To start a wedding planning business, you need to carry out critical economic analysis to make sure that the risks and threats that which are associated with starting a business or putting your investment in a business idea are reduced.
Opening a business is not just about getting a nice looking office space and furnishing the place. A major concern you should have as a business owner is how to get customers for your business and how to ensure that the existing customers keep coming back to use the services your company offers. On the average, starting and running a wedding planning business is cost effective.
This is because you do not have to spend a lot of money in starting up the business. If you are able to deliver quality services to your client, the quality of your service you render will attract more customers for your business, as the invited guests for the wedding you planned for will always remember the good job you did and they will use your services if they have a wedding to plan as well.
In starting your wedding planning business, you need to consider the best approach for your business, whether to start the business from scratch or to become part of a network that has already been established?
If you have the intention of starting your wedding planning business from scratch, you will have absolute control over all areas of your business and in the process you will end up building a brand that can be transferred to your children or a brand which you can sell as a franchise in the future. Starting a business from scratch can be a refreshing experience but it can also be exhausting.
If on the other hand, you are more interested in making money and becoming a part of a network that is already established, you should consider buying the franchise of a successful wedding planning company. This way, you get to become part of an already established community which can be helpful in some ways but limiting in some aspects.
In the wedding planning industry, new and established companies are subject to threats and challenges from various angles and one of the greatest challenge is the influx of new wedding planners with no trainings and certifications in the industry who are in the habit of charging ridiculously low amount of money and providing poor services to people thus giving the industry a bad name.
There is also the challenge of a lack of industry standards with which to hold vendors accountable for the quality of their services, products and ethics. This is because there is no regulation in the industry and these set of wedding planners give the good wedding planners a bad reputation with their activities.
Newly established wedding planning companies are also faced with the problem of competing with other well established businesses in a location where their business has got a strong presence. The legal entity you choose for your wedding planning business will go a long way in determining how big your company can grow. Before making a choice, there are a lot of things you need to put into consideration. Speak to an accountant and an attorney before making a decision; this is because different laws exist for business structures in different states.
The decisions you make will affect your personal liability, the amount of money you pay as tax and how much money you can borrow and so on. Different legal entities exist for a wedding planning business that you can choose from.
They include sole proprietorship, limited liability company LLC , partnership, C corporations and S corporations. Each of them has got its own advantages and disadvantages so it is imperative to choose the right one that is applicable to your situation. If you are just setting up your wedding planning company, sole proprietorship and LLC are the best legal entity you should consider using as the legal entity for your business.
Sole proprietorship is not difficult to set up and it gives you total control over your business. Choosing an LLC gives you the benefits of a corporation without the hassles involved and a sole proprietorship. This legal entity protects the business owner from having their personal assets confiscated when the company runs into debts. You can start your wedding planning business as a LLC and later upgrade it to a corporation or S corporation whenever you have plans of going public.
This way you will be able to compete with major players in your industry. There are a lot of factors to be considered in the process of choosing a name for your wedding planning business. You should also remember that some of the names you are considering for your new business might have been taken already by other wedding planners that are already in the business. At t the end of the day, the name you eventually settle for will go a long way in defining your brand and your business.
The following are a list of catchy business name ideas that you can choose for your wedding planning business:. As a wedding planner, you need to think of cases where things can go wrong in the event of planning a wedding.
This is because there are so many aspects to co-ordinate such as booking of the wedding venue, booking of entertainers and getting the right wedding band amongst other activities that needs to be done to ensure that the wedding day is a success.
Something can still go wrong despite all the backup plans you might have put in place to ensure your client has a perfect wedding. As a result of this, you need to protect your business adequately in the case that a disgruntled customer decides to sue you.
Having an insurance cover will shield you from such problems when they occur as you can be forced out of business if you are not careful. You can get in touch with an insurance broker to guide you in choosing the best insurance policies needed for your business.
