and the va gets paid anywhere from 500 to a grand a month they're paid off off of one job yeah so now we run this whole auto that's how i don't show up to my events but i had to go through some pain i had to tear my acl to sit my butt still to make me realize oh crap so how time consuming is this right so if i'm starting this business i'm a full i got a full-time job right i'm a teacher how much time am i going to need because that's the number one thing that people always tell me i don't have time to do this so i wish i had more time how much time is needed or do i have to allocate to actually get this thing off the ground and get it going yeah so for me i'm gonna be honest when you first start and i'm recommending that you be there for those 90 days like you've given as much energy and effort you can to the business and the reason why i recommend that is you need to know how it works you need to know how to set it up you need to know how to break it down in the first 90 days i recommend having as many free events as possible because free events they those individuals are your marketer the real way i got the churches i got because they came to one of the events that we had and someone talked about and we found them that way but if you never got these people in your building amateurs make money on the front and experts make money on the back and get people in there for free give everybody a fire about what you got going on so they can come back and see what you got going on so what we essentially did was um that's how we started we just have a bunch of free events but to answer your question um i recommend that you're gonna have to put some time when you get off your work get off work at night you need to be showing up you need to be working your open houses so i would say anywhere from 10 to 20 hours a week but you can hire somebody but i recommend you don't hire somebody until 90 days till you know the business but weekends that's the busiest time friday saturday and sunday but once you start setting up the auto process you can if you don't hire an employee just send a cleaner to set to clean those things up in between the switch but i do recommend starting out you need to have somebody there if that's not going to be you but somebody needs to be there and i recommend you never get a venue past 45 minutes from where you live it because a lot of people yo i want to start i'm going to open this joint up in new york but i live in philly no because you don't if you don't have nobody reliable or a partner you need to be able to get to your venue for 45 minutes i really like 20 to 30 minutes so i would say starting out it's front and loaded once you get the space up and running everything else is the easy part so it could take you a month to get it up and running so you need to be able to put some effort into it um but once then once you hire those the va and the one employee told you i've i only been to my spots a few times in the last year literally so how much money can somebody make off of this like you know i guess it obviously depends on different way you're at geographically but typically on average and somebody's going in they got your event space uh formula where it's like 50 people to 100 people max um and then you know decent location what can i expect to make so you can expect what i recommend a lot of my mentees that 50 to 100 on the low end i'm talking about just in philly we're getting a minimum of seven hundred dollars per event to a thousand dollars an event on a very worse end if you just do an event on friday saturday and sunday at 700 this includes no upsells did this include no no chair rentals just including no up lights this include none of the extra things that you could just keep tapping on and increase your income let's just say three events to 700 is 2100 a week let's say you do three events at 500 is 1500 a week 2100 time four is like 8 500 or 8 400. um so it really depends on the amount of effort but that's the low end if you start doing events friday saturday sunday and do you have those two that one anchor church and two of your own events whether you do it yourself or you partner with somebody it's it could be i i tell people safe because i i tell people safe you can make five thousand and ten thousand profit a month that's my goal with people i want you to be able to make five to ten grand profit every single month i have uh mentees one tanisha she's in atlanta she's making 25 000 a month running her two spaces as a full-time teacher yeah i have corey he's making fifteen thousand dollars a month in philly um he works full-time as like a nurse assistant or something like that so the numbers all vary i had mentees i just showed you a post he just started last month his first money did 6 500. so and he got 750 square feet which is relatively small so it really depends on your effort but i tell people my goal is for you to make 5 000 to 10 000 a month profit my last job i made 1500 a month i worked 220 hours to work 40 hours a week i already get there hour to get home hour to prepare is 55 hours a week 220 hours a month i was making 1500 a month now only gotta do two events so people could replace their job income with you know one and two events a weekend if they start hustling and really putting the effort in that was my next thing it was like i know you're in atlanta yeah and so you know circle ceos shout out to all the brothers and several ceos y'all got a lot of things moving atlanta yeah that's