The wedding industry is booming. According to US Census statistics, there are over 2.2 million marriages each year. Although the current economic climate has placed a crunch on most wedding budgets, brides and grooms still need experienced and knowledgeable experts who can help plan and coordinate wedding activities.
Skills Required: Event planning and organizing skills, wedding vendor networking, budgeting, diplomacy.
Most wedding planners simply go into business because they themselves enjoyed planning their own wedding, or a friend or relative’s wedding. Although there is no formal collegiate level education to become a wedding planner, many wedding planners have studied communications or marketing at the college level. These skills are highly desirable to help your part-time wedding planner business succeed.
Wedding planners have a variety of jobs. One of the most important is keeping everyone happy, especially the bride. This requires a great deal of communication and diplomacy. Planning big events such as weddings is a large responsibility, especially to a couple who considers their wedding day one of the most important days of their lives.
In addition, wedding planners need to have adequate vendor contacts to whom they can turn to provide wedding services and products. In addition, a wide network of vendors can be helpful when trying to match vendor pricing to budgets.
Startup Expenses: $500 – $5,000
Startup expenses depend on how much marketing and self-promotion you have to do to find your client base. A part-time wedding planner business can be operated out of your home, and no separate office space is required. Thus, your startup budget should include enough cash to pay for:
- Marketing materials
- Advertising or wedding convention space
- Business licenses
- A Wi-Fi accessible laptop or PDA
Monthly Revenue: $1,000 – $3,000 per month
Wedding planners are like any other service-related business. Your fees will depend upon your experience and what you can offer your clients. Most seasoned wedding planners charge between $1,000 and $2,000 for each wedding. You may set up your fees to charge a flat rate or a portion of the total wedding budget.
Monthly Expenses: $500 – $900
Overhead expenses for a wedding planner business are minimal. Since most wedding planners are home-based and work at client and vendor locations, your usual monthly expenses might include:
- Insurance – You will need liability and errors and omissions insurance. Monthly rates might be between $50-$100.
- Cell Phone/Internet – Thanks to modern technology, most wedding planners live with their iPhone attached to them at all times, giving them access to instant internet and telephone. If used for your wedding planner business, you can write off the cost of telephone/data service, which is usually between $90 and $200 per month.
- Auto costs – If used for your wedding planner business, you can expense your auto related costs either by the standard IRS mileage deduction or actual cost method.
- Regular advertising – Unless you have years of experience, expect to continue marketing your services for a few years until you get established. Marketing budgets may run from $100 to $500 per month.
With diligence, creativity, and an ability to translate a bride’s dream into reality, your part-time wedding planning business will be saying “I do” to profits.
