Hello you fabulous wedding business boss! Jen Maynard here from the Boho Bride Guide.
As a Wedding Business Growth Coach, early on in the journey with my client, we get clear on their short, medium and long term business goals, and what will enable them to achieve a true-business life balance, and sustainable financial stability. As after all, if we don't have anything to strive for that is Specific, Measurable, Achievable, Realistic, and Timebound, we are much less likely to reach our business goals. So let's get specific!
And so I thought it would be of value to you for me to share how we go about this!
We are going to look at the 3 Steps you need to take to:
This will be a great activity for you to complete, as we are now coming out of lockdown, a chance to refocus on what outcomes you want to be seeing from your business, over the coming months and next year.
By committing them to paper (or Google Doc), massively helps to hold yourself accountable and doing the work to get there.
Step 1: Get clear on your profit per product
This is where you get clear on what profit you want to make from when weddings are back up and running from late June/ July 2021 - Dec 2021 Q3 + Q4 2021, or whatever time period works for you - taking into account all of our costs as a business.
List each of the products/ packages you offer. Under each fo those products/ package, make a list of the following:
- Your labour cost (or a team members labour cost) involved in creating this product/ package
- Materials/ wholesale products/ ingredients etc. needed to produce this product/ package
- Wider business costs should also be included by totaling up what you will spend in the time period on the following, and then dividing this number between each of the products you plan to sell in the specific time period. Items such as machinery costs and maintenance, business rates and rent, other business bills, subscription costs, etc.
Here is an example spreadsheet:
Step 2: Clarify what your fully booked capacity looks like.
Activity 2 :
Create a grid that lists all of your products/ packages across the top, and then each quarter (Q3 2021, Q4 2021, Q1 2022, Q2 2022 etc. Decide within each Quarter Period, what is the maximum number of each of the wedding products or packages you want to take on?
Take into consideration here the wedding seasons and typically the quieter times. However that being said, due to Covid, I think the next year or two won't follow the traditional path, so I think you will have more control over how much you want to work into the colder months of Quarter 4 2021 and into next early next year.
Is it also important here that you really consider how much you ideally want to work to achieve your true life-business balance. As working all hours under the sun, is not sustainable and your love for what you do will eventually wain. There are other ways of maximising your profit, without running yourself into the ground! This will be covered in next week's Newsletter!
I have included above an example from my wedding floristry business, Parker and Peony Flowers. This is what I project my fully booked would look like, without considering any additional ways to maximise my profit, where I am just trading my time for money as a skilled florist. We will go into more detail about how we then incorporate additional income streams into this projection next week!
Step 3: Consider how this data can influence your business activities
Once you come to the end of this activity, you are now clear on what your current fully booked looks like and now have something to strive for.
The results from this can now help to influence things like:
So that is it for this week! I hope these activities have been useful and enabled you to refocus your thinking around how to get fully booked for whenever your timescale is!
Wedding Business Growth Coach
The Wedding Business Blog
A biz. development blog dedicated to wedding suppliers looking to grow their business resilience and thrive amid Covid 19 and beyond.
Founder of The Boho Bride Guide
At the beginning of 2020, Jenny identified a gap within the wedding industry, and realised by bringing her two areas of expertise together, her background in Training and People Development, as well as her experience running her small business in the wedding industry, she could really make a difference to wedding suppliers looking to grow their business and their brand.