Due to the current economic crunch, many event planners are feeling the effects within their businesses. While bride and grooms are still getting married, corporate events are still occurring and fundraising events are still being planned, many of these events are requiring a tighter budget. Reduced event funding forces event planners to leverage network contacts, to search for bargain opportunities, or to cut many of their standard items from events that they would typically plan.
Broaden Your Scope
One solution to manage this economic downturn is to broaden your event horizon. For example, if you typically focus on wedding planning, seek opportunities in the fundraising or corporate event niches. Or, if you currently only focus on corporate event planning, take your experience and move into the small business sector as much of your experience will translate. By broadening your scope, you will be hedging your event business against this and any future downturn in the economy.
Modify your Pricing Structure
While most businesses can flourish in an upturned economy, only those with strategic plans and flexibility can endure challenging financial times. There are two primary schools of thought when it comes to pricing- you can increase fees and work on a smaller number of events, or you can decrease pricing and increase the number of events. While there are still numerous events occurring every day around the country, the budgets per event may have been decreased. So, one solution would be to decrease your pricing and increase your marketing efforts to gain new event projects.
Learning how to build a sound business is crucial for long term sustainability. Work to broaden your business scope and your personal skill set, and take a closer look at your current pricing structure. By making small changes in your event business, you will increase your opportunities for financial success during a recession.