How did you decide what to charge for your wedding planning services? Many new wedding planners I speak with select their rates very randomly. They think about how much they made in a previous, totally unrelated job they did for an employer and they charge a similar amount. Or they pick an amount that sounds like a rate brides would pay. Or, they find out what other wedding planners charge and just charge the same amount.
If any of these methods hits home with you, it’s time to re-think how you’re setting your rates. The amount you charge cannot be based on other types of work you’ve done or just something that sounds like it might work. And, while it’s good to find out what competitors in your area are charging, charging the same rate is a mistake if you don’t have the same level of expertise and/or you aren’t offering the same services.
Here are 3 things you need to consider when you are determining your rates:
1) Your skills and experience
Don’t feel you must charge a low rate because you are just starting your business. Consider the weddings and other types of events you have done in the past that have given you the opportunity to manage clients, vendors, budgets, and timelines. You have the expertise that brides need so charge appropriately.
2) Your business expenses
You’re on your own, you no longer have an employer buying your office supplies, providing you with an office phone line, a computer and other equipment, and paying for your healthcare.
You also have recurring expenses such as charges associated with your business bank account and, if you take credit cards, and you should, you are giving the credit card company about 2% to 3% of what you make.
And don’t forget the cost of driving to and from meetings with brides and vendors.
Consider all of the expenses that need to be covered by the rates you set.
3) The amount of time you spend planning weddings
You definitely need to examine in detail the amount of time it takes for you to plan a wedding before pricing your packages. Prior to the actual hours you spend onsite at the wedding, you spend many hours in meetings with brides and vendors, following up after meetings, sending email confirmations, running errands for your brides, and much more. And, you probably have at least one assistant helping you who you need to pay.
As you can see, can’t randomly decide how much to charge for your services if you want to have a profitable wedding planning business.
And you can learn more about starting and running your wedding planning business in my Free Special Report “7 Steps to Becoming a Top Wedding Planner.” You can get it here.
