The wedding and event industry is buzzing from the news that the wedding blog, “Style Me Pretty,” will shut down (completely) on April 30th.
I was a little sad because I have always been a fan of the blog. But, as a business owner, my mind immediately went to all of the lessons we can learn from this blog’s demise. Seriously, there are so many lessons to unpack here. But, for the sake of brevity, I have listed three lessons for you today.
1. Every Product Has a Life Cycle. There are four stages in the product life cycle: introduction, growth, maturity, and decline. Ten years ago, “Style Me Pretty” was THE place to go for wedding planning inspiration. Many clamored to get a wedding featured on their blog. Even we have been fortunate enough to have content featured on their site.
But, over the years, the industry has changed and Style Me Pretty eventually met its decline stage. As an entrepreneur, I encourage you to learn from this. Take an inventory of the services you offer. Does anything you offer need to be updated, retooled or refreshed? Now’s a good time to make adjustments to remain marketable.
2. Your Portfolio Should Live on Your Web Site. An impressive press page and a robust Instagram feed are both pretty awesome, but what do you intend to do if Instagram goes “dark” one day? Social media is a great tool for marketing, but your portfolio, your money, and your SEO should begin and end with your own web site.
3. Your Business Plan Should Include an Exit Strategy. Now! Before you talk “smack” about the closing of the “Style Me Pretty” blog, I encourage you to use this opportunity to think about your own company’s end. Don’t wait until you are ready to quit to think about the end of your business. That’s too late. Plus, you will have more “exit strategy” options if you start planning how you want to “ride off into the sunset” now.
Love and Soul Always, Kawania