Create Your Wedding Invoice Template for Product Management Effortlessly

Wedding invoice template for Product Management

up with a package prize for your event and wedding planning business is really as easy as one two three and I'm gonna outline it all for you right now now if you haven't already subscribed to this video I want you to hit that subscribe button real quick so that you can get more videos like this one week after week so here's the thing I know sometimes when you're out here and you're thinking about how to work with clients especially wedding planners you're thinking okay I see everyone with these package pricing how did they get to that number how did that one come up now one of the things that some people try to do and I don't recommend is that they just look around at their competitors and they just price their packages based on what they're doing so their competitors are charging five thousand dollars for their full wedding planning package and then just go ahead and they price theirs for five thousand here's the thing I don't want you to do that for a number of reasons the main one being you don't know how they came up with that price so you don't know what's included in the 5 000. now that 5000 you might start charging that and you realize you're not making a profit and here's why because your competitors might be in the industry longer they might have vendors that they have established relationship with and they might be getting a much Deeper Discount than you are getting right now so of course they can charge that and still make a substantial profit and you're not so what are you gonna do well I'm gonna give you three tips to help you come up with the best event planning package pricing the first thing you want to do is you want to determine your prices now I have a video that outlines this step by step including the four things that needs to be included as well as the three different price instructors so I want you to go through that video because essentially what it says is that you need to look at your cost so you need to add your cost you need to look at your labor so your time how many hours do you spend planning the event is it five hours and what's your hourly rate is it ten dollars then that's a cost as well so you need to have the actual event cost so think of you know your purchases your rentals all of that right so the next thing you want to add in is you might want to add in a markup so if you're using vendors who are our pass and discounts to you you might decide to pass that discount order to the client or you might mark it up right depends on you but those are the three things that needs to be included number four is your profit percentage once you have all those costs determined they need to determine how much profit would you like to make based on these total costs what's the profit percentage you'd like to make maybe you'd like to make five percent of these total costs great calculate that add it in and that's your total cost so that's what you need to determine now my video goes into much better details it's a little bit more detailed so I'm going to link you so that you can actually go check that out I also have a pricing calculator that I'm the link below that you can use to come up with your most profitable pricing as well as your hourly rate I'm going to link all of that down below now number two is that once you have your price I want you to actually try it out a couple of times so you've come up with the price I don't want it to be set in stone here's why as you begin working more and more with more clients and doing more events or a couple things that are going to change you become more experienced right which increases your value you also become faster and better at doing what you're doing which might include the hours that you spend doing everything so you might find that that price is going to change a little bit so for the first couple of events I really want you to be flexible before you lock the package price in completely and never Dodge it again right so I really want you to try that a couple of times then number three is I want you to look at what's included and then decide if you can lock that in so let's say you've tried out a couple of events you've worked with a couple of clients and you've realized they all want the same thing they want you know a backdrop they want some Decor on the table they want some flowers they want a cake right something like that very basic very simple and they all want the same thing for their wedding reception then you know okay here's how much time is going to take me here's how much that costs I know the base price for something like this is two thousand dollars amazing say here's my package it's gonna be X it includes this and it's two thousand dollars right then what you want to do is any clients who come in who want something different you at least have this base package and they can customize as needed so they can add more elaborate things that would of course increase the price but at least it gives you a set package that they have to work from those are my three tips are coming up with your pricing packages and one of my main tips before you even leave is this you really should be evaluating and updating your pricing every year so if you're not doing this please set a reminder in your calendar right now at the end of every year or the end of every wedding season you're going to reevaluate because one of the things that you might notice and we've seen this happen after the covet pandemic is that so we have supply issues there are supply issues which meant that a lot of costs were going up for different things so a lot of costs for your items that your sourcing might have gone up you never want to get caught in the Trap where you haven't changed your prices all of your supplies are going up and your profit starts getting smaller and smaller and smaller I don't want you to be there so I need you to just set a reminder and update your prices and if you have any questions of course drop them in the comments below and I'll answer them for you again I'm linking the pricing calculator below as well so you can check it out to get your best optimal price and don't forget to hit that subscribe button so you can get more videos like this one week after week