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Wedding Planner Business Plan Template

Written by Dave Lavinsky

start a wedding planning business

Wedding Planning Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their wedding planning companies.

If you’re unfamiliar with creating a wedding planning business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a wedding planning business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your wedding planning business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a wedding planning business or grow your existing wedding planning company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your wedding planning business to improve your chances of success. Your wedding planning business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Wedding Planning Businesses

With regard to funding, the main sources of funding for a wedding planning business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for wedding planning companies.

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How to write a business plan for a wedding planning business.

If you want to start a wedding planning business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your wedding planning business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of wedding planning business you are running and the status. For example, are you a startup, do you have a wedding planning business that you would like to grow, or are you operating a chain of wedding planning businesses?

Next, provide an overview of each of the subsequent sections of your plan.

  • Give a brief overview of the wedding planning industry.
  • Discuss the type of wedding planning business you are operating.
  • Detail your direct competitors. Give an overview of your target customers.
  • Provide a snapshot of your marketing strategy. Identify the key members of your team.
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of wedding planning business you are operating.

For example, you might specialize in one of the following types of wedding planning businesses:

  • Traditional wedding planning : Wedding planners in this type of business utilize a wide array of skills to plan and execute the wedding rehearsal, the wedding ceremony, the reception, and the after-party. In many cases, the wedding planners will also plan and oversee the bridal shower, the bachelorette party, and the bachelor party, as well.
  • Wedding ceremony planning: Wedding planners are often contracted to plan exclusive or small wedding ceremonies without receptions that follow. In this type of wedding planning business, the details of the ceremony and the rehearsal prior to it are the components that require artful design and a composed execution. Wedding planners will often oversee the entire wedding party before the wedding ceremony and direct the flow of the wedding itself, as well.
  • Extreme wedding planning: With the growing popularity of unique and over-the-top weddings, extreme wedding planners are called upon to create detailed plans and highly-complex preparations for successful weddings and receptions. A bride who wants to get married in a hot air balloon, a groom who desires to get married on a professional football field, or a couple who desire to get married during an opera onstage all require the highest level of attention for a wedding planning business.
  • Destination wedding planning: Wedding planners who specialize in destination weddings have become significantly more popular in recent years. Part travel agent and part wedding planner, the skills required in this type of wedding planning business are extensive. Wedding planners will often accompany the wedding party to the destination, as well as take care of all the details.
  • Luxury wedding planning: Wedding planners are often called upon to demonstrate the highest level of luxury for a wedding and reception. This may mean a weekend wedding with guests at multiple events: pre-wedding cocktail parties, pre-wedding golf games, rehearsal dinners, wedding ceremonies, receptions and morning-after buffets are all part of the top-shelf luxuries offered by wedding planners in this type of wedding planning business.
  • Budget-saving wedding planning: In addition to brides who want the most exclusive and expensive weddings, there are those who are more practical and resourceful in their wedding plans. Wedding planners in this type of business offer reasonable rates, artful compositions, sustainable features and memorable receptions without breaking the bank for their clients.

In addition to explaining the type of wedding planning business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of clients served, the number of destination weddings with highly-positive outcomes, reaching X number of clients served, etc.
  • Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the wedding planning industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the wedding planning industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your wedding planning business plan:

  • How big is the wedding planning industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential target market for your wedding planning business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your wedding planning business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, bridal couples, families of bridal couples, and friends of bridal couples.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of wedding planning business you operate. Clearly, the mother-of-the-bride would respond to different marketing promotions than young friends of the couple, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other wedding planning businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes church wedding hosts, personal friends of the bride or groom, retail department stores that offer wedding attire.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But, you should be able to find out key things about them such as

  • What types of weddings are their specialty?
  • Which wedding locations and settings do they frequent?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide optional amenities for the reception?
  • Will you offer wedding-related products that your competition doesn’t?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a wedding planning business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of wedding planning company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide 3-4 pre-wedding planning sessions with your client, will you offer a full traditional wedding and reception package, or will you offer to arrange child care for babies and children during the reception?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your wedding planning company. Document where your company is situated and mention how the site will impact your success. For example, is your wedding planning business located in a busy retail shopping district, is it attached to a major event center, or is it near an exceptional wedding venue? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your wedding planning marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Reach out to websites
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your wedding planning business, including answering calls, planning and providing wedding planner services, billing clients and maintaining records, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth wedding, or when you hope to reach $X in revenue. It could also be when you expect to expand your wedding planning business to a new city.

Management Team

To demonstrate your wedding planning business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing wedding planning businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a wedding planning business or successfully running an event planning business.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you meet with prospective clients three times each day, and/or offer a few, small wedding planner services as a gift to the bride? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your wedding planning business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a wedding planning business:

  • Cost of furnishings, decor items and office supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of contracted clients on a 6-month planning calendar.

Writing a business plan for your wedding planning business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the wedding planning industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful wedding planning business.

Wedding Planning Business Plan FAQs

What is the easiest way to complete my wedding planning business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your wedding planning business plan.

How Do You Start a Wedding Planning Business?

Starting a Wedding Planning business is easy with these 14 steps:

  • Choose the Name for Your Wedding Planning Business
  • Create Your Wedding Planning Business Plan
  • Choose the Legal Structure for Your Wedding Planning Business
  • Secure Startup Funding for Your Wedding Planning Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Wedding Planning Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Wedding Planning Business
  • Buy or Lease the Right Wedding Planning Business Equipment
  • Develop Your Wedding Planning Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Wedding Planning Business
  • Open for Business

Learn more about how to start your own wedding planning business .

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

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Free Wedding Planner Proposal Template That Wins Clients

This proven proposal template won over $16,000,000 of business for our wedding planner customers in 2023 alone. The text, images, colours, your logo - it's all 100% editable.

Wedding Planner Proposal Template Slide 1

A look at everything in thisWeb Design Proposal Template

Visually stunning cover.

The first thing your client sees is a beautifully designed cover, fit for a world class wedding planner. If the cover doesn't impress them it's always going to be an uphill struggle from there. You can change the text, your logo and the background image if you like - this gets you started.

Visually Stunning Cover

Pre-Written Services Section

Covers really make your company stand out when it lands in their inbox. Choose a cover for your proposal from the Marketplace or create your own. You can have as many as you like.

Pre-Written Services Section

Process and Timescales

Explaining the wedding planning process can be difficult unless they're really experienced LOL. You want to give enough detail but not so much it seems overwhelming. Fortunately, this has been battle tested and is the perfect amount of information. You can tweak it to suit your exact process.

Process and Timescales

Case Study Example

The number of wedding planners that simply put a few testimonials in their proposal templates is shocking. It's not enough. If you want to be taken seriously, you need to show that you understood the client's issues and came up with a solution that was successful. In this wedding planner proposal template, we've set out an example case study. All you need to do is replace our example with one of yours and use the structure we've used.

Case Study Example

Getting pricing right in the wedding planning industry is difficult. In this automatically calculated pricing table, all you do is put the numbers in, type a quick 1-line description of the service and the quote part of your proposal is done. If you want to charge per hour, sell in quantities or have optional up-sell products, you can do that too.

