Whether you are feeling financially stable or doing well, 2021 is in full swing and it’s time to assess your business progress and look for ways to increase your bottom line. Everyone wants to make more money, but the question is how?
Believe it or not, it’s not that hard – although it can take some time and effort, trust us when we say the brain is worth it! We have learned a lot over the years and even survived the Covid-19 crisis of 2020 to talk about it. From providing additional revenue streams to reducing unnecessary costs, we’ve done it all and we’re here to share some of our best practices with you.
What sets you apart?
No matter how saturated your market is, today all you need is something that sets you apart from your competition. Take a step back and assess the strengths and weaknesses of your business – be honest and give yourself a well-developed idea of where your business is.
However, instead of focusing on the weaknesses, focus on your impressive list of strengths in front of you. These are not only your selling point, but also opportunities to be exploited! Whatever your specialty, take it and run! Embrace your strengths and find ways to monetize them – from speaking engagements to guest blogging, there are a number of opportunities to increase revenue and recognition.
Believe it or not, you can own a hidden income stream without even knowing it. Got a spreadsheet that is hands down the best wedding planning tool? Have you created an awesome template that is easy to customize for any kind of service?
Take a look at the resources you developed out of necessity and consider selling them to other event professionals. Etsy is a great option to open a storefront – you would be surprised how much people are willing to pay for efficiency!
Extend the customer experience
One problem that wedding professionals tend to face is the fact that the majority of our income comes from one-off clients. With weddings, there aren’t any “regulars” to keep business going (at least we hope there aren’t!), But there are ways around this problem.
After giving your clients the best wedding experience, keep in touch afterwards by sending them birthday cards and checking out social media. The stronger a relationship you build, the more they will contact you if they need help in any other way – maybe they will need a baby shower planner or a photographer to help you. family portraits.
If you’re already on their mind, you’ll be the first number they dial! For a relatively small investment, the continuing relationship is certainly worth it.
When it comes to expanding your bottom line, diversification is key. You might be happy with the services or products you currently offer, but imagine the additional income that can come from offering additional services! Ask yourself the following question: what do my clients potentially need and how can I help them?
In fact, the launch of the room block supply service Where are they going to stay? Maybe just a totally awesome idea. Designed for planners and venues wanting to take care of what’s important for their bride and groom.
The art of building relationships
We’ve talked a bit about maintaining relationships with couples, but what about your fellow marriage professionals? Networking with industry peers can reap a myriad of rewards – you never know when you’ll find a meaningful partnership with an industry peer!
Affiliate Marketing appears to be becoming one of the primary channels for sales, lead acquisition, and brand awareness. And companies like the iDevAffiliate offer affiliate extensions for websites on virtually all CMS not only provide the functionality you need but also give tons of helpful guidelines and tips.
It could be bringing in an assistant to handle day-to-day operations or even partnering with a like-minded company for a marketing campaign. You can’t sow the seeds you plant immediately, but you would be surprised at opportunities that present themselves weeks, months, or even years later because of an important discussion.
As the summer season unfolds, be sure to keep your business growth at the forefront. The best way not to make money is to put development on the back burner! Make 2021 a banner year by taking the above strategies to heart and continuing to focus your efforts on the relevance and prosperity of today’s market.
Posted on May 23, 2021