So you want to learn how to start a wedding planning business?
Wedding Planners must be highly organized individuals (or businesses) as they are responsible for the many moving parts (often moving in different directions) that are required to create the perfect wedding. And, as a reminder, a perfect wedding is defined only by the needs of the bride and the groom. Each party planner determines how his or her wedding planning business will operate. The following list details the many responsibilities and duties a wedding planning business may choose to offer –
- Assisting in finalizing a wedding budget.
- Developing a master wedding plan down to the smallest of details.
- Consulting with the bride and groom regarding the theme, the venue size, and location.
- Providing top-notch choices for caterers, florists, DJ’s, etc., that meets the budget allotments.
- Acting as a quasi-fiduciary regarding the contracts are negotiated in the best interest of your clients.
- Devising a timeline that covers the events of the wedding day (or weekend).
- Coordinating the vendors, deliveries, wedding guests, and the family members of the bride and groom.
- Finding the best deals and prices for wedding arrangements through established business relationships.
- Planning a honeymoon, including travel arrangements.
And, the reality is, the list noted-above are just sampling of the many tasks a wedding planner assumes responsibility for as a professional wedding consultant. Still, want to learn how to start a wedding planning business? Of course, you do; read the steps required to start a wedding planning business.
Step #1 — Find Market Industry Insight and Statistics
Researching wedding planning market data is best accomplished by obtaining insight and information from professional data collection and analysis companies. Check out the reports and data information provided by the following businesses –
- FirstResearch.com — First Research is a world-renowned data-oriented analytic company that is used worldwide by business executives in every industry.
- IBISWorld.com — IBISWorld provides painstakingly accurate research analyses with helpful and valuable insights for those who are learning how to start a wedding planning business.
It is noted that both First Research and IBISWorld charge for its tools and reports. The insight’s value far exceeds the cost of obtaining the data. Check out the United States Census Bureau free Fact Finder Tool. This no-cost population data often supplements the professional industry reports positively.
Step #2 — Develop a Business Plan
A business plan is of utmost importance to all businesses, but often most-needed by entrepreneurs or those newbies who are opening a new business for the first time. And, while it seems like a daunting task before you begin, you will soon come to realize that it would be nearly impossible to operate without the pre-established nuts and bolts of how your wedding planning business operates. The good news is that there are many legal/business-consulting companies, like SmallBiz (Powered by LegalShield and GoSmallBiz) who offer affordable services that include, among many other benefits, business plan creation software.
Step #3 — The Legal and Business Requirements of your Wedding Planning Business
This point in the wedding planning business startup phase includes deciding upon what type of legal entity to form for the wedding planning business to operate as. The choice of the legal entity for your new business is critical, as this decision will determine how you are protected personally, and how the tax obligations are managed moving forward. Additional legal consultations include–
- Registering for Taxes.
- Determining the required business license.
- Detailing the suggested insurance coverage options.
- Reviewing legal contracts and other pertinent documentation.
- Creating a dynamic proprietary website for your wedding planning business that includes positive testimonials.
Asking for Help on How to Start a Wedding Planning Business
Perhaps the most direct way to rely on the business support professionals trained to help with the requirements of starting a wedding planning business. Companies like GoSmallBiz, for an affordable $39 per month, can provide all the following –
- Unlimited business consultations.
- Create an engaging website for your wedding planning business.
- The use of CRM (Customer Relationship Manager) software.
- A Digital Marketing Dashboard.
- Website analysis, and business risk assessments.
- Business Plan Software.
- A wealth of business resources in a business document library.
- Free Business Courses and Videos.
Besides, it is helpful to learn experientially. Volunteer your services and shadow a wedding planner through the entire wedding planning process. Introduce yourself to the managers at hotels and vendors for future reference. A simple way to understand the significance of this concept is to read about a riding a roller coaster and then actually ride a roller coaster. Then, compare the two experiences. While each experience taught you something about a roller coaster, riding the roller coaster provided the broadest amount of learning and understanding.
Calculating the Startup Costs of a Wedding Planning Business
|Legal consultations — business entity decisions.||$1,500|
|A high profession wedding planning website with testimonials.||$2,000 — $3,000|
|The creation of a business plan.||$100 — $500|
|Business license fees & Insurance premiums.||$3,000|
|Business supplies, computers, & marketing materials, advertising costs.||$5,000|
|Reliable & well-kept vehicle. This can be a no-cost item if it is already owned.||$0 — $30,000+|
|Office space from which to work. The cost is $0 for home-based businesses.||$0 — $3,500|
|Total Startup Expenses||$11,600 — $46,500+|
How to Start a Wedding Planning Business — The Financing Options
Entrepreneurs opening small businesses are generally prepared to finance the startup expenses by using their savings or retirement savings accounts. But if you currently without any savings to finance your wedding planning business don’t lose hope, as there are business financial products that are designed for new business owners with little business credit history. The following options offer lenient lending guidelines and reusable credit for a predetermined amount of time.
- A No-Income Verification Line of Credit.
- A Stated-Income Business Line of Credit.
- A No-Documentation Business Line of Credit.
A Day in the Life of a Wedding Planner
The only certainty about what to expect in the daily existence of a wedding planner is that each day will different, and interesting. This is because each of a wedding planner’s clients will be in different places in the wedding planning timeline. Some will be tying the knot this weekend, while others are only deciding upon the wedding invitations they want. Some days will be spent on the phone reaching out to vendors or venues to schedule appointments, while other days you may be with a bride and groom who are scheduled for a wine or dessert tasting. These are the many moving, and changing parts of a wedding planner’s daily professional life. Wedding planners love what they do, it helps.
She has spent the last decade assisting entrepreneurs with starting new businesses, obtaining startup and working capital and growing their customer base using various digital marketing strategies.
She enjoys writing about her experiences as an entrepreneur and using data and information from reliable sources to back up what she writes about. Through her writing she aims to educate other entrepreneurs on how to obtain capital and build successful businesses doing what they love.