Build your business as if you plan to sell it – even if you have no interest in doing so

How much is your business worth?

If someone asked you how much you’d sell your business for how much would you be asking for?

The bigger question here is what would you actually be selling this person.

Now your instant thought is probably something along the lines of “I have no interest in my wedding business,” and therefore you’re going to stop reading.

In this blog, I’ll be telling you exactly why you should be building your business as if you’re going to sell it even if you have absolutely no interest in doing so.

The ideal scenario

If I was looking to buy a wedding business then I would want it to do the following things.

  • Be profitable
  • Be respected
  • Be Self-sustaining

This would mean I could buy it, invest money into it, not have to do any work and get more money out at the end of it.

That would be my ideal scenario for a business I wanted to buy and I think for anyone reading this that is not only what they’d want to buy but it is how they’d like their business to be run.

Yes, I’m all too aware that the “not having to do any work” bit seems pretty far fetched and yes I agree that the self-sustaining part is definitely the hardest bit.

But as I said, you wouldn’t settle for it if you were buying a business so why should you settle for it if you are running the business?

Insanity

Even in 2020, there are so many businesses whose method of getting work once an enquiry comes involves someone manually typing an email, or copy and pasting from a template.
Then when a response comes in they have to manually type again.

And then if the potential client doesn’t reply then someone has to manually type and email to chase them up.

Or if you take down someone’s information at a wedding fair and then have to spend hours in admin time dealing with all this.

If you’re nodding along because you do either of these things then YOU’RE BLOODY CRAZY!

I mean this is literally insanity.

You are creating literally months and months worth of hours extra work for yourself across the life of your business.

You wouldn’t buy a business like this so why are you running a business like this?

Worthless

As I asked towards the start of the blog “What would you actually be selling?” – if you just have a company name and a way of providing the service you offer then you’re not actually selling much at all.

It would be like owning Apple but without having any distribution network in place at all.

A wedding business which doesn’t actually have a defined and proven way of turning enquiries into bookings isn’t worth much because without that key ingredient it’s barely even a business at all.

Systems

In order to make your business into an actual business that could, in theory, be sold you need to have solid systems in place for how the business is operated from either an automatic or semi-automatic.

Systems that you should consider having in place

  • Advertising/Marketing systems which generate predictable amounts of enquiries at predictable prices.
  • Automated Social Media and Marketing content which goes out without you having to lift a finger.
  • An indoctrination email series that creates a real connection between your business and the potential customer, it also introduces the client to the best parts of your business.
  • A follow-up email series which converts fast-moving clients into bookings.
  • A drip-feed email campaign which keeps you connected to people who make their decisions more slowly.
  • A way of weeding out time-wasters.
  • A way of converting wedding fair enquiries into bookings both on the day and in later follow-up.
  • Automated quote, contract and invoicing.
  • Automated/Semi-automated accounting.
  • Automated/Semi-automated follow-up which encourages customers to leave reviews and to recommend your business to others.

With all of the above in place, you would barely have to do any work outside of the actual Wedding side of things.

Can you imagine the first you hear about an enquiry coming in is when you receive a notification that the deposit has been paid into your bank account?

This would be a business which would be profitable, respectable and self-sustaining.

This would be a business that people would want to buy but it would also be a business that you would desperately not want to sell.

This is the sort of business you deserve to be running.

Getting there

If you have no systems set up at all and the whole thing seems really daunting then don’t worry, every business has been in that position.

It does take some work, it does take some time but the amount of work and time you invest will be given back to you thousands of times over in the life of your business.

If you’d like help with any of this or with any other part of your business then booking a call with Jack and I at Wedding Business Coaches is a great first step forward.

We offer a completely free 15-minute coaching call to chat over the ins and outs of your business and work out what we can do to help you in the long term.

Our Podcast

Every Thursday live on our Facebook group you can join us at 6pm to listen to The Wedding Business Coaches Podcast.

Jack and Chris will be live talking all things Wedding Business, answering your questions and having some fun along the way.

Each LIVE episode is then available to listen on all of your favourite podcast streaming platforms.

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