The Recession-Proof Recipe For the Wedding Business

Have you ever been hung up about MONEY?

Stomach tied in knots.

Desperation about where (and when) the next booking is going to come from.

And how will you pay the bills if it doesn’t?

Oh, my.

I can remember feeling that way during the winter slow season before a meeting with a couple. It felt like we HAD to book them because our lives depended on it.

The mystery of “How to Get Someone to Pay You Money” can seem so complicated and elusive.

Case in point:

A friend of mine has been struggling to make money lately.

“I don’t know how to get people to give me money!” he exclaimed.

“Yes, you do,” I told him. 

“Take me as an example,” I continued. “If you can set up a funnel for me that brings in $20,000 of clients every month — and it’s guaranteed — I’d be an idiot NOT to pay you the money.”

He couldn’t argue with that.

The recipe for making money is simple. 

It’s only our thinking that makes it seem complicated.

Here’s the recipe for a successful exchange of money:

• A person who has something they want or a problem they need to solve
• You have (or can teach them how to get) the thing they want or solve their problem
• The person knows you can deliver what they desire

That’s all you need.

Corollaries to the Simple Recipe:

The more desperate the problem, the more money the person will pay to solve it.

The harder it is to find that solution, the more money someone will pay to have you do it.

Want to make a quick $20?

Find someone with a problem they need solved, like a lawn that needs to be mowed (owned by a person who hates doing it) and offer to do the job for $20.

The more desperate the need to get the lawn mowed (“My wife is going to kill me!”) and the less time and inclination that person has to do it himself (“Only 30 minutes till she gets home!”) the more inclined he will be to pay you.

If your business isn’t making the money you desire, go back to the recipe.

Here’s the really cool thing about making money:

Pretty much everyone has a “problem.” As long as you’re willing and able to help them solve it, you can ALWAYS make money.

The tougher the problem and the better you are at solving it — and communicating that you can do it — the more money you can make.

What does this have to do with YOUR business?

Well, I just had a conversation with someone about the possible impact of the next Recession on the wedding industry.

How can you recession-proof your business?

Go back to the formula.

Inevitably, the economic climate will change. The needs and desires of your clients will change with it.

Back in 2008 when the housing market collapsed, the wedding industry (and many others) took a hit.

But lurking within every disaster is an opportunity.

After 2008, nervous couples trimmed their wedding budgets and shifted their priorities from spending on “extravagances” to experiences.

This created an opportunity to serve the do-it-yourself market. Florists, wedding planners and DJs who created affordable DIY options made money from people who had that need.

This also opened up an opportunity for wedding pros who delivered an emotional experience, because couples were spending less on “stuff” and more on experiences to share with guests.

There is always an opportunity for businesses to make money during a recession — because people still have problems.

So if you find yourself desiring more money, here’s what I suggest.

#1 – Find a person you think would be fun to help. 

Those people don’t have to belong to your current market, but if they do, identify specific individuals who are the most enjoyable to work with.

#2 – Talk to that person about their problems.

Get on the phone with your past and present clients. Ask them about their challenges and problems broadly enough to uncover new “desperate problems” you may not be addressing

For instance, a DJ may ask, “What’s your biggest challenge with your wedding?” rather than inquiring about music alone.

In particular, ask about the things they’re having difficulty finding a solution for. (People will pay more for that, remember?)

Be curious. Ask questions. Learn what they truly desire and what gives them emotional pain.

#3 – Brainstorm what you can do to solve the biggest problems.

I don’t care if it’s not what you’re doing right now. If you want to make more money, solving bigger problems for people is the easiest way to do it.

#4 – Offer to solve that problem.

Go back to the people you spoke with and make them an offer. 

If they believe you can do it, they’ll happily pay you for it.

As you might imagine, some testing and experimenting may be necessary to get the recipe just right. The pricing, the clients, the service.

But don’t let that crazy monkey mind of yours fool you into thinking it’s complicated.

Making money is simple.

Help people. Period.

This also happens to feel pretty good, too. Lucky us. 🙂

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