the next move are we expanding to other cities yes i i wouldn't expand to a city right now that i'm not in that's still i'm still following that model unless i'm partnering with somebody who they're going to run i'm i'm literally looking at atlanta but i'm thinking about running my museum play so i'm thinking about and if we got room for another space we'll run that as well so you're going to get an event space and now that's going to be a museum no you know i talked about the theme rooms oh okay okay okay everything right now you know i'm heavy on instagram we need that's a whole nother thing when you started talking about the ads i'm like if y'all don't follow neil on instagram that's a whole nother thing but everything right now is go how can you make things instagramable people want to share and that's like fire stuff that the ladies would eat that stuff up what is it so what is it you ever been to a trap museum no no i haven't heard i know what it is though so basically you'll go in there just say we're we're in the office right now this is the rb our rmb room right here so now we got a picture there that's one room you sitting right here and now you're in a podcast studio you're sitting over there now you wouldn't you wanna you want a bubble bath filled with bubbles you go to this section it's a private jet so now it's a jet chair that appears like you're on a private jet but all these are different themed rooms so now you got all these different pictures you can use for your grant and just look you know the gram is like how can you just people want to be flying like i got you know what i'm saying like how can i stop somebody says lambos yeah so so the idea is it's almost like it's a pop-up museum but we would make that staple a staple piece and charge 25 35 a ticket and make it like a unique dope experience but it's just another form of running an event space yeah that's interesting yeah um liquor yeah that's a big thing even when we was going to philly i remember there was an issue with that i forgot but it was like um he was like you can't bring you can't sell you can bring liquor but you can't sell it yeah then you can get like a bar like if you have a bartender come in then technically you could use their bar license how does that one go yeah so for us one of the things i don't teach people how to get a liquor license because i don't i don't teach anything i don't do yeah personally so i don't know the exact steps on getting the liquor license um i know it's a little bit of work you could get it done but we recommend byob but you do have to have like insurance for that particular event it's like 175 where people can go ahead and serve their their own drinks you can't sell it though at all so but you can do a b wild b and they could serve it in that way they can serve it but you can't anymore selling no tickets that's like that's a liquor license it's illegal yeah that's the way people might do it i don't recommend it and i don't do it so what are some other fees right so you i know you just said there's a a bunch of permits that you have to get what are some of those fees that the average person coming into the space wouldn't know that they should be prepared for when to get into this people for sure first my last my security for sure you need to get a million dollar insurance policy just because you want to be covered for any liability and that scares a lot of people it's like a hundred dollars a month seventy seven dollars to a hundred dollars a month depending on what company that you uh what company that you work with um of course your your all your bills just think about it yet like your your household bills are your same bills for your event space electric gas water electric gas water and again you use permit again you do have to do the research for your city every city requires something different a different use permit for you no i'm saying every city requires something different to operate eventually so you do need to go to your municipal building and find out hey how much is a use permit they normally a couple hundred dollars or they're not not crazy then you may have to firm a certain paperwork with that um but it's simpler than than it then it seems but you do want to make sure you're negotiating the contract right with the landlord one mistake that i made on my last space um everybody make sure you add this clause to your lease is called first writer refusal and what this happens is if someone so they sold my and not many people know this they sold my event space my second one like right under my eyes like why are y'all coming i was ready to buy the building right right and i wasn't ready and i'll tell people how they can buy buy a building too but i wasn't prepared to buy that building at that time that i got it so you add in a clause in the first writer refusal so if they do sell that building they got to come to you first and mention it to you before they even mention it to put it out on the market so now oh i'm prepared to buy it now i would abort the building if they would have told me they didn't even tell me because i didn't have that clause inside of my lease so making sure your paperwork right is also important some people rushing these these leases and these paperwork and make no sense like you go and go get a spot the 6500 a month i tell people all the time if you can't cover your rent within two weeks that spot you shouldn't even be thinking about it so for example if you're renting sixty