Wedding Planner Business Plan-How to Start a Wedding Planning Business

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Introduction

Do you enjoy all things pretty and romantic? Can’t help but turn on the Monica in you when you hear the word “wedding”? Keep up with wedding and event trends, to the point your friends think you’re planning a secret marriage? Are you also all about the finer details in things, and take it up to yourself to make everything as perfect as can be?

If so, then perhaps starting a wedding planning company is the best route you could take. Right now, the event and wedding planning industry is booming, with around 66 per cent of millennials wanting to hire wedding planners for their big day.

A wedding planning business is an amazing opportunity for anyone who’s interested in pursuing something magical. In fact, Eileen Kaden Dean, the owner of a successful wedding planning firm in the New York City and New Jersey area, credits these attributes with helping her establish a rising income stream.

To succeed in this industry, you must remain calm and understand that a wedding emergency is not your emergency.

Wedding Industry in India

While it is true that “marriages are created in heaven,” weddings in India are unquestionably magnificent and extravagant. As we enter the first near-normal wedding season since the pandemic, the big fat Indian wedding is in the spotlight.

While it’s a market that will continue to present prospects for your business as long as there are individuals in this country, according to a Matrimony.com investor report, India has 50 million unmarried people and over 6 million annual seekers. Even if only 20% of it materialises each year, the country will be able to support a market of 1.1-1.3 crore weddings every year. We don’t know about you, but that seems like a huge number!

In India, COVID-19 accomplished the unthinkable, with intimate and informal weddings on Zoom becoming the preferred alternative.

While many people postponed their ‘big fat Indian wedding,’ weddings have diminished in size as we approach the end of the year, but they are back in business — and the $50 billion Indian wedding industry is on the mend.

The Indian event sector is projected to be worth 5 lakh crores, with weddings accounting for 2.5 lakh crores to 3 lakh crores. The Indian wedding business has long been regarded as a bright spot.

Wedding Trends in India

If you’re planning a wedding in 2022, here’s the lowdown on the trendiest wedding trends, straight from industry professionals, to help you arrange the perfect party.

Luxury

The Big Fat Indian wedding’s over-the-top extravagance and global novelty will never go away, but over the last two years, easygoing luxury has progressively gained favour.

Pay attention to the smallest details.

Small elements, such as personalization and one-of-a-kind customizations, will make the occasion more unforgettable for you and your guests.

Guest lists that have been carefully curated

We’re still not ready to return to the days of extravagant weddings attended by tens of thousands of people.

Exclusively crafted guest lists not only make events feel more personal and memorable, but they also free up funds for that perfect venue or attire, unique entertainment, or whatever else you want.

Food as a medium for storytelling

Dishes or concepts with special meaning to your love stories, such as your first date, first anniversary, favourite restaurants, favourite vacation, or special memories, are a great way to connect.

Wedding entertainment rewritten from the ground up

Entertainment is quickly becoming a big element of festivities, and it’s not just about music and dance. So creativity and personalization play a major part here.

Weddings at daytime

Bye-bye, evening vows and star-studded weddings. Day weddings are becoming increasingly popular because of the refreshing ambience and creative possibilities, as well as the photo-worthy golden hour moments.

Weddings have also begun to enter the metaverse and its spectacular. This article here is proof that the world is moving in a direction we’ve never witnessed before, and so, adaptability will be key for any business – Wedding Planning is no different.

The Business Plan for your Wedding Planner Business

Now that we know what really goes on behind the scenes of a wedding, we can get to actually orchestrating this joyous occasion. Only one thing, though. You need to have to know exactly what and how to conduct our business – from drafting quotations to building good customer relationships – it’s not an easy gig, but it isn’t lion taming either.

But to achieve a good standard in your business, we need a solid business plan. Let’s get into detail on how to achieve exactly this.

Executive Summary

This is the place to highlight whatever your value proposition is. List your mission statement, as well as a simplified version of each of the other sections of the business plan provided below.

These objectives will almost certainly evolve over time, which is fine. However, it’s critical to have a strategy in place before embarking on any project.

