THE BUSINESS PLAN OF A WEDDING PLANNER

The wedding planner is all the rage. More commonly known as a "wedding planner," he is one of the most popular service providers in recent years. Supposed to alleviate the tasks and stress of the newlyweds, the wedding planner takes charge of all the preparations for a wedding entrusted to him.

However, not everyone is equally successful in the competitive world of event planning. For example, to succeed in this area, you need to have a good address book. This is essential since you will have to choose many suppliers but forge strategic partnerships with other companies to help you find customers.

The success of a wedding planner starts when writing your business plan. Indeed, during this exercise, you will review all the future strategic aspects of your activity. For example, you are going to think about the offer you are going to put in place, the way you are going to canvass your customers, the businesses you are going to select to organize weddings there, your pricing policy, and the way you are going to communicate your offer, the potential profitability of your activity, etc. In this article, we give you all our advice to succeed in this essential step for the success of your business. 

THE VALUE PROPOSITION IN A WEDDING PLANNER'S BUSINESS PLAN

How will you publicize your business? In events, good communication is essential for success. Thus, you must develop an effective communication strategy. Social networks are a good way to make yourself known for a wedding planner activity. Indeed, images and videos are the best vectors in terms of emotions. Therefore, Instagram and Facebook, which are social networks that favor this type of content, would be the most suitable communication media for your wedding planner activity.

Nevertheless, YouTube and Pinterest can be interesting leads. Indeed, after Google, YouTube remains the second most used search engine globally. Thus, publishing video extracts from weddings you have organized in the past can bring you visibility. As for Pinterest, it is the second most used social network by women. Therefore, it is more than an interesting channel to offer your wedding planner services. Apart from digital communication, we should not neglect traditional advertising media, such as posters and flyers. In addition, wedding fairs and other events addressing this theme are good ways to do business prospecting.

Rather large weddings or small family ceremonies? Your wedding planner agency must have a well-defined concept that is easily understood by the bride and groom who will use your services. When people think of a wedding, the image of a reception hall full of guests always comes to mind. However, not everyone wants an extravagant wedding. Thus, your agency could specialize in this niche of organizing micro-weddings or intimate weddings. This format has become very trendy recently, everywhere in France. The principle is simple: organize weddings with a limited guest list. This makes it possible to have a wedding exclusively reserved for the families and relatives of the bride and groom, thus favoring the family and warm side of the event. The advantages offered by this concept to newlyweds are numerous. For example, micro-wedding allows a wedding with a limited budget. Also, they can give more time to their guests. In addition, an intimate wedding requires less preparation than a large wedding. As a wedding planner, you can emphasize the qualitative rather than the quantitative aspect. 

What makes a marriage successful? As a wedding planner, heavy responsibilities rest on your shoulders. Indeed, in addition to perfectly meeting the bride and groom's expectations, you must also satisfy all their guests. To organize a perfect wedding, good timing is essential. Nothing displeases guests more than long wait times. For example, it is not good to have guests who have to wait a long time while the bride and groom take pictures. Similarly, it must be ensured that the welcome cocktail and the wine of honor do not drag on. In addition, you must also pay particular attention to the table plan: this can significantly impact the general atmosphere of the wedding. For the meal, it is important to consider the bride and groom's taste and that of the guests. Ultimately,

What are the qualities of a good wedding planner? If you want to get started in this activity, you must have several essential qualities. Be aware, however, that no diploma is required to practice the profession of a wedding planner. One of the first qualities you must have is leadership. Indeed, when organizing a wedding, you will have to manage many service providers. Without a good sense of organization and command, this may be difficult. Then, your ability to listen will make the difference. A successful marriage is, above all, a marriage that meets your customers' expectations. Finally, good interpersonal skills are also essential. Indeed, you will face future brides who are both excited, stressed, and demanding: 

How do you build a solid network of service providers? First, as explained above, you must be a friendly person with good communication skills. Then, you can call on other event agencies in your area to build your network. In addition, be aware that prospecting for providers is a continuous work because the weddings you are going to organize will not always be in the same places. 

IN YOUR BUSINESS PLAN, EXPLAIN HOW YOU WILL START A PROFITABLE WEDDING PLANNER BUSINESS

What do you need to put in place to start a profitable wedding planner business? To get your project off to a good start, you have to start by canvassing the first customers, setting up a network of service providers, and planning your finances correctly. But, first, make a list of your start-up investments:

• The purchase of premises or the purchase of a business if you want to set up a physical agency.
• A budget for the work.
• The possible acquisition of a vehicle.
• Small fittings.
• Decoration.
• Small furniture.
• Computer equipment.
• Set-up costs.
• Accountant and lawyer fees.
• A marketing budget for the launch.
• The purchase of the first stock of equipment.
• The subscription to online applications or directory listing fees.

