Business Model of Weddingz
Index of Article (Click to Jump)
India is a country where weddings are celebrated with great gaiety and fervour. There is always a craze for marriage ceremony and a series of events are included in it. As a wedding becomes a lifetime memory, so people of different countries, especially in India, try to make this event a special one. However, at the time of the wedding, couple and their family members usually face various obstacles such as reservation of wedding hall or a marriage palace especially in marriage seasons, booking a decorator and caterer, etc. as these wedding-related services are unorganized and no benchmark price is there to avail of such services. So, it is quite difficult to plan and organize perfect wedding-related things in such an unorganized market of the wedding. Moreover, now the young generation is keener to look for a one-stop solution for wedding planning in order to save time. To sort out such wedding needs, a technology-based online platform “Weddingz.in” has emerged as India’s largest wedding organization. This is a marketplace for wedding vendors and venues. From finding or discovering the right vendors and their costing to taking care of all other wedding requirements, Weddingz.in is a one-shop-stop for customers. With the use of technology, it is aimed at helping its clients to choose the right options according to their requirements for the wedding. Weddingz.in provides services like identifying and booking vendors, ordering supplies for parties, booking party packages that are exclusively curated, taking orders of party gifts, event management, etc. The company has expertise in making all celebrations extraordinary such as birthday parties, weddings, corporate events, etc.
A Brief Background of Weddingz.in
Weddingz.in is a technology-based online platform for wedding planning which was founded in January 2015 by an entrepreneur Sandeep Lodha, aiming at simplifying wedding-related finding process and booking services. Lodha, who is an MBA degree holder, has professional experience of more than 15 years in renowned organizations like Bain & Co., Walt Disney, Intel, etc. on key management positions. While returning to India from the US, he recalled the hurdles he experienced a couple of years back at the time of his own wedding. He recollected that organising a wedding was a tiresome experience because he needed to visit different places to look for the best available options to arrange venue and vendors within the budget. A number of negotiations with every vendor added frustrations too. This was the point when the idea of launching such an online platform for wedding–related service clicked Sandeep.
Initial Journey and Further Growth
Weddingz.in got its first booking in May 2015 and within a year they recorded a whopping 1000 plus bookings. Subsequently, In 2017, the company raised funding of $1 million. Further in August 2018, Gurugram-based OYO hotels acquired Weddingz.in and after this, the company recorded 480% growth in its revenue. At present, Weddingz.in has its presence in 26 cities and more than 20,000 wedding vendors & venues are there in its kitty. Also, it has organized 25,000 plus events.
Business Model of Weddingz.in
A Business Model in an organization is considered as a structure that is based on concepts that support the feasibility of a product or organization and demonstrates how an organization works, generates income, and how it moves forward to achieve its objectives.
So a business model comprises all the processes and policies that an organization adopts and pursues. Now let’s discuss the above elements mentioned in the business model canvas of Weddingz in detail.
1. Value Proposition
The unique values offered by Weddingz.in to its customers are as under:
- All wedding solutions under one roof: . With just a single click, customers can scroll various comprehensive solutions for their social occasion without any trouble of searching and visiting multiple contacts or websites.
- Convenience and transparency: The Company offers a strong value proposition i.e. convenience by providing all wedding-related services at the most competitive rates at a single place. Also, services are available in 100% transparency mode to all stakeholders
- Attractive prices: There is a transparency in prices for customers also. Attractive offers and discount such as” up to 30% off” adds to the advantage.
- Venues: I n has a huge directory of venues i.e. above 1500 venues along with destination wedding venues. Also, customer reviews of these venues are available and customers can check online availability of these.
- Sizeable warehouse of vendors or services: The Company has a large warehouse consisting of experienced and trusted wedding service providers. It has a wide range of in-house team of wedding vendors i.e. over 20,000 and customers can find all services at a single place i.e. Photography, Entertainment, Décor, Wedding Planners, Rentals, Anchor, Mehendi, Gifting, Band-Baja, DJ, Invites, Ghodiwala, etc. at best possible rates.
- Retail store: It has also initiated an offline wedding platform through its physical retail store which includes both venue and non-venue wedding services including makeup, transport, photography, jewellery, bridal wear, etc. from top lifestyle and fashion brands for providing a superior customer experience. It provides best-in-class interiors and experienced consultants who have expertise in the latest trends of a wedding.
- Delivery commitment and hassle-free services: It ensures that all the wedding services delivered to its customers are as committed so that they can get a hassle-free experience. They also offer a guarantee for executing events properly.
