A Wild Idea or Your Next Big Move?

The Wedding Pro CEO Podcast: Episode 172

With Brandee Gaar and Gretchen Culver

Are you a wedding professional struggling to balance time and resources? Gretchen Culver, a successful entrepreneur in the wedding industry, knows exactly how you feel. Through her own experience, she knows that it can be difficult to add new revenue streams while still managing existing ones. Gretchen Culver overcame this challenge and pivoted to achieve automation, profitability, and growth. In this blog, I’ll share a few of the topics we covered. Make sure to listen to the podcast or watch on Youtube for the full story.

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Gretchen Culver is a wedding industry veteran, having worked in the special events industry since graduating college. After having her first child, she decided to start her own business,  Rocket Science Events, which specializes in out-of-this-world social events. With the onset of the pandemic, Gretchen realized she needed to diversify her revenue streams and created her mini-weddings concept, Minne Weddings. (ode to Minneapolis, MN) To further diversify, she then launched Moon and Stars, a wedding planning company that offers ala carte services. 

Gretchen is passionate about helping entrepreneurs find ways to make money and create additional revenue streams without sacrificing their main business. She offers insight on how to find the right balance between multiple businesses.

Gretchen’s Links:

https://www.instagram.com/rocketscience.events/
https://www.instagram.com/moonandstars.events/
https://www.instagram.com/tinyweddingsmpls/

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Here are three takeaways from the episode:
1. Identify a potential new revenue stream – Consider how it fills a need, how it is viable, and how it could be profitable.

2. Analyze the potential – Consider how your current business can sustain the hours spent on this new idea and how it fits in with your overall goals.

3. Automate processes – Create systems and processes that can be automated or delegated that will help you to save time and resources.

1.  Identify a potential new revenue stream – Consider how it fills a need, how it is viable, and how it could be profitable.

Identifying a potential new revenue stream begins with considering how it fills a need and how it could be profitable. When deciding on a new revenue stream, it is important to consider the viability of the idea and how it could potentially benefit your existing business.

For example, Gretchen was able to identify a need in the wedding industry for small weddings during the pandemic, allowing her to launch her micro wedding concept Minne Weddings. She was able to look at the shift in what clients were asking for and capitalize on it.

It also gave her the time to build the new business since her main business was all but flattened. When considering a new revenue stream, it is important to consider how it can be profitable, what problem it is solving, and how much time it will require.

It is also important to consider whether the new idea is something that will be sustainable in the long-term. Gretchen was able to create two additional businesses that are complimentary to her main business, Rocket Science Events. She was also able to offload most of the work to a full-time employee and remain an absentee owner. These new businesses allowed her to make money and be professionally and personally fulfilled.

“When considering a new revenue stream, it is important to consider how it can be profitable, what problem it is solving, and how much time it will require.”

2. Analyze the potential – Consider how your current business can sustain the hours spent on this new idea and how it fits in with your overall goals.

Analyzing the potential of a new revenue stream is an important step in the process of launching a new business. When considering how your current business can sustain the hours spent on this new idea and how it fits in with your overall goals, there are a few things to consider.

First, it is important to assess whether the new idea is viable and profitable. A good rule of thumb is to ask yourself if the idea is a business or a hobby – if it is a hobby it may require a lot of your time and energy, but not make you money.

Next, it is important to assess whether you have the capacity to take on a new project while still running your current business. If you don’t have the capacity, you may need to look at hiring additional staff or outsourcing certain tasks in order to make time for the new venture.

Lastly, you should look at how the new idea fits in with your overall goals for the business. Is it something that will add value to your current offering or does it fit in with your current mission and values?

Taking the time to properly analyze the potential of a new idea will ensure that it is a worthwhile venture and that you can sustain the hours spent on it.

3. Automate processes – Create systems and processes that can be automated or delegated that will help you to save time and resources.

Automate processes The seventh step in the transcript is to automate processes. This is a great way to save time and resources while still getting the job done.

The key to automating processes is to create systems and processes that can be delegated or automated. This will allow you to focus on the more important tasks that require your direct attention and free up time for other tasks.

Automation also allows you to scale your business more easily as you won’t have to manually do as many tasks. When it comes to automation, Gretchen provides a great example of how she created two distinct brands in the wedding industry: Rocket Science Events and Moon and Stars. Gretchen was able to create these brands without sacrificing her main business by delegating and automating processes.

She was also able to create a brand that was viable and profitable, which is key when creating new revenue streams. This allowed her to keep her main business running while managing her two new brands.

Gretchen emphasizes the importance of taking the time to make sure an idea is viable before diving in. It’s important to consider if the idea is solving a problem, if it will be profitable, and if it will take away from your main business. This is key to making sure you are investing your time and energy in the right ideas.

“The key to automating processes is to create systems and processes that can be delegated or automated. This will allow you to focus on the more important tasks that require your direct attention and free up time for other tasks.”

Watch and learn from the talented professionals in the wedding industry that have experience walking the path you desire to explore.

Gretchen Culver’s journey shows us that it is possible to diversify our income streams without sacrificing our main business. It is possible to create an Automation, Profitability, and Growth system that can be implemented in our business, but it requires us to take the time to analyze the potential of a new idea and create a plan for implementation.

It is also important to consider if the idea is viable and profitable, and if it will take away from the main business. With the strategies outlined by Gretchen, you can find the right balance between multiple businesses and open up new revenue streams that are both profitable and sustainable.

Take the first step today and start exploring ways to diversify your income streams – you can do it!

I’d love to hear how you apply automation to your business. Does it bring profitability and growth?

DM me on Instagram or post your thoughts in the facebook group! (links are below)

Bye for now!!! 🙂

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