Man approaches you. Says, hey Savvy Wedding Pro, I have the “IN” on a ONE MILLION DOLLAR wedding. It’s yours–all you have to do is give me 40%. Deal?
What would you say?
This isn’t a hypothetical question. I honestly know of a well-known florist who was offered this exact scenario.
It sounds heavenly… ONE MILLION DOLLARS in your pocket and you don’t even have to bid, plead, beg or schmooze your way in. There’s only one hiccup–your contact wants $400,000 of it.
What do you do?
What REALLY would you do??
This advice holds true no matter the size of the wedding: Figure out your costs first and make certain you will still be profitable!! On a million dollar wedding, you have a LOT of product and a TON of labor to think about!! DO your numbers first. If you can keep costs to 50%, meaning $500,000 (less would be way better), then you pocket $100,000 after it’s all said and done. IS THAT WORTH IT TO YOU?!?!?!?
The Bigger Question: Is it a good idea to “buy” weddings? Give a kick-back to a wedding planner or outside source, just for bringing you this amazing opportunity?
This debate recently ignited at a mastermind group I was speaking to last month. To pay or not to pay, that is the question. It has always been my philosophy NOT to pay, and I was shocked at how many wedding pros in the room pay to play, especially paying wedding planners for bringing them weddings. I heard numbers up to 20% as the “finders fee” for the wedding. In my opinion, your work should be proof enough and you should never have to pay a venue or a planner for a wedding. Taking them out for lunch, gift baskets, special treats…okay fine. Schmoozing is one thing. Outright paying them a cut is another.
So with this post this week, I want to open up the debate. Do you currently offer a kick-back in the form of a cut of the wedding, to planners, venues, or other sources? Why or why not? Would you (if you don’t now) if the opportunity presented itself? I’m really interested to hear from planners and their take on being paid for weddings. **Please share in the comments below!
And for the record, my wedding-pro friend as mentioned in the beginning of this post…well, he did NOT accept the deal and lost the Million Dollar contract. He’s okay with it, knowing he did the right thing. 🙂