WeddingIQ invited me to share what big mistakes I see wedding professionals make. Here’s a snippet:
1.) Your prices are TOO low.
If a wedding business isn’t earning enough it’s usually because their services are priced too low. Pricing (and the related profit margin) are the biggest contributors to financial sustainability in the wedding industry. This can be a challenge to newer wedding businesses who are simply trying to create a portfolio and some clients on the books. But, every little bump you can make to your pricing can go a long way. Even a small boost of 10% on your pricing can lead to big results. When I test things financially – it’s always pricing that is the culprit for a business’s small profits.
Now, keep in mind: pricing is a marketing decision. Your price needs to match your market strategy (your target market, your niche, your level of service, etc.)
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