Do you aspire to be like Mindy Weiss and plan celebrity weddings? Perhaps you’d like to collaborate with local venues to provide locals with the day of their dreams. What if you wanted to travel around the world and have weddings on tropical islands and Italian lakes? The opportunities are endless.

Company analysis

Consider this a high-level overview of your company, outlining what you do and what customers may expect from you. Concentrate on your experience, facilities, important resources and services, as well as your strengths and shortcomings.

Is the wedding planning business going to be solely yours, or do you have plans to enlist the help of others?

Include your backstory, location, and whatever else you’d put in the “about” part of your website.

Market analysis

Find out who your target market is and how you can get their business. Summarize all of your research in this document so you can keep it up to date when the wedding industry in your area ebbs and flows. Make sure to provide statistics and information on:

Customers:  Segment your target market into couples and event planners, for example. Use this to customise marketing messages and increase your return on investment. Examine the companies that will give you a run for your money.

Competitors:   What distinguishes you from the competition? What are the areas where you need to catch up?

Growth: Potential for expansion. Consider how the wedding industry will change in the next year, three years, and five years.

Requirements

The list of requirements is given below;

Business licence and tax structure; liability insurance; bookkeeping system; scheduling system; computer and printer, scanner, word processing software, QuickBooks, wedding planner software, surge protector, digital camera, fax machine, copy machine, phone and voicemail, postage metre/scale, calculator, desk, chair, file cabinets, bookcase, letterhead, envelopes, business cards, pens, folders, and other miscellaneous supplies, copier/printer paper, printer cartridges, fax machine.

Before moving on to the next section of our business plan, make sure you have everything on this list.

Cost of an Indian Wedding

The Indian wedding market is worth about Rs.1,00,000 crores and is rapidly expanding at a pace of 25-30 per cent every year. A typical Indian wedding might cost anywhere from 20 lakhs to 5 crores.

In India, it is believed that a person will spend one-fifth of his lifetime wealth on his wedding.

To make your big day absolutely stunning, you’ll need to engage an efficient team of fashion designers, event coordinators, florists, and caterers. Here are a few important factors that influence the cost of your wedding ceremonies:

Venue

Whether you’re having a destination wedding or a wedding in your hometown, the location will account for a significant portion of your wedding costs.

Decor

For this special occasion, you could want to make the entire location look like a tropical paradise. A photo-friendly wedding is made possible by elegant lighting. Venue decorators may charge you anywhere from RS. 30,000 to 2 lakhs to decorate the hall according to your specifications.

Food

For most attendees, more so in India, this is the most memorable aspect of the wedding. A reputable caterer that offers a variety of cuisines can charge anywhere from RS. 1500 to 2500 per plate, and possibly more.

Attire

A wedding saree or lehenga for the bride can cost up to RS. 50,000, while a designer sherwani or suit for the groom can cost up to RS. 30,000.

Ceremonies

An Indian wedding is usually a three-day event with several rites and traditions. Each ceremony necessitates its own wardrobe, set-up, and resources. A single ceremony might cost anything from INR 600,000 to INR 1 million.

Sales and marketing

Whether you want to work as an independent planner, as part of an agency, or anywhere in between, your firm will struggle to take off if you don’t have a solid marketing strategy in place. Wedding planner marketing, like wedding venue marketing, is all about figuring out what couples want and then reaching out to them through the channels they like.

To accomplish so, create a sales and marketing strategy that contains the following elements:

Goals:

Determine how many weddings you want to host each week, month, and year. Include your strategy for converting wedding attendees into potential customers.

Make use of social media:

Each year, about 40 million people use Pinterest for wedding planning advice. Make it a priority to establish a presence if you don’t already have one.

Start a blog:

This is a terrific opportunity to earn awareness and use your voice to deliver value, whether it’s a blog on your own website or guest pieces on other wedding blogs and magazines.

The tools you need to be a successful wedding planner.

Consider a possible scenario for this section. Assume that two customers order the same dresser from an online furniture store. It arrives in three cartons, with around a dozen packs of screws, nuts, and bolts.

Person A has a toolbox containing a hammer, a screwdriver, a drill, and other tools. Person B has nothing except their hands and some super glue. Who will be more efficient in assembling the dresser?

