In order to grow your wedding business you have to be making more than you are spending. That might seem like a no brainer, but according to Preston Bailey’s article on his blog, you might be cutting your potential bottom line short.
In the current economy everyone is trying to save money on what they spend. As a result a lot of brides have big ideas, but no money to actually pay for those ideas. I’ve seen a couple of weddings now close up where the bride’s family really didn’t have the money for a big wedding so chose to cut down on the guest list and still give their daughter the big wedding. Did they save themselves much money? No they didn’t, but on top of that they talked down prices or bartered with the wedding vendors they used and financially it ended up being a “lose, lose” situation on both sides.
While you can definitely give financial breaks to brides you connect with, you need to make sure that you have already set your bottom line price. You know: the price that you cannot go any lower on if you want to still make money on the wedding. What do you think? Have you ever lost money on a wedding?