five hundred dollars a month and you're charging a thousand dollars an event and you're only doing two events a week it's all it's an automatic cancel because it don't make sense so i tell people all the time you don't just get in make sure you know what you're doing before you get in this game yeah i'm making money but i had a whole lot of mistakes that i made a whole bunch of trial and errors but now i've been able to streamline and figure it out that that that works for me and everyone that i show simply because you got to know what you're doing you gotta know how to negotiate you don't want to get the wrong spot yeah what's some of the biggest mistakes that people make in that event space one paying too much rent like they're they're they rush like oh i found one like they'll they might listen to podcasts go find one tomorrow bet i'm in it they didn't think about area they didn't think about marketing they didn't think about they didn't think about like what it's going to take to get people in my building that's why i tell people to free events initially a couple other mistakes they make is um if you got neighbors like they have indeed like one of my earlier on mistakes i make is bringing in the dj so you bring in the dj and if you got neighbors upstairs or next to you and you super loud now you just got somebody complaining all day they trying to get you up out of there so i had people that had to leave their space because they kept getting noise complaints they kept calling the city they kept calling the landlord and they got them out of there after they went and got this whole space up and running so i'm telling you go meet with the neighbor go meet with the landlord go play music that's why i recommend the sound system because we control that our sound system locked in the box you control it with your phone now you plug your phone in you turn it up or down based on your phone but we got it at a max level and the other thing that i personally like about it is in the last two years in the last you know two since one location we're on four or five years the other one three years the maintenance is crazy there's no maintenance because you gotta think about it people are only coming in for six hours the most use they're doing is flushing your toilet and you gotta do a repaint every four months around your building guess what they're not living there they can't stay there it's no furniture for them to lean on the worst thing you're doing is leaning on my walls maybe flushing something that don't belong down the toilet so your maintenance is minimal that's why i really love the game it's got me debt free but like it got me debt free and retired my mom and wife because i started making 700 per event the velocity of money started being crazy compared to just that one door that i had at that time so in terms of marketing i know you said bringing people in for free was a good form what are some other ways that you use or you know that is successful for people to market so google ads is good because most people who are running the event space aren't running google ads um posting on craigslist is good posting on facebook marketplace is good um allowing influencers to use your space in exchange for a testimonial or a mention just getting as many people the game is i tell people the first 90 days get as many bodies in the door so we had 50 events and everybody bring 50 people 50 what's that 2500 people who came in my building and guess what i'm doing at the end i'm giving a flyer to everybody hey 10 off your next event 10 percent off your next event another thing that people don't do they don't send direct mail to really send direct mail like a postcard is expensive but when you go directly to uh the us postals website you can do something called direct mail where you're sending a postcard for pennies so now you're doing direct mail and you can cover the entire zip code that you're in and send a blast to like 5 000 people for maybe a grand let's do the math on the grand if only one percent or 10 percent of those people with 5 000 book which let's go one percent that's 50 people on that thousand dollars even if we do a half a percent that's 25 people average event 500 to a thousand dollars so you just made that money back but i tell people every time you get somebody in your door they're a marketer for you and one thing that worked for us is we used to run instagram ads specifically to they just see our venue um it's a picture of our venue and with slides of all the different events we had and when they're looking at all the different slides and the different events that we had they can't like it they can't comment they gotta dm us so now when they dm us i got a quick reply already ready thanks for your interest and we're only letting women see this ad from 21 to 50 or 60 because guess what it's not too many men calling us booking the venue unless they have an event like you're having they not calling and booking the venue so i'm only letting women see my ad and you're getting that ad done for pennies you know man i'm paying like 5-10 bucks to get people to respond to me but if they book an event it's 700 to a stack event for what we do so when did you get into education like teaching people this stuff i got an education with this like two years ago so i did it for three years first like i don't even know what made me getting that one of my mentees saying she was the reason she told me i don't even remember uh shoddy what made me do it