How To Make Money Off Events with Gilbert Welsford of Sparks Entertainment Episode 134

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Business, Entrepreneurship

4.6 • 701 Ratings

🗓️ 23 January 2016

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ep 134 Gilbert Welsford of Sparks Entertainment joins Nathan.

YOUR $100: Remember to subscribe to the show on itunes then text the word "nathan" to 33444 to confirm that you've done it to enter to win $100 every Monday on the show. Do this now. Stop reading this and do it!

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3 Key Points:

Create authentic relationships.
Rent capital equipment at 10% of the purchase price.
Don’t shy away from businesses with large, up-front capital expenses—they payoff is there if you’re patient.

Episode Notes:

01:00 – Nathan’s introduction to today’s show
01:28 – Sparks Entertainment
01:53 – A creative lighting company for events, tours, etc.
03:50 – Fees range from $2k to $150K
04:05 — $100K worth of business in September ‘15
04:35 – Spark also does Audio/Visual engineering, and staging
04:54 – Spark does a LOT of corporate events
05:30 – The client acquisition process
06:22 – Costs involved in the business—very capital intensive
06:39 – Profit margins for 1-off events are roughly 70 to 80% but that does not account for capital expenses
07:28 – Spark is still in high-growth mode
07:55 – Rent equipment out at 10% of the purchase price—so items are paid off depending upon how quickly they are rented
08:35 – Growth—what it looks like
10:14 — @GilWelsford
11:23 — Famous Five

Famous 5

Favorite Book?— Think and Grow Rich
What CEO do you follow?— Steve Jobs
What is your favorite online tool?— Google Docs
Do you get 8 hours of sleep?— Yes
If you could let your 20 year old self know one thing, what would it be?— Slow down and enjoy college…you’re going to be able to do “it” (whatever that “it” may be) eventually

Resources Mentioned:

Growth Geeks – The way Nathan hires growth hackers on a per project basis for things like info graphics, blog posts, and other growth projects
Think and Grow Rich – Gil’s favorite business book
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The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).

Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries.

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Transcript

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0:00.0	This is the top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base.
0:09.0	You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have.
0:16.0	I'm now at $20,000 per talk.
0:18.0	Five and six million.
0:19.0	He is hell-bent on global domination. We just broke our 100,000 unit sold mark Five and six million. He is hell bent on global domination.
0:21.2	We just broke our 100,000 unit sole mark.
0:23.9	And I'm your host, Nathan Latka.
0:27.7	Okay, Top Tribe, this week's winner is Charlie Dags.
0:31.7	Okay, he was a middle manager at a manufacturing company.
0:35.2	He wants to break free, and he won the $100 I give out every Monday.
0:40.0	For your chance to win, simply subscribe to the podcast on iTunes right now, and then text
0:44.7	the word, Nathan, to 3344 to prove that you did it.
0:49.8	Coming up tomorrow morning, we hear from Hampas Jacobson.
0:52.4	He sold his company for $150 million to Blackberry and then got the hell out.
0:58.4	Okay, Top Tribe, good morning.
1:00.6	Today I think you're going to love our guest.
1:02.3	His name is Gil Wellsford, and he's a passionate innovator by heart and loves entrepreneurship.
1:07.7	He co-founded a production company at the age of 21 and four years later has offices
1:12.1	in New York City, Philadelphia, and Washington, D.C. He is a mentor to young emerging entrepreneurs
1:18.2	that he meets through an organization he founded and is now the alumni board for called Society of
1:23.1	Entrepreneurs. He loves ice cream, food, and ice cream. Dale, are you ready to take us to the top?
1:29.3	Absolutely.
	...

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