Weddings are a billion dollar a year industry in today’s society. It can be a very lucrative field to get into if you are a vendor offering goods and services to brides. Many brides hire wedding consultants to assist them with the planning and execution of their special day, from planning the event, selecting the venue, choosing the dress and arranging for invitations, catering, music, flowers and even the limousine.
If you are looking for a fun and exciting field, a wedding planning business could be perfect for you. The wedding industry is a healthy, thriving, prosperous market to enter for anyone who has a genuine love of weddings, great people skills, and who is looking to establish a business of their own.
If you love planning events, wedding coordination can be a very rewarding business for you. The business entails planning the dreams of couples in love. Starting a wedding coordination business offers an opportunity to earn an excellent income, as well as the pride and self-satisfaction of business ownership, while doing something you enjoy. It is a great business for those who love weddings and who are highly organized.
Why you should consider this business?
What does a Wedding planner do?
Apart from planning weddings, the services of wedding planners are also frequently used in the planning of other social events such as anniversaries, engagement parties, graduation celebrations and other similar functions. This creates the potential to tap into these other markets as well, thereby expanding the overall prospects of your wedding planning business.
For a step by step guide on how you can tap into this lucrative business with minimal start up, get our simplified Business Guide ‘How to start a ‘Wedding Coordination Business’. Click here to order
To your Success!!!!
An entrepreneurial mindset can be described as a group of personal dispositions, also known as entrepreneurial spirit, which lead to the innovative practice of identifying and/or creating opportunities, then acting to manifest those opportunities in a productive way.
According to a recent study of self-made millionaires headed by Dr Barbara Walls at Chicago Business School, apparently 80 per cent of the tycoons attributed their success to possessing certain characteristic traits. The researchers conducting the study found that self-made millionaires had a number of character traits in common, and to which they accredited their business success.
In reality there is a thin line between the rich and the poor. I have read a lot of books and articles which bring to the fore the distinct differences between poor people and those who are financially well up. Robert Kiyosaki wrote a book which is arguably one of the most inspiring books ever written on entrepreneurship. This book is called Rich Dad, Poor dad. If you have not yet read this book, grab yourself a copy and immerse yourself in this inspiring literal piece. Iam sure once you finish you will never be the same person again. Some key characteristics identified, which drive the rich to keep making money are:
Discipline Your Thought-Process
Never Stop Learning
Identify hidden Opportunities
Take calculated Risks
Be Innovative
Entrepreneurs are people like you and me, it is these and other distinctive characteristics that makes them look superior to us. I strongly believe anybody who wants to be rich can actualize this dream if he/she makes calculated plans to realize this desire.\
Napoleone Hill said ‘ desire is the starting point of all achievement, not a hope, not a wish, but a keen pulsating desire, which transcends everything.
To your Success!!!
The extraordinary story of Chile miners who were trapped half a mile underground for 69 days caught the attention of the whole world. When the rescue operation eventually started billions of people worldwide were glued to their television sets as for close to 24 hours as the rescue operation progressed. One thing that struck me really is that in spite of all the global media attention and the emotionally charged atmosphere, when the first rescue worker first met the 33 trapped men, it was amazing to see how these men were disciplined, organized, strong, and in good spirits.
After 69 days trapped deep in the abyss in scotching heat in the desert, one expected these men to behave in a strange manner. The miners were trapped under half mile of rock in more than 90 degree Celsius for more than two months. When the mine caved in on them on 5th August, for 17 days nobody knew if they were dead or alive. With only rations stretching to two days, the miners managed to expend these food rations to cover 17 days.
What really touched me was the story of the shift supervisor Luis Urzua. As a leader he managed to organize his man, encouraged them to support each other, and a leader to me he demonstrated high levels of leadership. He also proved to the whole world what a human being is capable of achieving under strenuous circumstances. From this unforgettable episode, I learnt two key lessons about leadership:
Perseverance and focus
All the 33 miners displayed high levels of perseverance and determination in the face of impending death through suffocation and hunger. They had the tenacity, passion and hunger to survive against all odds. Not at one point did they surrender to their fate. They stood resolute and were willing to go an extra mile. The men were all focused on surviving with the belief that help was on the way coming.
