How to Open a Wedding Venue
By Kristin Binford, Venue Owner at Haue Valley and Venue Owner Coach
Want to Open a Wedding Venue?
3 Things You Must Know to Get Started
Hey there – I see you – dreaming, planning sketching.
You see the boom in the wedding industry, and all of those successful venues in your area that seem to be booked every weekend. They look like they are just printing money with $5,000 Saturday’s right?
You might be a business owner who sees an additional revenue stream or retirement opportunity. You might be in the industry already looking to expand your service offerings. You might be a property owner ready to share your piece of heaven with the world, or perhaps a bride or parent who just had a wedding at a venue and know you could do it to.
Let’s start off honestly here, opening a wedding venue is a very trendy idea.
(In fact, I have an entire Facebook groups dedicated to new and prospective venue owners.)
So, if you’re considering jumping into this crazy new adventure, what do you need to know?
3 Critical Steps to Opening a Successful Wedding Venue
Start with market need
Look for all the reasons not to do it now
Remember, you’re not your ideal client
So let’s dive a little deeper.
Start with Market Need
Often I connect with prospective venue owners and I ask, “Why do you want to open a venue?” and the response is something like, “I love planning parties and have always wanted to own a venue.”
Stellar. That’s a good perspective to have in terms of the joy you’re looking for from this business, but I want to challenge you to dig deeper.
The next sentence could save you $1,000,000.
Just because you want to open a venue doesn’t mean the market needs another venue. This is tough love, I know, but it’s incredibly important.
Unless you are independently wealthy, you probably need this business to make money. (Either to service the debt on a loan or to pay yourself back.)
So, what you want matters marginally. What does the market NEED?
Are the venues within a 1 hour radius turning away business because they are so booked? (Yes, this is a real thing – every week I’m referring potential brides to other venues because my venue typically books 2+ years out for Saturday’s, and 18 months out for most Friday’s & Sunday’s.)
Are venues in that radius discounting to sell dates?
Are venues in that area focused on one type of ideal bride leaving part of the market underserved?
What could you offer couples that presents a sustainable competitive advantage, not just that you are one more pretty choice in a list of area venues?
(Hint: This is almost never a “thing” like a pond, a specific view, a specific style of venue, or anything else easily replicable.)
Look for all the reasons not to do it now
You’ve already thought of the million reasons why this business would be so rewarding for you.
Now it’s time to do the hard and dirty work of making a list of all of the reasons you should question your plans to move forward.
Make a list of 50. Start now.
I know this might not sound fun, but the truth is you’re considering a very long term business investment. It’s one that is not right for everyone. Late nights, drunks, couples who don’t pay, labor markets that are tight, giving up weekends and time away from family, etc.
There are consultants and gurus out there that will just paint that beautiful rosy picture of venue ownership for you (ahem – most of them aren’t venue owners), but if you are going to get into this new adventure you need to know and consider what’s really on the line. You may absolutely decide to move forward, I hope you do, but if you do I want you to be eyes wide open.
Want to hear what it’s like from real venue owners? Join my Opening a Wedding Venue group on Facebook and join the conversation.
Stop Answering Your Own Questions
Still with me? Great. I’m glad to hear it.
Here’s what you need to know next. You must stop answering your own questions. You are very likely not your ideal client.
And if that’s the case, what you like and want in a venue doesn’t really matter. Don’t take that personally. It’s good business. You’re not the one who will be writing you a check.
These are three things in a list of hundreds I would recommend seriously digging into if you are contemplating opening a wedding venue.