Curated Business Ideas

Hello! Greetings to one and all. This is Jack Lookman welcoming you to our series:

Jack’s Curated Business Ideas

Today's topic is

Event Seat Fillers

Endeavor to take notes as you journey through the content. You should also capture any light bulb moments that it may present.

1. What's the idea?

It’s basically about sending seat fillers to fill free spaces or seats at events. This could be physical events or digital events.

2. Is it a new concept?

It's probably not a new concept, but the application in some countries may be novel. In my opinion it has great monetization potential. The capital and running costs are not too great; the return on investment could be high and the business could be run on autopilot or almost autopilot.

3. The Inspiration

One of my friends and colleagues organized a great event. This was probably recorded live on social media by individuals and also by their own organization and might have got some TV coverage. Now, the event was held during office hours; about 80 to 90% of the seats were empty, food went to waste and the sight of the recording was embarrassing; hence it might not carry as much leverage as one would have hoped.

4. What Problem Are You Solving?

Poor corporate image; The example given above could easily be broadcast on social media, TV etc.
The first impression by a viewer could be negative.
If the event is important there should have been a high turnout.
The business could also help massage egos of event planners.

5. How will the business work?

Freelance seat fillers shall be recruited; this could be remotely or physically
You shall put legalities in place as well as checks and balances
You shall do your marketing
You shall have an automated or semi-automated responsive website
You shall build your client-list
You should have a database of clients and freelance seed fillers
You should have your price plan; this shall depend on:

the notice given by the client
the location
the event
the caliber of seat fillers required
regular or new client
etc.

Your website shall have different payment gateways and options and shall be automated
The system shall alert your seat fillers with the relevant requirements and specifications
The seat fillers shall indicate their availability; and the clients shall be automatically notified
You might also have an app to complement your website
Clients may need to register on your app or website; this shall be for free or have the option for a premium membership
Clients shall be notified accordingly; expectations shall be managed and a digital deal is signed

6. Will you require staff?

You don't require full-time staff; your bank of freelancers are your staff.

7. Will you require an office?

You could use your home as your office
You could work remotely or you could have an office. It's up to you but to reduce cost you could start with your home as your office.
I want you to be aware that the main assets of your business are yourself, your digital devices, your digital content, your website, automation, your reputation and trust.
The business shall be more of an online business.

8. What are the requirements for the business?

Business Registration
Bank of freelance seat fillers for different occasions.
Digital devices such as tablets, laptop, smart phone, computer, etc.
A website and maybe an app
Digital training for your seat fillers
Checks and balances
Systems and structures
Booking system
Price Plan
Payment gateways, which clients can use for purposes of payment. You need to put it on autopilot to make it automated.
Bank account
Pricing strategy
Etc.

9. What are the pros and cons of the business?

It could actually be deceptive
It could improve your corporate image
It creates job opportunities
It creates wealth
It creates networking opportunities
It avoids event embarrassment
It prevents wasted food and drink
It optimizes the use of the venue of the event
It adds value to the seat fillers and maybe to the event planners

10. Case Studies

Assuming you are having a book launch for example, and you invited 100 people but only 20 people showed up; meanwhile you are recording the event for purposes of publicity and posterity.

Another case study: Assume you are having an online business event and you invited 500 people, maybe that's the capacity but only 250 showed up.

Another example: Imagine you are having a wedding and you invited 300 people but only about 90 showed up. You may wish to share the video with your grandchildren.

And the list could go on.

11. Monetization Plan

Sale of service
Creating an email list
Marketing and re-marketing products and services to your email list
You could collaborate with event planners
You could create and monetize your app
You could create a course around the business model or business idea
You may also create a sales funnel which shall have a lead magnet.
In addition to your own product and service you may have other products and services which you can actually upsell or down sell to your website visitors
You could have event planning service as part of the sales funnel
You could also explore other business pursuits within and outside your niche.

12. Who does this business model suit?

Event planners
Event professionals
Entrepreneurs
People who are social
Individuals
Entrepreneurial Minds
Business collaborators
Graduates
Entrepreneurial academics
Etc

13. Money Matters

Give some thoughts to the under-listed:

Price plans
Capital costs
Running cost
Monetization
Automation
Tools for the trade
Budget
Discounts
Tax
Refundable and non-refundable deposits, both by the seat fillers and the clients
Digital payment gateways
Profit and loss
Cash flow
Business Investors
Insurance
Costing and Pricing
Etc.