Pricing

Next Steps with Digital Signing

One of the biggest reasons businesses don't win work is they don't give clear instructions on how to buy from them. This proposal template comes with a 'Next Steps' page which you shouldn't need to alter at all. Simply detail the next steps your client will go through and ask them to sign digitally by typing their name and clicking Accept. All digital signatures are 100% legal and compliant. When your client signs, you can see your digital signature certificate in your Better Proposals account.

Next Steps with Digital Signing

Pre-Written Contract

Every service business needs a contract with their clients. The wedding planning industry is no exception. We've scoured the world for experts to lend their contracts they use in their businesses for you to use. We're not legal professionals and don't play them on the internet but if you're not using anything at all, this will likely be a great start - that said, get a legal professional to read it over.

Pre-Written Contract

Take Payment from Your Client

Take Payment from Your Client

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150+ other free proposal templates just like these are also available inside Better Proposals

Catering Proposal Template

Your catering proposal template can’t come with a sample but should include previous work in the form of social proof. A catering proposal for weddings, corporate events and private events needs to have a great design and include a lot of pictures.

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If you want to convince investors and sponsors to sponsor your event, you need a compelling event sponsorship proposal. It will help you ask for sponsorship for your event and bring you real results.

Transportation Proposal Template

This transportation proposal has all you need to win new deals. It explains the route details, transportation options and any custom services you offer. Use our transportation proposal to win new deals.

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If you love love and have stellar organizational skills, you may have considered starting a business in the wedding industry. When it comes to how to start a wedding planning business, it pays to keep calm and carry on. In fact, these very qualities have helped generate a growing income stream for Eileen Kaden Dean, owner of a successful wedding planning business in the New York City and New Jersey area.

“To be successful in this business, you have to stay calm and realize that a wedding emergency isn't your emergency. You can’t make the stress about you because it’s not your day,” says Kaden Dean, owner of An Affair to Remember and a go-to wedding planner.

Kaden Dean, who opened her company more than a decade ago, is among the many small business owners who make up the nearly $60 billion wedding services industry in the U.S. The lucrative industry covers an array of wedding service providers, including wedding venues, apparel retailers, florists, photographers, and wedding planners, according to market research firm IBISWorld.

The average wedding in the U.S. cost over $44,000 in 2018, according to Brides.com. Wedding costs vary greatly depending on where you live and your budget, but Manhattan is the most expensive place to get married, with the average couple spending a whopping $96,910 according to The Knot.

Although websites like The Knot and WeddingWire make it easier for couples to plan their big day themselves, many still turn to professionals like Kaden Dean. An Affair to Remember helps plan the wedding, deals with vendors, and coordinates the chain of events at the wedding and reception to make sure the day goes off without a hitch. In a nutshell, wedding planners are in the business of creating happiness and keeping everything organized, so the couple doesn’t have to worry about all the little (and big) things, says Kaden Dean.

If you're wondering how to start a wedding planning business, know that there are many moving parts, from picking out a bridal dress and venue to choosing invitations, to hiring a band or DJ, to selecting a menu. And the list goes on. Even small weddings—in vogue right now—aren't as simple to plan as you might think.

“There’s a need for wedding planners as couples are busy doing other things, like looking to buy a house and working long hours in their careers. Having someone to manage things is attractive, and this way couples can enjoy themselves and be present on their wedding day,” says Kaden Dean.

business proposal for wedding planner

How to start a wedding planning business in 7 steps

There are a ton of different ways you can learn how to start a wedding planning business, but we'll give you a few steps to help you get your business started.

Step 1: Choose the type of wedding business you want to start and a name

Before you can do much else, you need to decide what kind of services you want your wedding planning business to offer. Wedding planners can offer all types of different services, and you should pick which ones you'll offer before you get to the nitty-gritty of planning your business and setting it up. You should also choose a business name during this step, and check with your state's Secretary of State resources to make sure that the name you want is available. You can usually do this using an online database on their website.

Kaden Dean started her wedding planning business out of a bridal dress store in New Jersey and expanded it from there. Her business offers everything from the full package to smaller day-of planning.

Although her clientele is in the greater New York area, Kaden Dean recognizes that not all couples can afford to spend upward of $50,000 on their weddings, which is part of the reason she offers several packages. Deciding what types of services and packages your own wedding planning business will offer will be important as you plan the business, market your services, and meet with potential clients.

For context, An Affair to Remember offers three pricing packages:

1. Full planning

For this most expensive option, Kaden Dean will plan the entire event from soup to nuts. This includes helping couples find the perfect venue, lining up all the vendors, helping choose invitations and centerpieces, and just about everything else. “Sometimes I even help pick the colors of the ties.”

The cost: about $5,000 and up.

2. Day of the wedding

This least expensive option is ideal for couples who want to do the planning themselves, but need some organizational help on the day of the wedding. For a typical wedding where Kaden Dean is hired for the day only, she creates a minute-to-minute timeline of when events will happen, like the hour the flowers will be delivered to the site and the exact time when the bridesmaids will arrive. On the big day, Kaden Dean is there to ensure that all goes according to plan.

She also handles any snafus. “One time a couple in the wedding party left a diaper bag in a taxi with their passports in it.” She went to work and tracked down the diaper bag, so that the couple could participate in the wedding stress-free. An hour later, the bag arrived at the venue.

The cost: about $1,750 to $2,250. The exact pricing depends on the amount of time Kaden Dean puts in, the number of assistants hired, and so on.

3. Day of “plus”

This is An Affair to Remember’s most popular offering. Couples hiring Kaden Dean for this package will plan their own weddings but rely on her to handle events on the wedding day, as well as any last-minute planning issues. “I take everything they have, shake it out, and see what pockets are missing to make sure everything is cohesive.” This package usually entails five hours of consultation time, 12 hours on the day of the wedding, one hour for the rehearsal, and 15 hours of virtual legwork to put all the ducks in a row.

The cost: about $2,500 to $3,000.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Step 2: Choose a business entity

The next step in starting a wedding planning business is deciding how you'll structure your business for legal and tax purposes. You'll likely want to choose a business entity that protects you personally from any legal ramifications your wedding planning business might face. A great option for this would be to choose a limited liability company (LLC) as your business entity. An LLC is a registered business in which owners are not personally liable for the business's debts or obligations. You might also choose a limited liability partnership if you want to have a business partner but the protections an LLC can offer you. Once you choose a business entity you can move on to step 3 which is writing your business plan.

You'll also want to register the business with the state once you have the entity and name decided on. Now would be a great time to consult a business attorney familiar with your type of business who can help you make sure everything is up to par and that you aren't missing any steps. This person can also help you choose which business entity is best for your wedding planning business.

Step 3: Write a detailed business plan

If you're starting a wedding planning business, hopefully, you're already a good planner and this step should come naturally to you. You'll need to write a business plan before you can get your business up and running. You can use a business plan template or business plan software to make the process easier, but there are some specific things you should be sure to include in it, no matter how you write it.

You should include a summary of your business in the plan as well as a market analysis, a detailed list of the products and services you'll offer, your marketing and sales plan, your financial plan and projections, and more. Think of your business plan for a roadmap that will lead you through the early stages of building your business and making it profitable.

Your business plan should also include some of the vendors and any other businesses you plan on working with. During the first year of starting her business, Kaden Dean focused on developing such relationships. “It was a challenging first year, but I spent the time introducing myself to the local wedding vendors so I could find people to recommend and work with. I set the groundwork for my business and established myself.”

