As a speaker and business consultant, I often get asked if it makes sense to add a new service or product to someone’s offerings. Of course, the answer will be different for each business, but we’re very fortunate to be in the wedding and event business. Why, you ask? It’s because of the lead time between when they book versus when the wedding or event will happen. Rather than investing in the new product or service, especially one that’s capital-intensive (code for significant financial investment), why not try a different approach?
Let’s say you wanted to add photo booths to your offerings (whether you’re an entertainment company, or venue, or photographer). Rather than making the up-front investment in the photo booth, why not start to sell photo booths to your weddings that are happening a year from now. If you have good success, you can buy the booths, way before those weddings happen. If you have limited success, you can either buy them, or sub-contract those events out to another vendor who does have them. Read More