Obtain quotes for each investment: this will give your start-up budget for your wedding planner activity and a justification for possible financing for your wedding planner activity.

The start-up plan should be followed by a 3-year strategy to develop the potential of your wedding planner business. It is very good to have a precise idea about the launch of your project, but it is not enough. What is your strategy for getting ahead of competing wedding planners? Here are the kinds of actions that should be included in your business plan: partnerships with other event agencies that can help you find service providers, organization of weddings abroad, the opening of an online booking platform, expansion into new markets such as weddings in unusual destinations, upgrading of services, development of an offer for themed weddings, hiring of logistics assistants, acquisition of a competitor and its address book, etc. The result of a wedding planner activity does not happen by chance.

A wedding planner's business plan must contain a profitability analysis! The profitability of a wedding planner is directly derived from two factors. First, there is the forecast revenue growth. Then there is the proper management of the different loads. During the implementation of your marketing strategy, you will decide on the initiatives to increase the turnover of your activity. Surround yourself with partners who will support the growth of your business. Increase your margins with a new range of services at a higher price. The online channel also allows you to reach more people. Don't get overtaken by competing wedding planners with a better online strategy. Expose this marketing plan in your wedding planner business plan. Also, the profitability of your entrepreneurial project will depend on effective management of the expenses of your income statement. Watch out, though. Limiting investments for starting your wedding planner business is not always a good idea. For example, choosing not to allocate anything to marketing and communication for the launch of your agency is not advisable. To become profitable, look for recurring disbursements in your cash flow plan. For example, too many wedding planners still have a poor understanding of the contracts with the various service providers and fail to make attractive margins. Personnel expenses must not exceed 50% of your turnover. How many customers bring you your marketing actions? Set up performance and profitability indicators. As for taxes, make sure you have chosen the right regime for your business. All that money management work isn't the most fun thing to do. However, it is necessary if you want to start a profitable wedding planner business.

Risk analysis: an essential part of a wedding planner's business plan. You're mistaken if you think a banker or investor doesn't want to hear about potential risks. A good wedding planner will present a plan to minimize these risks in the business plan of his project. The chance that everyone has in mind is that of not canvassing enough. We should also note the risk of not receiving funding. In the business plan of your wedding planner activity, you will have to present a plan B if this should happen. There are also risks related to the management of working capital. If you have a financial model, you can try different parameters, test "pessimistic" hypotheses, and show that the cash balance remains positive. At last, there is the risk that starting your wedding planner business will take longer than expected. Explain that your roadmap already includes a safety margin.

A WEDDING PLANNER'S BUSINESS PLAN MUST CONTAIN A PRECISE AND DETAILED FINANCIAL STUDY

What level of income can you achieve with your wedding planner activity? This is a question that your banker may ask you when he reads your business plan. Your wedding planning business plan must show an ambitious but realistic increase in turnover. For your activity, you generate income by selling services. How much do you earn per transaction on average? This is the first question to be answered. Depending on the range and size of weddings you will be hosting, your average basket should be 2,000 and 20,000 euros. Now we have to estimate the number of possible transactions. You will probably take time to make yourself known: be conservative in your assumptions for the starting months. However, as you grow your business, the number of customers should increase: reflect this assumption. Then, soon after starting, a wedding planner's annual income should grow by at least 20-25% per year. Your growth rate must be ambitious. Find the middle ground between steady growth and overambitious growth.

Where is the break-even point for your wedding planner project? This is crucial information to know if you should start your business or not. Generally, the break-even point of a wedding planner is not difficult to reach. A good financial model will tell you what income level you need to get to be profitable in several days. Our economic forecast model for a wedding planner gives you access to this information.

Present a complete financial analysis. A financial business plan must contain certain indicators. Here are the ones that are usually found:

• A forecast income statement
• A cash budget
• Details of the break-even point
• A forecast balance sheet
• A financing plan
• Analysis of intermediate management balances or even elements of the calculation of the need in funds

It's even better if you can add financial charts and ratios.

HOW CAN YOU BE SURE OF A SUCCESSFUL BUSINESS PLAN FOR A WEDDING PLANNER? 

Are you a beginner and want a professional business plan? Our business plan model adapted to the organization of weddings can help you. It is a document of more than 35 pages written by experts. Building a business plan requires long hours of work. However, you don't have to start at a standstill: take advantage of our long hours of research and writing. Maximize your chances of obtaining financing by submitting a worthy business plan to your bank.

Our business plan templates contain everything a business plan should include, from industry trends to the most recent market data, including the study of a wedding planner's competitors, the SWOT analysis, the Business Model Canvas, or even the marketing strategy of a wedding planner. It's up to you to personalize it to obtain a complete, serious, and professional business plan.