Impact of (potential) Recession and low public spending
Thu, 24/01/2008 - 21:36
I'd like to get your feedback on what impact a potential recession and lower than usual public spending will have on me starting my business this year.
As I've mentioned in other posts, I want to become an event planner and things are going well. I'm over a quarter the way through my diploma in it, I have my biz name sorted (just need to actually buy domain name etc, but think that will have to wait til tomorrow), I'm doing plenty of networking and begging for experience! But, being a wedding and event planner is a luxury item, and one that many people think they cannot afford. (Personally, I think I'd be able to save them more money than my fees, and I hope I'm not being over confident.)
So, does the current economic environment mean this is a foolish venture?
(I'm planning to officiall start my biz in June this year, when I'd moonlight until the end of 2008 at which point I'd quit my day-job and do this full time.)
Thu, 24/01/2008 - 22:04
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I don't see the current
I don't see the current state of affairs effecting businesses such as wedding planning. People are going to get married regardless, and with more people putting in more hours at work to bring in the extra cash, they will have less time to plan their own weddings ;) Just go for it sir !!
Thu, 24/01/2008 - 22:37
#2
What Recession?
Hi Liz,
If you are going to stay in your job until the end of the year, I wouldn't worry as you have plenty of time to see what will happen.
Personally I don't think it's going to happen and it's just scare mongering (especially by the daily mail), However the only reason it could happen is if lots of people think 'Oh I'm not going to buy this or that' because of a possible recession and this would create a self fulfilling prophecy.
If they don't buy that, then he won't have money to buy that so she won't be able to buy that and i can't pay you!! If you get my meaning.
As for Wedding planners I would have seen that as something of a luxury and never thought of it as they could save me money! I do hope that is your USP because it's fantastic and you should be blurting it out to all and sundry and you should work it in to a tag line and memory hook and have it on all stationary.
Take care
Paul
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Thu, 24/01/2008 - 23:26
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Only impacts bankers!!
Recessions only impact bankers and Newcastle FC!!
Entrepreneurs should be able to find a way around the fact that people stop spending. I think Europe is more capable of holding its own - lets hope the rumours are wrong - if you have found a hole in the market the hole will still be there - will you be working with consumers or business? Weddings are weddings - if the trend is that people are still going to get married then you are going to be ok - but maybe you will want to specialise - maybe a niche in gay weddings - they seem to be very trendy!!
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Sun, 03/02/2008 - 08:43
#4
You answered your own question!
Hi SparrowLiz
You have had some great replies here already, and I concur with them all. Getting fed up of talk about recession, it's down to us guys to make sure it doesn't happen!
I think you made a really strong point in your post - about SAVING money. Something I have been taught is about giving GUARANTEES. If you can give a GUARANTEE that you will SAVE punters money - they will come flooding in. A wedding is such a costly excersize, as I know from my own exprerience, and anyone out there offering to save money and hassle will have value.
Take a look at www.buy-LOCAL.net - We have had brief similar thoughts to you regarding the forecasted economic climate - as we franchise our business. But hey - people are always going to eat! People are more and more interested in where food comes from and how its produced. And people are always going to get married! If you know anyone who is interested in working with us on a franchise to be part of a great young exciting business - let us know.
Very best of luck with your venture.
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Thu, 14/02/2008 - 00:01
#5
Re:Recession
Hi SparrowLiz,
Recession or not!!! People Still are getting married!!! (like people need to eat, drink and to have a place to stay!!!)
As Usual the Media hype things up!!!(Ie The Sub Prime Credit Crunch,Rising Fuel and Energy costs,Mortgage rates Blah Blah Blah!!!!)
Even the Economic Climate in the UK is fragile!!!!
Entrepreneurs DO NOT GIVE UP!!!! They find a way!!! No matter how hard!!! they overcome obstacles!!! they Set goals!!!
Or buy more of Steve Parkes Books!!!
Read this quote below:
I am fed up of people blaming circumstances!!! If people cannot find the circumstances they make them!!!
(By Author and Essaysist George Bernard Shaw)
and one other by a very successful American Entrepreneur
"Persistence, Genuis is not , its an unreward proverb, education is not, the world is full of education derelicts. No Persistence is Omnipotent and will continue to solve humans problems"
(Ray Croc Founder of Mcdonalds)
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Thanks for all your comments. I've been talking to a few people and thinking a lot about this and I do agree with what you've written. "Recession" is a word that I can't say I fully understand, but I do now have some ideas on how I can use it (or the threat of it) to my advantage.
I'm also currently pursuing the thought of providing Sustainable Events (ethical, envirnmentally friendly etc) and everything seems to be falling neatly into plan...