Since we have mixed thoughts about technology at weddings (if we see another stunning runway image spoiled by an iPad! ), there are plenty of applications and internet tools that can make wedding preparation a joy.

The internet has provided us with a plethora of wonderful digital tools for wedding preparation, many of which are inexpensive or entirely free. But, with so many to choose from, it might be difficult to discover the finest ones, so to help out, we’ve created a list of our favourites!

1. Wedding Website Builders

2. Minted

3. Venue Search Tools

4. Spotify

5. Google Drive

6. Bridebook

7. Gift Registries

8. Honeyfund

9. TransferWise

10. The Guest

Explore all of the tools and get creative. Use them to your advantage and make your wedding a memorable one.

Product and Service Offerings

Describe the services you will offer your customers. Include every detail, even the little ones. Include party favour vendors, photographers, caterers, venues, and any other wedding-related items.

This is where you describe in detail what you will and will not provide. What’s more, how much will you charge? Who do you see as your direct competitors? Don’t forget to think of ways to make yourself stand out.

Start forging industry-wide relationships

The value of creating relationships with venues, couples, vendors, and other planners cannot be stressed. The benefits of networking are virtually limitless.

In an Aisle Planner blog article, Lauren Weidley of Chancey Charm Weddings stated, “Your business is going to prosper because of the relationships you develop, now and in the next several years.

Any successful business, in my perspective, began with a relationship: a business partner, a first bride, and a vendor team that worked well together. It all began at some point.

“Give yourself time and compassion to connect the dots. It’s a shot in the dark and an Instagram message to that photographer (whose) work you’ve liked forever! Reach out; you never know what kind of friendship can develop!”

Financial plan

This section includes your expected fixed and variable expenses, as well as marketing charges, taxes, and so on. A break-even analysis, expected profit and loss, projected cash flow, projected balance sheet, and business ratios are also included in the report.

Funding: Determine whether you own the building or will be renting or leasing space. Include information on any lines of credit or loans used to buy real estate, kitchen equipment, or other fixed assets. If you need money to pay starting operations expenditures, do the same thing.

Estimated revenue: If and when you have them, provide your forecasted income statements, cash flow statements, and balance sheets.

Projection of costs: Cover any significant expenses you’ll need to make, such as the building, land, and equipment you’ll require. Include any ongoing operational expenses, such as staff pay and climate control, in your budget.

Wedding Planning Resources

If all of this sounds exciting and appealing to you, maybe(just maybe), starting a wedding planning business would be the right thing to do.

There’s a lot of content around for an industry as big as wedding planning, and it would do you a lot of good to go through some of them, and then make an informed decision.

We’ve put down a few courses and book recommendations that you might find useful. So, if you have the chance, check them out.

Courses

Wedding Planner Certificate

Wedding Planner Institute

Certificate in Wedding Planning

The Planner’s Playbook

Books

The Budget-Savvy Wedding Planner & Organizer: Checklists, Worksheets, and Essential Tools to Plan the Perfect Wedding on a Small Budget

A Practical Wedding Planner: A Step-by-Step Guide to Creating the Wedding You Want with the Budget You’ve Got (without Losing Your Mind in the Process)

The Wedding Planner & Organizer

All the Essentials Wedding Planner: The Ultimate Tools for Organizing Your Big Day (Wedding Planning Book, Wedding Organizers, Wedding Checklist Planner)

The Knot Ultimate Wedding Planner: Worksheets, Checklists, Etiquette, Timelines, and Answers to Frequently Asked Questions Carley Roney

Conclusion

Almost every successful person, regardless of industry, is still a student of their craft. Wedding planning is no exception. There will be ups and downs, bumps in the road, and never-before-seen backflips. Consider them as opportunities to learn and grow.”

The best wedding planners have a ‘never stop learning’ mindset,” LVL Weddings & Events owner Heather Hoesch told Brides.com. “They read, watch webinars and social media live streams, collaborate, and listen to podcasts. They take classes, go to workshops, and attend conferences.”

So make sure to put in a good amount of time on your Business Plan before you get started with your amazing journey.

This post is also available in: English

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