An Affair to Remember’s start-up costs the first year maxed out at $10,000, including the rent and furniture for the small space in the bridal shop, along with signage, business cards and brochures, a website, and advertising on WeddingWire. Kaden Dean also had to pay to attend bridal shows, hire an assistant to help her track advertising inquiries, and cover her childcare costs. The costs Kaden Dean had are the kind you should plan to face and include in the financial section of your business plan.

Step 4: Get an EIN

If you plan to hire employees to help run your wedding planning business, you'll need to obtain an EIN, also known as an employer identification number. However, even if your business is a one-person show at the moment, you'll likely want to get an employer identification number for your business to make things easier on yourself down the line. The good news is that it's fairly easy to apply for an employer identification number and you can apply online through the IRS' website and get one in a matter of minutes.

An EIN comes with a number of benefits and can be extremely helpful for your business. It can help you when it comes time to file your business taxes, get a business credit card, open a business bank account, or any other number of business necessities.

Step 5: Get a business bank account and business credit card

Now that you have an EIN, you'll use this number when applying to open a business checking account and business credit card . This next step of starting a wedding planning business is crucial, as you'll want to keep your business finances separate from your personal finances. When you're still working on setting up your wedding planning business maybe you'll be working out of your house as a home-based business or maybe you'll have a small storefront. Either way, you'll probably want to spend on some decor, or at least on some marketing products, and you'll likely want a credit card to use for that.

Keeping the business finances completely separate from your personal finances will be huge when it comes time to file your taxes and it will help you boost your business credit score as well.

Step 6: Get any funding you need

The next step in starting a wedding planning business? Funding your new venture. The startup costs associated with opening a wedding planning business don't have to be too high, especially if you're working out of your home or another business's space. However, you will still have some upfront expenses you may not have the savings to cover. In that case, this is the time when you might need to work on getting a business loan or other funding option.

And because you have a great business plan already, you can use that to show potential investors or lenders that you have a well thought out business and a plan for turning a profit quickly. Of course, getting a loan as a new business isn't always easy. If you're finding your options to be limited, you might turn to a 0% introductory APR business credit card as an interest-free loan of sorts. With this type of credit card, you won't pay any interest on the balance you carry over for the length of the introductory offer (this will depend on the card, but at most will be 12 months). Just make sure you have a plan to pay off your balance by the end of this intro period, when a variable APR will set in, or this won't be the most effective funding tool.

Step 7: Market your services and start doing business

Once your wedding planning business is up and running and have the services you're offering laid out, you can start marketing them and hopefully bringing on new business. Consider marketing at trade shows and with any bridal boutiques in your area, or forge relationships with wedding venues to find clients. Once you get your first client, you're off to the races and can consider yourself fully in business.

The brides and grooms you work with will be grateful for your services and you can help them make their special day as stress-free as possible.

"Hiring a planner is so important to your big day," says Kaden Dean. The last thing a bride needs is for someone else to show up to handle the details: “They trust me. When you hire me, you get me. I’ve never missed a wedding.”

And keep in mind, happy customers can provide referrals and word-of-mouth marketing that can give you business the boost it needs to take off.

ZenBusiness

Start Your Dream Business

The bottom line

If you want to survive and thrive in the wedding planning business, you’ve got to put on a happy face and mean it—all the time. Also, you’ve got to be nice—all the time, says Kaden Dean.

It might seem like a simple recipe for success, but if you do a great job and you’re happy and people know it, the referrals will flow and you’ll stay busy, she says.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

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How To Write a Successful Wedding Planner Business Plan + Template

Business Plan-LB

Creating a business plan is essential for any business, but it can be especially helpful for wedding planner businesses that want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every wedding planner business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Wedding Planner Business Plan?

A wedding planner business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Wedding Planner Business Plan?

A wedding planner business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Wedding Planner Business Plan

The following are the key components of a successful wedding planner business plan:

Executive Summary

The executive summary of a wedding planner business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

  • Start with a one-line description of your wedding planner company
  • Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your wedding planner business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your wedding planner firm, mention this.

You will also include information about your chosen wedding planner business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a wedding planner business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

  • What part of the wedding planner industry are you targeting?
  • How big is the market?
  • What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, the customers of a wedding planner business may include:

  • Bridal party members
  • Family of wedding couple
  • Wedding vendors (e.g., caterers, florists, photographers)

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or wedding planner services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your wedding planner business may have:

  • Extensive industry knowledge and experience
  • Personalized service
  • Comprehensive planning and organization
  • Creativity and attention to detail
  • Value-driven perspective

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

  • Product/Service : Detail your product/service offerings here. Document their features and benefits.
  • Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
  • Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
  • Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or, you may promote your wedding planner business via word-of-mouth marketing.

Operations Plan

This part of your wedding planner business plan should include the following information:

  • How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
  • What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a wedding planner business include reaching $X in sales. Other examples include adding new products or services, expanding to new markets, or hiring new personnel.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific wedding planner industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

  • Revenue : how much revenue you generate.
  • Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
  • Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Wedding Planner Business

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

  • Assets : All of the things you own (including cash).
  • Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
  • Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Wedding Planner Business

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

  • Cash Flow From Operations
  • Cash Flow From Investments
  • Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup wedding planner business.

Sample Cash Flow Statement for a Startup Wedding Planner Business

You will also want to include an appendix section which will include:

  • Your complete financial projections
  • A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
  • Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your wedding planner company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A well-written business plan is an essential tool for any wedding planner company. If you are seeking funding from investors or lenders, it’s important to have a polished and professional business plan. Use the template above as a guide as you write your own wedding planner business plan.  

Finish Your Wedding Planner Business Plan in 1 Day!

Wedding Planning Proposal Template

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Wedding Planning Proposal Template

Created by:

​ [Sender.FirstName] [Sender.LastName] ​ [Sender.Company] ​

Prepared for:

​ [Client.FirstName] [Client.LastName] ​

Image 1

Intro duction

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We make sure your day goes off without a hitch. 

Your wedding day. The statement “ I do ” intertwines the lives of two different people from two different families. The love of a bride and groom connects and manifests the eternal promise for each other. This pledge of devotion will be one of the most important days of your life.

Imagine yourself going down the aisle wearing the dress of your dreams to meet your prince charming. Love is in the air. And then it hits you. How would all of it be possible without the vendors and wedding planner?

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Who is going to plan and conceptualize everything from the venues to what people will eat? Who will make sure we stay on budget? 

What is the right theme and color scheme that appropriately matches us as couple and the location of the wedding?

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These are only a few of the numerous concerns you will have. You may think “We need to save as much money as possible, forget the planner! Wedding planning will be a breeze.” However, the truth of the matter is that the wedding planner or coordinator is NOT an expense you should remove from your budget. They are a “major” vendor. A wedding is a once in a lifetime event worth spending for. And a dream that is not carefully planned can quickly turns into a disaster.

A wedding planner will make sure that your dreams do come true and that your event goes off without a hitch.

Hiring a professional wedding coordinator to arrange and organize your dream wedding is important. you need a well-trained and highly proficient team to:.

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plan and conceptualize the pre-nuptial and the day of event; 

provide budgeting of the wedding essentials

implement effectively the well-planned coordination services months before the event.