- Inspirations : One can also get wedding inspiration by browsing lots of videos, blogs, and pictures from the large collection of weddings that are arranged by Weddingz.in. The in-house magazine of the company i.e. The Wedding Trunk offers a complete guide on all the latest updates and trends related to the app.
- Destination wedding: The company also offers a destination wedding that includes more than 200 venues listed for a destination wedding that includes various heritage places of the country.
2. Customer Segments
- Brides and Grooms: The biggest customer segment of Weddingz.in to market their services is those people who are looking for wedding services to get married. This includes people mostly in 25-35 years of age group and working adults.
- Family members: Different family members and guests who attend weddings and other related-events like birthday parties, anniversaries, social parties, etc. are also categorized as customers of the company. They look for services of Weddingz.in for gift and decoration ideas, other supporting events and so on.
- Wedding venues: Venues that look for the services of the online platform of Weddingz.in to increase their customer base are also customers of the brand.
- Corporate: It also extends its services to the corporate that look for services like venue booking for organizing events and parties.
3. Key Partners
- Local vendors: Different vendors become partners of the company to provide requisite services for wedding and other occasions or events like Photographers, Decorators, Caterers, Make-up artists, Mehendi artists, DJs, Invitation cards, Anchors, Transport, Gifting, Priest or Pandit, etc.
- Venue partners: Different hotels, resorts, restaurants that provide their premises for weddings, and other events are key partners of Weddingz.in. The company acts as a sales and marketing partner for vendors and venues.
- Wedding planners: Customers are offered a guarantee for organizing a great event that is guided by dedicated wedding planners.
- Technology partners: These are the enterprises or people who assist the brand in designing their website and mobile app.
4. Key Resources
- Website: The website of Weddingz.in i.e. weddingz.in is the largest website of wedding planning in India and it acts as one of the major resources to deliver its services.
- Technical and non-technical staff: Staff members of the brand who are taking care of the website development, mobile app development, vendor management, event management, marketing activities, customer support team, etc. are its key resources.
- Wedding planning app: The app of Weddingz.in is a one-stop solution for all types of wedding-related services. One can get the best suggestion on the app irrespective of wedding, budget, event, or location. It contains all the last minute preparation solutions like the purchase of jewellery, searching for the best wedding makeup artist, etc. Also, the latest trends in weddings and planning of the wedding as per budget services are available on the app.
5. Key Activities
- Digital campaigns: The company is involved in digital media marketing activities. Their digital aid campaign “Venue sahe toh stress nahi” is designed based on real-life hurdles faced by families and young couples at the time of the wedding. This campaign highlights the commitment of Weddingz.in in organizing superior events and fully transparent services with guaranteed delivery. The campaign is promoted through different online platforms like Voot, Hotstar, YouTube, Facebook, Instagram, Sony Liv, etc.
- Managing website and app: As website and wedding planner app, It contains a lot of information and latest updates on services, wedding trends; the company maintains and upgrades these frequently.
- Adding new vendors: To meet the wedding service requirements of customers, the company does additions into its vendor list in different cities.
- Content development: The brand is also involved in developing first-class content that includes videos, blogs, data visualization, infographics, etc. for target audiences over different channels.
- Website: weddingz.in, the website of Weddingz.in plays an important role as a key channel for providing and viewing different services related to the wedding. This helps in finding various vendors and venues in different cities.
- Mobile App: Wedding planning app of the company is a channel to provide different wedding ideas to customers in the form of real weddings, photographs, blogs, expert opinions, and vendor guides. It provides wedding planning services from scratch and customers can search for the latest trends and vendors in their city, etc.
- Physical stores: In has launched retail stores of the company as a key channel to bridge the physical gap between customers and the brand by facilitating them to interact by visiting the store and enhance the customer experience.
- Digital media: The brand initiates different social media campaigns and blogs on social media platform like YouTube, Facebook, Instagram, SoyLiv, etc. as part of its promotional activities.
7. Customer Relationship
- Self-serve platform: Both the website and app of Weddingz.in are self-served and main tools for customers to view its services.
- Customer Service Support – The brand provides 24/7 customer support. Customers can contact the representatives through helpline numbers and email.
- Social Media – The digital marketing of Weddingz.in consists of campaigns to reach its current and potential customers.
- Venue-selection assistance: Customers can themselves check availability and select venues. Apart from that. relationship managers of Weddingz.in are available for providing assistance.
