Are There Enough Brides For Your Wedding Planning Business to Survive?
by Debbie Tobias
As a wedding planner, the people most likely to be interested in your wedding planning services are busy working professionals who are short on time but with income to spare. Your clients will hire you, the professional wedding planner, to accomplish the tasks they're unable or unwilling to do themselves. Whether you're tasked with finding the right caterer or florist or just playing the role of ringmaster on the big day.
So who are you targeting? Who is your customer? If you're focusing on social events--weddings, anniversaries, bar or bat mitzvahs--then you're clients are likely to live in large metropolitan areas with household incomes upward of $50,000. So before embarking on the decision to start your wedding planning business, you need to conduct some important market research. Simply put, you've got to make sure you have a market to serve.
Here's how:
1. Define your Market Area.
If your goal is to become a wedding planner or party planner (or a combination of the two), then limiting your client base to your county or borough and the surrounding communities initially makes the most sense. Think about how far you're willing to travel to complete the planning of your client's events. Keep in mind that as word of mouth about your business begins to spread, you may find yourself planning events in areas much further away from 'home'.
2. Determine How Many 'Qualified' Prospects Are In Your Market Area?
Wedding/Party/Event Planners excel in large metropolitan areas since this is where the largest number of businesses and individuals with the desired household income are located. If you're based in an area that doesn't fall into that category, you may find it hard to reach 'qualified' prospects--unless you're willing to travel. If you live an hour or so outside of a large metro area, you have the option of working from home and then renting office space on an as-needed basis. Several executive offices exist solely for this purposes. For a low monthly fee, you get access to conference rooms, copier services, a receptionist...and all for a lot less than you would pay for a traditional dedicated office site. Of course, there's always the option of meeting your clients in their homes or at their wedding/reception site.
3. Check Out Your Potential Competition
Look through your local Yellow Pages (either the online version or the traditional big book) and see what kind of ads the local Wedding and Party Planners are running. Contact as many of these businesses as you can and ask them about the services they offer and the type of customer they serve. Not everyone will be forthcoming with information, but that's ok. Caterers are another good source and may see you as less of a threat in sharing information.
Go online and conduct a local Google search for 'wedding planners' and/or 'party planners'. This should give you some idea about the local companies in your area. TheKnot.com is another great place to check out the websites and businesses of area planners. You'll notice that some market areas seem to be saturated with planners, while others only list a handful. Remember, this exercise is just to give you an overview of what's going on in your market area. Not every wedding-related business advertises or lists with TheKnot.com:
'Red Flags' For Your Wedding/Planning Business
Owning and operating your very own wedding planning business is an exciting and much needed service. However, some areas make the successful operation of this kind of business much more challenging. You may want to think twice if in your area:
-Local residents are unable to find local jobs.
-High School and College graduates have to leave to find employment.
-Business owners and residents lack any interest in their community and its surroundings.
Good Signs For Your Market Area
-There is noticeable construction activity and few vacant buildings or unoccupied houses for sale
-Branches of large corporations or retail chains are opening
-You're located in a good school district and have good public services
-Businesses and residential areas are well-maintained
-Public transportation is abundant and reliable
-The Chamber of Commerce and other civic organizations are active and really pushing to help expand the business community.
So, do the 'good signs' instantly guarantee success for your wedding planning business while any hint of a 'red flag' equates to failure?
Not at all!
But as a new business owner, having a sufficient number of prospects in your area is vital. Take some time to conduct research for your area and don't be discouraged if the outcome isn't what you hoped for. Instead, think of alternatives to make your dream a reality. For example, maybe you can establish yourself as a destination wedding planner and become an expert on weddings in popular locations thousands of miles away from your home.
Whatever your decision, aim high and strive to achieve your own personal goals. Where there's a will...there's a way.
HAPPY PLANNING!
© 2009 Debbie A. Tobias. All Rights Reserved.
ABOUT THE AUTHOR
Wedding expert and self-proclaimed life-of-the party, Debbie Tobias, is the creator of Weddings For A Living, a wonderful, one-of-a-kind resource for wedding planners and wedding professionals who want to skyrocket` their wedding planning business to ultimate success.
NOTE: You're welcome to reprint this article online as long as it remains complete and unaltered (including the "about the author" info at the end), and you send a copy of your reprint to debbie@weddingsforaliving.com.
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