Owning a wedding venue business sounds like a bouquet of fun and excitement; however, the truth may be somewhat different. Your wedding venue business must make a profit, even while appealing to various tastes and wants of your wedding customers. This is work and, often, it is hard work. We know because we’ve been there. In this article, we’ll offer some of the practices and results we’ve found that provide a business of fun, excitement, and profitable sustainability. Let’s get started:
Planning: First Things First
It is crucially important for the success of your business to determine the mission and goals you have for owning a wedding venue business. Why? The simple answer is that you’ll want to develop and shape your wedding venue business to conform to your personal and professional wants and needs. The way you envision the business growing and prospering dictates everything else and the way in which you’ll operate it will lead you straight to your reasons for owning it. So, first things first. Complete your wedding venue business plan as the overarching guide for your business. After you’ve established and recorded your mission and goals, it’s time to turn to some of the basics, such as the location you choose.
Securing a Wedding Venue Location
Before you can plan or prepare further, it is time to address the search for an ideal wedding venue location. There are probably some ideas you have in mind; however, you’ll want to include as many specific necessities, as well. Consider the following specifics:
- Are there enough parking spaces to accommodate large crowds?
- Are there accessible parking spaces and wheelchair-accessible ramps, as well as indoor facilities that accommodate accessibility? Members of the wedding party families are often elderly and need such considerations.
- Is the location in a safe environment? Guests will often stay at the venue for several hours; check with the local authorities to determine the crime rate in the area, particularly those that relate to car break-ins.
- Is the location central to an urban or large suburban area? You’ll want to ensure the location isn’t too far away from the guests to discourage attendance.
- If your wedding venue offers multiple locations; such as farms, beach areas, and parks, you’ll want to check accessibility and safety, as well. Ensure that, wherever the wedding is held, the guests can easily and safely access it.
- Does the interior of the location contain a commercial kitchen, reception room, backdrop areas, candle stands, seating, tables, and other necessities? If not, you’ll need to plan on purchasing furnishings, equipment and supplies.
Creating Wedding Venue Packages
One of the most difficult decisions for a wedding couple is whether or not to accept the quoted price of the wedding and reception they desire. Budgets typically have been set and they are usually lower because the guest list needs to accommodate 100-200 people. For this reason, we suggest pricing that is packaged to meet modest budgets, along with those that meet more liberal and even luxurious budgets. Offering a variety of choices eases the hard decisions the couple has to make.
One option for the wedding couple and a major source of moneysaving is to set the wedding time for early-to-late afternoon and pass appetizers at the reception rather than offer a full dinner. Include a variety of “heavy appetizers,” such as those with meat or cheese to ease hunger. The total cost will be lower than that of a full dinner and can accomplish the same results.
Another option for the wedding couple is to limit the bar bill. Guests always appreciate an open bar; however, this leads to the results of “overserving oneself.” With too much alcohol, guests are emboldened to party harder, disagree further, and, unfortunately, move toward antagonistic behaviors. This has been evidenced prominently at weddings and is, unfortunately, destructive to the reception. It takes the attention away from the wedding couple and onto the authorities who may have to be called. Opt for a limited number of wine or beer choices and cut off the alcohol early on.
A further suggestion to lower the cost of a wedding package is to use natural flora and fauna in lieu of purchased decor for the interior of the room. Gathering wild flowers, naturally beautiful greenery and foliage with berries can be as beautiful as prepared florals and cost nothing by comparison. Arrange foliage with linen fabric ribbons or neutral tones for a peaceful presentation.
Wedding couples may also opt to recognize their heritage that may include carrying a bridal purse for guests to fill with cash for the establishment of a first home. In some cultures, the wedding party table will include a plate for cards and money to be offered to the couple. Re-establishing these customs will help defray the cost of the wedding, as well as include guests in a heritage-laden moment.
Additionally, build a small amount of “money in reserve” into all of the packages. This buffer of cash will allow you to include the special touches most often desired by the wedding couple. For example, couples may want to include a favorite appetizer in the menu or add an oversized floral arch at the reception. With a bit of extra cash built into the budget, you can offer items free of additional charge. This creates goodwill and camaraderie between the wedding couple and your venue business. If unused, return the money held in reserve to the wedding couple.
Driving Profitability by the Use of Creativity
In order to create profitability on an increasing scale, you’ll want to consider creative ways to offer the wedding accents most couples request. Do they want wedding doves, gifts for guests, age-appropriate venue spaces for kids, a larger-than-life dance floor? Your role as the venue provider will be to source the answers for your guests and provide pricing that falls in line with their needs. Satisfying the desires of the wedding couple will lead directly to glowing testimonials online, steady referrals, repeat business within families, and a host of additional profit-laden opportunities. The secret to the success of a wedding venue business is discovered in the extent to which you choose to make the dreams happen. And, while this may need to be done on a shoestring budget, there are often ways to mitigate costs using invention and “like or as” items.
Owning a wedding venue business can be exciting and rewarding. Equally rewarding is the profitable and long-term growth of your business, as satisfied wedding couples offer their sincere appreciation for your creative assistance.