8. Revenue Streams
After the acquisition by OYO, the brand (Weddingz.in) has recorded 480% growth in its revenue. Also, it reported massive growth in its bookings i.e. 636%. The revenue structure of the brand includes a fee that is being charged from customers to avail its various services. The fees it charges depend upon wedding type i.e. Rs. 2,000/- for in-city wedding and Rs. 10,000/- for a Destination wedding. Customers pay the fees once booking the venue of their choice is done. The fee consists of different services that venue experts and weddingz experts provide. The additional convenience fee is also applicable for availing the assistance of weddingz service expert for booking other services like makeup, photography, etc.
9. Cost Structure and Competitor Review
The cost structure of Weddingz.in includes:
- Cost of technology i.e. on website and app development
- Website maintenance cost
- Costing involved in marketing and promotional activities i.e. online and offline advertisements and marketing campaigns
- Staff-related cost i.e. salaries and hiring cost, cost of operations.
The major competitors of Weddingz.in include ShaadiSaga, WedMeGood, WeddingPlz, Bollywoodshaadis, etc.
Weddingz forayed into the Indian market when the need for customised and grand wedding was at a peak. Weddingz has harnessed the opportunity and is able to carve a niche for itself by engaging in right mergers and partnerships. Unequivocally, Weddingz now rules the roost, in the wedding industry.
Business Model of eBay
Credit Card Companies Business Model
Insurance Companies Business Model
Telecom Companies Business Model
Alibaba Business Model
Zara Business Model
Add comment cancel reply.
Or explore sectors:
Why weddingwire's business model is so successful.
WeddingWire business model canvas
WeddingWire’s Company Overview
WeddingWire, Inc. operates an online marketplace that connects couples and businesses with event and creative professionals. The company offers WeddingWire, a SaaS business platform that provides front and back-office solutions for event merchants, from venues and photographers to caterers and entertainers. Its platform helps event merchants generate leads by providing online exposure in the vertical network in the industry; and enables users to search, compare, and book event merchants from venues to photographers, as well as to find and read local vendor reviews. The company also offers a suite of online planning, advertising, marketing, and management tools for businesses which includes wedding websites, wedding checklists, payment processing and invoicing tools, and contracts. In addition, it operates WeddingWire Snapchat Geofilters, a custom wedding resource for social media; and EventWire, an online marketplace that serves corporate events, bar/bat mitzvahs, proms, reunions, and more.
Foundations date: 2007
WeddingWire’s Customer Needs
Life changing: affiliation/belonging, self-actualization
Emotional: provides access, reduces anxiety, design/aesthetics
Functional: connects, integrates, organizes, simplifies, avoids hassles, reduces effort, reduces risk, quality
WeddingWire’s Related Competitors
Weddingwire’s business operations.
This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.
Blue ocean strategy:
The blue ocean approach is predicated on the premise that market limits and industry structure are not predetermined and may be reconfigured via the actions and attitudes of industry participants. This is referred to as the reconstructionist perspective by the writers. Assuming that structure and market boundaries exist solely in managers' thoughts, practitioners who subscribe to this perspective avoid being constrained by actual market structures. To them, more demand exists, primarily untapped. The core of the issue is determining how to produce it.
It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).
A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).
Codifying a distinctive service capability:
Since their inception, information technology systems have aided in automating corporate operations, increasing productivity, and maximizing efficiency. Now, businesses can take their perfected processes, standardize them, and sell them to other parties. In today's corporate environment, innovation is critical for survival.
Reputation builders is an innovative software platform that enables companies to create, collect, and manage positive internet reviews. It was a pioneer in the utilization of user-generated material. The website services are provided for free to users, who supply the majority of the content, and the websites of related businesses are monetized via advertising.
The on-demand economy is described as economic activity generated by digital marketplaces that meet customer demand for products and services via quick access and accessible supply. The supply chain is managed via a highly efficient, intuitive digital mesh built on top of current infrastructure networks. The on-demand economy is transforming commercial behavior in cities worldwide. The number of businesses, the categories covered, and the industry's growth rate are all increasing. Businesses in this new economy are the culmination of years of technological progress and customer behavior change.
An experience in the sales model describes how a typical user perceives or comprehends a system's operation. A product or service's value is enhanced when an extra customer experience is included. Visual representations of experience models are abstract diagrams or metaphors derived from recognizable objects, actions, or systems. User interfaces use a range of experience models to help users rapidly comprehend what is occurring in the design, where they are, and what they may do next. For example, a software experience model may depict the connection between two applications and the relationship between an application and different navigation methods and other system or software components.
Mobile first behavior:
It is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices. The term is “mobile first,” and it is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices.
