New Equipment Doesn’t Make You Better Part 2

March 13, 2018 by Mitch Taylor

This week we continue with Part 2 of New Equipment Doesn’t Make You Better.  Too many times we get caught up in the hype of having the latest and greatest in regards to tech and gear.  The reality is…will having that latest and greatest “thing” help us book more events?  

Think BEFORE you buy.  Don’t just think, but survey your couples and see if there is demand for what that new purchase might be.  Are they interested in it?  Would they buy it for their wedding?  How many can you sell before you have to make the purchase?  Video booths were all the rage at MBLV back in the early 2010s however I didn’t plunk down the $15k back then as I didn’t know if there was a market for it.  I went back home, surveyed my couples and found that they didn’t find value in it for $1200 rental fee.  At that point, I decided against the purchase and didn’t go into debt over something that I wouldn’t be able to recoup the investment.  A good guideline is that if it won’t make you your money back in one season, it’s not a good investment.  

Here’s the reality…if it’s not making you money then it doesn’t make sense.  If it’s been in your garage for more than six months without being hauled out, it’s probably time to sell.  Every month that goes by without use, your item is depreciating a certain percentage.  Yes, we all need to have certain gear to have for backups and to run our show with, but I encourage you to not just go and buy new equipment to buy new equipment. Instead, take the money you WOULD have spent on gear and invest in actual training in the areas that you need help the most, or hire it out to someone that enjoys that type of work.  I have a bookkeeper for a reason.  I hate inputting the monotonous amounts of data and reconciling with statements.  She’s GREAT and LOVES that.  We both win!  

The key is to invest the money you make from your business back into areas of your business that will bring you more money in return.  Spend wisely!

 

Meet Mitch Taylor: A Jeffrey Gitomer Licensed Trainer and a member of the National Speakers Association, Mitch has impacted thousands over the course of his career, through interactive workshop instruction, sales mentoring, educational podcasts & personal coaching.

Mitch Taylor Gitomer Licensed Trainer Taylored Sales


Mitch is the author of the book SALES 4 Event Pros, and has written articles for several industry publications including Promo Only, DJNews, and Mobile Beat. Mitch regularly hosts #LiveAt755, your Daily Motivational Kick Start every weekday at 7:55am on his Facebook Feed. To get yours go to Facebook.com/MitchTaylor.

Mitch is also one half of the Creating Connections team with Certified Personality Trainer Vickie Musni. Together they have written Creating Connections: 31 Days To Building Stronger & Deeper Relationships and host a weekly podcast entitled Creating Connections.

Mitch Taylor Mitch Taylor (142 Posts)

Meet Mitch Taylor: A Jeffrey Gitomer Certified Advisor and a member of the National Speakers Association, Mitch has impacted thousands over the course of his career, through interactive workshop instruction, sales mentoring, educational podcasts & personal coaching. Mitch is the author of the book Sales 4 Event Pros, and has written articles for several industry publications including Promo Only, DJNews, and Mobile Beat. Mitch regularly hosts #LiveAt755, your Daily Motivational Kick Start every weekday at 7:55am on his Facebook Feed. To get yours go to Facebook.com/MitchTaylor. Mitch is also one half of the Creating Connections team with Certified Personality Trainer Vickie Musni. Together they have written Creating Connections: 31 Days To Building Stronger & Deeper Relationships and host a weekly podcast entitled Creating Connections.


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