Individuals who dream of being their boss may consider opening a wedding venue, regardless of whether they have had experience in the event industry. Though it is a huge commitment, it is usually a safe industry to bet on. Below is a list of things to consider before opening a wedding venue.
Research Competitors in Your Market
Research what local competitors are up to before deciding to open a wedding venue. Establish the number of wedding venues in the area and whether they offer the same services you plan to offer. If they are, establish ways you can give clients a one-of-a-kind experience by being unique. Be different by offering couples services they cannot find somewhere else. For instance, if you own an apple orchard, provide fun activities, including apple picking and fishing, to keep guests entertained throughout the weekend.
Prioritize Renovations and Repairs
Waiting for renovations and repairs may be tempting before opening your doors. This approach is usually beneficial for people with financial constraints. Figure out what can wait and what cannot. Things like catering space, bathrooms, and parking are essential elements and once you establish a list, hire a contractor to establish the costs of initial renovations.
Do minor renovations to the house, including turning the bedroom into a bridal suite, updating the kitchen to make it friendlier to caterers, and an additional bathroom downstairs. Use aluminum blinds for all the windows as they are low maintenance and last for a long time.
Choose Your Wedding Venue Location
Individuals who already own a barn in rural areas may consider converting it into a wedding venue, which is a popular setting for weddings. Choose an existing property that is up for sale and ensure it is conveniently located. Start by exploring land-based properties based on business capital and, if the funding is low, consider leasing the property and investing the profits in a permanent facility. People with enough funding may consider building a brand new facility with porta-potty washrooms. They require a small volume of water, usually 30 gallons, to treat the waste, compared to portable restrooms, requiring 2500 gallons of water to treat the waste.
Decide on the equipment you require onsite and establish a kitchen facility with a caterer rather than managing event catering yourself. Scale back further by offering a parking space for food trucks in a wood pavilion with the best view.
Figure Out Your Finances
The size of a wedding venue investment is dependent on various factors. Determine whether the building facility is being developed from the ground up or renovations of an existing building are equally important. Determine whether the area where the venue is located in a rural area with low estate prices or a city with high real estate prices and high taxes.
Clarify the amount of money you may be willing to pay for a down payment, and if the funds are low, consider searching for a business partner to contribute to the funding.
Financing possibilities include:
- Equipment financing
- A business line of credit
- Traditional bank business loan
- Short term business loan
Avoid emptying retirement savings accounts or endangering personal assets. Consult trusted friends, family, and financial advisers regarding safe business loans and realistic private investments.
Define What Makes Your Wedding Venue Special
Establish a reputable venue that attracts couples to book and establish unique menus. Possibilities of this unique value proposition include:
- Rustic charm
- A historic property
- One of a kind views
- Outstanding menu options
- Stunning details and sophisticated decor
Other selling points include proximity to the airport, pretty surroundings at affordable rates, and all-inclusive capacity, including chairs, tables, decor, flowers, and vinyl fencing materials as they are stronger than wood to minimize worries of hiring multiple vendors. Consider refining the venue after your business begins its operation to improve it.
Launch Your Venue Marketing Strategy
Establish an effective wedding venue marketing strategy and get the word out regarding the venue’s exceptional decor, food, and setting. It is a fantastic strategy that makes the venue easy to locate and builds word of mouth.
Below is a list of venue marketing strategies to consider.
- Hire a photographer: Capture beautiful pictures with the help of a professional photographer and share them across multiple social media platforms. Set up the venue for a wedding and obtain beautiful shots from every vantage point before opening.
- Design your website: Establish a website and use beautiful photographs to capture the audience’s attention. Compose appealing content by including keywords that most clients are likely to use when searching for wedding venues in the area. Reach out to tech-savvy family members and friends, or hire a freelance website designer to build the site.
The venue industry is a promising venture, and most countries are playing to catch up. Learn as much as you can since your money is on the line, and learn more about codes and permits as they save you a headache along the way.