You might have been wondering if it’s possible to make 6 figures in your event and wedding planning business, today I’m breaking it all down for you.
Maybe you’ve heard about people making a lot of money starting an event planning business, and you’re curious to see if it’s true. Well, I’m here to tell you that it is possible to make a six-figure income in this business, and I’m going to show you exactly how to do it. We’ll go through each step together, breaking it down so you can understand how to make the most out of your wedding and event planning business.
Make 6 Figures as a Wedding Planner
Now you’re probably dreaming of all the things you could buy if you were making a 6 figure salary like:
- A beach house (Hello Jamaica)
- First-class flights all day (Hello Jamaica)
- A traveling personal trainer (Hello Jamaica body…)
But realistically and before we discuss anything else, I want to make it clear that earning six figures varies depending on where you are on the scale. Someone earning $100,000 is at a very different place from someone earning $700,000, yet they are both earning six figures.
I’m going to break down the numbers, show you how to structure your packages and most importantly share a bonus download at the end of this post.
STEP 1: Break it Down
For ease, let’s start with how to make a $120,000 in any given year, and I’m talking pure revenue no expenses. If you want to make $120,000 in a year, you need to break it down month by month. Making things more digestible will make it easier to achieve your goals.
This means that each month you would need to make $10,000 to hit that yearly total of $120,000.
Note: $120,000 / 12 months = $10,000 per month
STEP 2: Count it Up
If you’re a wedding planner, you already know what your package prices are and can use these to determine how many packages you need to book to hit that $10,000 monthly figure.
Let’s do some math to figure out how many clients we need to book each month to reach our goal. If your Full Planning package costs $5000, then you’ll need to book two full planning clients every month to make $10,000 in revenue (not profit). That means if you can fill up your schedule with two clients each month, you’ll be well on your way to reaching six figures in your business! It’s all about knowing your prices and being strategic about how you fill up your calendar.
STEP 3: Restructure your Packages
Let’s think about restructuring your packages to align with your revenue goals.
If you know that you can only plan four (4) weddings per month, for example, for you to be able to hit your monthly revenue target, your booked packages need to be at least $2500 (4x$2500= $10,000).
If your current packages don’t meet this revenue goal, it’s time to review and tweak them. Consider adjusting your package offerings, adding value-based services, or increasing your prices to ensure that your packages align with your income targets. This way, you can maximize your earnings while still providing valuable services to your clients.
Some questions to ask include:
- Are they priced correctly?
- Is there a way to add more value and increase your price?
- Is it possible to combine multiple services to create a more comprehensive package?
Conclusion: Make 6 figures as a Wedding Planner
In conclusion, making 6 figures as a wedding planner is all about knowing your numbers and being really good at telling people about your business. I can give you all the tips and show you how the dollars adds up, but if you’re not telling people about your amazing wedding planning skills, you won’t be booking any clients, and no clients means no money. So, it’s super important to not only understand your money goals but also to market your business. Now let’s go celebrate your awesomeness with some marketing tips (see below).
BONUS: If you’re struggling with your marketing, here is something that can help.
