I thought it might be useful to occasionally post tidbits of information that I come across in my textbooks that relate to my market and my industry. It'll be a good way for me to remember!
Regarding the competitive marketplace, the event consulting industry has "low entry and low exit barriers." According to The Entrepreneur's Master Planning Guide:
The condition produces an industry in which there are many new competitors. The weak firms among them retire from the competition quickly. The total number of competitors is likely to remain about constant. Retiring weak competitors are quickly replaced by new ones. Since the new ones are jostling for recognition and a market share, rivalry is likely to be intense. Profit margins will be low even for the oldest and strongest competitors.
I have seen this trend in both Wisconsin and in Texas. The list of wedding planners in any given year is ever changing. I know for a fact that our profit margins are always lower than we'd like simply because very few of us can compete and still require higher consulting fees. Since this profession requires low overhead (none, practically, if you work from home and already have a computer), it's easy to start and easy to get out of (once you've completed all your contracts, I hope!).