Your Simple 5 Step Guide to Starting a Wedding Venue Business
Are you looking to start your very own wedding venue business?
A wedding venue business can be very lucrative. After all, there are over 2 million weddings each year in the US!
But, if you want to start a wedding venue business, where do you begin?
Check out this guide to discover how to start a wedding venue business.
1. Ask Yourself the Tough Questions
Before you start your wedding venue business, you need to ask yourself some tough questions. According to the US Small Business Association, around 20% of businesses fail within the first year. Additionally, only half of small businesses make it past the 5-year mark.
It’s very important that you’re aware of the roadblocks ahead of you and that you’re realistic about your capability of handling these challenges.
Here are some questions you should ask yourself before getting started:
Can I Afford the Financial Risk?
Due to the statistics above, it’s important that you’re prepared for the financial risk of starting a wedding venue business. Can you handle losing your investment if your company goes under?
To accurately assess if you can afford the financial risk, it’s important to understand what expenses will come with starting this type of business. Here are some questions to ask yourself to understand your predicted expenses:
- Will I be purchasing a property or leasing one?
- Do I have enough cash on hand for a down payment, or will I need financing?
- Will I be building a new space or touching up an existing one?
- Should I reach out to investors?
By asking yourself these questions, you’ll have a better understanding of your financial health.
Am I Prepared for the Busy Schedule?
When starting a wedding venue business, you’ll need to be prepared to put in some very long hours.
Also, keep in mind that most weddings happen on evenings and weekends, so you’ll need to be prepared to sacrifice some of your social life.
Is the Timing Right?
While there’s never going to be a perfect time to open a business, it’s important that other life stressors are minimized when opening.
This way, you can put all of your focus into your new business.
If you’re still excited about the prospect of opening a wedding venue after asking these questions, then you’re probably ready to dive in.
2. Research the Local Market
After you’ve asked yourself the above questions, the next step is to research the local market. In order to be successful, you need a target market (just like every other business).
Here are some things you need to research:
Wedding Venues in Your Area
Start by looking up other wedding venues in your area. Make note of how many there are, and research whether or not these venues are offering what you want to offer.
In order to be successful, your business needs to be unique. So, if you find that there are a bunch of barn wedding venues in your area, opening a barn wedding venue may not be your best bet.
Online Reviews
It’s also important to read online reviews of your potential competitors. What complaints and problems are consistently brought up?
How can your venue offer solutions for these complaints?
Visit Competitor Venues
It’s also a good idea to visit competitor venues in person. Or, at the very least, talk to friends and family members who have booked through these venues.
This will help you get an overall idea of how the venue operates and what sort of clientele they serve.
3. Write Out a Business Plan
Once you’ve done all of this, it’s time to write out your business plan.
Here’s what your business plan should include:
- Summary: This is essentially the same as the “about” section of a business website. Describe your business and what makes it unique
- Market: Describe the market value as determined by your research
- Organization: Are you the sole owner or will you have a partner? Are you an LLC? Will you have temporary employees or permanent ones?
- Timeline: How long will it take to get your business up and running?
- Business projection: Describe your growth and financial goals
You’ll also need to describe your marketing plan, so you should have a good idea of how to use social media for wedding venues.
4. Choose a Location
Once you’ve written your business plan, it’s time to search for the perfect property to convert into a wedding venue.
Just like every other business under the sun, the location of your wedding venue matters a great deal. When choosing a venue, you want to consider whether you want to cater to city weddings or countryside weddings.
You also need to consider whether you want to lease the space or buy it. And, you need to think about what services you want to offer through your venue. For example, if you want to offer catering, then you’ll need a facility that has an onsite kitchen.
5. Create a Website and Launch Your Marketing Strategy
Last but not least, it’s time to build a website and launch your marketing strategy.
Your website should contain all the important details about your business, including the location, amenities, booking options, and contact info.
We suggest hiring a professional photographer to take pictures of your venue, and then using these pictures on your website and other marketing platforms.
In addition to creating a website, we also suggest creating social media profiles for your business on Instagram, Twitter, and Facebook. Social media platforms can be a great way to get the word out about your business and connect with potential clients.
How to Start a Wedding Venue Business: Are You Ready to Launch?
Now that you know how to start a wedding venue business, it’s time to put these tips into action. Before you know it, your business will be up and running.
Be sure to check back in with our blog for more business-related tips and tricks.
