After dealing with the pandemic, the wedding industry has seen a boom in business during 2022 that is expected to carry into next year. But as planners and vendors ride the wave, there is also worry about what’s to come with the economy. A survey of 49 U.S. macroeconomists conducted by the Financial Times and the Initiative on Global Markets found that more than two-thirds believe a recession will hit in 2023—although no one is agreement on how long it will last or how major it will be.
With so much uncertainty, it’s a good idea to find ways to make sure your wedding business not only survives but thrives during this time. And one way to do this is by diversifying the services made available to your clients. Here are some ways to expand your offerings and attract more customers to increase your chances of maintaining a recession-proof business.
Go Beyond Big Events
Covid-19 changed the wedding industry, bringing a rise in popularity to micro weddings and mini-monies. These smaller celebrations allow couples to personalize their events, as well as create a more unique guest experience for family and friends. In other words, this trend isn’t going anywhere, so adding these planning services to your repertoire is a good idea.
Scale Back on Luxury Services
Unless you cater to an exclusively wealthy clientele, most of your clients will cut down on excessive spending during an economic downturn. Find ways to make sure your clients’ events are beautiful while also keeping them on budget.
Offer Additional Services
There are so many elements that make an event a success and clients can easily get overwhelmed having to meet with a variety of vendors. You can make the process easier for them—as well as boost your own income—by adding these services to your packages. This can include anything from the invitations/stationery and floral design to vow writing and thank you notes (and everything in between).
Plan Other Parties
Your event planning expertise can reach beyond weddings to include other celebrations. Of course, you can add engagement parties and showers to your list of offerings, but don’t forget to think beyond wedding-related experiences. Bar/bat mitzvahs, sweet 16s, and quinceañeras are just a few of the celebrations that can bring in more business.
Reach Out to Your Network
Once you’ve decided how to expand your business, you want to start spreading the word. The first people you should reach out to are the vendors and venues that have already worked with you. Those that can vouch for your experience and expertise will be able to refer you to their clients.
Make an Announcement
Let all clients—past, current and potential—know about the changes to your business by posting about them on social media. You should also put it on the home page of your official website so it’s the first thing people see when they visit.
Share Your Expertise
One way to show you're capable of taking on these extra duties is by showcasing some of your tips and tricks to the public. You can do this through YouTube tutorials, Instagram stories, or a blog on your website.
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Hero photo courtesy of Lily Tapia Photography