}
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What is “Scalability” and Why Does it Matter in the Wedding Industry?
Scalability. Here is how it works:
A business that earns $1 million is called scalable when it can invest in people and infrastructure that leads to exponential growth. A business is scalable when you see this: A $100,000 investment the infrastructure of a $1 million dollar company that results in a billion dollar company. True growth happens when you scale a business.
In the wedding industry, we rarely see that kind of growth and definitely not those kinds of earnings. Scalability works a little differently in our industry. Scalability happens when a business owner can replace him/herself from doing all of the servicing of clients. By having more people do what you do (and do it profitably) means that you are able to scale your business. You are able to grow your business by growing your infrastructure.
SO – this is the big question:
Can you grow your business to incorporate a team that can execute your artistry with the same caliber and quality? And – can you do that with enough of a profit margin to still have a profitable business?
THIS, my friends, is one of the BIGGEST conundrums in our industry.
The Ritz-Carlton does this with its hotel guest experience. Drybar does it with their blowout hair salon. Nordstrom does it with their department stores. But when it comes to artwork, how do you replicate that?
Processes, systems, checklists… consistency across all levels of service – this is the ONLY way to ensure that your artistry can be replicated time and time again. Without being able to replicate artistry, you can’t be scalable in this industry.
A great example of a company in the wedding industry that has been able to achieve this is Aab Creates in New York City. This company, founded as a Always a Bridesmaid by Xochitl Gonzalez and Mayra Castillo, has been able to create a scalable sister business, Just About Married. This is a company that they established for the sole focus of day-of-wedding coordination. Xochitl and Mayra have been able to create systems and processes to execute events with the same caliber of artistry that they built with AAB. But the beauty of this business is this: they aren’t having to service every. single. client. themselves. They have been able to grow their profits by growing their infrastructure.
They’ll be the first ones to tell you that it took time and effort to build and create. They invested extensively into developing the right team of people (and, likely some blood, sweat, and tears.) But, behind all the pretty ribbons and bows, there are a lot of really tight systems in place that ensure that their artistry is being reproduced time and time again.
What are your thoughts? How do you work to build this in your business? Have you been successful at doing this in your business? Share in a comment below.
This is a guest post by Michelle Loretta. Michelle is co-founder and small business consultant at Sage Wedding Pros. She blends her past as an accounting nerd, sales professional, and stationery entrepreneur to help entrepreneurs better their businesses. Her particular strength is in financial analysis and strategy. She loves educating others on money matters and can help any business owner be more confident and intentional in their finance decisions.
A complete set of templates, checklists, and tools for professional wedding planners.
Business
Wedding Planning
Marketing
Day in the Life
Self Development
Friday Favorites
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