The long tail is a strategy that allows businesses to realize significant profit out of selling low volumes of hard-to-find items to many customers instead of only selling large volumes of a reduced number of popular items. The term was coined in 2004 by Chris Anderson, who argued that products in low demand or with low sales volume can collectively make up market share that rivals or exceeds the relatively few current bestsellers and blockbusters but only if the store or distribution channel is large enough.
The Lean Start-up methodology is a scientific approach to developing and managing businesses that focuses on getting the desired product into consumers' hands as quickly as possible. The Lean Startup method coaches you on how to guide a startup?when to turn, when to persevere?and how to build a company with maximum acceleration. It is a guiding philosophy for new product development.
Software as a Service (SaaS):
Software as a Service (SaaS) is a paradigm for licensing and delivering subscription-based and centrally hosted software. Occasionally, the term on-demand software is used. SaaS is usually accessible through a web browser via a thin client. SaaS has established itself as the de facto delivery mechanism for a large number of commercial apps. SaaS has been integrated into virtually every major enterprise Software company's strategy.
Two-sided marketplaces, also called two-sided networks, are commercial platforms featuring two different user groups that mutually profit from the web. A multi-sided platform is an organization that generates value mainly via the facilitation of direct contacts between two (or more) distinct kinds of connected consumers (MSP). A two-sided market enables interactions between many interdependent consumer groups. The platform's value grows as more groups or individual members of each group use it. For example, eBay is a marketplace that links buyers and sellers. Google connects advertising and searchers. Social media platforms such as Twitter and Facebook are also bidirectional, linking consumers and marketers.
A client is both the manufacturer and the consumer in user manufacturing. For instance, an online platform could offer the client the tools required to create and market the product, such as product design software, manufacturing services, or an online store to sell the goods. In addition, numerous software solutions enable users to create and customize their products to respond to changing consumer requirements seamlessly.
A disruptive technology supplants an existing technology and fundamentally alters an industry or a game-changing innovation that establishes an altogether new industry. Disruptive innovation is defined as an invention that shows a new market and value network and ultimately disrupts an established market and value network, replacing incumbent market-leading companies, products, and alliances.
An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.
This model collects data and connects it to others; it is suggested to investigate the impact of advertising on consumer purchase dynamics by explicitly linking the distribution of exposures from a brand's media schedule to the brand purchase incidence behavior patterns over time. The danger is that we may be unable to react productively and cost-effectively to technological and market changes.
Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.
Take the wheel:
Historically, the fundamental principles for generating and extracting economic value were rigorous. Businesses attempted to implement the same business concepts more effectively than their rivals. New sources of sustained competitive advantage are often only accessible via business model reinvention driven by disruptive innovation rather than incremental change or continuous improvement.
A solution provider consolidates all goods and services in a particular domain into a single point of contact. As a result, the client is supplied with a unique know-how to improve efficiency and performance. As a Solution Provider, a business may avoid revenue loss by broadening the scope of the service it offers, which adds value to the product. Additionally, close client interaction enables a better understanding of the customer's habits and requirements, enhancing goods and services.
Peer to Peer (P2P):
A peer-to-peer, or P2P, service is a decentralized platform that enables two people to communicate directly, without the need for a third-party intermediary or the usage of a corporation providing a product or service. For example, the buyer and seller do business now via the P2P service. Certain peer-to-peer (P2P) services do not include economic transactions such as buying and selling but instead connect people to collaborate on projects, exchange information, and communicate without the need for an intermediary. The organizing business provides a point of contact for these people, often an online database and communication service. The renting of personal goods, the supply of particular products or services, or the exchange of knowledge and experiences are all examples of transactions.
Recommended companies based on your search:
Matterport Business Model
x.ai Business Model
Pokemon Go Business Model
Vizologi is a platform powered by artificial intelligence that searches, analyzes and visualizes the world’s collective business model intelligence to help answer strategic questions, it combines the simplicity of business model canvas with the innovation power of mash-up method .
See how Vizologi works View all features
You rock! Thank you for your interest. Before starting the canvas download, we would like to ask you to pay with a tweet.
Download paying with a tweet
Before downloading the canvas, we would like to invite you to our newsletter, from time-to-time we will send you curated content about business strategy
Business Model Canvas for a Wedding Planner
Pssst… we can write an original essay just for you.
Any subject. Any type of essay. We’ll even meet a 3-hour deadline.
Wedding planning is an entrepreneurial opportunity that is rarely exploited. The wedding planner will have to identify his or her key partners first. The service providers, in this case, will include service providers such as entertainers, decorators, and caters. In addition to the service providers, Fashion designers and retailers should be on the list. In this way, the wedding planner will easily identify his or her the main activities. They include the selling of wedding products and giving out the contacts of the service providers. The planner will need the software developer, brand value website and a website maintainer as his or her key resources.
