From Solopreneur to Full-Scale Production Company, Which business model is right for you?

The idea of growth can be intoxicating. Doing it right means knowing your options.One can never speak in absolutes when it comes to business. There are patterns that we acknowledge, however, and models to help us achieve our business goals. The pattern or typical evolution of a wedding planning business begins with a single professional who eventually establishes a multi-employee small business, and sometimes, a full-scale event production company. The idea of growth can be intoxicating—the business equivalent of one’s name in lights. Growth is something that every planner considers at some point in his or her career, and possibly more than once. It’s important, then, to understand the different available models, evaluate which best fits your personal goals, plan for the right growth at the right time, and frequently reflect on how your business is measuring up to your goals. So what are your options?Solopreneurs“Solopreneur” is a contemporary term that refers to someone who starts a business with no plans to add staff or grow a team. Generally, a solopreneur is the face of the business and does not intend to sell it to an investor down the line. He or she is not a manager, although a solopreneur may hire independent contractors to outsource certain functions, like wedding-day assistance or specialty décor installation. Small businessA solopreneur is often confused with an entrepreneur who starts and initially operates a small business on his or her own. The ultimate goals are different. Small business owners intend to expand and are willing to take on a team in order to grow. The scope of a small business is still limited, though, and they don’t produce in volume. Full-scale wedding production companiesFull-scale companies are larger in scale than smaller businesses. They have more employees and the ability to take on bigger productions and events.How do you know which model is best for you?In order to plan effectively, you have to have a model in mind. Start by asking yourself some revealing questions such as:• “What life do I see for myself?” • “What work/life balance do I want?”• “Am I open to employees and ready for the risk? Am I confident I can lead a team?”• “Will it work in my market? Is there enough business?”Reflect on your responses, and choose the model that best fits your plans. Next, begin the process of developing your team. What about growth potential?Even if you begin your business as a solopreneur, the time may come when you need to expand your company and bring in other people to help you grow your brand. So what are some signs that it’s time to expand?If you find yourself consistently turning down business because you aren’t able to staff it, or if you’re hoping to devote more time to business development and less to the day-to-day, then it’s time to consider expanding. Consult with your accountant and financial adviser to ensure you’ve forecasted your profit and losses for the next year so you can budget for the additional expenses that come with adding staff. Review your sales and marketing plan to make certain you are ramping up your efforts to build your business as you take on new staff. Additionally, make sure you have the time set aside to train a new employee while still managing your day-to-day. Still, how does one grow manageably? Expanding too quickly can be overwhelming, so it’s important to grow only as you feel comfortable. As you bring in team members, you may notice that a small business isn’t much different than being a solopreneur. The one big change is that you can focus on the core work while employees handle the rest. Your company will be able to take on more work and put on bigger events, which will show in revenue. That said, with more revenue comes more costs—namely, wages.If your sights are set higher, you may continue to grow and grow until you find yourself heading a full-scale wedding production company. This may be the ultimate goal, but do remember that everyone has to start somewhere.Build the right teamKate Franzen of Glint Events in Richmond, Va., expanded her business when she was at capacity and turning people away. She implemented a “rigorous application and interview process with every candidate that had the right experience and skills (she) was looking for.” She shares her advice for those building a team: “You have a right to be picky. Don’t hire someone unless you know they are the perfect fit. They need to check off every box on your job description requirements. It’s better to wait another month to hire the right person, then to hire the wrong person only to see them leave, or have to let them go a few months down the road,” she says.Once you have your new team members, immerse them in your company’s culture as Jennifer Taylor of Taylor’d Events in Seattle does. She empowers team members by seeking their opinions and taking action. Key to her success is one very important document. “We developed an in-depth employee handbook for a smooth onboarding process. While it took a bit of work, it was certainly worth the effort,” says Taylor. “This ensures that our new hires not only understand their responsibilities, but also have a good grasp on our company’s mission and values.”With that said, growing your business doesn’t always equate to expanding your team internally. Fabrice Orlando, CEO of Cocoon Events Group in London, decided to develop a solid team of freelancers to support his company’s core. “Growing doesn’t necessarily mean filling your office with an extensive staff,” he says. “With an event production company, you’ll always need the key people—technical, décor, floral, and so on—but every event is going to have different needs, so we wanted the flexibility of creating a custom team of event professionals.” For Orlando, it also came down to client experience. “Having an extensive staff of employees wasn’t an option for us. Our brides and grooms expect my presence on the wedding day,” he says. Hiring freelancers can be a bit different than picking out new employees, but there are a lot of similarities when it comes to qualifying people who are the right fit for the job. “It’s a small world, so typically we receive referrals from trusted friends and colleagues. We value experience and quality of work, so we don’t bring anyone in unless they have an extensive upscale portfolio,” says Orlando.Tools to help you along the wayBoth Franzen and Taylor credit their business coaches as critical to successfully managing their growth processes. “It is so essential to have someone who will support and advise you, as well as help you stay on track,” says Taylor. Additionally, accountants and legal advisors can be incredible investments as you begin to consider the financial and legal impact a growing team has on your business.Productivity software and apps are available to make everything from client management to business accounting to colleague collaboration easier and more effective. Basecamp, Google Docs, and OneDrive are all excellent for working together remotely and for task management. Event-specific programs like Aisle Planner automate some of the day-to-day tasks common to most planners, leaving you more time for team building and the business of running your business. How to know that it’s actually workingGrowing pains and hiccups are common with any new endeavor, so you’ll want to stay aware of the signs that your efforts are paying off. Franzen and Taylor both cited being able to take time off and know that everything at work was under control as their first indication of successful growth. Franzen says, “Last year, I hired our second employee and, five days later, I went into labor and was on maternity leave for two months. There’s nothing like being forced to turn your attention away from your business only to return to it not only fully intact but flourishing. You’ve got to let go in order to see your business grow with the great people you’ve hired.”Still torn?The great news is that there are many options. You may continue to stay small and manage your growth, expand to a small business and bring in a team, develop an external team of freelancers, or go big and develop into a full-scale wedding production company. Ultimately, the choice is yours.__Meghan Ely, OFD Consulting, Richmond, Va.