Many new wedding planners start a business thinking they want to help all the small budget brides in their area. Unfortunately, it may not be the best choice if you want to have a profitable business. Read my answer below before you decide this is the niche for you.
Question
I think it would be the greatest thing if I could come up with a way to plan weddings for brides with small budgets. At first, I thought I could do a complete wedding for $2500, and that would include everything, the wedding dress, hall, transportation, etc., but it might be out of the question. I think the cheapest wedding I could do for a bride is $4500 to $5000 but I would like to keep the price about $2500 to $3500. I could put a payment plan in place to help brides.
If I can get this to work, I will be the only one offering this service in town and that is my niche.
Can you help?
Answer
My biggest concern about planning weddings for brides with small budgets is you won’t be able to be profitable and may end up struggling to stay in business.
But I understand your desire to help these brides so if you want to do it, here are the DO’s and DON’Ts to follow when considering this niche:
DO decide how much you need to charge to make a profit.
Factor in not only the amount you need for your expertise but also what you need to cover your business expenses such as your office equipment, insurance and use of your automobile while working.
DON’T think that this will be a profitable niche because you are the only one who is offering this service.
Often there are no other wedding planners offering a service because they’ve tried it and discovered that it isn’t profitable. You need to find out if there is demand for your services, wedding vendors who would be willing to work with brides who are on small budgets and brides who are willing and able to pay for a wedding planner.
DO research and know what a “small” budget would mean to your niche.
What brides in one city consider “small” might be average-to-high in other.
DON’T offer a payment plan without the advice of your attorney and accountant.
You can’t allow yourself to be liable for payments to other wedding vendors or to have to struggle and fight to get paid. You’re a wedding planner, not a debt collector.
Remember that you deserve to make a profit for your work, really take the time to find out if planning these types of weddings would give you the money you need.
And if you want more help to become a top wedding planner, sign in to get my ezine “Wedding Planner Tips.”
