How to start and grow your wedding venue business
Running a successful wedding venue business is not only a labour of love. It is far more challenging than you may think. To succeed, you need to be prepared for the bumps that come with running a small business and be realistic about your capacity to manage and overcome these challenges.
The good news is that if you prepare well and follow the essential steps you need to take before opening your dream business, you can quickly learn how to run it successfully. Here are the five essentials you need to know to start and grow your wedding venue business.
1. A solid business plan is a must
It’s impossible to run any type of business without a business plan. It is the roadmap for how to structure, manage, and grow your new company. It is about establishing a foundation and helping you be on track with your business operations to succeed.
Writing your wedding venue business plan is an excellent way to think through your business’s key elements, such as market and customer analysis, business projections and organization, financial and operational structure, and marketing.
Importantly, you will use this document to convince others that working with you, or investing in your business for that matter, is an intelligent choice. Just remember, your business plan is not meant to be perfect and set in stone. Instead, it is designed to be reviewed and adjusted to help you identify and reach your goals.
2. Detailed social media marketing strategy
A social media strategy summarizes everything you plan to do and expect to achieve for your business with your social media presence. It guides your actions and helps you track and measure whether you are succeeding or failing.
To start, it does not cost anything to create a Facebook Page for your wedding venue business, create a presence on Twitter or start posting on Instagram. Still, you must go the extra mile when you have a business to grow and want to make successful.
For example, to make your Instagram presence more robust, you need to get Instagram followers and build your community. If necessary, set a budget for hiring an expert team to help you find organic followers that are most likely to engage with your business.
In addition, structured and targeted social media marketing can catapult your business, so you need to be prepared for that too. Lastly, the more specific your social marketing strategy is, the more effective it will be. Keep it concise, actionable, and measurable.
3. Knowing your startup costs is very significant
A wedding venue is a capital-intensive business. Therefore, you will need money to start it. However, the size of that investment depends on many factors.
To start, are you building a new facility or renovating an existing one? Is the venue located in a rural area with low taxes and affordable real estate prices or in a big city with high taxes and real estate prices? Does the venue need renovation? How much is the rent of the property?
A further aspect is how much of your own money you are willing to use to invest in your business. Do you plan on having business partners? And most importantly, what type of financing are you going to use? Do you consider a traditional bank business loan or finding business angels?
Wedding venue businesses require serious capital, and there is no way around that if you want to do it wisely and successfully.
4. Determine your wedding venue location (and everything that comes with it)
Before you start building your wedding venue business, you have to find a location. It is always easier if you already have something in mind.
For example, a barn you already own and want to transform into a wedding venue or an existing venue for sale. If that is not the case, start exploring properties based on your available finances. If your initial budget is low, consider leasing a property. If not, you can build a brand new facility.
Next, you need to decide how much to provide on-site. For example, when food is in question, one option is to have a caterer, the other to manage event catering yourself. Then, consider parking, storage spaces, and what type of equipment you need, tables, chairs, sound system, and so on. Do you maybe also want to have a few guest rooms? You get the idea.
5. Clarify what makes your wedding venue unique
When starting your wedding venue business, an essential aspect is clarifying what makes your wedding venue unique and special? Why would couples book your venue?
Knowing this will help you determine your unique value proposition and help you immensely in your marketing efforts. That being said, you should aim to have an unexpected or unconventional venue. The kind of place that makes a wedding an experience rather than simply an event.
So, start brainstorming: a one-of-a-kind view, adventure or greenhouse venue, or a well-known romantic, historic property. Other selling points include outstanding service and menu options, an affordable price, or all-inclusive capacities.
The bottom line
Before you jump into starting your wedding venue business, we strongly advise you to pay close attention to the aspects explained above. They will provide you with all the necessary insights about what you can expect from getting into this type of business.