This is the Transcript of the #WeddingMarket Chat on June 11th, 2014 with Event Planner & Author Marley Majcher. The answers were made on Twitter so responses will appear different.
Marley Majcher, CEO of The Party Goddess!, has planned events for A-list celebs such as Pierce Brosnan and Sofia Vergara, and now, with her book, But Are You Making Any Money? she has become a sought-after expert on issues and trends facing entrepreneurs and small business owners. Her business savvy has been cited in The Wall Street Journal, BusinessWeek, Entrepreneur magazine and more. For more information, please contact us at [email protected], or follow @ThePartyGoddess on Twitter and Instagram.
Learn More About Marley Majcher The Party Goddess at: www.MarleyMajcher.com
Q1: How did you get involved with the wedding industry?
Answer:
Marley Majcher: I started out in the restaurant business after graduating from #Georgetown & marrying a chef. I didn’t set out to getting into the #weddingindustry, but that happened w/ rehearsal dinners, showers etc @ the rest.
Q2: How long have you been in business & what do you do?
Answer:
Marley Majcher: I’ve been in the biz since 1991 & currently run @thepartygoddess an event planning firm in LA & have a biz consulting biz. When my book came out, http://amzn.to/1odRYT1 I started doing TV & speaking gigs.
Q3: What have you learned from owning your own company that you think other business owners should know?
Answer:
Marley Majcher: That it’s a lot harder than I thought & you always need to have 2x the amount of cash that you think. The keys are your USP & constantly working on your goals & budgets.
Q4: Why are so many companies busy but not making any money ?
Answer:
Marley Majcher: Because they build their bizs backwards: based on what they’re good at, not what the market needs.
Q5: Can you explain your technique for longitude & latitude to determine pricing? #weddingmarket
Answer:
Marley Majcher: L&l refers to where your biz is on the “map”. Cash crunch? Sell high profit stuff with little cash outlay.
Q6: How do you determine your true cost of doing business?
Answer:
Marley Majcher: Create a recipe that includes #COGS, time, overhead. I talk a LOT about this in my book http://amzn.to/1odRYT1 .
Q7: How do you track Cost of Goods Sold?
Answer:
Marley Majcher: You literally add up every single cost for your product or service. Every 10 cent label, FedEx, sample, etc & add in YOUR TIME!
Q8: How do you track your time?
Answer:
Marley Majcher: I love @paymo & think #timetracking is the key to biz success. Your results are determined by where you spend your time.
Q9: What are the Forget Me Not Expenses? How do you track?
Answer:
Marley Majcher: Forget Me Not Expenses are the “C’s” in my book. It’s all of the little stuff you forget that makes a huge difference.
Q10: What do I do now that I know my cost of doing business?
Answer:
Marley Majcher: You track your time/costs to make sure you’re right & course correct where you’re not.
Q11: How do you raise your prices without raising your prices?
Answer:
Marley Majcher: You model the airline industry, charge the same, but come up with extras that will add to your bottom line.
Q12: How do you become more efficient?
Answer:
Marley Majcher: Track your time using @paymo & assess where your biz is suffering compared to how you’re spending time and then adjust!
Q13: How do you cut your expenses?
Answer:
Marley Majcher: 1st you have to know your expenses inside & out. Go thru your p&l WEEKLY to see where you can cut. P&ls per job/product too.
Q14: What other resources can wedding pros look at?
Answer:
Marley Majcher: I think you all need a biz plan & my fav IS @growthink. @davelavinsky has it NAILED. It will b/m the Bible for your biz. Here’s the other resource #weddingmarket peeps: http://bit.ly/1poDXle you can get the form to help with time & COGS book is http://amzn.to/1odRYT1 .
Q15: Do you have any special events or projects coming up ?
Answer:
Marley Majcher: I have a great 4th of July gig coming up, & just booked a KILLER #Halloween one that I am nonfunctioning over.
Q16: What would you like everyone to take away from this #weddingmarket chat?
Answer:
Marley Majcher: I want them to take away #hope. FOCUS on your #keymetrics & spend your time on what matters, not on NOISE!
#WeddingMarket Questions From Twitter:
1. @CaseyFPhoto Any suggestions for making the transition to a higher price bracket as far as clientele?
Answer:
Marley Majcher: Before you do that, your brand needs to exude that in every way – website, biz cards, YOU, etc. Ask if there’s a need.
2. @FiggieShoes Is your book available on Kindle? I so want! IMMEDIATELY. 😉
Answer:
Marley Majcher: YES! It’s on Amazon! Kindle and softer cover. I’m doing #2 now! http://amzn.to/1odRYT1 . While you’re waiting for the book http://amzn.to/1odRYT1 go here: http://bit.ly/1poDXle
3. @Memeoirs What is the best way to launch a new product?
Answer:
Marley Majcher: First make sure there is a need for the product, then ask what’s different about yours vs what exists, exploit how you solve problem.
4. @DreamstyleWed How do you educate potential clients on seeing the value in your fee when there are so many undercharging?
Answer:
Marley Majcher: Determine your target audience and their pain points, how’s yours different and then pre-practice handling objections. People who undercharge usually don’t have experience, insurance, etc so ask your customers how they’d handle x.
5. @BridalBalance Is your book geared towards event planners only?
Answer:
Marley Majcher: No, the book’s actually for small business owners, especially women. It’s like USWeekly meets the WSJ! amzn.to/1odRYT1 . Biz is really widgets, learn from other biz’s & don’t get stuck in ours. http://bit.ly/1poDXle
6. @blmgphoto What is the best way to deliver your photos to the client i.e. Prints, disc, online (Dropbox)?
Answer:
Marley Majcher: Depends on the client! Ask them how they want them, do it & make it as easy as possible for them. Use as a “touch”.
7. @SweetestEvents_ What software do you recommend to manage your business?
Answer:
Marley Majcher: In what way? I love @quickbooks for acctg, @paymo (time tracking), @growthink (biz plans) @evernote for EVERYTHING.
8. @FiggieShoes How far in advance is TOO far to book jobs? I paint shoes but still book up–waiting list gets long though.
Answer:
Marley Majcher: If your waiting list is long it’s a clear sign you MUST up your prices. Waiting lists are good for your ego, not your bottom line!
9. Event_Culture_ What’s one bad habit you see of new wedding planners/business owners that you wish would stop?
Answer:
Marley Majcher: GREAT ? !! They’re not unique. The marketplace is saturated, you MUST deliver something different that your audience WANTS!!
Join the Conversation →