The new year is a great time to evaluate your business operations and look for ways to take your company to the next level. When you run your own business, there is always the question of how you could bring in more revenue. Even if you’re satisfied with your current situation, it never hurts to boost your bottom line.
However, making more money isn’t always as simple as raising prices or booking more clients. It takes a lot more to institute a lasting change that will affect your business for years to come. From diversifying your services to saving in unexpected places, there are many creative ways to maximize your bottom line.
Look at what sets you apart
It should come as no surprise that certain sectors of the event industry are oversaturated. It’s important for all professionals to differentiate themselves from one another by focusing on what makes them unique. Ask yourself if you fit into a niche. Think about your company’s strengths and weaknesses. Look at what you excel at to see if there is a way for you to capitalize on your strengths--this is your unique selling point!
For example, if you’re a great writer, consider looking at paid guest blogs, whereas a strong conversationalist could make some extra money in the professional speaking circuit. If you have another useful skill, such as calligraphy or crafting, consider offering it on top of your existing services.
Monetize your ideas
There is a chance that you may be sitting on a gold mine of information that you haven’t considered as an alternate revenue stream. While it could be an innovative product idea, it could also be something as simple as a comprehensive planning spreadsheet or a solid proposal template that has worked really well for you. If you’ve created something that can be of help to other business owners, you can certainly use it to your advantage and make an extra buck off of it.
Build your relationships
As event professionals, we work with a variety of different people including clients and other vendors. Building relationships with both of these target groups can be a catalyst to positive growth for your company.
While networking with industry peers and creating strong friendships in your market can bring in vendor referrals and other great opportunities, staying in touch with your clients can be just as helpful. Although we often see clients as a one-time affair, keeping in communication with past clients can open up future opportunities for opportunities such as family portraits or subsequent corporate events. Your relationships are truly the building blocks of your business, so take the time to nurture them.
When it comes to increasing your bottom line, much of it comes down to being creative and working with what you have. Remember: Where there’s a will, there’s a way. If boosting your revenue is your main goal for the year ahead, start out by looking within your company and go from there.
Amy Green is the co-founder of BDI Events, a full-service event planning company with offices in Los Angeles and Portland. She, along with business partner Melanie Marconi, also owns Where Will They Stay?, a free service that offers custom room-block procurement for event planners and event venues. Key to their business model is offering referral commissions to those in the event industry.