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Running a Profitable Wedding Business

Profitable Business

We had another great Twitter Chat last night on #WedBizHour as we talked about how you can run a profitable business in the wedding industry. So many times when I talk to planners, stylists and designers they haven’t really given much thought to the business side of what they are doing. Things like pricing have no actual structure and are just number that have been plucked out of the air. The sad thing about this is that no matter how much you love what you’re doing if you aren’t making money it is a hobby and not a business.

There are some great tips we shared last night and for those of you who missed #WedBizHour we have listed some of them below and for those who are looking for the full transcript with all the great information shared you can download that right here too…

  1. Rule No 1 don’t take every opportunity you are offered. Keep the focus on your niche area & don’t try to diversify too soon.
  2. Don’t try and spread yourself too thin by being all things to all people. Be an expert in what you do & find your niche.
  3. Too many brides and not enough time? You can’t market to every bride. It’s that simple. Don’t dilute your message.
  4. Don’t cast the net so wide that you don’t catch anything. Find that area of weddings & events that you love & study it.
  5. You need to have a clear vision & stick to it. This vision will grow & develop over time but it will always be there.
  6. The vision for your company should not be determined by what others are doing as you’ll limit your potential.
  7. New ideas and businesses can be very addictive and exciting, but I urge you to take the time to do your business plan.
  8. It is imperative to understand how to price your services for profit otherwise it is just a hobby & not a business.
  9. Don’t focus on what the competition is doing instead look for the differences between your two companies.
  10. Maintain your business vision, revisit your goals regularly & don’t limit your company by comparing it to the competition.

Next week we will be chatting about how you can prepare for a meeting with a client so make sure you join us from 8-9pm GMT every Tuesday.

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