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We at [Sender.Company] have been in the events management services and wedding coordination business for more than 20 years. We will bring your wedding visions to life. Let us be a part of your anticipated celebration of life, love, hope, and happiness.  

You can be sure that we will make your day the best it can possibly be.

Image 16

We would like to take this opportunity to give you a little more background on our company, and also recommend our events management services for your wedding and bridal needs.

​ [Sender.Company]  has been in the events and wedding coordination services industry for more than 20 years.  [Sender.Company] is a recipient of numerous awards from The Knot, Style Me Pretty, and Wedding Wire. Trust us to provide you with:

Image 22

Professional and well-trained staff, receptionists and wedding coordinators, just like your extended family – we will plan, conceptualize, organize and handle your dream wedding.

Fast, complete and quality service. You will have nothing to complain or worry about, because we will address any issue that may arise.

Reliable and seasoned wedding planners and coordinators that are worth every penny of your wedding budget.

Image 23

For more details and information on how we can assist with planning your big day, please call us at:. Feel free to also visit us at our website for more packages and browse the wedding albums of our previous couples that may serve as your reference.

Below you will find a breakdown for each of our key areas of responsibility and expertise.

Available services

Image 5

Wedding and bridal coordination

Services list and pricing, wedding checklist, we can help with these items too, a cceptance.

Image 17

Package needed:  

​ [Sender.Company] ​ ​ [Sender.FirstName] [Sender.LastName] ​

​ [Client.FirstName] [Client.LastName]

Care to rate this template?

Your rating will help others.

Thanks for your rate!

Useful resources

  • Featured templates
  • Sales proposals
  • NDA agreements
  • Operating agreements
  • Service agreements
  • Sales documents
  • Marketing proposals
  • Rental and lease agreement
  • Quote templates

Wedding Planning Proposal Template by PandaDoc

Your potential clients’ wedding will be one of the most important days of their lives. Such an event requires a detailed, enticing, and persuasive proposal. Use this wedding planning proposal template to introduce your company, outline the various packages you offer, and offer additional services like flower arrangements and photography. Easily customize it with your own branding and images.

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Proposal Templates > Wedding Planner Proposal Template

Wedding Planner Proposal Template

Planning a once in a lifetime event is important for both you and your clients. Impress your new prospects with this elegant and detailed wedding planner proposal template.

business proposal for wedding planner

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business proposal for wedding planner

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Growing a Business

How to start a wedding planning business, october 21, 2023.

business proposal for wedding planner

I'm Candice, your new tell-it-like-it-is BFF (and purpose cheerleader). Are you ready to grow and scale a profitable business with purpose–and one that gives back to your meaningful life? Thought so!

What's your brand cocktail for success?

*cues up to the bar* Let's start the tab, shall we? Take the quiz and find your brand cocktail for success.

business proposal for wedding planner

OK – you've made this HUGE decision that you want to start a wedding planning business. But not just ANY kind of wedding planning business. You want to build a business that gets amazing clients, is successful, and allows you to build and grow something that's YOURS.

You want to plan gorgeous weddings, work with incredible clients, get featured in magazines, and spend your days obsessing over linen swatches, pretty flowers, candles, and of course, the logistics that make all the pretty happen.

In this blog post, I've put together my 12+ years of experience in running a profitable, multi six figure, multi-country wedding planning & design business so you can learn how to start a wedding planning business you love quicker, faster, and better.

First, let me say how delighted I am for you. In other words, when I started my wedding planning and design company back in 2007, I had the same feelings you did about creating the life and career I wanted.

I was excited, nervous, energized, and willing to consume any information on starting a wedding planning business.

(Back in 2007, that information was hard to come by. There were not a lot of resources on how to start a wedding planning business. However, you've got a lot of information on hand to guide you.)

I'm going to break down how to start a wedding planning business–but not just any kind of wedding planning business–one that will be profitable and scalable.

Here are the 11 steps you need to take to start and grow your new wedding planning business:

I'm going to break down how to start a wedding planning business–but not just any kind of wedding planning business–one that will be profitable and scalable.  In this blog post, I've put together my 12+ years of experience in running a profitable, multi-6-figure, multi-country wedding planning & design business so you can build a business you love quicker, faster, and better.

Step 1: Know What Kind Of Wedding Planning Business You Want to Build

Before you do anything, knowing what kind of wedding planning business you want is the first step. I've got an easy exercise for you to figure this out, too.

We call it vision casting.

It's important to know what kind of business you want, which will help you write strategies to make that business come to life.

In addition, we can't know what we're really building until we see the destination we want to arrive at, right?

That's what vision casting is. It's knowing the destination you want to arrive at–the business that you want.

To make this even easier for you, I've recorded an entire podcast episode on how to vision cast for your business. 👇

Episode 42 of my podcast for wedding pros, The Power in Purpose Podcast gives you step-by-step guidance and action on how to start your wedding planning biz with vision casting.

Everyone is building a different kind of business under different circumstances. For instance, you might want to have a career that allows you to raise your family at the same time. Or, you might want to build a million-dollar empire.

This is why it's important to know what kind of business YOU want so that you can reverse engineer the strategies that it will take to get there.

Don't skip this step. And listen to this podcast episode to get started.

Step 2: Write A Business Plan For Your Wedding Planning Business

Yes, I know you wanted to skip this part–biz plans are so 2007, aren't they?

No. They're essential. To build the wedding planning business YOU want (the one you're going to vision cast for!), you have to write a strategy to get there.

That's what a business plan is: an overarching strategy for getting from where you are today to where you want to go. And it cannot be overlooked.

Writing your business plan doesn't have to be challenging or overwhelming. You don't need an MBA or a fancy degree to start a business.

Instead, you just need to discover a problem that needs solving, and then your business becomes the solution.

With that said, I know that writing a business plan isn't the easiest (or sexiest) task.

That's why I've created my Free Business Plan Outline + Guide , a way to jumpstart your efforts and get you to write a plan for your wedding planning business.

Write a wedding planner business plan with this free guidebook and outline. It'll take you from stuck to start. I take all the guesswork out of how to write a business plan and even teach you some strategies. Plus, it's free! That's why I want to make sure you grab it.

Step 3: Know The “Ideal Clients” Your Wedding Planning Business Will Serve

The #1 reason why businesses fail is they don't know who their customers are. They don't really, truly, and personally know their customers. 

Their values.

Their problems.

However, this isn't going to be you; you're here to learn how to start a wedding planning business–and a crucial step is knowing your ideal clients!

Instead, you're going to create a business that fully understands who your ideal clients are so that you can solve their problems quicker, faster, and better than anyone else.

You must get specific about your ideal clients and why they need you to solve their problems. Knowing more about what motivates them, what they value, what challenges they face, and yes, what problems they have means you can position yourself as the solution.

I want to clarify that knowing your ideal clients is more than knowing what kind of car they drive, their favorite color, and their age range. Moreover, those things are essential but only tell you part of the story.

If you want to book high-end clients in the wedding industry, you need to check out The Client Cocktail . In this mini-training, I teach you how to call in dreamy clients and magazine-worthy weddings.

When you start your business, you'll be tempted to serve everyone and anyone. That's one of the biggest mistakes new entrepreneurs make: they reason they'll cast a wide net, increasing their chances of customers. After all, the wider the net, the more you can catch, right?