but when i got some success about it and i'm the guy is i don't operate with a scarcity mindset like most people operate on so i don't mind sharing the information i can share this because i don't want to have a space technically in new york la i don't personally want to have in every city in the world why won't i share this now i got people all over the united states with space just following my same blueprint getting them financially free so i've been teaching people i want to say for about two years just giving them the game on the business credit the credit just how to find these things how to automate them just get it done because i know what it did for me so and then sorry so talk about the program that you have as far as actually walking people through the step-by-step process um and getting them up and running and getting the resources that they need things of that nature like what's the what's the deal with that yeah so we created a program it's funny because i stopped for the last four months so this is essentially like me talking about this first time i'm bringing this back but i i with the pandemic happening i said yo i got something better for y'all instead of me only showing you how to get event spaces i'm gonna show you how to make money with throne chairs i'm gonna show you how to make money with the letters i'm gonna show you how to make money with fog machines i'm gonna show you all the different ways to make money in this in this billion dollar industry so pretty much our program teaches you how to find a location how to fund the location and how to automate the location so that's our full thing we give you all the business credit you need how to build business credit even if your personal credit isn't the greatest how to get your personal credit right how to find a location how to do partner deals we show you even how to go start and i mentioned earlier on how to go partner with a venue before you even get a venue how to go partner with a hotel so start making money almost immediately once you follow the place so we give you everything we give you all our contracts we give you our leases we let you see our leases so you know what they have in the lease what not to have in the lease um you get 30 40 pass coaching cards that we did i used to do a call every week breaking down everything for you so i pretty much answered any question you could ever think about in this game on making your money so i just streamlined the process because i don't want somebody to go we all know your biggest expense in life is what you do not know i don't want you to take six months or a year to figure this out first seven years in my business i was doing junk removal moving things that i couldn't scale so now like y'all i got to do something that starts sharing the game out there it's helped me so yeah full blueprint that's stumbling um shout out to 19k he said something that was really pretty and it was like everything that the school system didn't teach has provided entrepreneurs an avenue to actually teach and even bigger than that like even just not even blaming the school system because there's so many different new things that have come into play that just recently popped up and event spaces is not new but nothing new under the sun yeah but the way that is done business-wise has constantly changed and evolved so like you said as far as like the grubhub play like that's new like ghost kitchens are new things of that nature like so it's like i i'm a big fan and i'll never forget when mark cooper told us that he buys online courses and all that stuff and it's like a lot of people like look down on education but it's crazy because it's like you look down on the entrepreneur that has education but you buy books all the time yeah what's the difference if you you're buying a book because you want to learn information or you're going to school to learn and it's crazy because school is something that is mandatory yeah you legal you literally have to go to school if you don't they have truancy cops yep that can actually lock you up yeah and i said you get in trouble if you don't go to school like what i'm saying so it's like you're forced to go to school at least through 12th grade and then a lot of people invest in their education whether it's junior college whether it's two-year degree whether it's a four-year degree master's degree doctorate degree they're paying for somebody to actually educate them so they can fast-track their growth but now we're in a different economy where that still has a place but all of these things you can't learn in school you can't learn in college no matter what college you go to you can't learn about event space business you can't learn about you can't learn about airbnb you can't learn about toro so it's either one or two ways that you go about it you just google your life away and youtube your life away and figure out on the fly hey god bless you if you want to do that but you're going to make a lot of mistakes no matter how much information you get or you invest in education and shout out to my jason that's very important the model of school is not the problem it's the information that they're providing that's the problem right model's actually pretty pretty solid you go to school it's structured there's different classes you have a couple of years you have to take tests you have to that model is something that can actually work it's the information that we're being taught yeah earth sciences yeah