Teamwork
Luis told his men to be active during their entrapment underground. He said he had three shifts, meaning every man was involved in some sort of work every day for the 69 days they were holed underground. All the men were loyal and never questioned Luis despite the fact that they were staring in the face of death. Everything the men did was well coordinated and each man had assigned tasks, even when they were discovered 720m down the hard rock, they still continued with their work schedule. Every man performed his duties religiously which made then a well knit team. Their sole objective was to overcome depression, anxiety and sickness by being active.
Wikipedia defines leadership as a “process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task.” This is exactly what Luis did to save his men from impending death. As entrepreneurs, these leadership skills are very critical in ensuring our team is motivated and well guided in meeting our organization goals. Remember Roosevelt said ‘You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You must do the thing that you think you cannot do’.
Today I will finish off this topic and move to new exciting business opportunities that I have been working on.
One of the most important areas you need to pay much attention is your projected sales section. Sales forecasting may sound like rocket science, please don’t worry it’s not complicated. In fact it is very easy. Just think of your sales forecast as an educated guess- forecasting takes a good calculated guess of your anticipated business performance. You need to clearly define:
Sales Strategy – Please note that you must make a clear distinction between your marketing and sales strategy. Remember your sales strategy is responsible for closing deals identified by your marketing strategy. Your sales strategy mainly deals with and when to:
Marketing Plan – under this section profile your strategy for generating sales for your business. State your Unique Selling Proposition (USP). How differentiated your product/service is, compared to competition. How you intend to create and sustain value for your business over time? Remember, your marketing plan is the lifeline of your business.
Your Management Team – The backbone of every organization is the resources at its disposal. This can be in the form of human capital, technical know how and in monetary value. Under this section profile summary CVs for the key management, clearly stating the skills they are bringing to the company. State their roles in the business and their level of expertise within their key functions. Using a table clearly state the number of employees that will be in the business by designation. Also justify why you are starting your business venture with that number of employees.
Apart from listing your team’s key competencies, also be objective and list skill gaps you think need to be filled when the business takes off the ground. Service gaps can be skills lacking with your team such as accounting skills or IT skills. It can be anything related to skills shortage. The most important thing is to be objective and remember skills gaps are not a negative even if you are seeking funding from banks.
I hope you will have the courage to move a step in the direction of your dreams. Remember ‘The world has the habit of making room for the man whose words and actions show that he knows where he is going’.
To your success!!!!
The importance of a professional designed business plan cannot be over emphasized as this forms the basis of any business venture. A business plan is a road map clearly detailing the route you need to follow in order to reach your final destination. As Napoleon Hill said ‘The world has the habit of making room for the man whose words and actions show that he knows where he is going’. Lending institutions and investors will pay attention to business ideas which are well documented. As a follow up to my previous post, today I will continue explaining in detail the elements that make up a professional business plan:
Mission Statement
Use your mission statement to clearly define the fundamental goals of the quality of your business offering, customer offering, employee welfare, stakeholder compensation and so forth. A good mission statement is a critical element in defining and communicating with your customers, employees and stakeholders. It is also a platform where you can clearly state the business you are involved in.
Your Company
Under this section, you need to give concise details about your business, such as where your business is located, what services it offers and your target customers.Try to be as detailed as possible as this forms the back bone of your business plan. You should be as simple as possible in order to clearly communicate what your business has to offer. Remember simplicity is the key to brilliance.
What you are selling – your Offer
Under this section you must succinctly describe your services/product offering. This part is descriptive and may have tables to show and illustrate product description and pricing points. You can also show how unique your offer is compared to competition, this must be supported my strong points based on market research. This way you can convince investors or financiers to sponsor your business, if you are looking for capital.