14. How could I raise money for the business?

Generally, this is not a very high budget business; but if you need to raise money you could explore:

Crowdfunding
Angel investors
Family and friends
Loans
Collaborators
Etc
You could also leverage the Profit Sharing Formula App for measured, effective, and ethical profit and loss sharing

15. Will this be a full hustle or side hustle?

It's good practice to start the business as a side hustle; if the business thrives, you could consider making it a full hustle; and as you go along, you could get staff to run the business while you work on scaling the business.

16. Is there a need to collaborate?

It all depends on you; collaborations come with pros and cons.

You could leverage collaborators.
You could combine resources and brainstorm together.

On the other hand:
There could be conflict and disagreements
There could be resentment; especially if one party feels the other party is not putting in enough effort or resources
There could be play of politics.
So, choose the option which best suits you and which best works for you.

17. Is this service for everyone?

The answer is no. It's for the high-end market.

Event planners
Politicians
Corporate events
Social events
And personal events.

18. What opportunities are presented?

Monetization opportunities
Networking opportunities
Upselling opportunities
Job creation opportunities
Wealth creation opportunities
Crime reduction
Collaboration opportunities
It also gives you the opportunity to create your mailing list
Etc.

19. Could this service be offered on credit?

Yes, it could be offered on credit. However, to reduce or avoid unnecessary complications, I suggest that it should be ‘pay before service.’

You should ensure that payments are securely made before the process is started.

It's however your judgment call, if family, friends or trusted associates are involved.

20. Legalities

Consider the under-listed:

Disclaimers and indemnification
Contracts and agreements:

Between business to business
business to seats fillers
business to individuals
Etc.

Terms and conditions for all concerned parties

Refund and cancellation policy
Insurance
Consider carrying out due diligence
Fraud prevention
Consider health and safety issues
Consider having renewal contracts with your Freelancers; this might be after X weeks, where X may be four, five, six or more.
The contract will be a rolling contract and this could be upgraded or downgraded as necessary

21. Could an office and pictures actually add credibility to what you do?

The simple answer is yes; These will most likely help to build trust. It gives concerned parties more peace of mind. Incase situations go pear-shaped, they know where to go. They also get to know who they are dealing with.

22. How could this business be scaled?

If the business is successful, you could replicate it in other geographical locations
You could extend your reach to digital events
You could have a franchise
You could explore niched and other related business opportunities
You could diversify
You could create digital or physical courses explaining the business model to interested parties

23. Marketing Plan

You could do this digitally. It is apparently more cost effective than traditional marketing platforms
You could create adverts on social media
You could leverage digital influencers
You could place adverts (ads) on Bing or Google
You could leverage podcasts
You could leverage bloggers
You could monitor best performing ads and platforms and then increase such budgets and multiply those efforts.
You need to monitor your return on investment as well as your return on ad spend
You could also leverage WhatsApp marketing
You may decide to do the marketing yourself or outsource it to freelancers and professionals

24. Quality Control

You need to have feedback mechanisms in place
Reviews could be made on your website:

for the seat fillers
for the ease of using your website
for time management of seat fillers
and experience of using your service

Feedback could be given by clients and also by seat fillers
You however need to mitigate against competitors or haters

they could give negative or fake feedback.

25. How could you build a reputation?

You need to meet expectations which were created.
You need to deliver on your promises
The seat fillers need to be at the venues on time as practicable and as feasible.
The seat fillers also need to be of good conduct
The seat fillers need to act professionally
Wherever there's conflict you need to manage this effectively, fairly and professionally
You need to maintain integrity

26. Branding And Business Matters

Here are some thoughts to consider:

The business plan
The business name
Business registration
Business legal entity
Business colours
Business logo
Marketing plan
Monetization plan
Tax
Etc.

27. Are seat fillers only for physical events?

The simple answer is no. The concept could also be applied to digital events. They could sign into digital events and add value by making positive and constructive contributions. They shall also act professionally and be of very good conduct.

