If you have been starting, buying, or selling businesses for a while, you are probably already aware of how lucrative the wedding industry happens to be. It’s not hard to find a way to make money in the wedding industry, but some areas of the market are more competitive than others. If you’re like most people and are considering an exit strategy for the day when you’re ready to start slowing down and enjoy your earnings, opening your own wedding venue can be a very attractive option.
Similar to how many people fanaticize about opening a bed and breakfast or operating a vineyard when they approach retirement age, opening a wedding venue can be just as rewarding and possibly much more lucrative. However, there are some things that you’ll want to consider before making the leap into the wedding venue industry because it can quickly eat up a lot of your time and money if you don’t know what you’re doing. Here are a few things to consider if you are contemplating opening a wedding venue as a business so you aren’t caught off-guard.
Location
The most important thing to consider when opening a wedding venue is the location. Obviously, you want the location to be desirable to young couples so that you actually have a viable business model, but you also want to consider yourself. Make sure your wedding venue is in easy driving distance from your home or consider moving to a location that is on-site.
Vendor Relationships
The most lucrative part of opening your own wedding venue business is the kickbacks you can receive from vendor referrals. By creating relationships with high quality vendors, you can get extra revenue from the referrals while at the same time making the event better for the couples renting your space. If done correctly, you can make a lot of money and get great reviews from your customers.
Things to Avoid
There are a few things that most people overlook when getting into business as a wedding venue operator, so it’s best to know what’s in store before you dive in. You’ll need to be familiar with the local fire codes so you don’t pack the venue with too many guests or you could face a hefty fine. Additionally, many people want to use sparklers during their reception, so knowing if that is legal is very important as well. Lastly, some states put hefty penalties on wedding venues if guests leave drunk and get int an accident, so make sure you are creating a responsible environment where everyone can be safe and have fun.
Make it your Own
Lastly, since this is going to be your “wind-down” business, you want to make sure that you make it your own and that you love what you do. If you love gardening, for instance, make sure that shows in the design of your wedding venue. If you want a secluded cabin feel, you can easily create a market for that type of wedding. By making your wedding venue into something you love, you are ensuring that you love your new business and that your guests will get the most out of their experience.
