Pricing your products and services in your wedding business can be stressful and full of uncertainty. Are you charging enough? Are you charging too much? The real question you should ask yourself is “What am I basing this pricing on?” because most wedding professionals are pricing their products and services all wrong. Some wedding pros are guessing at their pricing while some are copying their competitors and neither of those options lead to success. If you don’t price for profit, you won’t make enough money to continue to grow your business and no one wants that.
That’s why today’s guest is here to talk about pricing mistakes and how you can price for profit with certainty. Buh bye second-guessing yourself!
Today’s Guest: Fiorella Neira
Fiorella Neira is the owner of Neira Event Group, a successful and profitable planning company in a tiny town in Wisconsin. Originally from Lima, Peru, she was culturally shocked when she moved to the Midwest to only find out that people didn’t party the same here. Because of her desire to be an entrepreneur since she was a little girl she constantly found herself seeing the opportunity to open an event planning company. After officially “opening the doors” she grew her company by following her gut and her creative marketing skills, breaking 6 figures in 2016, her second year in business.
In 2017 she launched the Planner in Training Podcast to connect with the best in the industry and share the knowledge to professionals of all levels. Dedicated to having actionable yet casual conversations, the podcast helps creatives get started and grow in the wedding industry. Planner in Training has now grown to provide business templates and courses to help support the creative business owner. And Fiorella’s entrepreneurial dreams are growing with it all
In this episode we’ll cover:
- How to set prices in your business
- What to do with the money that you make
- Fiorella tells us some of her personal pricing mistakes
- Why you need to do your own math when setting your prices
- Some unique ways to increase profitability
- The difference between revenue and profit
- Why you need to understand your cost of goods sold
- How to work backwards to set your prices
- How custom work impacts price
- Why every event should have the same profit margin
- Why Fiorella stopped doing styled shoots
- The importance of making decisions based on ROI
- How she decides when/if to hire another team member
- Actions to take to get a better grip on your numbers
Is Your Marketing Ready For Engagement Season?
Engagement season is a huge opportunity for your wedding business. Are you prepared to make the most of it?
Links & Resources:
100 Things To Outsource In Your Wedding Business: The Complete Guide
Episode 101: Reaching Budget Nerdvana & Raising Prices with Mark Butler
What To Do If Your Potential Wedding Business Clients Only Ask About Price
Episode 44: Putting Profit First With Mike Michalowicz
Episode 90: Smart Money Moves For Wedding Professionals With Mary Beth Storjohann
More from Fiorella:
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