I see these same three mistakes time and time again. Super talented and super creative wedding and event professionals are working hard to showcase their talent while trying to add revenue to their business — and every year, the bottom line falls short.
If this sounds familiar, you might be making the same mistakes too — especially if it feels like you’re giving up every single weekend but not getting ahead, or if you feel like you’re falling behind in your business and you’re constantly having to play catch up.
The truth is, without the right guidance, it can be challenging to achieve your income goals and maintain a work-life balance. That doesn’t mean it’s not possible — IT IS.
The three most significant mistakes that wedding and event vendors make about money are not learning from their own mistakes, using hope as a business strategy, and trying to do it alone.
Not Learning From Your Own Mistakes
Mistake number one is not learning from your own mistakes. It can be difficult to recognize our own mistakes objectively because we are too closely involved in our business. Objectivity is key to identifying mistakes and learning from them. Without clear learning goals, it can be challenging to measure success or know what actions to take to achieve the desired results. Limited resources, such as time or money, can also make it difficult to learn from mistakes, leading to business owners making the same mistakes repeatedly. Fear of taking risks or trying new things can also hinder learning from mistakes.
Using “Hope” as A Business Strategy
Mistake number two is using hope as a business strategy.
I hear so many wedding and creative event business owners say things like. “Yeah, yeah, things are going to change in my business. I know change is coming next month, next quarter, next year.”
The thing is, hope isn’t a business strategy.
Hoping for change without a reasonable and concrete strategy in place is not a reliable approach. Hope is too vague and does not provide clarity on specific goals, leading to missed opportunities. It can also lead to uncertainty and a lack of careful planning, which can result in missed opportunities and limited progress.
Now don’t get me wrong — I love that their heart is in it and that that they really care enough and hope that things will change. But they need a strategy in order to do that. Consider this just a little tough love.
Doing it Alone
Mistake number three is trying to do it alone. Many entrepreneurs start their businesses because they want to be their own boss, but it doesn’t mean they should go at it alone. Resources such as mentors, fellow entrepreneurs, organizations, and networking opportunities are goldmines of knowledge that can help effectively implement ideas. Lack of resources and limited knowledge can hinder implementation, leading to missed opportunities for business growth.
When you tackle these three pitfalls and start learning from mistakes, building a concrete strategy, and seeking helpful resources…then you’re on your way to a successful wedding and event planning business. By avoiding these three significant mistakes, you can elevate the quality of your clients, achieve your income goals, and have the freedom to enjoy a business you love.
If any or all of these mistakes are getting in your way, then set up a complimentary Breakthrough Call this week, and we can get to the root of what’s happening in your business. Together we’ll create the outcomes that you’re looking for and the exact steps and strategy in order to get to those outcomes.