They can help you assess your risks and give you the necessary advice. The following are the basic insurance covers that you will need if you intend to start your own wedding planning business:. You should consider filing for intellectual property protection if you are considering starting a wedding planning business. Asides from protecting your company documents and company logo, filing for intellectual property can also serve as a form of protection for your company name and software applications.
Filing for intellectual property protection and the registration of your trademark requires that you begin the process by filing your application with the USPTO. Getting the final approval for your trademark is subjected to a review of attorneys which is required by the USPTO. A lot of professional associations offer accreditation and some form of educational program in the field of wedding planning. These can be helpful in helping you to learn a lot about running a business though this is not a guarantee as to whether your business will be successful or not.
In the wedding planning industry, you are required to meet up with the legal document needs as stipulated by the constitution of your country and register your business name in your state and get the necessary business licenses required at both state and local level.
To operate your wedding planning business successfully, the following is the list of legal documents that you need to put in place:. However, she adds that one of the few drawbacks of running a business like this from home, is having to generate that creativity in isolation.
Working from home on your own means there is likely to be no one else to ask for ask for a second opinion, so often you have to trust your own instinct. So that might include providing planning services for non-seasonal events such as conferences, corporate dinners, staff training days and celebration parties. Anyone who is thinking about turning their talents to becoming a freelance wedding planner needs to be aware of how time consuming the work can be, says Caroline Smith, who set up her business, London-based Do Events.
Also, I find that most brides and their families want help on the day of their wedding, someone to look after the suppliers, the guests and be on hand to oversee everything runs smoothly. Smith finds her home-based business quite flexible to run and she is able to fit it around her son and family life in general. Having a husband who is a drummer in a successful band can come in useful when she needs to find a good band that she can trust to put on a show at a wedding or party.
However, I do use a lot of social media; Facebook and Twitter, blogs and listings to win business, and I also take part in cross promotions with other small businesses in the events and wedding industry. If you are particularly organized and savvy in the latest wedding trends, starting a wedding consultant business could prove lucrative.
Or you may elect to open a bridal boutique. Evaluate your skills and interests and compare those with the skills needed to operate various business types to help you determine where you would fit best. Compare your business model with other successful entrepreneurs in your field to ensure that you can compete. Obtain a list of all of the wedding planners or boutique owners in your area and then visit the store or website to learn about the types of services you should be offering, competitive pricing, affiliates, staff requirements, industry resources and suppliers.
Wedding consultants wear many hats. They are adept in hospitality, event planning, music, decorating, food, photography and fashion. Boutique owners must also be aware of the latest trends in wedding locations and fashion. You can also find vendors and get your business listed, once it takes off. Consider obtaining certification in your field, such as with the Association of Bridal Consultants or the Association of Certified Professional Wedding Consultants. Develop a business plan that details your vision for your business, your target market older brides, frugal brides , how you intend to reach them and how you intend to compete.
Then identify your business expenses for supplies, advertising, insurance, business permits, location and staff if applicable and inventory. If operating as a consultant, a sole proprietor may be the way to go.
Learning the business while you're employed by someone else can be a great way to get started in the wedding industry. Of course, you can jump in with both feet and start your own business, but a lot can be said for gaining experience working as an on-site event coordinator for a reception venue or catering company.
A wedding planning business may help couples with any and every aspect of planning for the wedding. This may include helping pick clothing for all parties, creating thematic decorations and décor, picking a wedding cake, handling photography and .
Wedding Planning Business Facts. Here are some facts and figures about the wedding planning business you should consider: Wedding planning business startup costs. Entrepreneur estimates that a wedding planning startup can run between $2, to $9, This would include office supplies, equipment, and furniture; financial, word . Starting a Wedding Planning Business – The Marketing Plan Marketing Ideas and Strategies for a Wedding Planning Business A wedding planning business needs to market its services and advertise in order to get customers.
This is a great time to start a small business as a wedding planner. The Bureau of Labor Statistics expects event planning to increase at a much faster than average rate between now and A wedding planning business may be right for you if you're organized, driven, and creative. Develop a business plan that details your vision for your business, your target market (older brides, frugal brides), how you intend to reach them .