Whether you want to host a wedding venue or plan the whole party, there are many business options available. The wedding industry is booming, currently estimated at over £10 billion per year, and will only continue to grow. To run and grow a successful wedding business, you need to have a quality idea, meticulous planning, and a clear strategy to move you forward.
Here are 4 things to consider to get your wedding business started.
#1 Be clear on what you want to do
The first and most important step is to be crystal clear on what it is you want to do, where you want to do it, who you want to serve, and how you want to serve them. Write it out and continue to refine it. You may come back and revisit this step after you have conducted more market research. Make sure your idea is unique and serves as a solution to potential clients.
#2 Research the market
For any business to succeed, considerable research is necessary. Have a look at other businesses that are doing what you want to do, see what is working well, what is not working well, and the gaps in the market. Extend your research to the entire market, this will help you source goods and services that may come in handy, connect with other businesses in the industry and help you refine your idea even further. This is vital as the majority of wedding businesses rely on word-of-mouth marketing. Head to as many networking events and conventions as you can when getting started, but also regularly once your business is up and running.
It is also important to research the details you need to set up a company and consider what type of business you are going to run (partnership, corporation, limited liability company, etc) as this will define what kind of insurance, tax and patents you will need to run your business.
#3 Create a business plan
A business plan will help you create a roadmap for your business set-up and growth, but also make you think about questions you may not have thought to ask so early on, as it gets into the entire business, not just the idea. A business plan is also vital if you are planning on partnering with another business or sourcing funding. It is important to map out how your business is going to run and grow over the next few years, but also how your business can stand out in the market and compete with others.
The research and business plan will help you to define the legal structure, the funding, the advertising strategy and much more.
#4 Source the right products/create the right service
Whether you are a service based business or will be sourcing products as part or all of your business idea, it is important to take steps before launching.
Service-based business
Research the idea, look at what your competitors are doing, run a few tests and gain feedback, evaluate the feedback and keep refining the idea.
Product-based business
You must also conduct thorough research into the product or similar products, research and contact different suppliers/manufacturers, ask for samples and once you are happy with one, set up a trial run to test the products. Evaluate your experience and gain feedback from your customers. Always keep a backup supplier just in case.
Running a successful wedding business takes a lot of research, planning and testing. Make sure you follow these foundational steps to get your wedding business off the ground.
Want help getting started with your business in the wedding industry? Check out some of our services here.
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