3 Reasons Some Wedding Venues Fail
The truth is, a surprising number of venues aren’t profitable.
And too often, amazing Venue Owners aren’t paying themselves for all of their hard work and effort.
Starting a wedding venue has become a huge trend across the world.
Here’s why:
It looks easy.
It looks fun.
It looks like a cash cow.
If you’re already in this business you’re probably shaking your head. You might even be thinking, “Yes, I once thought that too.
The number of venues opening in 2019, 2020, and 2021 is astronomical.
I know this because I’ve spoken with hundreds of new and prospective venue owners in the last year. The rate at which venues opening will not slow until venues start to fail in an obvious way, but that doesn’t mean that the venues open now are making a profit.
So, why don’t some venues make it?
3 Reasons Venues Fail
1 - They don’t build their business around market need
This is a BIG problem for many venue owners. So many times I see venue owners in Facebook groups or talk to venue owners on the phone and I hear them talking about what THEY like, need, and want. The truth is, for many venue owners you are significantly different than your ideal couples. (Ie - Are you engaged, in your 20’s or 30’s and looking for a wedding venue?) If you’re not extremely similar to your target client - what you like, need and want doesn’t matter. What matters is what the market needs and wants.
When you figure this out you’re no longer “selling what you’ve got” but instead “giving the market what it needs.”
When this doesn’t happen, you are completely subject to the market, and if the market doesn’t like or need what you have to offer, and you’re not willing to change, your opportunity for success is severely limited.
2 - They invest in the wrong “things”
Do you catch yourself saying if we just had “x” maybe we would book more weddings? (Ie: A bigger brides room, a paved parking lot, onsite lodging, etc.)
So often venue owners convince themselves they need to spend $10k, $30k or more on some new “thing” that’s going to change everything.
No “thing” is going to magically make the phone start ringing. What you need isn’t a thing, you need a plan - a real strategy. When I connect with venue owners and I ask about their plan and strategy I often hear, “well I have a Facebook account, oh and I advertise with X.” My next question is often, “great - so tell me what your strategy is to leverage those platforms.” Anddddd, insert crickets.
Venue owners, there is no judgement in this on my part. I understand why so many venue owners don’t have a sales and marketing strategy. It’s not your background, and even if it is, you probably don’t have experience in the sales and marketing of a wedding venue. You’re not alone.
Before you spend another dime on a big capital investment, stop and ask yourself, “is this solving the RIGHT problem?”
Because if you’re not, you will likely find yourself in more debt without significant return.
More on money and investments here > Are Wedding Venues Profitable?
3 - They went from a wildly optimistic “build it and they will come” approach, to fear - dread - and doom and gloom in 2020
And that means they are spending far too much time and energy on what’s not working, instead of a new strategy to take advantage of the opportunity that exists in the market now.
Perhaps you’re finding yourself here. Just trying to “hold on for the ride” in 2020, monopolizing 2021 revenue with rebooked dates, and getting sucked into the belief that no venues are winning right now.
The honest truth is change is HARD, but change also creates opportunity for those looking for it. If you are focused on what’s wrong, what’s not working, what revenue you’ve already lost, and not using this time in your business to get ahead of the competition, you’re leaving opportunity on the table right now. Some venues are winning right now.
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I saw the market opportunity and wanted to serve amazing couples. I was wasting time trying to “figure it out” and sacrificing time with my family. I knew there had to be a better way to have success + scale without working 24/7.
So I set out to build it. And I did.
I can’t wait to share it with you. Dive into my free masterclass for venue owners.
About The Author, Kristin Binford
Wedding Venue Owner & Business Coach
I’m not a consultant. I’m not a guru. And I’m definitely not someone who’s just after your pocketbook.
I’m a venue owner myself who’s been blessed to book 500+ weddings. We currently have about 180 weddings booked, and last year I spend just under $1,000 on paid advertising to book so many amazing, ideal, fun couples.
If you’re a new venue owner just getting started, or an established venue over feeling stuck I invite you to book a call on our team’s calendar and we can talk about where you’re at, where you want to go, and what’s stopping you from getting there. You’ll get major clarity at what’s preventing you from where you really want to take your business and the steps to get you there.
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