astrology it's not has no real world use case so this is something that whether it's like i said whether it's him 500 whether it's maddie j whether it's alex good energy with trucking or whether she would have been space i always just love to hear these stories because it's like you can just listen for all of the free information but if you really want to take it serious i'm not gonna just throw 25 000 at something without paying a couple of thousand yeah to actually know i got some security blanket yeah yeah it makes sense to me yeah look at the us right so in the last two years personally i don't know many people have done it i spent 225 000 on personal development just joined the mastermind for 55 000 joining another one for like 40 000 like i am making it a point to learn fast like i do not spend time i'm in the room the other day and i'm like man if i want to start this earlier on someone told me they started their business in oh six well we started eyl and old six huh like but i don't know about i know i didn't know any of this stuff exists i didn't know you could get do the internet in 06 so now i'm paying for information but the return is is unbelievable about being able to change your life so that 225 i have no clue that may be way more than that because i'm learning from someone who actually did it like you said and i was listening to a podcast you're learning from someone teaching business 101 who don't own a business it don't make that don't even make practical sense yeah we just i just had the discussion man shout out to jason reynolds i i i was in education and it was the question i always had was like if i'm inside of the system that is not working then i'm complicit and i said we're gonna have to figure out if this is gonna be indoctrination which is the things that they we know that they don't need to learn versus actual education and he said something very brilliant and i think that's what this is this platform and everything that everybody else around us is doing is we're changing the doctrine yeah that's what we're doing we're changing the doctrine to a point where it's like these are the things and we're telling people and so when people are investing in the new doctrine they're only helping themselves it's not i don't even know if it's about even being complicit because it's out of ignorance if you're most teachers are ignorant on a lot of different things they can't teach themselves on and and that doesn't even mean in the negative connotation ignorance is just i don't know yeah what i'm saying it's bigger than even being complicit you can't you don't have an option if you don't know i can't i can't teach you about starting a sports franchise because i never started a sports franchise yeah i'm speaking in a sense of like i know yeah and i know that they're not getting the information you know what i'm saying no but i'm at my own personal level the teachers are not equipped to teach this that's what i'm saying so it's whether they are complicit not complicit there's no teacher in that university in that public high school in that private high school nine times out of ten that can tell me how to start a podcast because none of them have started podcasts so how can you teach me about something that you never did only that you can do is theoretically do it by just listening to other people their life experiences and their stories and then paddling it together and saying this is a a file of everybody else's experience and this is what you should do which could possibly work as well but there's no better teacher than either experience or firsthand doing knowledge and something that a wise person learned from their mistakes but an even wiser person learns from the mistakes of others yes and it's like you're never paying a mentor you're never paying a coach for something that they've done you're really paying for the mistakes that they made because those mistakes will cost you millions literally bro lip and tom tom and millions but we got to start understanding that time it's called opportunity cost the reason why i've got that money i'm trying to get there fast i'm gonna spend a year trying to get here when i could get there in three months i want to start a podcast this is that blueprint that needs accelerating how much do it cost accelerate the grade yeah a lot of people ask they ask the wrong question how much does it cost you got to start asking yourself how much is it going to cost if you don't do it you want to pay both ways you want pay to learn or you want paying mistakes like you gotta make a decision which one of those is more important for you yeah so with that being said you know it's always whenever we have somebody on we always get like we try to get special discounts lowest on the market for their courses or their educational programs shout out to josh shout out to him 500. his 500's program the only cheapest place you can find to this eyl if he changes it i'm gonna kill him [Laughter] so but uh but now shout out to all those guys that obliged doing that man i think it's a it's an even trade-off you know we provide the platform you know we always try to add as much value as we possibly can to our supporters they're the ones that actually propelled us to this level so you're listening to the podcast you can just listen to podcasts so then get free information and you can probably be obtain a certain level of success or if you want to invest in it then you can invest in it we don't make anybody do