Value propositions in this entrepreneurial opportunity should be offering free service, easy access to contacts and services of other service providers. In doing so, the wedding planner will manage to create good public relations as well as secure access to sufficient information offered freely. These services will target customers that live in the suburbs, metro cities, and urban cities. Additionally, the opportunity will create a market for wedding products produced in large quantities such as food. The market created will basically help the millions of online customers to access the services through a website, mobile apps and making instant telephone calls.
In this business, the entrepreneur will need to determine the costs that will be required. The salaries of the employees, the cost of acquiring the website domain, development, maintenance of the website and paying for the advertisements are the expenses of this business venture. Finally, the business venture should be profitable. For this venture, revenue will be earned from commissions from the service providers, the sold we
Remember! This is just a sample.
Save time and get your custom paper from our expert writers.
In case you can’t find a sample example, our professional writers are ready to help you with writing your own paper. All you need to do is fill out a short form and submit an order
- [ 27th October 2022 ] Victoria Best Behind the Scenes
- [ 27th October 2022 ] Visitor Management Products
- [ 27th October 2022 ] Structures Products
- [ 27th October 2022 ] Reusable Cups 101 Advice
Wedding Business Models
A lot of landowners overlook the enormous potential offered by the wedding industry, writes Isabel Smith.
Gone are the days when a wedding reception was simply hosted by the nearest hotel or local pub. Modern couples want something different that will wow their guests and look great in photographs – and they are prepared to pay a lot of money for the right venue. The fact is your summer gardens, rolling farmland or family home could easily be transformed to wedding heaven, and you will have the joy of hosting couples on the happiest day of their lives.
However, if you’ve never worked in the wedding industry before the idea of suddenly pitching yourself as a wedding venue might seem a little intimidating. After all, you have to market yourself somehow, apply for umpteen licences and face the prospect of dealing with demanding bridezillas! The good news is that it doesn’t have to be as daunting as it first sounds. Running a wedding venue is nowhere near as difficult or scary as you might imagine. All you have to do is choose the business model that suits you best and follow a few basic rules. The trick is to make your venue work for you. Here’s my guide.
MODEL ONE: Dry Hire This is the best business model for beginners. You simply offer your space to brides and grooms and then work with a select group of external suppliers who will do all the hard work to make your venue wedding-ready. To get started, simply set up a website with some key details about your property (photos, availability and contact details). Then get in touch with your local wedding planners and marquee companies and let them know that you are in business. As time passes you will be able to update your facilities (eg. adding an outdoor power supply or water source) and you can build a preferred supplier list that your clients can use. You can then gain extra revenue by charging your suppliers a commission for each successful referral!
- For: There is very little initial investment needed and you can scale up your business over time.
- Against: You will need to market the business yourself and there will be a certain amount of administration work involved when it comes to scheduling, arranging site visits and drawing up contracts.
MODEL TWO: Dedicated Contracts If you really don’t want to deal with multiple brides and suppliers then this option might suit better. Rather than publicly advertising your venue, you sign an exclusive contract with one of your suppliers (usually a marquee company or a caterer) and hand over all sales, marketing and operations to it. In return, it pays you per event for use of the space.
- For: This is a simple, stress-free way of making money from your land on your terms.
- Against: By offering a more limited service you won’t be able to charge as much. You may also deter some clients if you are unable to offer the sort of flexibility that modern brides crave.
MODEL THREE: Full Operations In this model you will become a full-on wedding venue. You will undertake all your own marketing, sales and contract work and you will work closely with suppliers – even creating a bespoke menu and wine list with them. On the day itself you will probably need to be there to oversee everything and make sure the bride and groom are being looked after, and you may need to hire extra staff to provide the best possible level of service.
- For: This model definitely offers the greatest opportunity for money making since you are managing everything yourself. As your reputation grows you can start to charge more for your services.
- Against: There is a huge amount of work involved. However, you can hire an experienced consultant to guide you through this process to help avoid expensive mistakes, learn the skills you need and streamline your marketing activities.
Additional revenue If you are already using your venue as a wedding location there are a few things you might consider in order to further your wedding-related income.
Products and services: this can be something as small as offering table centrepieces, lanterns or fairy lights for the evening. Or it may be a big-ticket item like an ice-cream tricycle or a petting zoo for the kids.
Partnerships: if you are looking to diversify within the wedding sector you need to keep your eyes open for new networking opportunities around your area. For instance, make links with transport companies, spas, accommodation and nearby activities. These relationships allow you to go the extra mile for your guests and take a commission from referred sales.
