Interview on Entrepreneurs That Soar on cost-saving ideas
Today I was interviewed by Zef Zan on her Facebook Live show, “Entrepreneurs That Soar” and we talked about cost-saving ideas for small business owners. It was a great conversation together with Zef’s co-host Kimberly Kasparian.
If you are a solo entrepreneur like me I’m sure you’re always careful when it comes to money and always on the lookout for ways to save.
Something that we didn’t discuss on the show because of time constraints is the ability for us wedding professionals to guarantee a constant cash flow in our business.
As we all know, we are subject to high and low seasons. This could be 3 to 6 month cycles depending on where you live and operate. I’m lucky to live in Southern California where the weather is always mild so my high season is definitely longer than the ones planners in the Northeast might experience. However, I have a low season in winter.
The big secret is to be able to have clients paying you consistently throughout the year. This can be done by setting payment plans when you prepare agreements, or scheduling design or planning consultations. These should be separate from your wedding planning assistance and they should offer ideas and suggestions to clients who are not planning (or not ready) to hire a planner.
Another solution is to diversify your services. In my specific case, in addition to event planning I style dessert tables and this allows me to provide this service for other types of events. It could be holiday parties in November and December, for instance.
You can also expand your range of services or sell products that are related to the industry in order to add revenue streams. A planner could sell wedding favors, or invitations, or have some rental inventory (specialty linens, charger plates, etc.).
Here’s the replay if you missed us live on Facebook. Enjoy!
~~~ LEAVE A COMMENT ~~~ What are other cost-saving ideas that you implement in your business? Share with us!
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Brain Fitness Coach & Life-Work Balance Strategist helping busy professionals improve their well-being and adopt a healthier, more productive lifestyle