anything but we just give them as much resources as we possibly can so with that you gave us a special discount that's that that's like a real 50 is just 50 off and that's you know a lot of time people just say like 50 off but they price it in sort of 50 off but there's no other place right right yeah this is it yeah and listen i want to do something else that i hadn't even talked to you about everybody who does make the investment i'm going to give them because we need to talk about social media we don't pray but that's another thing i do but i don't want to be the guy that do everything i'm going to give them my social media of course monetizing instagram as well just anybody will get it from eyl only you i never did only to get down at that site that course in itself there you have it 50 percent off and social media course is very important because part of growing any business is social media i was just having this this conversation with my training today and i was telling them shout out to rich i was telling them like how to like you know different points on growing his social media and we had like a half an hour conversation i was telling him like nobody's doing anything really different for the most part and he was like i'm like it's how you capture anything like what do you mean i'm like i take a chef right on social media that has a half a million followers he's making meals but he's not really making any meal that you know your grandmother didn't make your wife didn't make you didn't make like everybody millions of people are cooking every single day what he or she is doing is actually capturing it and making it visually appealing yeah and now it's like instagram yeah it's like cinematography and that content creators have to be treated more like directors and composers yeah people think it's easy to make content it's not and it's like i was telling him i'm like look you're doing workouts there's a lot of people that work out every day that what you're doing is the easy part yeah capturing it and putting it out there in a manner that's appealing that's going to get people's attention that's the hard part and then look who you're doing it with you also need to show that like he's working out with you that's not you that guy you know i'm gonna say it so you gotta also show your clients and that's the testimonial if i'm working with him oh yeah he must be the truth they know you oh he'd take his work out seriously yeah like you know yeah he's working out with him you must be that truth so yeah people aren't modest housing social media bro they have to start like most people are on it all day long but they're not making money from it like i want to be on it all day long and generate income from it so you got to learn how to do that so e y l e u dot com yeah e y l e u dot com is 50 off specifically for those in eyl as well as you're going to get the entire social media course something i haven't done and i was just talking to shoddy and troy like this is like the rebirth of our program all new stuff like so many new modules where you're going to learn not just event spaces but we uh i had a lot of people say oh what about the pandemic all right cool i'm going to show you how to make money as an event plan i'll show you how to make money with the throne shares i'm going to show you how to make money every area of the business so we're not just talking about event spaces so this is the first debut of that brother right here there you have it ladies and gentlemen it's always gonna be it's gonna be one of those you know nina's always gonna be prepared america's opening back up and like i said this is this is one of these businesses where you can start um it's local to where you're at it's not something that is rocket science it's something that's practical people's always gonna have baby showers people's always gonna have you know meetings people's always gonna have art showings the mml space like you said uh i forgot to show them how to do it the buy way if you don't mind so the what how to buy one as well i forgot about that you want to talk about that before we go like yeah yeah because i'm thinking about like i didn't get a people here let me know but one other model that i tell people to run is the 203k i heard about that yeah yeah sure mg talked about it but of course my second location is at a commercial location where it's commercial on the bottom it's four units up top make shoes properly mix use properties so everyone here reach out to your realtor let them know you're looking for a commercial down about them and you're looking for up top uh as a dwelling so this is called a 203k loan where you only got to bring up 3.5 and that also can includes the construction so you can go and find a location that still needs improvement you improve the entire bottom for your event space you live upstairs and then you also rent up the floor above so now you got a free living space and now your event space is producing enough money to pay for everything so if you find a venue at let's just hypothetically say for sake of easy numbers for me doing that 200 000 and then with the construction i'm making this up i thought it would be this much but let's just say it was a hundred thousand now you you're coming to the table with three hundred thousand ten percent of three hundred thousand is only thirty grand so now you only gotta put three point five percent plus closing costs you might come to a table for an uh all in twenty grand