28. Logistics

Here are some considerations:

Carry out online video or in-person, interviews with prospective seat fillers
The contracts shall be renewable after X months or weeks as necessary. X shall be determined by you.
ID cards shall be issued as necessary
Adequate checks and balances shall be in place
You need to verify their identity
You could leverage social media platforms or the internet
You need to profile them accordingly
Bookings for events shall be in advance
Emergency bookings shall attract higher prices
Systems and structures shall be put in place to mitigate different eventualities.
These shall be updated periodically or as necessary
Regular research and development shall be carried out to continually improve your value proposition
Remunerations to the seat fillers may be the same, or varied
You shall decide on the minimum period, to book in advance; for example clients might need to book at least two, three, or four days in advance
You may request the dress code for the event or occasion so that your event seat fillers dress accordingly
You may request the calibre of seat fillers, for example: professionals, students, artisans, entrepreneurs, etc.
You may have profiles for your seat fillers on file
Ditto for clients
You may also invest in information technology to make the process more effective

29. Costing and Pricing

Here are some considerations:

Individual transportation to and from the event of seat fillers
Dressing or wardrobe allowance
Training for grooming
You also need to consider your profit margin and overhead costs
You need to consider insurance cost
Cost of Information Technology
You also need to consider Training & Development costs

these may be significantly reduced if they are digital

You need to consider legalities

you could either put in legal frameworks yourself or outsource it to lawyers to do for you

You need to factor-in emergency client bookings:

consider multiplying your price by 1.5, 2 or 3 to accommodate these.

30. Resources required for the Business

Freelancers (the event seat fillers)
Digital devices
Relevant software
Website and app
Internet connection
Customer service (freelancers)
Marketers (Freelancers)
Business registration
Capital
Cash flow
You need clients
A database both for your clients, your freelancers and third parties
You shall also need someone to do administrative work; this could also be done by a freelancer or a virtual assistant

31. Events Seat Filler (freelancer) application

Under-listed are some considerations for the application form:

Name
Address
Income
Vehicles owned
You need to know whether they are single or married
You also need to know their interests, for example e.g. sociable, extrovert, introvert, academic and niched interests, etc
How far they are able to travel for an event; e.g. 5, 10 or more kilometers?
Are they interested in having a profit share with the company?
What are your minimum acceptable remunerative rates?

hourly and daily

You could also introduce the concept of affiliate marketing. You could give them a commissions for introducing family and friends as clients and, or seat fillers
You need to ensure that the process is not abused.
They shall not introduce friends who have passed through the system already (Only new applicants)
You need to have systems and structures in place
Terms and conditions shall apply
You need to get references
They also need to provide email address, phone number, and social media links.

32. Client Application

Some of the considerations are:

The name of the event
The type of event
Client / business / individual name
Event date
The event location
The number of seat fillers required
You might include a list and tick boxes
Also the clients need to provide references. You need that for legal reasons and to safeguard yourself and the seat fillers
You also need to have payment methods; it's usually preferable that they pay by debit card, and of course they have to pay at least certain number of hours or days before the event.
You also need to have the contact person's name and details.
You may also ask if they’ve used your service before

33. What skills are required for this business?

You need people management skills
Customer services skills
Information Technology skills
Marketing skills
Training and development skills
Research and development skills
Interpersonal skills
Entrepreneurial skills
Troubleshooting skills
Legal skills
Accounting skills
Administrative skills
Recruitment skills
Etc

34. Disclaimer for the business

You need to protect yourself legally. This is in case of loss of life, injury, conflict, etc
You also need to indemnify yourself against such eventualities.

35. Our Disclaimer

This content is an academic exercise. Though it presents opportunities, business and financial success are not guaranteed.

You need to carry out your due diligence and adjust the idea to suit your business needs. You need to seek adequate counsel, and endeavor to perfect the idea.

Business success demands more than just an idea;

This content is just an idea that requires perfection.

36. What should be the business legal entity?

Should it be a sole trader?
Should it be a limited company?
Research the pros and cons of each of these and then register your business accordingly
It may be good practice to start as a sole trader and then graduate to become a limited liability company. Carry out your due diligence and contact a lawyer or suitable professional as necessary.

37. Business name

You need to give thought to this, and to leverage best practice in the naming of your of your business
The name should:

relate to what you do
it could be memorable
it could be concise
it could be relatable
it may, or may not be in English
It may be a word or more

Some suggestions for the website are:
seatfiller.com
jackseatfillers.com
ijoko.com (Yoruba)
mofejoko.com (Yoruba)

38. Are there opportunities for seat fillers to invest in the business?

This is very possible; and in a very cost-effective and ethical manner to the seat fillers and company. You could leverage the Profit Sharing Formula App and share profits or loss as necessary. You could invest in the range of monetary investments on offer by the business. The profit or loss shall be shared as agreed. Terms and conditions shall apply. Investments in the business could be in cash or kind.

