If you own a wedding business but always struggling on the cash flow side of things. This quick-read article about how to make more money from your wedding business should help you!
Owning a wedding business is great when the money is flowing in and life feels like it’s on track, but if you don’t plan things out and get your cash flow right – you could be in for a rough ride.
Here are 9 QUICK TIPS on How to Make More Money From Your Wedding Business:
- Raise Your Prices
- Lower Your Booking Fees or Deposit Payments
- Upsell on Other Products or Services
- Charge Commission or a Finders Fee
- Reduce Your Spending
- Save Your Money
- Do Everything Yourself
- Offer Multiple Packages
- Sell Things You No Longer Use
Raise Your Prices
If you’ve been in business for some time, one of the easiest ways to make more money from your wedding business is to raise your prices. This can be a simple percentage raise or a big jump.
If you haven’t already worked out your wedding business pricing and your numbers – I strongly recommend working on that TODAY!
You need to set your prices around YOU and what you want and need! I offer a pricing and packages coaching program specifically for wedding pros. Check it out on my wedding business coaching page.
Lower Your Booking Fees / Deposit Payments
One of the quickest ways to improve your cash flow and book more weddings is to lower your booking fee or deposit payment.
Bridal couples have a lot on their plates, and would love to book your services, but might not have the amount of money in the bank to secure your services right now.
If you lower your booking fees, you could get more bookings because more bridal couples could afford to pay you along with the other booking fees they need to pay.
Upsell on Other Products and Services
It is easy to sell to existing customers and clients. If you want more money in your bank account, try upselling other products and services to bridal couples that already want to buy from you.
For instance, you could upsell by adding an engagement shoot to their wedding photography package or you could add a digital save-the-date design for bridal couples that have hired you to create their wedding invitations.
Charge Commission or a Finders Fee
If you recommend other wedding suppliers or venues, you can charge a commission or a finders fee for every wedding lead you give to them.
This is a popular way to make more money for a wedding business in the wedding planning world. Wedding planners can charge a commission from every wedding vendor they book for their clients.
Reduce Your Spending
This is one of those boring steps but quite an effective one if you really want to make more money from your wedding business.
How many of you have things you’re paying for that you don’t actually need or use? One of the easiest ways to reduce your spending in your wedding business is to cut out the things that you no longer need.
For instance, is there a service that you’re paying a premium for that also offers a free option? I recently did this with my Calendly appointment booking service.
I now use Honeybook for scheduling my appointment so I no longer needed to have the premium option with Calendly. I am now saving $15 a month.
Have a look through your bank statements to see what you’re paying for every month. What could you cut out?
Save Your Money
Another boring topic, but one I strongly urge wedding pros to pay attention to is this one. If you can save your money during those big money-making seasons, you will have more in the bank during the tough season.
There’s a book that I love: The Trick to Money is Having Some by Stuart Wilde.
It’s a great read for anyone looking for ways to make more money from your wedding business.
The concept is this: If you want to make more money, you have to think and act like you already have it in the bank. Having savings in the bank will help you! You will feel more secure and free to take bigger risks and raise your prices.
Do Everything Yourself
I do everything myself in my business. I have hired people in the past, but that came with a lot of unnecessary headaches and stress.
By doing everything yourself, and only hiring freelancers as and when you need them, you can keep a hold of your cash flow and pay yourself instead of others.
Yes, you will have to work a little harder, but if you want to make more money from your wedding business – this is the way to go!
Offer Multiple Packages
If you’ve read through my article on pricing strategies for wedding pros, you will have seen my 4 package strategies. I recommend every wedding business follows this anchoring pricing strategy to make more money from your wedding business.
Sell Things You No Longer Use
Finally, we get to the obvious tip, selling things!
A great way to make more money from your wedding business is to sell things you no longer need or use for weddings.
For instance, do you have camera equipment or wedding decor items that are just lying around your house or workplace? Could you sell bridal dresses that are no longer in fashion?
Conclusion
If you want more cash flow and more money in your bank account, you need to know and understand how to make more money from your wedding business.
I hope you found my top tips useful!
Until the next time,
