There are billions of dollars spent each year on weddings in the United States alone, so getting involved in the wedding industry can be a great way to start a successful business. No matter where you live, there are thousands of couples looking for venues, vendors, and wedding supplies in your area. But getting a foothold in the industry can be trickier than other business niches because of the networking factors involved.
Most business models involve setting up your company, advertising it, and building a customer base over time. Though that same principal translates to the wedding industry in some degree, it is much more vital to network with other professionals like venue owners and wedding planners to get referral business. Over 70% of couples choose their wedding supply and service providers based on word of mouth, so it is incredibly important to build business relationships. Here are a few business examples to help you get off to a good start in the wedding industry.
Own a Wedding Venue
Wedding venues can be very lucrative, but they also present several unique challenges. You have two clear options if you want to own a wedding venue; buy an existing one that is already successful or find a location that can easily be converted into a new venue. If you choose the ladder, you need to make sure it meets all the proper criteria. First off, it needs to have a space where you can build a stage and dance floor to accommodate a reception. Additionally, it will need to be equipped with a kitchen and enough room for wedding guests to eat their dinner. Lastly, you need to make sure there is ample parking for the capacity of your wedding venue. Most weddings will have at least 150 guests or more, so don’t waste your time on a location that can’t handle at least that number of guests.
Become a Vendor
Becoming a wedding vendor includes a wide swath of different niches. The term “wedding vendor” includes everything from photographers and caterers to DJs and bands. If you want to be a wedding caterer, for instance, you need to approach it much differently than if you have a physical restaurant. You want to keep your menu simple with just three or four different food offerings. Though most wedding venues will have a kitchen onsite that you can use as a caterer, you’ll need to have mobile equipment for cooking as well. Most importantly, you need to work on your relationships with local wedding planners and venue owners because that’s where most of your business will come from.
Open a Wedding Supply Shop
There is no shortage of competition when trying to sell typical wedding supplies like plates, napkins, and decorations, so it can be tough to get into this area of the wedding industry. However, if you choose a niche item, there is still room for success. For instance, you could zero in on something like wedding sparklers that many normal suppliers aren’t licensed to sell. The key with selling wedding sparklers on a large scale is to offer them in beautifully designed boxes and to make sure they are very high quality. Most retailers sell very cheaply made sparklers for weddings, so by offering premium quality sparklers you can build your business over time. However, there isn’t going to be enough revenue for you if you only sell wedding sparklers to your local market, so you will need to sell them online nationally to make any real money.
Whether you want to own a venue, become a vendor, or just sell a niche item like wedding sparklers, the wedding industry has a lot of potential. With populations constantly on the rise and more couples getting married than ever before, starting a business in the wedding industry can be a great way to make a lot of money over the course of a few years.