39. Freelancer recruitment

You need to advertise as necessary:

this could be online or offline or both

You need to carry out the interview process via video or in-person
You need to share the list of requirements as necessary
You need to manage expectations
You need to follow up with references
You need to share terms and conditions
Etc
You could carry out the process yourself or outsource it to third parties or professionals
You may also use Jaaloo Puzzles as a means of streamlining the candidates

40. Payment to Freelancers

This shall be made as soon as possible following positive feedback from the client; usually within one to two working days after the event.
Payment shall not be unnecessarily delayed
Freelancers shall be responsible for paying their tax
Money is paid directly into the bank account registered on the system or via other suitable platforms like paypal, stripe, etc.

41. Who pays for transportation to the venue?

It depends on your business strategy; you could foot the transport bill as necessary
You could recover the cost via a deposit which you would have collected during the registration of the Freelancers
You'll need to brainstorm on what works best for you
It is however good practice to pay interested Freelancers as they go about the business, that way you'll minimize disappointment due to non-availability of transportation money
You could also work out ways and means of retrieving the cost

An additional option is that you could charge the client upfront for this and later reconcile accounts as necessary

42. Exit Strategy

Give some thought to the exit strategy;

between yourself and Freelancers
between yourself and clients
between yourself and third parties.
These are possible eventualities that need to be planned for.

Like is said: ‘If you fail to plan, you plan to fail.’

You may wish to end the business or sell it
There may be sickness, death or conflict
You need to have an exit strategy in place.

43. Performance Appraisals

There shall be appraisals for the client, event, venue, seat fillers, etc
You could have a basic scoring metric, for example:

Red for poor
Amber for average
Green for great
Blue for excellent

These metrics shall be filled by relevant parties
You could hold on to money or deposits until this is filled. This helps with quality control.

44. Health and Safety

Below is some food for thought

You need to carry out due diligence
You need to ensure safety of Freelancers
You need to put legalities in place
You need to put disclaimers and indemnifications in place
You need to support the Freelancers
You need to manage risks effectively
You need to have an insurance policy in place
You need to have a code of conduct
You need to have your terms and conditions
You need to have training and development for your staff or Freelancers
You need to have checks on the events, the clients, and the venue
You need to have a compensation plan for the freelancers, as necessary

45. Could the business model be automated?

Yes. Part of it could be automated.
Registration of clients and Freelancers could be semi-automated
Booking of Freelancers could be semi-automated
Accepting of bookings by Freelancers could be semi-automated
Payments by clients could be semi-automated
Information on your value proposition could be on your website - semi-automated
Feedback could be semi-automated

There however needs to be human elements in some parts of the business. For example:

attendance of the Freelancers at physical and digital events
transportation to venues
participation at events
etc.

46. Payment Matters

You need to research and use payment gateways that resonate with your clients and Freelancers
Some examples of the payment gateways are Stripe, PayPal, Payoneer, Flutterwave, etc

For the payment options, clients could pay once, or spread the payment
All payments shall reach you at least 3 to 4 days before the event

47. Risk management

The business model presents different risks; there could be be food poisoning via the event
There could be violence or physical assault
There could be accidents at the event
There could be issues with the integrity of the event planner and their audience
There could be insufficient monetary balance in the client account hence payment reversals
There could be litigation
Your seat fillers may be involved in misbehavior
There may be travel accidents to or from the event
There could be fraud issues with concerned parties
There could be technical problems with your systems
There could be cash flow problems
There could be impactful problems from third parties
There could be technical problems with your Freelancers’ phones
Your Freelancers could have insufficient phone credits hence you might be unable to communicate with them
Etc.

48. Conclusion

This business model could be novel in different countries; it relies heavily on technology and of course Human Resources. You could enjoy a monopoly for a while. There are however no guarantees for financial success. It may take some time and effort for people to key into the business model.

Like they say, change is a very big hurdle to cross. With the right mindset, effective marketing, and willpower, this business model could be accomplished. And once it gains traction, the journey becomes easier and smoother.

The capital outlay may be comparably low. You could raise business capital from the sources mentioned earlier. Generally, in business there are no guarantees. You could however carry out due diligence to mitigate any challenges, as as well as to optimize business gains, and to cut cost.

You might involve collaborators; these could include the seat fillers. You could have a Profit Sharing Formula and leverage the Profit Sharing Formula App.

Like they say, the beginning of the journey is sometimes the most difficult. As you get to know your way, the journey could be easier.

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