Shoots: either for the weddings themselves or for photo-shoots within the wedding industry. This is a visual industry and people are fighting it out for great spaces where they can photograph their designs.
Alternative wedding plans: there is no such thing as a traditional wedding any more. Couples want to put their own stamp on their big day and it can really pay to be flexible and open to alternative ideas. Consider offering full weekend packages, camping facilities, festival-style receptions, a late licence for evening events or ceremony-only deals.
Five Rules for Success
- Do your research This may sound obvious but it’s worth stating. The wedding industry is full of its own quirks and foibles, so take your time and get to know it before diving in. Visit a few other venues, ask plenty of questions and introduce yourself to as many suppliers as possible.
- Be honest about your target market Of course, you want to attract the rich and famous but your venue may be more suited to local weddings instead. By trying to woo higher-end clients you could end up alienating your real customer base and, ultimately, go about losing money. Start small and gradually grow your business – word of mouth is the best marketing tool of all.
- Work with your council No matter what sort of venue you’re running you’re going to need permission from the council. For a start, you have to have an entertainment licence, otherwise there will be no dancing late into the night! You might also need to apply for a licence to serve alcohol or for planning permission to expand your venue or change its use.
- Get insured Public liability insurance (for you and all your suppliers) is a must. You might also need to take out extra insurance policies to cover natural disasters (such as flooding) or power outages (which could lead to food losses or cancellations).
- Choose your suppliers with care No matter which business model you choose, the suppliers you work with will be the key to your success. Make sure they share your values, respect your property and sign formal contracts for every eventuality.
Cornish Tipi Weddings
Beauty and privacy attracts those seeking something genuinely different for their big day. A short drive from Port Isaac and Tintagel, inextricably linked with the legend of King Arthur, lies Tregildrans Quarry from where Elizabeth […]
Copyright © 2021 | Open Air Business
Cvent ranked #13 on G2’s Best Software Awards! Experience our platform
How to Create a Wedding Venue Business Plan
Wedding Venue Essentials
Weddings are the cure for weekends full of empty hotel rooms , and they can turn a farm or turn-of-the-century farmhouse into a money-making event destination. In order to grab a piece of the wedding business for your hotel or event space , you’re going to need a business plan.
Read on to learn how to craft a wedding venue business plan that gets couples to choose your venue over the competition.
How much can a wedding venue make?
According to ValuePenguin research, the average cost of a wedding in the U.S. is approximately $25,000, give or take. The potential is there for a significant revenue stream. Be proactive in researching your local demand and competition to avoid surprises when starting a wedding venue business. Set realistic financial goals based on how your particular venue can generate money:
- Rent your facilities for weddings and receptions. Think about couples spending over $2,000 on ceremony venues, and more than $15,000 on reception spaces. Multiply this out based on how many weddings you can host each week/month/year for a baseline revenue.
- Give guests a place to stay. Weddings can vary in size, and many couples opt for destination weddings . Whether they’re inviting dozens of people or hundreds, those guests need a place to stay. Hoteliers are uniquely positioned to host these special events and provide rooms for an entire wedding party , all under one roof.
- Build all-inclusive packages. Couples may think they can handle an à la carte reception until they see the list of things they're expected to bring (and pick up). A well-priced deal where you provide everything — from tables and chairs to linens, décor and even centerpieces — will save your customers time and hassle.
- Add more revenue with food and beverage. Food at a wedding is extremely important. Whether in-house or through a vendor, consider rolling in catering to your all-inclusive packages .
- Go the extra (revenue) mile with valet parking. Whether in crowded cities or bucolic remote locales, some couples will look to cover the cost of valet parking for their guests. At approximately $15 a person, this generates a decent amount of extra revenue while showcasing your desire to enhance the guest experience.
- Get listed on Wedding Spot . Wedding Spot is the only directory exclusively showcasing venues, meaning no distractions or barriers to couples finding your venue. Wedding Spot processes 200,000 requests each year, offering a new way for special event venues and hotels to attract wedding business.
Understand the elements of a successful wedding venue
What do couples want from a wedding venue? As you start to conceptualize your business plan, take a hard look at what you already have in place and what you may need to invest in to give your customers what they want.
- You’ll need a charming location with the right capacity. If you're a hotelier with multiple ballrooms, you’re able to cast a wider net for different size weddings. If you run a unique wedding venue with less space, like a farm or barn, you need to target your marketing more narrowly. Investments in décor and furnishings may come into play as well.
