Time on Your Side

May 7, 2017 by Staci Nichols

Buses, movie theaters, hotels… What do they have in common? None of them charge the same price for a Saturday night as they do for a Tuesday morning. Buses have peak fares for rush hour travel. Movie theaters offer matinees to encourage movie-goers to fill up seats during non-busy times. Hotels, the true masters of maximizing their “prime times,” charge more for short notice bookings, holidays, summer vacations, and weekends. If it works for these mega-industries, there must be something to it!

I’m a big fan of maximizing some Economics 101 principles to boost my income…just like the above examples. I believe in a healthy balance of “getting what I’m worth” and filling up my calendar. Last year, I turned away OVER 60 couples because I was already booked on their dates. For the most part, these couples were seeking out my services for the same 8 Saturdays in high season…the dates were not scattered all over the calendar. The demand for these 8 days out of the 365 days I’m available is insane (this is known in Economics as “scarcity,” which drives demand)! If you understand the Law of Supply & Demand, then you know that when the demand for a certain calendar day goes up, the price should go up…otherwise you’re leaving money on the table.
Now think about this: “50% of all weddings in 2015 occurred on only 25 days” (WeddingWire.com). Wow! According to the Los Angeles Times, only 4% of weddings are in January! WeddingPaperDivas.com reports that over 30% of weddings are on non-Saturdays.

Read the rest of this article and check out the full issue at https://www.mobilebeat.com/emagscurrent/179

Staci Nichols Staci Nichols (22 Posts)

DJ Staci Nichols is based in San Diego. She specializes in spinning “country fusion,” Latin/Spanish, and mainstream music. Her wedding know-how has appeared in San Diego Style Weddings, Offbeat Bride, Wedding Planner Magazine, Gig Masters, Brides Without Borders, Book More Brides, and more. SanDiegoDJStaci.com. Instagram/Facebook/Pinterest/Twitter: SanDiegoDJStaci

Filed Under: 2017, Mobile DJ Business