There are few things that people splurge more on than their own wedding.
American couples spend an average of $29,200 on their wedding, and more than 60% of their
budget goes to...you guessed it...ceremony and reception venues.
Starting a wedding venue is a big financial commitment, but it can also be a very fun
and lucrative business idea that's sheltered from the up and down fluctuations of the economy.
In this video, I'm going to cover five must-know tips for starting a wedding venue.
We’ll also cover a bonus tip at the end, so make sure you keep watching.
Tip number one: Know that location is everything.
The number one factor in your wedding venue’s success is location.
For starters, you'll need to think about whether you want your venue to be in a bustling downtown
area, or do you envision something more rural?
Do you want to appeal to couples who live locally or those who are traveling from out
of town for destination weddings?
Do you want to support ceremonies, receptions, or both?
How many guests will the venue support?
If you're acquiring a venue from an existing owner, then the location is already decided
for you, but if you're starting from scratch, you'll probably need to do more work.
That industrial looking warehouse or cute cottage that's for sale near you might make
a great wedding venue.
But, you need to have a good grasp on zoning laws and local regulations to make sure that
you can make it your own.
Tip number two: Set yourself apart from competitors.
There's plenty of competition within the wedding venue industry, so you really need to have
that “wow” factor to make couples choose your venue over an alternate option.
The key is to research and learn your local market really well.
Find out what your competition is offering, and then do something different.
For example, if you find that most venues in your hometown can only accommodate about
100 guests, consider investing money in a larger venue.
Or, if your venue comes with a lot of land or a body of water, consider offering activities
for wedding guests like hiking or boating.
Keep in mind that young engaged couples do 80% of their wedding planning online, so your
website really needs to pop.
As soon as people land on your venue’s website, they should see pictures of happy couples
that have been married there.
Along with their testimonials, you also should make it easy for couples to contact you, get
a sense of your venue’s cost, and schedule a viewing of the venue online.
Tip number three is to have a renovation and financial plan ready to go.
Once you acquire or build your wedding venue, you'll probably want to upgrade or renovate
it, but you don't necessarily need to make every change right away.
In fact, you and your contractor probably want to focus just on the essentials before
your grand opening.
For example, you'll want to make sure that sufficient parking is available for guests,
that kitchen equipment is in working order, and that your outdoor spaces look good.
You can always make other changes or additions over time based on guest feedback.
Next, you need to figure out how you plan to cover the cost of intended repairs.
If the repairs are very expensive, then you might need to apply for a personal loan or
business loan.
You can also use your own savings to host the first few weddings and then reinvest the
income you get back into your business so you can make improvements in stages.
Tip number four: Establish a network of reliable vendors.
You can provide huge value for brides and grooms by recommending a network of vendors
for photography, decorations, DJs, and more.
Especially when a couple is traveling from out of the area, they'll appreciate the local
knowledge that your vendors might have.
For instance, if you can work with a photographer who has experience filming in and around your
venue, that basically serves as free marketing for your venue and boosts the attractiveness
of your venue.
Sometimes, vendors will even provide couples a discount if they book with your venue, and
that kind of cross promotion can really jumpstart your business.
Tip number five is to ask happy customers to spread the word.
Our last tip is to make sure that your happy customers let engaged couples know just how
much they loved getting married in your venue.
Ask customers to leave reviews on Google and Yelp.
Many brides also narrow down venues on The Knot and WeddingWire.
Your venue should also have a strong social presence, so that customers can tag you in
their posts.
On your website, a well-placed testimonial and portfolio of weddings that your venue
has hosted can make a big difference.
To finish up, we have a bonus tip for wedding venue entrepreneurs.
When you first launch your wedding venue, you might be tempted to get ramped up as fast
as possible, but starting slow can actually work in your favor.
For instance, you might want to offer low pricing to get your first few weddings booked.
Then, as your customers leave positive reviews, you'll feel justified in raising the price.
And those are our tips for starting a wedding venue where engaged couples will love to say
“I do.”
For more tips on opening and running a small business, head over to fundera.com/blog, and
subscribe to our YouTube channel for more videos.
Thanks for watching, everyone.