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§ Printing Services
Printing services are a virtual commodity – printing technology is such that the quality of the final product from one service provider to another is virtually indistinguishable. Given that the printing industry is very competitive, the spread in prices quoted from one printing company to another can be quite dramatic.
In such a highly competitive environment, it's common practice for printing companies to pay finders' fees to people who refer business to them. With as little as three or four reliable suppliers, meeting planners can readily position themselves as resellers. [See: Reseller Model]. Of course, as a reseller, there is no avoiding the due diligence requirement in terms of verifying any supplier's reputation for delivering a quality product by the agreed upon deadline. How well meeting planners do as printing services resellers will, in the end, hinge on the business relationship they develop with the printers they choose to do business with.
Also, like any other product or service for which a purchase is being negotiated, it's critical to get all specifications nailed down before quotes are requested. [See: How to Buy Printing].
§ Hotel Accommodations – Destination Management
There are many aspects to destination management that lend themselves to earning referral fees as well as markups on products and services. The most lucrative and readily available of referral fees are available from hotels who are prepared to pay a commission on the number of room nights booked by delegates in their facilities.
Meeting planners can negotiate a wholesale rate (sometimes referred to as a corporate rate) with hotel facilities. This wholesale rate is rarely made available to a meeting planners' clients. It is paid out to meeting planners as an incentive to encourage them to refer or recommend their clients to use a given facility. The commissions paid can add up to thousands of dollars (or more) depending on a group's size and the number of room nights booked.
§ Directional Signage
§ Trade Show Space Commission Sales
There are two major reasons why meeting planners get involved in the trade show business: generating income for their clients; and, generating income for themselves. This business line lends itself ideally to the establishment of a separate business within a meeting planner's practice.
The greatest income opportunity for meeting planners in planning and organizing trade shows lies in the handling of trade show space sales and associated sponsorships. The maximum revenue potential is generated by taking on the tasks of selling space and securing sponsors on a commission basis, typically between 40% and 50% of gross revenues generated.
§ 'Piece-Rate' Registration Services
This is one task that all meeting planners are quite familiar with. It's repetitive and labour intensive. Though with the advent of online registrations a fair amount of the processing has been 'delegated' to the registrant(s). What labour remains is primarily administrative in nature, with a small bookkeeping component. The point is that the labour component comes at a relatively low cost that lends itself to a decent markup to account for the managerial 'value-add'.
When this service is provided on a 'piece-rate' basis (i.e. so much per registrant) an efficient operation can realize a significant gross profit margin on each registration processed, typically in the range of 40% to 50%.
§ Desktop Publishing and Printing Agency
§ Translation Agency
In multilingual and/or multicultural environments, meeting planners are frequently exposed to translation business opportunities. How to take advantage and profit from such opportunities is mapped out in the CILFO Translations Business Incentive Program. One of the options available to meeting planners is to set up their own translation agency (see the CILFO Translations Official Reseller Model).
Setting up a translation agency within a meeting management practice is a relatively straightforward process: managing the client relationship, i.e. acting as a direct conduit with clients in promoting a translation service; managing the order placement process; and, assuming control, management and responsibility for the service delivery process. Meeting planners who sign up for the CILFO Translations Official Reseller program are guided through the process step-by-step. We have developed a step-by-step Translation Agency set-up guide for meeting planners who sign up.
The income potential is significant as Official Reseller gross profit margins run as high as 15%, or more if a higher pricing model is adopted.
Of course, meeting planners who choose to posture themselves as translation service providers by adopting a translation agency model also acquire the management responsibilities and service 'issues' associated with that role. In effect, higher profitability 'translates into' more service delivery responsibility. Business volumes will usually dictate whether or not the trade-offs associated with various roles or postures are worth the time and effort.
See also:
• Building Additional Revenue Streams (PART I)
• Building Additional Revenue Streams (PART III)
• How To Buy Printing
• Translation Affiliate Program for Meeting Planners
| Additional Information Content in Translation Guides |
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Trade Show & Event Marketing: Plan, Promote & Profit (Hardcover) by Ruth Stevens (Author) – "Trade shows and corporate events provide an efficient opportunity for face-to-face contact with customers and prospects-an essential component in the business-to-business sales and marketing process..."
  Trade Show & Event Marketing: Plan, Promote & Profit is a comprehensive guide, to trade show and event marketing, for the business marketer who seeks to integrate events into the entire go-to-market strategy and deliver a demonstrable return on investment. Every year, U.S. businesses spend over $20 billion on marketing at trade shows, and another $15 billion on proprietary corporate events. But what are they getting for their money? Even the savviest marketing executives often have a hard time answering that question. With Trade Show and Event Marketing, marketers can turn a budgetary black hole into their greatest lead and income generator. Smart trade show and event management can be a company's most important success generator with proper planning, strategy and execution. Trade Show & Event Marketing can be your guidebook to that marketing success.
The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About Itby Michael E. Gerber (Author)
The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It
  The E-Myth Revisited is a guide to success for small business owners. Gerber is the founder of a consulting company for small businesses. In the beginning of the book, Gerber cites the well-known failure-rate statistics for small business: 40% fail in 1 year. Of those who survive 1year, 80% fail in 5 years, and of those who survive 5 years, another 80% fail. Over the years, Gerber has observed that the small business owners who fail often share a number of characteristics, while those who succeed do so not by luck, brains, or perseverance, but by taking a different approach. This book explains the approach that is necessary for a business to survive and thrive.
One of Gerber's most striking observations is that most small businesses are started by "technicians", that is people who are skilled at something and who enjoy doing that thing. (A technician can be anything from a computer programmer to plumber to a dog groomer to a musician or meeting planner.) When these technicians strike out on their own, they tend to continue doing the work they are skilled at, and ignore the overarching aspects of business. Without clear goals and quantification benchmarks, they soon find themselves overworked, understaffed, and eventually broke. Worst of all, they may come to hate the work they do. Rather than owning a business, they own a job, and they find themselves working for managers who are completely clueless about how to run a business themselves.
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Selection of CILFO-sponsored Translation Directories on Translation Classifieds:
∞ Global Directory of Online Dictionaries & Terminology
∞ Global Directory of Translation Associations
∞ Global Directory of Translation Schools
∞ Selected Listing of Online Translation Tools
∞ Directory of Translation Directories, Guides and Portals
∞ Directory of Open Source and Machine Translation Software
CILFO Translation Bookstore
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CILFO Translations Spanish Translation Bookstore
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