- Experienced, friendly staff is key. One of the top priorities for couples is making sure their guests are well taken care of. Remember, you're offering more than just a physical venue — you’re offering a memorable experience. Emphasize customer service with your staff training, or choose outsourced event staffing agencies with a critical eye.
- Hook up couples with in-house services or a trusted vendor network. Become a lifesaver for busy brides and grooms by coordinating the logistics (and costs) of a photographer, band or DJ, florist, bakery, and catering team. Strengthen your vendor partnerships by sending couples their way, or package everything together.
- Provide accommodations for friends and family. Aside from offering convenience for on-site wedding guests, position your hotel as an option for couples using other venues for their special event. They will still need wedding guest accommodations, usually under 30 minutes away. If you're running an independent wedding venue, make an effort to build strategic partnerships with area hotels, bed and breakfasts, and vacation rental companies to minimize a pain point for your customers.
Build a wedding venue business plan that makes sense for you
When writing your plan, think of your wedding venue business as a separate, independent entity , even if it’s part of an existing business.
This is an organic document, meaning it's meant to be updated on a regular basis as you experience ups and downs. In crafting your business plan, be sure to focus on these key sections:
Whatever your value proposition is, this is where to spotlight it. Go ahead and list your mission statement as well as a condensed version of every other business plan section listed below.
2. Company overview
Think of this as a high-level view of your business, explaining what you’re all about and what customers can expect out of you. Focus on your background, facilities, key resources and offerings, and your strengths and weaknesses.
3. Market analysis
Summarize all your research here so you can update it as you experience ebbs and flows in your local wedding marketplace. Be sure to include information and data on:
- Customers. Segment your target customers, such as couples and event planners. Use this to personalize marketing messages to maximize your R.O.I.
- Competitors. Evaluate the businesses that are going to give you a run for your money. What do you do better than the competition ? In what areas do you need to play catch-up?
- Potential growth. Project what the wedding marketplace will be like for the next year, three years, and five years.
4. Sales and marketing
In order to enter your local wedding market successfully, you’re going to need to position your business the right way to attract customers. To do this, detail a sales and marketing strategy that includes:
- Goals. Determine how many weddings per week/month/year you're looking to host. Also include how you plan to turn wedding guests into future customers.
- Lead generation tools. List all your online and offline marketing resources. This includes your wedding venue sourcing software , email marketing packages, websites and social media, direct marketing, advertising, sponsorships, partnerships, wedding industry memberships, and public relations efforts.
5. Organizational structure
Pay attention to your behind-the-scenes and public-facing management and staffing teams, which are essential to your operational success. List names, titles, and responsibilities to keep tabs on who's doing what. This is also the place to include the legal status of your business (sole proprietorship, limited liability company, corporation, S corporation, partnership, nonprofit, etc.).
As the old saying goes, you need to spend money to make money. Focus on what you need to spend on launching your endeavor, along with what you'll generate in cash flow and income.
- Funding. Clarify whether you own your building or will need to pay rental or lease space. Include details on any lines of credit or loans needed to purchase property, kitchen equipment, and other fixed assets. Do the same thing if you need cash to cover startup operational costs.
- Revenue projections. Include your forecasted income statements, cash flow statements, and balance sheets if and when you have them.
- Expense projections. Cover any capital expenditures you'll need to purchase items such as your building, land, and equipment. Incorporate any operational expenses you’ll be incurring on a regular basis like staff salaries and climate control.
Clearly define your critical milestones and timeline to launch your wedding event venue business. Challenge yourself with these, but be sensible and balance your enthusiasm with realistic expectations based on research.
Make your wedding venue stand out from the competition!
Example: Barn wedding venue business plan summary
Check out this fictitious example of a wedding venue business plan for the Azalea Gardens Farm. Even though this is focused on barn weddings , you can adapt it easily to your own outstanding event space. Remember to flesh out each section in your complete business plan, adding numerous details as appropriate.
1. Mission statement
The vibrant colors of azalea blooms bring joy and hope. Our mission at the Azalea Gardens Farm is to bring that same feeling to your special day.
Owners Stacy and David Dean bring their three decades-plus of service industry experience to bear on creating memorable wedding ceremonies and receptions. The Azalea Gardens Farm centerpiece, our 75-year-old refurbished barn, accommodates up to 150 wedding guests. Couples have use of our historic main house for rehearsal dinners as well as wedding-day prep for the bride and groom and their wedding parties. Photographers love our country setting, in addition to our convenient location just 15 minutes from the beautiful beaches of Topsail Island, North Carolina.