cheaper than i came to the table for my 24 my second experience so now you just acquired a new home to live in for free so now guess what i can't get noise complaints because i'm going to be the attendant on the second floor so if i am getting noise complaints i can just call down like you gotta lower it down so i ain't gonna get no complaints about that and now you got someone also living on the third floor and then you got the whole commercial space so that's another place somebody can run so this is good for somebody who never used the fha tell them to look for a commercial space and now they can run that play whether you do the lease or whether you do the rehab is cooked in and the rehab is cooked in so now you might walk out of the door with 20 grand and you got a new place to live and a rental uh you ever thought about i know that you're leasing the spots but you ever thought about you know what i'm gonna be the owner of the building and then do it i did this model earlier on because one at the time when i got my first one five years ago my credit this is the way you're getting your credit don't gotta be they didn't check my credit they never said let me see your credit report so they just wanted that money i gave them that first month last month security and i was in the game so this is a way i don't want to hear the excuse i don't got credit you can come up with first month last month security and whatever the improvement costs are and now you're in the game and we do something else where you can also crowdfund i mean not just crowdfund ask people to just donate we got a model where my sec one at twenty four thousand seven grand that was free people donated stuff they donated tables they donated chairs they just wanted to help out and i offered them a free event whenever the space got up so now you can run that play where they're donating but it's going to come with i'll give you one or two free events so um now we look we we can buy the builders now so now we are looking into buying the buildings now because now we're in position but i don't want that to be excuse for someone else everybody who's pretty much doing airbnb they're running the same model they're not buying the apartment buildings they're releasing it so you could get in without i don't got to come out my pocket 100 grand right to buy 20 on 200 000 it's 40 000 the everyday person don't got it the everyday person can find a way to get up to 20 000 if you want you're gonna find a way you can find an excuse so that's why i run this model choose there you have it ladies and gentlemen once again e-y-l-e-u dot com 50 off of the program which teaches you everything what you do and also includes the guide to social media let's get it how to monetize how to get it popping yeah mandatory in 2021 man if you don't have social media you're doing yourself with your minister service and if you have social media you're not actually using it to actually grow your brand i don't know what you're using it for facts um what would you like to tell the people yeah you'd like to leave them what yeah i would leave everybody here listen man information is only good if it's used i don't want anyone to make this investment they're not going to use they say only seven less than seven percent of people use it i want y'all to be the seven percent use the information but more importantly continue to chase after your goals and your dreams stay committed like whatever it is that you want you can have but it first starts in your mindset with the belief system and the second thing i tell everybody do you got to identify your why why are you doing what you do every single day i wake up on purpose because i got a mom to take care i got a wife to take care i got a bunch of employees to look after so i got a reason that i'm doing what i'm doing and what we are we're earners here so it's all about wealth and creation so keep that in your mind if you're looking at this ask yourself where you want to be in five to ten years and do whatever it takes today in order for you guys to achieve it it is having information on us application on you that's it you said that bro that was cool and just check me out on instagram y'all at neil diviso troy housekeeping items yeah shout out to everybody on patreon.com as you know that is our proud to pay program all of our top tier tier five members have access to eyel university the number one place for business education so shout out to all the earners that are part of that shot everybody that's in the facebook group all the clubs in the facebook group the clubs are that we got over 11 clubs and and we got a bunch of events that are happening so shout out to all of y'all that are part of that and uh shout out to everybody that's supporting the merch i know my boy neo wasn't a chopper yeah at least once or twice a week man neil is one of those guys we have to ask man anytime he gets a chance he's always appointed so shout out to everybody that's doing that and tagging us it's important as well we greatly appreciate it yes thank you guys for rocking with us we'll see you next week peace peace my graduates from my school being forbes back drop back drop my drop back drop bye

Channel: Earn Your Leisure

Views: 90,330

Rating: 4.9596291 out of 5

Keywords: earn your leisure, business, finance, Marketing, Event space business, Neo davis, Circle of ceos, Nehemiah davis, Entrepreneur, Business

Id: 6n_oNQ-gzEo

Length: 88min 36sec (5316 seconds)

Published: Tue Jun 22 2021