Wedding Planner Business Plan
Hello dear reader, if you are looking for information regarding a wedding planner business plan in India, this article is for you! Keep scrolling down to read further about the wedding planner business plan.
How to start creating a wedding planner business plan?
Planning a wedding is almost the same everywhere. People are filled with joy, excitement, confusion, craziness or enthusiam. Most people dream of the picture-perfect ceremony that will leave everyone stunned in an instant. Other people work day and night to make the couple’s wedding dream come alive.
This job can be one of the best or hectic jobs for you, depending upon your attitude and passion. The requirements for different weddings come in various sizes from a close-knit reception to a destination wedding. Hence, the need for a wedding planner is extremely important to help anyone throughout the course of this wedding journey.
How to start a wedding plan bussiness plan in India?
Before you think deeply about the investment you are going to make in the beginning, there are a few tips menttioned below which can help you to become a better wedding planner.
- Start with a business name and type. A business name tells people who you are. Your business name will be responsible for the future clientele.
- Keep in store packages for various couples who might be on a budget. This will give them an edge to choose from different options.
- You should research on differnt wedding planning businesses and internships which can help you build a proper wedding planner carrer.
- You can also apply for event managment firms to get a hang of handling large-scale clients and the commitments iinvolved per event.
- Having a solid business plan is equally important. A business without a proper plan does not float for longer. Your business plan must include a proper business name, financial management, long and short-term goals along with your target audience.
- Your goals should be completely clear for you. Goals might change with time, but it is still important that you stay dedicated and consistent no matter what. You have to decide whether you want to organise celebrations among the crowd or do you want to make it grand someday?
- Make sure to figure out your forte. This will help you get much more organised while you plan your strategies for the long run.
- You can also indulge yourself in industry research. Merely dreaming of opening your own wedding company won’t become reality the next morning. You need to read as much as you can and research accordingly, such as who are going to be your competitors, what are the good books on the subject you can read, what blogs can be useful for you, or you can explore several websites. It will surely give you a better and realistic understanding of the wedding market in India.
- Getting a team should be in your list as well. It is important to give enough time while you make a team. You will also have to be ready for every wedding pitch. You can take help of some important resources, such as decorators, caterers, venues, travel arrangements, musician or band, choreographer, Mehendi artists, and clothing.
- If you are just beginning with your wedding planner business, you can hire freelancers instead of a full-time team which can help you save time and money both.
- It is essential to jot down your investments as well. Every businesss needs a basic amount of standard investment that helps the operations to get started. Start with a hard drive, top notch laptop, co-working space for meetings, or home office. For the initial wedding planning business, the start-up costs may range from 5 lakh to 15 lakh rupees.
- Next comes your marketing strategy. Every successful business starts with a marketing plan. If you have started organising ceremonies, it is time that you start with a marketing process. You can start by opening a website, begin and investing in social media platforms, such as Instagram or Facebook.
- A thing that you have to keep in mind is that a wedding planning business is not an indoor job and there is no fixed timing for work. Flexibility is a key in this business type.
- You will have to learn time management which will help you go very far in life. From late-night calls to early morning supervision, everything is going to be your responsibility and you can not give any excuses. It is your job after all. Client’s happiness lies in your hands.
- A grand ceremony can easily help you earn a commission of over 10 to 15% of the total budget. If the wedding cost was around 20 lakh rupees, you can easily earn around 2 lakh rupees. Tracking your income and making proper account related to this can be very important in the long run.
- Crisis during a wedding ceremony is quite normal, so if you ever go across such situation,all you have to do is learn to keep your calm no matter what. Dealing with the vendors is a primary factor that you should keep in mind. Building patience and calmness takes time, but once you have learnt it well, you can inch one step closer to your goal of becoming a wedding planner.
- Next thing you have to do is get the relevant licenses and permits. Structuring your business as per the legal laws and tax is very important. Choosing a LLC as your business might help you prevent any judicial repercussions in the future. Regestering your business will establish your long-term goals.
- Also, make sure that all federal and local permits should be ready before you start organising weddings.
From where should you start?
Before you start venturing deep into how can you properly prepare the wedding planner business plan, it is important to get the relevant training and learn the proper skills which you might need for doing well in this field.
You have to have a strong business plan or proposal ready for pitch. Keep your services clear to avoid any kind of confusion later on.
Do not forget to fulfill your legal documentations and other requirements as well. Other things to keep in mind should be your cash flow management, branding plus awareness.
Finding trusted vendors is also important. You can also curate customised wedding concepts. This will ensure trust between your clients.
Do you need a degree to work as a wedding planner?
Getting a professional certification is always better if you are thinking of doing any business full time. It has a lots of benefits in the long run, such as:
- Helps you build your event experience portfolio
- Encourages you to develop long term relations and client management skills
- Learn from the industry experts to get insights
- Gain insider secrets from planners
- Learn how to manage a crisis
- Understanding client needs better
- Creating budget plans
- Understanding location and themes
- Studying tips and tricks on decor
- Get hands-on experience in live events
- Assist in party planning and administration
- Learn to develop personalised wedding plans
- Discover resources, vendors, and clients
- Understand Food and Beverage along with Hospitality & Logistics
Risks that you should be aware about!
Before starting your wedding planning business, you need to be aware of the risks which might be involved in this business.
Since, most of the weddings in our country occur during weekends. You won’t be having much leisure time during weekends.
You should acknowledge scheduling day-offs during the week to reduce any kind of burnout. Moreover, you cannot build a loyal or regular clients from a wedding planning business.
Your previous clients might suggest your services to your friends and families, so it is important that you keep them satisfied at all costs.
You can also market your business extra during low seasons. You should devise a strategy that inspires to get married during off-seasons.
Some additional points:
- Every business needs an initial amount of standard investment, that might help in the operations. From a hard drive to a laptop, there are some things that you have to invest in. For an initial wedding planning business, start-up cost might range from 5 lakh to 15 lakh rupees.
- In a wedding planning business, the profit margin depends upon the scale of weddings you are going to organise in a given period of time. A skilled wedding planner can easily rope in around 10-15% commission from the total budget.
- It is important to keep a watch at every aspect of your wedding planning business. From the visionary to the execution, everything should be under your control.
- Your income depends upon your client’s satisfaction, so it is important to keep them happy and infiormed all the time. Planners with over 10 years of can easily earn around 75 Lakhs annually.
- Make sure to apply some methods which will help you to gain the right customers, such as start with an internship or agency which is already well known in this business field, you can start with hosting local wedding to build networking, you can also create a website packed wtih blogs of your special moments at weddings planned by you, or you can try other marketing mediums such as Social media influencing, email marketing etc.
There is still a lot that you have to learn about wedding planner business plan, but for now, this is it!
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