We provide several options for couples:
- Rehearsal dinner: $500 - $1,200 (depending on size)
- Wednesday-Thursday à la carte wedding rental: $1,000
- Weekend à la carte wedding rental: $1,500
- Weekday wedding package: $2,500
- Weekend wedding package: $3,000
The wedding services industry is experiencing increasing per capita disposable income from couples, enabling them to spend more on weddings. Industry revenue is expected to expand to $78 billion in the U.S. Locally, the growing population and vacation popularity of the southeastern North Carolina coast is leading to an increase in 25- to 55-year-olds visiting and moving here. This provides us a market for traditional and non-traditional weddings.
Our main competitors are vacation rental agencies in North Topsail Beach, Surf City, and Topsail Beach who leverage their properties as destination wedding locations. Secondary competitors are event venues in Wilmington, North Carolina, including historic mansions, craft breweries, and a handful of boutique hotels. Third, we compete locally with Belvedere Plantation for indoor/outdoor combo weddings. There are no other farm-oriented wedding venues in a 50-mile radius.
We are looking to host five to seven weddings a week during the peak wedding season of May through November, and one to three per week throughout the rest of the year.
Leveraging our unique, picture-perfect venue and customer service-focused guest services, we will appeal to unmarried wedding guests who want a similar experience. We also plan to use visual-oriented social media channels like Pinterest, Instagram, Facebook, and Twitter to grow our presence organically. In combination with a vigorous content marketing effort via our popular blog , we plan to drive website traffic with online PPC advertising on Google and YouTube; banner advertising on regional travel websites; and geofencing for area beachgoers and other tourists.
Owners Stacy and David Dean are co-founders, with David serving as CEO and Stacy as COO. General manager Heidi Kipp will coordinate all events as well as wedding planner and vendor partnerships, working with event coordinator Steve Antonsen, who will run wedding day operations.
The Deans own their facilities outright and have appropriated a $50,000 SBA loan to begin operations in the spring of 2021. Azalea Gardens Farm is uniquely positioned, with its fixed costs and low overhead, to reach $300,000 in revenue by Year 3 with a 75% gross margin.
The leadership team is currently cementing partnerships with vendors and wedding planners. Facility upgrades are complete, with plans for purchasing tables, chairs, linens, and other equipment in summer 2021. A photographer has been hired to shoot the facilities in June 2021 with actors for use in marketing efforts which will begin July 2021. We will book our first weddings in the fall of 2021, with positive cash flow realized the following summer.
Use this wedding venue business plan information to get started!
Managing your event venue and tracking sales are as important as building your business and generating the sales themselves. Software solutions from Cvent save you time and money while freeing you up to follow through on pre-qualified leads to grow your wedding venue business.
Up next, check out how to come up with wedding venue name ideas in five simple steps
Don't let your wedding venue get left behind!
More from this collection
Hybrid weddings: everything venues need to know.
Hybrid weddings, which implement both in-person and virtual elements, are growing in...
Wedding Venue Promotion Ideas to Boost Your Business
Discover wedding venue promotion ideas to help your venue bounce back from...
How Wedding Venues Are Helping Couples During COVID-19
You don't want to miss seeing the ways wedding venues are helping...
What Couples Want From a Wedding Venue
Wondering what couples want from a wedding venue? Use these tips to...
Creating a wedding venue business plan helps reach new customers. Get started...
Dual-branded hotels: get to know the new trend, 17 golf tournament ideas to bring in the big bucks, webinar planning: a step-by-step guide.
The revenue structure of the brand includes a fee that is being charged from customers to avail its various services. The fees it charges depend upon wedding
The company also offers a suite of online planning, advertising, marketing, and management tools for businesses which includes wedding websites, wedding
In this way, the wedding planner will easily identify his or her the main activities. They include the selling of wedding products and giving
Business Model Canvas: Wedding Event Management. Watch later. Share. Copy link. Info. Shopping. Tap to unmute.
Reader view · Providing affordable unique weddings, alternative to the traditional · Friendly personal client/ planner bond · Providing a one stop wedding shop · A
planning application based on a business model canvas on behalf of the ... big day and also avoid spending a fortune on the wedding planner
Then get in touch with your local wedding planners and marquee companies and let
It's the perfect business tool for wedding, elopement and engagement photographers to help increase bookings! This photographer's pricing magazine can be used
Canvases of Carita Weddings Organizer at Bandung. Keywords: Business Model Canvases;. Carita Wedding Organizers;. SWOT Analysis.
Segment your target customers, such as couples and event planners. Use this to personalize marketing messages to maximize your R.O.I.
of a wedding organizer are considered to save time and can even be cheaper.