How to Build a Wedding Business
There are 2.47 million weddings anticipated for 2022. If you're passionate about helping people create memories they remember for a lifetime, opening a business where you plan weddings can be both lucrative and one of the most fulfilling things that you do.
Keep reading for tips on starting a successful wedding business.
Know What You Love and Do Best
Being an entrepreneur is a labor of love, so you might want to start your business by figuring out what you love about weddings. People get into the wedding business for different reasons, so focus on what tasks you appreciate most.
Examples of professionals in the wedding business include bakers, DJs, wedding officiants, photo booth rentals, graphic designers, makeup artists, and other pros.
Figure out what makes you the most qualified, and what part of your expertise may be better than the competition. Knowing these details can help you to brand and market yourself, while also focusing on your strengths.
Learn About the Staple Wedding Items
As a wedding professional, you need to have a core understanding of the wedding staples that people typically look for. For instance, a baker should recognize that people from certain cultures may have traditions related to their cake, or certain dietary restrictions.
A florist should find flowers that match the attire colors of the wedding party. A DJ will need to choose musical selections that might be important for guests and the family.
You should treat these moments with care so that you're doing your clients a justice.
Draw Up a Business Plan
There's plenty of trial and error involved with any business that you decide to run. As an owner, you will need to plan and navigate the landscape moving forward.
Learn the ins and outs of what's included in a business plan so that you have clear instructions moving forward. Here are some details that a business plan should have:
- An executive summary of your business and what you intend to gain from it
- Goals for the first months and years of the business
- A budget for getting started
- Descriptions for any positions or roles in the company
- A roadmap of the specific products and services that you provide
- A thorough analysis of the wedding industry and the market as a whole
- Plans for financing and managing the business
It can be worthwhile to hire a professional to help you with the business plan. This plan can be as short or as long as you need it to be and can help serve as a foundation as you move forward.
Come Up With Capital to Start the Business
If you're going to start a successful wedding business, it usually begins with your capital. Start as small as you can to make sure that you're not blowing your overhead or startup costs. Figure out how much money you need for:
- Office space to work out of
- Savings to act as a buffer to address costs overhead before you become profitable
- Software to help with your scheduling, planning, and accounting
- Supplies and equipment
You might want also to consider the type of business structure for your business. If you establish a Limited Liability Company (LLC) for your wedding business it can reduce the risk of people suing you personally for matters involving your business. This can help safeguard your personal wealth and could give you protection in today's litigious world.
Look into several sources of capital to help get your new business off the ground. This could come from your personal savings or money that you set aside in anticipation of opening the business.
Many new business owners also take out loans to help them get started. Look into the fees and interest rates for the loan so that you are aware of when it needs to be paid back.
You might also look into liquidating stocks or other investments. Hash out your game plan so that you can open your doors for business and have a financial plan that you are most comfortable with.
Obtain Business Insurance
You might also want to get a general liability insurance policy for your business so that you can be covered and protected. This type of coverage could help if lawsuits are filed against your business.
Our BOP and HomeHQSM coverages both include general liability insurance along with other key coverages to help protect your business against several risks.
A Business Owners Policy, or a BOP, is for businesses that operate from a commercial storefront or office space. HomeHQ is for businesses that operate from a residential area like a home or an apartment. It can provide coverage for business liabilities that a homeowners or renters policy typically does not cover.
You might also want to check with the state you're located in to make sure that you're fulfilling the minimums for each type of insurance.
Market Your Wedding Business
Finally, it's important that you spread the word about your wedding business. This will help you get your first few customers so that you can begin doing work.
Here are some great ways to market your new wedding business:
- Start a blog dealing with all things wedding-related
- Shoot video content that you can put out regularly
- Learn to market on social media platforms like Facebook, Instagram, TikTok, and Twitter
- Master search engine optimization (SEO) techniques like keyword research and link building
- Purchase targeted ads for people looking to get married
- Feature your business on wedding industry websites
It can be important that you do your due diligence when marketing and start as early as possible. Encourage your satisfied customers to help spread the word through reviews and referrals. You could also create a referral program that could help you fill your calendar with appointments and new business.
Hit the Ground Running With Your Business
Consider the points above when you're trying to start a successful wedding business. The wedding industry can be rich with opportunities when you're willing to learn the ropes. Let the tips in this article help you get started.
PolicySweet® can provide insurance plans to help keep your business off the ground. To get started on a free quote, contact us online or by calling 1 (800) 625-8257.