You may think that you need to have a lot of money to start a wedding planning business, but that is simply not true! Wedding planning is a low-cost business to start, which means that with a little work you can have your own wedding planning business up and running without spending a fortune.
Let’s talk about where you can save money and the areas that you should invest in when starting a wedding planning business.
Here are the areas where you can be more frugal when starting a wedding business:
There are many web designers and business coaches who say you should start with a state-of-the-art wedding planner website. I agree that a professional website is a great investment but if you don’t have the cash to invest in it at the beginning, start with a basic website then invest in a professional site as soon as you have the cash flow.
When you do not have the budget for a big website build, what should you do?
There are many low-cost DIY options such as Squarespace and Wix that can get you started with a decent web presence while you get your wedding business off the ground. Etsy.com also has low-cost website designers and template options along with pre-made economical customizable logos available to get you started.
Once you are in the wedding business, you will find VERY quickly that there are lots of ways to spend money on marketing. From print ads to wedding shows, these opportunities cost money that you probably do not have. Instead, start with things that can have a high impact for a low dollar amount. Some great and inexpensive ways to market your new venture are:
You might dream of a beautiful office filled with employees but right now, keep your wedding planning business at home! Office expenses can be astronomical when you factor in utilities, insurance, and all the other necessities.
By working from home, you avoid a big monthly bill. Many VERY successful wedding planners still work from a home office. Having commercial space is not a necessity for success as a professional wedding planner.
Much like marking opportunities, there are many paid educational programs to teach you how to be a wedding planner and how to grow a business in the wedding industry. It can be very enticing to start buying up these courses as they often promise quick results.
There are many free and low-cost education opportunities for new wedding planners. You just have to dig a little deeper. Before you purchase an expensive course or training, take advantage of free education opportunities such as the 900+ articles available here at the Planners Lounge!
These are the things that are vitally important and should be prioritized when budgeting for your new wedding planning business:
Have all the appropriate state/city/county business licenses should be your #1 priority when starting a wedding planning business. Being licensed is not only required but it gives you credibility. There are many wedding professionals who forgo this step and it is a huge risk.
Anyone can easily search online to see if your business is licensed. Couples and fellow wedding professionals often do this when vetting, hiring, and creating a referral partnership. Make sure you take this step to be a legit state acknowledged business.
Business insurance is another critically important area where money should be spent. It is often an item that new wedding planners will cut out of the budget or not purchase at all.
When you are working with people on the most emotionally charged day of their life, having insurance will protect you, your business, and your personal assets. Mistakes and unexpected things happen all of the time. Working without business insurance is a recipe for disaster.
Finally, invest in professional legal documents such as wedding planning contracts and employee agreements. It will feel like a lot of money upfront for a few pieces of paper but think of it as buying your peace of mind.
If you ever have to fire a client or enforce a non-payment clause, your contract needs to stand up in court. There are low-cost resources online for these documents but using those is taking a BIG risk. Spend the money and make sure you are legally protected in your wedding planning business.
Since starting a wedding planning business has a low barrier of entry, you will find that many wedding planners come and go quickly. One of the biggest reasons is that they spend where they should save and ignore the areas where they should spend money. By following this list, you will be able to prioritize what is important and create a profitable wedding planning business. In addition on where to invest and where to save, learn the top 7 mistakes made by new wedding planners and how to avoid them.
This is a guest post from Amber Peterson. Amber is the owner of Cheers Consulting Group and Cheers Wedding Planning & Design in western Washington. She has a Masters Degree in Integrated Marketing Communications and consults with wedding professionals about their marketing and business challenges. Amber is also the co-founder of the Skagit Wedding Society.
Start Your Own Wedding Planning Business with Confidence
The Planner’s Lounge 25 Steps to Start Your Wedding Planning Business Guide includes all of the steps necessary to start your own wedding planning business along with expert advice and resources to ensure you start your business on the path to success and sustainability.
This 70+ page guidebook and business plan template are perfect for aspiring wedding planners who are ready to start their own business.