The Market
This section is where you will define your market. You need to describe your market segment strategy, market needs, trends and project growth and so on. The market segmentation is crucial to market assessment and market strategy. You will need to divide your target market into workable segments based on age, income, type of product, buying patterns, customer needs, location e.t.c. Market research input is critical for this section.
Market Analysis
For this section, you will definitely need market research input. You will describe the different customer segments within your target market. You will follow up with supporting reasons why you are targeting these segments. You need to build a strong case which will show your knowledge of the market segment you are targeting. You may also bolster your analysis by including verifiable market growth projections based on recent market research. It is important you display detailed knowledge of the market segment you are planning to enter.
Market Segmentation
Use this section to clearly explain and define the segmentation process, define the various classifications. You need to give detailed demographic profiles of customers in each of the market segments you are targeting. This will include in depth information about their shopping habits, spending patterns and motivations based on psychographics.
Remember it is hard to fail, but it is worse never to have tried to succeed. For today l rest my case here, I will continue with part 3 tomorrow. l will leave you with one of my favourite quote by Napoleon Hill: ‘All the breaks you need in life wait within your imagination, Imagination is the workshop of your mind, capable of turning mind energy into accomplishment and wealth’.
May your dreams come to pass!!!
Wikipedia defines entrepreneurship as the practice of starting a new organization or revitalizing existing organizations, particularly new businesses generally in response to identified opportunities. The best reason to start an organization is to make sure the venture serves a purpose and addresses a need that alleviates and elevates the living standards of mankind.
The desire to bring about change and make a difference in people’s lives should be the driving force for an entrepreneurial venture to succeed. Money should not be the main motivator; it should be a conduit upon which the entrepreneurial dream will sail through to fruition. You need to be passionate about the type of business you are planning to venture into.
It has been said countless times that for one to succeed in business, you have to venture in a business you are passionate about. Your passion could be a hobby like writing or antique collection which you can turn into a business venture. However, the basic steps must be followed; you need to check if there is a need for this type of service before you even think of turning your passion into a business. This goes back to my earlier assertion that every business idea must be able to make a difference in people’s lives. There must be a problem in the target market you wish to enter, and your business should be able to provide a satisfactory solution to the identified problem which in this case is the business opportunity.
Every business idea must be written and a plan of action must be put in place on how you intend to transform the idea into a business. When Sam Walton started Wal-mart, which is today the world’s biggest supermarket chain employing more than three million people worldwide, he had a vision which he transformed into a business entity. He documented every step of action he was going to follow to realize his dream. Hence, in order to ensure your vision is well presented and well spelt out, there is need to write a business plan.
A business plan is your road map; it clearly shows you where you want to go and how you will get there. It is a document spelling out your strategic vision and how you intend to achieve it. Writing a business plan is very easy if you know exactly what you want to do. There are basic steps you need to follow in terms of logical flow, which will make execution easy to implement. I will list the main topics which are usually covered in a business plan below.
1) Objectives
2) Mission
3) Your Keys to success
4) The company
5) What will you be selling
6) The Market
7) Your type of business
8) Sales forecast
9) Marketing Plan
10) Management Team
11) Financial Plan
I will explain in detail elements which will be covered in each of the above topics in my post tomorrow. However, I will conclude by explaining the first topic which is your business objectives. Your business objectives must be specific goals that are measurable. When you measure your progress, you stay on track, reach your target dates, and experience the exhilaration of achievement that spurs you on to continued effort required to reach your goal.
To determine if your goal is measurable, ask questions such as……How much? How many? How will I know when it is accomplished? Keep the list to three or four goals as it is difficult to focus on a long list of objectives. Your chance of implementing these goals depends on your ability to track progress and measure the outcome.
For instance, if image and awareness of your business is a priority, you need to do a customer survey to get what your target market thinks about the industry and its main players. This way you will have enough arsenal to use for your market entry. The bottom line is you need to set S.M.A.R.T goals. I will stop here, i will continue tomorrow as i cover in-depth information on the various topics covered in a business plan.
