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Here is a paradox for financial advisors. Once you gain a foothold into your local; HNW circles, you want to get to know them better. Entertaining is a logical gateway, but problems arise. Organizing an event at a restaurant costs big bucks. Entertaining at home is cheaper, but you feel your home isn’t impressive by their standards. Even if that isn’t an issue, your young family status means the house is covered in toys. Entertaining outdoors is your answer.
If you have a decent sized back yard, you have outdoor space where you can entertain guests. Wealthy people love hamburgers and hot dogs. Think back to the poolside grill on your last cruise vacation. The only time they would need to enter your house would be to use the bathroom. You could make that work!
Let us look at several ways you can upgrade your outdoor entertaining to HNW standards.
1. Hire a canopy tent. Yes, you could buy a 10x10 popup tent cheap, but it looks like a popup tent. Call up a rental company and get a 20x20 or larger sized tent. You setup tables and chairs underneath, in the shade. These can be rented too!
2. Relaunch as a garden party. Here’s an amazing observation. If you invite people to a BBQ or picnic, they dress a certain way. Put up a canopy tent and call it a garden party and your guests suddenly dress up! They walk into your yard in white slacks and blue blazers. You serve the same food and drink, but the perception is different.
3. Upgrade the food. This is easier than it sounds. You might usually grill hot dogs and hamburgers when entertaining family and neighbors. You serve potato salad and cole slaw. Nothing wrong with that, but consider grilled salmon (possibly burgers) and grilled chicken breasts on buns. Put together Caesar salad or spinach salad. (Costco sells both.) The cost difference isn’t that big, but you have made an impression.
4. Pay attention to small details. You know the big box stores (Costco again) sell plastic plates that look like china. You know they sell plastic utensils with a sliver finish. (So does HomeGoods.) You can buy nonwoven napkins that feel like cloth but are a paper product. Look for these online. Instead of those red plastic cups associated with beer pong, rent proper wine glasses from a party supply store.
5. Beverages and serving. People drink beer in hot weather. They drink wine too. It’s a stereotype, but the wealthy do like gin and tonics. We have tried a few novel ways to make a statement with beverages. One is to bring out the lawn tractor and yard wagon. Line the wagon with a heavy (clear) plastic drop cloth from the home improvement store. Add your beverages and fill with a mountain of ice. No yard tractor? This works well with a clean wheelbarrow instead. Line it with plastic and organize the same way. Years ago, when it started to rain, our US Congressman was wheeling the wheelbarrow to a dry location!
It is not expensive to entertain outside during the summer. You will have created a party people talk about. That’s a good thing.
Related: Why Take Clients to Lunch