Each year, there are tens of thousands of couples that get married in the United States alone. The wedding industry is by far one of the largest and most lucrative businesses you could ever hope to get into, and each day the demand for new items, vendors, and locations continues to rise. If you have some startup capital sitting around and are interested in turning it into some big cash in a short amount of time, starting a wedding venue business can be a great choice for a wide variety of reasons.
First off, starting a wedding venue business comes with one huge advantage that separates it from many other types of startups, and that’s the fact that the primary investment is a piece of real estate property. Even if you find that running a wedding venue isn’t really your things a few months or years down the road, you can always turn around and sell the property to get a big chunk of your money back; possibly even a profit. This not only means that there’s less risk as a potential investor in this type of business, but also that it will be much easier to get a bank loan or entice other investors because the bulk of the actual investment will be in something that won’t lose value over time.
Nevertheless, there are still a lot of things that you’ll need to know in order to successfully start and run your own wedding venue business in the United States. It is one thing to know how to risk as little as possible, and it’s an entirely different animal to actually bring in profits. If you aren’t very familiar with the wedding industry or how it works, your best chance for success is to hire a professional that has this type of knowledge and experience. Even if you do have a good working knowledge, there are many things that people overlook when planning their wedding venue business. To get you started, here are a couple of key things that you’ll need to keep in mind in order to be successful.
Venue Location
One of the most important aspects of being successful in the wedding venue industry is having a great location. Not only do you want your actual venue to be stunning to couples looking for a location to have their wedding, but you also want to be near certain things to make choosing your wedding venue the most practical option. Make sure that you have lodging nearby, as well as churches or other potential ceremony venues. Though you should plan to be the site of both the ceremony and reception for most weddings, some couples prefer to have these in separate areas and receptions bring in far more money than a wedding ceremony does.
Amenities
You’ll need to make sure you have everything on site that a couple could ever want for their wedding. This means you’ll need a full kitchen, a bar, a dance floor, and everything else that goes with a traditional wedding venue rental. If you’re not sure what you need, make sure you visit some other venues or bring in a wedding planner as a consultant to ensure you get everything right before you open your doors.
Wedding Venue Rules
Like any type of business, there are always going to be a few occasions where your guests try to do foolish things that can jeopardize your entire business. Though most of your guests will use good common sense, having a clear set of rules defined can really help you out when the time arises and you need to act. It’s always good to define things like whether or not groups can use wedding sparklers at your venue and what time the wedding reception needs to be done in the initial contract that couples sign. That way, you are protected if a group tries to break the rules or do something illegal.
Vendor and Planner Networking
Lastly, you’ll want to create a large network of vendors and wedding planners that frequently use your wedding venue. A great deal of your business will come from referrals and loyal professionals, so working out deals in advance with as many of them as possible can be mutually beneficial. Many venues have monthly meet and greets at their wedding venue and offer vendors and planners free entertainment and refreshments so they can get acquainted with your establishment. Not only does it get people in the door who may recommend your wedding venue, but it also makes them like you which can go a long way in the business.