What ends up happening is you become too watered down, too unspecific, and too generic. However, by appealing to everyone, you appeal to no one because no one can really connect with your company.

They don't look at what you offer, your message, and say, “This is for me.”

Step 4: Create A Wedding Planning Brand That Gets Noticed

There are a lot of wedding planners out there. What makes you different?

One of the cornerstones of marketing is that people buy with their eyes, and your brand–aka the visual manifestation of your company–is what sets you apart.

You need to create a visual brand that gets noticed.

One that makes YOUR ideal client stop in their tracks.

One that makes your perfect client buy with their eye.

Your visual branding helps to accelerate the know/like/trust factor with your customers. The couple who wants to hire someone like you lands on your website or sees some of your marketing, and because of its polished nature and overall experience, they want to know more.

After you've set a vision and written your business plan, don't let it all fall apart by having a bad logo and website.

Your clients will notice immediately that your business doesn't live up to what it offers. And they will click off.

You have a matter of seconds to capture someone's attention (sometimes, it's a fraction of that number!). How will you capture the attention of your ideal clients with your marketing and branding?

Here are some quick resources for you to start creating a kick-ass wedding planning brand from DAY ONE (bc that's how we roll!)

  • Showit Website Platform : To create a GORGEOUS website (it's my website platform!)
  • Sourced Co : For incredible stock images created JUST for wedding pros. You can find images for marketing and your website, making it easy to start without a portfolio. Use code PLAYBOOK to get a special discount.
  • Hautestock : Use code CANDICE for 15% off gorgeous stock images that don't look stock. Firstly, Hautestock's images are great for your website to fill in the gaps where you might not have a portfolio. Secondly, they make perfect social media posts so you can start marketing TODAY – even if you don't have any clients or work!
  • Styled Stock : Another fantastic styled stock membership for beautiful stock images that don't look like “stock images.”

I'm going to break down how to start a wedding planning business–but not just any kind of wedding planning business–one that will be profitable and scalable.  In this blog post, I've put together my 12+ years of experience in running a profitable, multi-6-figure, multi-country wedding planning & design business so you can build a business you love quicker, faster, and better.

Step 5: Work More On Your Wedding Planning Business Than In It

You had the idea to start a wedding planning business because you want to be a wedding planner. However, when you decide to open up your own company, you're a business owner first. Wedding planner, second.

They say that businesses fail not only because they don't know their ideal clients but because the owner of that business doesn't work on their business. 

You toil away at being the best wedding planner, focusing all your time on planning weddings and serving your clients, but what about the business owner side? 

I want you to work more ON your business than IN your business. Consider yourself a business owner above all other roles you might have in your business.

Owning a business is like having a classic car: it needs love, care, and attention. It needs you to tune it, fix what's broken, and invest in its care.

If you're serious about owning a wedding planning business, consider yourself an entrepreneur first and a business owner second.

My advice? Seek education to help you build and grow your wedding planning business from the ground up correctly. Find mentors and business owners who are where you want to be and hire them to help you.

In addition, you should invest in courses , conferences, and other educational avenues to learn all you can and speed up your results.

Always learning, always moving forward. That's my motto.

Step 6: Network With The Right People

The wedding industry is mostly about connections, and some of the most incredible business comes from referrals (if you sign up for The Client Cocktail , you'll know how important this is!).

You have to seek out new connections as much as possible–but not just any old “links”–and focus on the right ones.

As you set out to market your business, you must get in front of the right people. Ideally, the people and companies that are already in front of your ideal clients.

They have the power to refer to you and to help lift your business alongside theirs.

Do you want to know one of the first things I did when I started my business?

I networked my butt off. Networking with the right people was one of the first things I did when I started my business, which paid off. I was armed with my biz plan, a vision for the future, and a nice-looking brand/website. I sought out businesses that were already in front of my ideal clients.

And it paid off in dividends. 

Step 7: Know Your Marketing Message And Market Your Wedding Planning Business As Much As You Can

Marketing is simply sharing your message so that it reaches the right people. What's your message?

Your company's mission, vision, and purpose are vital. They connect you to your customers and ground you when the going gets tough.

You need to have a clear, concise message about what your company does, how life looks for your customers after you do it, and why you do it in the first place.

business proposal for wedding planner

Step 8: Make Mistakes, Try New Things & Do It Your Way

When you start a business, you follow the same path as those you admire. No doubt you've rapidly followed a bunch of people on the ‘gram who are killing it in their wedding planning biz right now.

And you're probably thinking: I need to do it this way too.

Maybe. Or maybe not. Don't fall into the trap of copying what other folks are doing. That's their business–their vision–not yours.

I want you to feel empowered to do it YOUR way. Sure, you can seek out roadmaps and blueprints on how to build your business, but make sure you adapt what you learn as it fits your unique circumstances.

Don't build someone else's business. Build yours.

If you want to hear some of my epic wedding planning mistakes, check out my tales from the clipboard email series.

Step 9: Give Your Business Time To Grow & Take Root

As a business coach for wedding planners and pros, I've seen biz owners quit just when the going gets going. Owning a wedding planning business is a marathon and not a sprint. It takes time for your efforts to start to take root.

When I started my company, it took me six months to land my first client. Imagine if I had quit five months and two weeks in? 

I want you to know that things take time. Give your business time to take root. It will happen with consistency and perseverance. Don't quit at the first failure. 

Remember, your failures lead you toward your successes.

Patience is necessary for business (just like with most things in life). The strategies you implement today may not show results for 3-6 months. But they will see results if you give them a chance. 

Step 10: Hire A Wedding Planning Mentor And Learn, Learn, Learn

Let me ask you a serious question. Why not hire someone to help you do all the above and teach you the ropes so that you can accelerate your business quicker and faster?

There is no greater gift you can give your biz than enlisting the help of someone who has been where you want to go.

As a wedding industry business coach and mentor , of course, I will advocate for what I do. And that's because I've seen the results my expertise brings to those that I humbly help.

If you're serious about starting a wedding planning business, pay for an expert to teach you the road to success. 

I want you to be open to learning as much as you can from trusted sources as you navigate the tricky road of entrepreneurship. Recognize that you don't know everything, be 100% coachable, and apply what you learn in your business.

The truth is, you'll achieve the results you want quicker, better, and faster than you had expected.

Step 11: Believe In Yourself

Finally, I want you to believe in yourself because you were put on this earth for great things.

No, seriously, I want you to believe in your abilities to design a business you love, a business YOU want. While you may lack experience in certain areas, you have a wealth of knowledge about how things work.

You're smart. You're driven. And you're here for the right reasons. Believe in your abilities to learn as you go and apply your knowledge and unique life experiences to the services and products you provide.

For instance, too many people quit because they lack the confidence and belief in themselves to do what they want to do. I don't want you to be one of those people. 

I believe in you. So believe in yourself. All things are possible, and you CAN design a business that you love–and one that gives back to your meaningful life.

And if you're ready to take your wedding planning dreams to the next level, I want to invite you to check out my coaching program for wedding planners .

The Planner's Playbook is your secret weapon for planning, designing, and coordinating high-end weddings like a pro. The doors to this program are open now for a limited time. Click here to learn more about The Planner's Playbook!

