So you’ve been considering going into business for yourself, and you’re attracted to the wedding world and ready to break into the industry. It’s a smart move since weddings and funerals are just about the only things constant in the world. Even if the economy tanks or World War III breaks out, people will still be getting married and wedding vendors will still be booked. The wedding industry generated approximately $72 billion in revenue in 2016 alone, according to a report from IBISWorld cited by MarketResearch.com.
If you’re eager to start collecting your share of the wedding industry profits, check out the following suggestions for making some dough off of couples’ “I Do’s.”
- Get personal. “Couples can use their wedding to make a big debut as a couple,” says Kellie Gould, editor-in-chief of The Knot, “From things such as their invites to the band that plays at the reception, couples are paying more to personalize all of the details.” More than ever before, weddings are all about personalization. In fact, custom experiences at weddings have more than tripled in recent years, jumping from 11 percent to 41 percent between 2009-2016, according to XO Group Inc.For small businesses looking to find a niche in the wedding industry, this is great news. You don’t need to develop an earth-shattering new product to gain the attention of the engaged, you just need to offer fresh ways for them to customize and innovate the things they already need for the big day. Everything from personalized wedding glassware to the bride’s custom bridal gown can be tailored to suit the individual couples’ taste, and people will pay a premium for personalization.
- Hone your skills. Just because you have a skill set that could be applied to the wedding world doesn’t necessarily mean you’ll be able to translate that skill into a new industry seamlessly. Maybe you’re well-versed in graphic design, for example, but how much experience do you have coming up with creative wedding invitation ideas or developing unique monograms for the couples to display in lights at the reception? You may be an amazing portrait photographer, but do you spend an average of 4-6 consecutive hours shooting your clients? Probably not.Focus on honing your skills and building a portfolio that speaks to your wedding-specific experience, even if it means doing a couple of events on the cheap so you can have something to show potential clients in the future. Being able to show customers your work at real weddings will help you build trust and confidence that you’re the right person for the job for that once-in-a-lifetime event.
- Be professional. While it’s true that there are more than 50 million small businesses using Facebook, according to Dream Grow, and other social media channels to market their businesses, starting a company is not as simple as throwing together a page or a website and making a good impression when the clients come in. Part of being a professional is protecting yourself and your business with quality, legal documents like vendor and client contract, licenses, permits, certifications, and insurance. You should work with a lawyer and/or an accountant to get your ducks in a row for many of these components of a successful business.To get started, “register your LLC with the secretary of state and apply for a sales tax permit and federal tax ID. Plus, you will want to get an insurance policy,” advises Chron. “Those who work from their home need general liability coverage at the least. If you run a studio or boutique, you should go for a comprehensive package.” Not only do these steps protect you and your investment, but they also legitimize your business to potential customers.
- Think outside the box. When it comes to the perfect wedding business idea, you don’t have to limit yourself to huge undertakings with a ton of overhead to break into the industry. Think outside of the box and explore ways to take advantage of new wedding trends. For example, having pets at the wedding is a growing trend that is challenging venues (and vendors); you could design wedding apparel for pets or offer pet assistant services on the big day so the couple doesn’t have to worry about who is going to let the four-legged member of the bridal party out for potty breaks.The most important thing to remember is that you don’t have to have tens of thousands of dollars to invest in your startup to start cashing in on marital bliss. There are dozens of ways to start making money or even establish a side hustle without breaking the bank; Entrepreneur has a bunch of great suggestions for startups ranging from online premarital coursework to hair and makeup services and more.
What helped you to establish your business in the wedding industry? Share your success in the comments.