Starting a wedding planning business can be one of the most rewarding paths into entrepreneurship. This is a pretty special profession, as you’re helping couples plan out and execute on a day that they’ll remember forever. This is a big responsibility and one that will require some trust to build. However, that’s why I’m giving you a few helpful tips on how to get started. Check them out below:
Figure Out Your Budget
As it goes with starting any business, having a solid budget in place is going to be crucial for your future success. According to the Small Business Association, the average small business cost between $1,000 to $5,000, which while that’s not out of reach, it is a number to consider. And if you’ve been thinking about starting a wedding planning business, then learning what your happy medium is will be imperative.
To begin, take a look at your current overhead, as well as how long it will take you to start developing your company. For example, if it cost you around $3,000 to live each month and you feel it’ll take about 3-4 months to start garnering revenue, then preparing $10-$12,000 would be wise. Additionally, it’s never a bad idea to learn how to capitalize on a side hustle while you’re developing your planning business, maximizing your revenue. Remember, while wedding planning is an amazing industry to work in, it’s also one that requires a fair amount of capital, so don’t hesitate to ease your way in a little bit.
Find Solid Partners
Another important aspect of the wedding planning industry is finding solid partners to work with, maximizing the potential revenue that you could receive. As this is mainly a point of developing symbiotic relationships, it’s good to know off the bat how you can benefit them, even as a new business. And while that might sound like a tough challenge, the first place you should start is with your brand.
The wedding industry is all about quality branding. Not only is it a core element to showcasing the type of venues and ceremonies you’re looking to offer clients, but additionally a general expectation from consumers. In fact, as noted by Vision Critical, in a survey by Boston Consulting, authenticity was considered a top quality from millennials in a brand. However, knowing how to leverage this with partnerships is a completely different beast.
In seeking partners, the most important aspect is going to be the mutual benefit you both receive. For example, if I have an extensive number of clients who primarily use me for my venue connections, then being able to compliment that with a wedding dress vendor could be advantageous, especially if that company can either recommend you or pay per referral. Utilize this strategy when dealing with forming new partners, as this will be a great strategy for sales.
Understand The Competition
As it goes with any industry, understanding who your competition is and what they offer you can be one of the most useful tools out. And for the wedding industry, this is particularly necessary, because as noted by IBIS World, with around 39,371 planning companies versus 39,658 employees, this is one industry that’s got a significant amount of competition. And if you’re looking to stand out from it, then knowing where your niche stands will be a must.
In looking at what your niche is versus the competition, one of the first things you need to do is ask yourself what separates you from the rest. As most of us know that starting a small business means being able to describe what you bring to the table off the bat, which is why you should list as many different reasons as possible explaining your value. Considering the basic premise is to hone in on what specifically makes you exceptional in one sentence or less, don’t be afraid to be patient in this process, giving yourself the best chance of success long-term.
Finally, I’ll warn that with how competitive this industry can be, you’re in for an uphill battle. After all, getting married is something that a lot of people consider a pretty significant investment and one that takes some serious trust to build. However, as long as you make it your primary focus to win clients by providing a fantastic experience for others, you’ll be in the best position to thrive.
What are you most excited about in starting a wedding planning business? Comment with your answers below!