Not ready for that? Then grab my free course on how to start your wedding planning business!

Let's summarize this post so you can start your wedding planning business:

How do I start a wedding planning business?

Follow these steps to start and launch your wedding planning business:

It's important to know what kind of business YOU want so that you can reverse engineer the strategies that it will take to get there. Don't skip this step.

Every business needs a strategy to grow and scale. Sit down and write your business plan using your vision as a guide for the strategies you'll create in marketing, sales, services, and pricing.

Businesses exist to serve their customers. Who are you serving? Know your ideal client as well as you know your BFF–and then create products and solutions that help them.

The wedding industry is a saturated market. You'll need to create a brand that stands out from the competition and gets noticed. How will you be different from the rest?

Initially, it'll be easy because you won't have many clients. But as your business grows, it's important to continue working on it more than in it.

The wedding industry is a people industry. Form relationships and connections with the right people–the businesses already in front of your dreamy clients–and watch your biz grow.

Marketing is simply sharing your message so it reaches the right people. Know your message and watch your ICAs start knocking on your door.

Resist the temptation to copy others and be confident that you can do things your way. A signature way of doing anything for your customers will set you apart from the competition.

Nothing happens overnight. It could take months to land your first wedding, so give your business time to take root. Don't rush the brush, so to speak. That moment you feel like quitting? Keep going.

Why try and figure this out all on your own when you could hire someone to help you achieve your goals quicker, faster, and better? Hire a mentor who has been where you want to go and watch how quickly you scale.

A little confidence goes a long way. Believe in your worthiness, experience, creativity, and capabilities. You can do this.

If you're serious about starting your wedding planning business, here are some resources I offer to help:

  • Free Business Plan Outline + Guide
  • Free Course To Launch Your Wedding Planning Business
  • The Client Cocktail
  • The Planner's Playbook
  • WeddingPro Insiders
  • Wedding Planner Business Tools

Know that I'm cheering you on and believing in you. 

Explore More Wedding Industry Resources

  • How To Become A Wedding Planner With No Experience
  • 9 Mistakes to Avoid When Starting Your Wedding Planning Business
  • How To Build Your Portfolio As A Wedding Planner When You’re Just Starting Out
  • Why You Need To Create A Client Journey As A Wedding Planner
  • How To Get Wedding Clients When You’re Just Starting Out
  • Day of Coordination: The Pros and Cons as a Wedding Planner
  • How Much Should You Charge As A Wedding Planner? Learn How To Figure Out Your Wedding Planner Pricing
  • 5 Contracts Every Wedding Planner Must Have To Be Legally Set
  • The #1 Reason Why You’re Not Booking The Right Wedding Clients (And How To Fix It)
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  • How To Become A Destination Wedding Planner
  • 4 Strategies That Will Help You Book MORE Of Your Ideal Clients
  • 5 Tips On Crafting a Business Plan To Book Out Your Biz With Your Ideal Clients And Get Paid
  • What A Business Plan Will REALLY Reveal About Your Business
  • 6 Reasons Why I Recommend Asana for Wedding Planners
  • Are You a Disorganized Wedding Planner? Let’s Fix That With These Organized Wedding Planner Tips!

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Did you read the timeline?🙄 One of the biggest problems wedding planners have to deal with is unprofessional colleagues. It’s one of the hardest parts of our job - and we don’t talk about it enough. I talked about this and more in my latest YouTube video! #weddingplannereducation #weddingplanning #weddingplanners #weddingpros #weddingvendor #weddingvendors #weddingpro #weddings #candicecoppola #plannersplaybook

business proposal for wedding planner

Is your website built like a museum or an airport? Engagement sales season is here, and I’m not gonna lie - your website probably needs a little refresh! But before you blow some dust off your homepage and start adding your most recent weddings, I’d love for you to listen to my conversation with @alexcollierdesign. She’s a Showit and Brand designer for wedding pros, and in this episode of The Power in Purpose Podcast, Alex shares how your website sets the tone for your client experience. As a business coach for wedding pros, I know how obsessed you are with giving your couples and clients an amazing experience. You invest in software, templates, service providers, gifting experiences, and business coaches to help you make your client experience the best on the block.... but what about your website? What role does it play in your overall client experience, and what does it tell a couple about what life will be like for them once they start working with you? We chat about all this and more - in today’s episode! #thepowerinpurposepodcast #candicecoppola #showit #showitdesigner #weddingpros #weddingindustry #weddingwebsite #weddingpro #businesspodcast #weddingpodcast

I’m making today a decision day in my business. I do this when I’ve let a lot of decisions pile up to the point where it feels overwhelming to make ANY decision about anything. I feel super stuck on where to focus my energy right now because so many things are ‘hanging in the balance.’ Can you relate?! So, today is a decision day - and I’m working on laying out my calendar, figuring out my marketing strategy for the year, deciding on new products, launches, roadmaps, and lots of other things. If you ever find yourself stalled and stuck because you’ve ignored making decisions about big and small things - consider having a decision day in your business, too! PS - would you like to see more reels and videos like this from me on IG? I’d love to know if you found this helpful! #candicecoppola #honeybook #weddingpro #weddingindustry #businessowner #businessstrategy #decisionmaking #weddingplannereducation

We’re back! I’m so happy to share that the newest season of The Power in Purpose podcast is here, and just in time for you to build your business this year. Today, I’m joined by one of my most favorite guests to date, @annadkornick! Anna is a time management coach who shows you how you can win your week before it even starts. One of the many challenges we face as business owners is finding the time to do #allthethings. Even if you start your week with the best of intentions, things can quickly spiral out of control and devolve into utter chaos. If you feel like you end the week accomplishing NOTHING that was on your original to do list, Anna gives you a new way to think about time and tasks with her simple but brilliant productivity method. We also talk about how to get back on track when things go off the rails. You know, when one task or email opens up a huge can of worms that you spend the next week having to fix. #lifeofaweddingplanner So grab a cup of caffeine, your new 2024 notebook, and your AirPods! You’re going to love this episode. #thepowerinpurposepodcast #powerinpurposepodcast #candicecoppola #weddingpro #weddingpros #timemanagementtips #weddingindustry #honeybook

Want more? Check out this video on my YouTube channel ↓

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Wedding planning business can be very successful career, if you work properly before establishing it. Many people learn the basic etiquettes about wedding planning while event planning course. If you want to get basic knowledge you can also get a course from a good institution and start up your business. Though it is a very interesting and joyful business for those, who love thrill and fun, but at the same time it demands commitment lots of energy and stress. Before starting up your business for wedding planning if you follow some important points, you can get better result in start and get good grip over your business soon.

Great post! I read your blog fairly often and you’re always coming out with some great stuff. I shared this on my Facebook and my followers loved it! Keep up the good work. 🙂

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Wedding Consultant Business Plan

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TLC Wedding Consultants

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

TLC Wedding Consultants is a full service company that provides complete consulting services for weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. TLC is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients’ wishes become our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers, musicians, etc.

1.1 Mission

TLC Wedding Consultants is a full service company that provides complete consulting services for weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. TLC is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients’ wishes become our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding or anniversary party, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers, musicians, etc.

