Many pros use the first few months of every year, often considered as the “off-season” to regroup before the upcoming wedding season begins in the Spring. While it’s great to use this time to refresh your business, it is important to maintain a sharp focus and use this time effectively to leverage your impact during the ongoing engagement season, and to set yourself up for a profitable year ahead!
In this month’s webinar for premium members, WeddingWire Education Expert Andy Ebon shared his perspective on how to stay productive and maximize your business impact during the off-season.
Here are a few of Andy’s tips focused on improving your profitability:
- Grow your professional network: Join or attend a local networking group or industry event, and make new industry connections with pros you admire that you can leverage to connect with more clients in 2016, and in turn recommend their services to your clientele.
- Calculate your gross wedding income: Make sure you take the time to find out how successful your 2015 year was for your business by determining your gross income. To find this number, determine your overall wedding revenue in 2015, and divide that by the total number of weddings you serviced. That will show your overall income per wedding. Set a goal for your gross wedding income for 2016 and evaluate how you will get there— an expanded team, more booked weddings, higher prices?
- Compute your marketing expenses: Take the time to track your marketing expenses to determine your overall spend, and apply that to your marketing plan for 2016. Expenses include association membership, online advertising, print ads, wedding shows, continued education and more. Review your overall spend, and determine how you will use it effectively in 2016 to help reach your business goals.
- Determine your variable cost per wedding: How much do you spend per wedding on average? This amount impacts your overall revenue, and should factor into your prices. To find your variable cost per wedding, add up the cost of good, travel and delivery expenses, payroll per event, and any additional costs you may need to consider. Then, simply divide that number by your total number of weddings last year.
For more great tips on staying productive and profitable, watch the full webinar! Plus, all past webinars are available in the Education Center for Premium members to view anytime, on topics including marketing, sales, client communication and more.