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Two Ways to Grow Your Wedding Business in 2021

Many event pros entered 2020 with big goals and expectations to grow. Of course, things didn’t go as planned and some even operated at a loss. It has, without a doubt, been a tough year for everyone. However, the future is starting to look brighter and event pros may be starting to revisit those growth plans as they plan for what’s shaping up to be a more profitable 2021.

Growth is naturally a scary notion for many, even in good years. Grow too quickly and you might find yourself overwhelmed without the proper systems in place. Grow too slowly and you could lose some compelling opportunities. Tack on a declining economy and global pandemic and it can certainly feel like a terrifying endeavor. Fortunately, there are ways to grow without scaling out of one’s comfort zone.

If you’re considering growth in 2021, you first need to determine if you’re ready to take on new challenges. Then, you’ll need to decide the right direction to grow your business. Here are the key considerations to keep in mind as you’re plotting out your game plan for the new year.

Adding new products and services

Perhaps one of the simplest ways to grow your business is to expand your offerings to the market. This doesn’t have to mean taking on more clients or hiring staff to manage the growth, although it very well could. Simply put, building in new products and services to your brand’s repertoire is a great way to upsell existing clients and make more revenue from each account.

This is a particularly advantageous growth direction for businesses as we come out of the COVID pandemic and navigate what could be a nationwide recession. When the economy is unstable, the most formidable companies are the ones with diverse streams of revenue. If demand dips for one of your revenue streams, you have the others to back up your bottom line.

Is it the right time?

Turn to your market and listen for the needs that arise out of change. Are there services that you’ve had to turn down because you don’t yet offer it? Where are the gaps in the market that you can fill? For example, micro-weddings surged in popularity this year and many wedding businesses pivoted to add mini packages to their existing offerings to accommodate pandemic-friendly celebrations.

Expanding into a new market

Growing your business by entering a new market is an advantageous way to open your business up to new clientele. This doesn’t have to mean moving to a new geographic area, although it certainly can. It could be opening your brand up to new markets, like luxury celebrations, LGBTQ+ weddings, or corporate events. This is a great option for those who feel stuck where they currently are, but know that expanding into a new market takes a fair amount of time and diligent research to do it successfully.

Is it the right time?

Entering a new market can be a game-changer if you feel that your existing market has become oversaturated with competition or if you’re looking to shift your client base. For example, if you want to attract more destination clients to your area, you’ll have to get familiar with the market demand of your top feeder cities. Similarly, if you operate a brick-and-mortar, you may be inclined to open a new storefront in another city if you’ve been successful in your own market.

Growth can feel unnerving, but rest assured, the best things happen outside of our comfort zone. As scary as it may be, it’s also just as exciting and invigorating when you start to see your dreams come to fruition. If your business is solvent and you have all of your systems in place efficiently, it’s likely a good time to start thinking about what’s next for you and your brand.

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Jennifer Taylor is the principal of Jen Taylor Consulting, a consulting firm that works with creative businesses of all sizes to implement streamlined workflows and organized systems to find more time and space for business growth and personal development. She is also the owner and founder of Taylor'd Events Group, a leading event planning company that serves local and destination clients in Washington State and Maui, HI.

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