Most wedding businesses function on a business model where the owner exchanges their time for money. That makes sense, until your realize that if something were to happen to you and you were unable to work, you’d be royally screwed. You won’t get paid unless you’re actively putting in the hours with this business model and that is its fatal flaw. It’s inherently financially insecure and that’s scary.
Even if you never have any health issues that prevent you from working, you will reach a cap because when you exchange time for money, you’re going to run out of time. You are limited by the number of hours you can sell. It’s not like you can get more time, unless you start building a team to take on some of the work for you.
Working this way is exhausting and it can make you feel like you’re a slave to your business. The good news is this is not your only option.
If you want to build a business that supports you and your lifestyle instead of just a more demanding job, you have to build in multiple streams of income. That means that you give people other ways to pay you than just by selling your time.
Building multiple streams of income is a lot like investing money and watching it compound over time. You can do the work once to create the product/service/workshop/whatever and earn money from it over and over. Compound interest is how you build momentum in finance and building multiple streams of income is how you build momentum in business.
There are a LOT of ways to earn money in your business and I’m going to get into some of those in this upcoming webinar but I want to give you a few examples to get you thinking about what you could do. Jaclyn Campbell of Ivory & Rose Cake Company started Wedding Cake Academy to sell to those DIY customers who weren’t going to hire her at the prices she charges. She’s going to be adding to the Academy over time but it’s not exchanging time for money – people can come sign up for a course at any time and work through it on their own. Lawrence Chan over at Tofurious creates ebooks, courses, templates, WordPress plugins and WordPress themes. He also does consulting but that is the only thing that ties directly to selling his time. Reverend Sandra Bearden is a wedding officiant and she has a lot of officiants that work for her. She also has The Perfect Officiant book and the training course that goes along with it to train new officiants. Brenda Cadman of Wedding Business Websites found that there was a need in the market for people who didn’t want to hire a designer but wanted to learn how to DIY their website so she created an awesome course to help those people. Now she isn’t only relying on people who come to her to design & develop their websites.
Ross Dean is an awesome photographer that I’ve had the pleasure of working with and now he’s launching an ebook to help other wedding photographers learn how to create amazing experiences for their clients. You can only photograph so many weddings so adding in other income streams makes so much sense! These are all examples of additional revenue streams other wedding professionals have added into their businesses. Are you ready to find the money hiding in your business? Click here to find out how.