1.2 Objectives

Whether this is our client’s first wedding, a renewal of their vows or their anniversary, we want every detail of their event to be both a pleasurable and a memorable experience. Therefore we offer a host of packages and services specifically tailored to the needs of each couple. We are confident that this business venture will be a success and we estimate that our net income will increase modestly by the second year.

1.3 Keys to Success

The keys to our success are as follows:

  • Maintain a professional image at all times.

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Company summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">.

TLC Wedding Consultants is a start-up company that provides wedding, holy union, and anniversary consulting services to brides, grooms and other family members. We are a full-service bridal consulting group and our goal is to put the “fun” back into planning a wedding, holy union or anniversary party. Too many people become overly stressed and frustrated when planning these wonderful events. We are experienced and professional consultants and will use our expertise to help create memorable and stress free events for our customers. By doing this, our clients can sit back and enjoy their event. The result? We create events suited to the couple’s unique style–a true expression of their relationship and individuality as a couple.

2.1 Company Ownership

This business will start out as a simple proprietorship, owned by its founders, Darla and Micah Johnson. As the operation grows, the owners will consider re-registering as a limited liability company or as a corporation, whichever will better suite the future business needs.

2.2 Start-up Summary

The company founders, Darla and Micah Johnson, will handle day-to-day operations of the plan and will work collaboratively to ensure that this business venture is a success.

We estimate that our start-up costs will be $3,000 (including legal costs, logo design, advertising, direct mail, and related expenses). An additional $5,000 will be required in the bank account as an operating capital for the first two months of operation. The start-up costs are to be financed in equal portions by the owners’ personal funds (i.e., Darla and Micah Johnson are investing $4,000 each).

Wedding consultant business plan, company summary chart image

2.3 Company Locations and Facilities

Initially this will be a home-based business; however, by Year 5, we intend to expand our facilities into a well-equipped and operational office.

We are a full-service wedding consultant group and provide the following services: etiquette advice, event scheduling, discounted invitations and products, vendor confirmation, rehearsal attendance, supervision of both ceremony and reception setup and budget planning.

Market Analysis Summary how to do a market analysis for your business plan.">

Nearly $35 billion are spent every year on weddings and receptions. Therefore, professional wedding consultants are a commodity, not a calamity. TLC Wedding Consultants are full-service wedding consultants that offer a variety of services to our clients. We pride ourselves on being professional and courteous at all times and we have packages to suit everyone’s needs.

As previously stated, marriage is a billion dollar industry, therefore, just about everyone we meet is a potential client. However, we mostly advertise to brides, grooms, and family members.

4.1 Market Segmentation

Although the flash and excitement of impending nuptials can be intoxicating, it can also be overwhelming. Therefore, we primarily market our services to the people who need them most–brides and grooms. In 1997, 2.4 million marriages took place in the United States. According to the Encarta Encyclopedia, the current US marriage rate of nine marriages per 1,000 people is still the highest rate among the industrialized countries. This marriage rate is expected to remain at the same level in the near future. In the Eugene, OR area where TLC Wedding Consultants plans to operate their business, over 1,500 marriages are registered each year, which creates a sizable market potential for this line of business.

Another customer segment is represented by the numerous family members and guests attending weddings, anniversaries, and similar events. This segment requires event preparation services like gift ideas, etiquette tips, etc.

Besides the wedding arrangements, which TLC Wedding Consultants believe to be their major client assignments, other events the company will provide services to include corporate retreats, etiquette training, etc. This customer segment is estimated to have the annual volume of 1,000 orders in the Eugene, OR area.

Wedding consultant business plan, market analysis summary chart image

4.2 Target Market Segment Strategy

TLC Wedding Consultants will offer its services mostly to the brides and grooms, as well as to the family members. The company will position itself as an experienced provider of wedding planning services. Unlike most of its competitors, TLC will be offering a full range of services and thus provide the convenience of one-stop shopping for its clients. This will significantly reduce the customers’ time and efforts preparing for such an important event as a wedding. Moreover, by utilizing numerous supplier contacts that the company owners have established and economies of scale, TLC Wedding Consultants will be able to pass on to its customers sizable cost savings.

4.2.1 Market Needs

The market needs for wedding planning services are strongly shaped by the customers’ desire to have a perfectly planned and executed wedding ceremony. Although both major customer segments, brides and grooms and family members, plan and budget for the wedding ceremony as far as a year or more in advance, they often realize that they cannot make all the necessary preparations by themselves in a cost effective manner. Strongly affected by the established social values, such customers seek professional advice to ensure that all the important aspects of the wedding ceremony meet or exceed perceived expectations.

4.3 Service Business Analysis

The wedding services market is fragmented with the overwhelming majority of the incumbents offering only a limited line of services. There are numerous florists, hair stylists, and caterers to choose from. However, there are almost no companies that will provide the full range of services associated with the wedding planning and execution.

4.3.1 Competition and Buying Patterns

Competitive analysis conducted by the company owners has shown that there are 20 companies currently offering some sort of wedding planning services in the Eugene area. However, the majority of the incumbent competitors offer only a limited line of services like catering, flower arrangements or gifts. In fact, of these 25 competitors only three offered a range of services comparable with what TLC Wedding Consultants plan to offer to its customers. The following is the list of the major competitors with a brief description of their services:

  • Lafayette Wedding offers its clients entertaining, catering, floral design and hair styling services.

The market research has also shown that customers anticipate the complete wedding consulting services to be expensive and they budget accordingly. In fact, lower prices are very often associated with poor service quality. By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will offer its customers the ease of one-stop shopping.

Strategy and Implementation Summary

Our strategy is simple: we intend to provide our customers with a wide range of services custom tailored to their individual needs. Therefore, whether they require a complete package, or simply consulting on a particular service, we can help.

5.1 Competitive Edge

By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will offer its customers the ease of one-stop shopping. The company will leverage its owners’ expertise in planning such events to competitively position itself as a premier provider of wedding services. Both owners have very strong communication skills that will help develop the ‘buzz’ about the high quality of the services offered by TLC Wedding Consultants.

5.2 Sales Strategy

The company’s sales strategy will be based on the following elements:

  • Word of mouth referrals – generating sales leads in the local community through customer referrals.

Wedding consultant business plan, strategy and implementation summary chart image

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Our wedding consultants are Darla and Micah Johnson. Collaboratively they have planned and serviced over 150 weddings and receptions. They are knowledgeable about all areas of planning, decorating, as well as budgeting. Darla has a BS in Communications and a minor in Interior Decorating. She has been a wedding consultant for five years and became interested in providing consultant services when she successfully planned her first five weddings for family and friends. Since then, Darla has received extensive training in wedding planning and her certification from the National Association of Wedding Consultants and Professional Wedding Planners. Micah has an Associates Degree in Fashion Design, and, like Darla, she became interested in becoming a consultant when she successfully planned her first three weddings. Micah received her certification from the National Association of Wedding Consultants and has been a wedding planner for three years. Micah enjoys all aspects of planning traditional and nontraditional weddings.

6.1 Personnel Plan

Initially, TLC Wedding Consultants’ personnel will include only the two owners, both of whom will be working full time. As the personnel plan shows, we expect to hire an additional wedding consultant in the next year This person will work full time, but will not be included in the management decisions.

Financial Plan investor-ready personnel plan .">

The following subtopics represent the financial plan of TLC Wedding Consultants.

