165: Adding Revenue Streams for a More Sustainable Wedding Business + COVID-19 Info
Mar 20, 2020
I don't know about you, but I don't want my business to be a one-trick pony. When our business revenue comes from more than one place, our business is more sustainable.
There may come a time in your wedding business when you're ready to:
- Pivot to a new market or business model
- Add an additional product or service
- Add a revenue stream to what you're currently offering.
This episode will inspire you and help you know where to start for all of the above and more.
Let's do this.
Resources Mentioned in this Episode:
50% Off Everything in the Pro Shop. Code: 50OFF
FREE DOWNLOAD - Adding Revenue Streams Guidebook
#GratefulWed Challenge Images
SBA Disaster Assistance Small Business Loans
ROAR Playbook for Corporate Events
Maria Bayer - Irresistible Selling
Financial Ideas to Minimize the Impacts of COVID-19:
- Raise your prices (from Maria Bayer - people with money will continue to spend and be the ones spending immediately when the crisis passes. You don’t want to appear less valuable).
- Market your business in a tasteful and tactful way to continue booking for 2021 and beyond. (update your contracts if needed!). If you’re really in a financial bind, don’t spend money you don’t have on paid advertising. Now is the time to dig in, hustle and spend your own TIME. Remember, in business, you can spend time, money or both. Today calls for spending time.
I know you’re tired, stressed, nervous and anxious. DO NOT let fear control you. You truly can control the marketing of your business. This is when being a business owner is truly exceptional. We’re nimble, creative, flexible and smart as hell. Don’t waste it.
- Take on extra work with other vendors to pad your income (become a 2nd shooter, assist other local planners, ask venues if they need additional help - for venues, it’s great to hire people that just understand wedding conceptually so they have to train you less if they’re really in a bind).
- You may need to take on additional clients that are not your ideal client or service offering to bring in extra income. You can do ANYTHING temporarily!
- Get a job. Look for those businesses that really need assistance right now. I got retargeted online yesterday by King Soopers/City Market that says they’re hiring immediately! They’re understaffed! Delivery is booming. I also LOVE FlexJobs. It’s how I’ve found all of my remote working jobs, including Acuity Scheduling.
- Postpone weddings and events, don’t cancel. Try not to refund all monies if possible. Consult your attorney ALWAYS. Give VVE postpone/cancel example.
- Call all of your loans, credit card holders and see if they have any special offers for COVID-19 impacts. If you don’t ask, the answer is always no.
- Look into the Small Business Administration. When disaster strikes and the federal government offers financial assistance, you can apply for low-interest business loan help through the SBA. The interest rate is around 3.75% according to what I read.