How to Start a Small Business in the Wedding Industry Space
In the U.S., the wedding industry alone brings in $72 billion in revenue, so it should come to no surprise that this is a rapidly growing and competitive industry. If you’re thinking about starting your own business, whether it’s an event planning or photography business, we want to share the steps you should take before hitting go.
Decide on a Service
To be successful in this market, it’s important to determine your niche. Having something that helps you stand out from the rest will give you an advantage when venues or event planners are searching for wedding services. Once you establish your niche, it will make it easier to market your business and find your space within the wedding industry.
Create a Business Plan
You might be excited to jump right into business, but before you begin, create a business plan. This doesn’t have to be an overly detailed year-long plan, but it should give you an idea of how you want your business to grow in the next couple of months. If you don’t know where to start, then start small. Depending on your business, you might feel discouraged if there isn’t a line of brides-to-be outside your door but remember every customer matters. Give yourself a long-term goal, it will keep your mind focused on growth, while also giving yourself time to plan.
Invest in Technology
Running a small business will require you to wear many hats at once, so it’s important to keep yourself organized while balancing multiple tasks. Using technology, like your smartphone, to keep track of your day to day will help keep you on task. If you’re running an event planning business, technology can help you keep all your information in one place, like using a mobile calendar to help alleviate any scheduling hiccups, or a mobile banking app for small businesses to help manage your cash flow.
Build Your Online Presence
Regardless of if your clientele is local or not, building your online presence is a necessity. Creating a website and being active on social media will help you reach a broader following. You will slowly get a grasp on what responds well and what doesn’t. You can also join relevant online communities through Facebook, LinkedIn, and other platforms that contain people looking for wedding services. Having a strong and constant online presence will build a relationship with potential customers and can help you engage with other people in the wedding space.
Network in Your Area
Although you might not see it, the wedding community talks. If you want to get your business off the ground running, you have to connect with other companies within the wedding community. Consider attending a wedding showcase to get better acquainted with businesses in your area or to meet couples who are tying the knot. Networking will help you grow and create relationships with wedding venues or wedding planners. Most of your business will come from personal connections made, so look at everyone you meet as a potential customer.
Starting a business in the wedding space will come with highs and lows, but by following these few steps you can achieve a successful and growing business.
-Meredith Y.
