This might help you save $5,000 - $250,000 in your Venue Business
With Venue Owner + Venue Coach, Kristin Binford
The Trap of "Things": Why Your Venue Struggles Might Not Need Expensive Solutions
Hey there! Kristin Binford here. As a wedding venue owner and business coach to hundreds of venue owners across the country, I've noticed a pattern that could be costing you thousands of dollars in unnecessary expenses while still not solving your core business challenges.
The Market Has Changed
Many venue owners are feeling the pinch right now. Bookings aren't coming in as strongly as in previous years. The market feels softer, couples are taking longer to book, and it seems like there are fewer couples shopping overall.
If you're experiencing this, you're not alone. My team and I hear this repeatedly in our discovery calls with venue owners nationwide.
The "Things" Trap
Here's where many venue owners go wrong: they try to solve booking problems by adding more "things" to their venue.
We venue owners love our spaces, and we always have more ideas for improvements. It's actually one of our traits! We constantly envision new additions and enhancements.
Take a moment right now to make a list. In one column, write down all the things you want to add to your venue:
Maybe a new bridal suite
A chapel
A pond
Upgraded catering facilities
Paved parking
A new ceremony area
In the second column, estimate the investment each would require.
The Expensive Misconception
Here's the trap: we often believe that these physical additions are what stand between us and booking more of our ideal clients. We think, "If only we had that chapel..." or "Once we pave that parking lot..."
After coaching hundreds of venue owners, I can tell you it's rare that you need that specific "thing" before more couples will book with you.
The risk? You invest $5,000, $10,000, $25,000, or even $100,000 in something that doesn't actually make your phone ring.
What You Actually Need
What most venue owners truly need isn't more "things" – it's better strategy and more consistency in their business.
There's something psychological about physical improvements that feels tangible and justifiable. You can see the investment in that new patio. It feels like the smart place to put your money.
But time and again, I've seen coaching clients book more weddings without adding those expensive elements first.
Build From Cash Flow, Not Debt
At my own venue, we've certainly added many features over the years. Our ceremony area cost nearly $80,000 to build – not small money! But we did that from cash flow, because our business was successful enough to support it.
We added it to improve function and attract more ideal clients, but we were able to do it because we had fixed strategic things in our business first – not just invested in physical assets.
Pay Yourself First
I see too many venue owners investing everything back into the business to "keep up with the venue next door" while not paying themselves. This business can take a lot from you – especially if you're doing it all yourself.
Instead of prioritizing keeping up with competitors, I encourage you to prioritize yourself on that list. I've heard countless stories of owners who spent years without compensating themselves, leading to burnout.
Make yourself and your family a priority in your business. It's not just about keeping up with the venue down the street.
Your Best Opportunity Is Now
The wedding market today feels more like 2019 in terms of demand. We've moved past the post-COVID backlog of 2021-2022, and what we're experiencing is what's been termed the "engagement gap" – fewer couples getting engaged because of pandemic disruptions to dating.
Yes, the marketplace is more competitive than it was a few years ago, and it will continue to be. More venues are opening because from the outside, this business looks like an easy, fun cash cow. We insiders know that's not true, but competition will continue to increase.
The Real Solution
Don't solve the problem of more competition and fewer couples by adding more expensive "things" to your business.
Instead, focus on:
Getting clear on what the market needs today
Identifying the ideal clients you're best suited to serve
Building your pricing, packages, and value proposition to meet their needs
Communicating that across all your channels – from marketing to tours to service delivery
These are the aspects of your business that will make the difference – not investing another $25,000 in a new feature that might not move the needle.
Take Action Now
I know it feels like that expensive addition is the thing standing between you and more ideal couples. But the real game-changers are your strategy, your positioning, and your understanding of your ideal clients.
If you feel there's more opportunity in your business and you want to serve amazing couples while still having time with your family, I invite you to book a call. My team and I will dive deep into your business, identify what's really stopping you from reaching your goals, and help you chart a path forward.
Remember, you don't need to build your business on your back or empty your bank account for "things" that might not solve your core challenges. The right strategy can be worth far more than any physical improvement.