7.1 Break-even Analysis

The following table and chart summarize our break-even analysis.

Wedding consultant business plan, financial plan chart image

7.2 Projected Profit and Loss

Our projected profit and loss is shown in the following table.

Wedding consultant business plan, financial plan chart image

7.3 Projected Cash Flow

The following chart and table show our cash flow projections.

Wedding consultant business plan, financial plan chart image

7.4 Projected Balance Sheet

Three years of annual totals are presented in the Projected Balance Sheet below. First year monthly figures are included in the appendix.

7.5 Business Ratios

The following table outlines some of the more important ratios from the Personal Services industry. The final column, Industry Profile, details specific ratios based on the industry as it is classified by the Standard Industry Classification (SIC) code, 7299.

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business proposal for wedding planner

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How To Write A Wedding Planner Business Proposal

Table of Contents:

How to Draft a Business Proposal for a Wedding Planner [Upd. 2 days ago]

If you’re on a Mac or you’re not using our wizard software, you can go straight into the proposal kit folder, where you’ll see a number of preassembled documents already made up for things like business plans, proposals, a short services contract quote, etc. You can start here or open the proposal pack. That’s the same as if you’re using this red icon, so this is the same on Mac and Windows to get to those preassembled documents.

Wedding planner proposal template

What are the 5 steps of writing a business proposal?

How to Write a Business Proposal Begin with a title page. Create a table of contents. Explain your “why” with an executive summary. State the problem or need. Propose a solution. Share your qualifications. Include pricing options. Summarize with a conclusion.

Source: https://blog.hubspot.com/sales/how-to-write-business-proposal

You can click here to go to the samples and find a wedding planner sample. You can find that in the samples. We’ll just show you a pre-made business proposal template in the wedding five design theme so this is a pre-made document you can just start typing right into the text fill in your pricing and company information and so on now a lot of people are going to want to custom build documents more tailored specifically to what they’re doing and possibly incorporate sample content from our wedding samples you’ll want to do that through the word for mac. executive summary, cost summary, and company history We’ve pre-made a lot of lists for different kinds of proposals that you can get started with, so go over to the quick start, click the search import list button, and type the word wedding, and this will narrow the hundreds of options down to ones that are wedding specific lists we’ve created, so you can see there’s a florist of wedding photography and articlegraphy services and a wedding planner services proposal. If you click one of those, it will show you a list of all the chapters that are going to be built in.

Wedding planner proposal sample ppt

What do you call the business wedding planner?

A wedding planner, sometimes called a “director,” “coordinator,” or—a bit archaically—“bridal consultant,” is basically a professional who organizes, oversees, and orchestrates either an entire wedding or specific aspects of it.

Source: https://www.investopedia.com/do-you-need-a-wedding-planner-5196748

Now, our lists have usually a lot more templates than you’re going to need, but it’ll give you more things to think about that you can actually trim down to a shorter proposal. But if I want to see a sample of a completed proposal, we have one of those as well. You go into this view samples tab, search the hundreds of samples for say, something related to weddings, and you’ll see a wedding planner services sample.

I can click that, and if you click the view selected Adobe PDF sample, you’ll see the sample. Every sample shows you the list of chapters that were selected for this sample. the design theme in this case it’s a wedding one design theme we’re going to be using the wedding 5 to build the documents and as you scroll down you’ll see the sample actually has filled in material now our wizard has the ability to let you create your own version of all these samples in the design theme so we’re going to show you how to recreate an editable word version of this wedding planner sample and we’ll put it into the wedding five design theme. How we do that is once we select a sample, we can click the import content from selected sample button that will load our project with all the same chapters of that person used in that sample.

Wedding planning proposal to client

Is wedding planner a good business?

Becoming a wedding planner The wedding industry remains a profitable business – but it takes a dedicated and multi-skilled person to become a wedding planner. Before you start a wedding planning business, consider the time and money needed to invest in being a wedding planner and running your own business.

Source: https://zyro.com/blog/how-to-start-a-wedding-planning-business/

21 pages is going to be an awfully long proposal for most services. This is simply intended to provide you with a wealth of ideas and content to get you started; not every wedding planner sample, for example, will require a security page, and you can combine some of these pages to create a shorter proposal.

  • Most proposals are actually in the 5 to 10 page range.
  • We’re going to build the entire thing here now.
  • If we do want to remove templates, we can use the remove templates tab and remove some pages.

If we say we’ve moved some pages but we want to add some additional chapters that we might not see here, you have thousands of pages you can add. You can click over to add templates. If you scroll down through these categories, you can find all sorts of things you could potentially add if you need them. Once we’re done selecting all of our chapters, just say, “Okay, you selected templates.” The other two screens are the company data and client data. Company data will be your name and address information client data will be your client’s name and address that will be merged into the document so we filled us in I will just say plan as the title when we finished inputting ou r data is selecting our templates and we’re ready to build the word document you just say okay save project and build documents say yes now we just wait for the wizard to create the document The actual text from that PDF sample that used to be in the wedding one design theme has now been imported into this wedding five design theme.

Wedding planner proposal sample pdf

What is the proper way to write a proposal?

The 6 Steps To Writing a Project Proposal Step 1: Write the Executive Summary. … Step 2: Explain the Project Background. … Step 3: Present a Solution. … Step 4: Define the Project Deliverables. … Step 5: Request Your Needed Resources. … Step 6: State Your Conclusion.

Source: https://visme.co/blog/project-proposal/

You’ll see the title we gave it in the client data screen is here, and you can see the text from that PDF sample is all now editable.

  • Word text imported into this design theme.
  • You’ll see tags that were in the editable sample text have been replaced.
  • This is an example of how to use tags to customize the text of a proposal.

Now we’re going to scroll down to all of the pages. Now you can start deleting pages out of this if you don’t want any of these.

It’s just word processing using your word processor right now to make changes to this. Now you can fill in your own light with some prices. you can fill in the work order services provided. So that’s basically how you build a wedding-related document using a specific design theme for any kind of situation. So now you can go back and use those same steps to create anything from a business plan to a partnership pitch proposal to selling products. the only difference is which chapters you pick and maybe what the sample content you import. So once the wizard has generated a document, all you have to do is basic word processing to finish tweaking the text. Now you see some of the elements of a proposal in the ordering.

Wedding planner proposal template free

How do you write a good proposal example?

How to write a proposal letter Introduce yourself and provide background information. State your purpose for the proposal. Define your goals and objectives. Highlight what sets you apart. Briefly discuss the budget and how funds will be used. Finish with a call to action and request a follow-up.

Source: https://www.indeed.com/career-advice/career-development/how-to-write-a-proposal-letter

You’ll see we have introduction chapters first. After the introduction “el chapo” is you talk about your clients’ needs and the needs of the project. Usually financial chapters will come later. And you put the chapters to talk about you and your company last, say the company history or about us, your testimonials, references, your staff policies, and so on.

So now you know how to generate a document for any situation where you pick a specific design theme and the kind of proposal, project, or pitch you need. select some chapters, build a document, and then you finish your editing in Word for final delivery, you can click “Save as PDF and then send your client the finished PDF. So now we’ve created a PDF version. PDFs are what you want to send your clients, so you’ll notice in the PDF that the full colors have now come out, so we could print this or email it to a client. That’s the basic process for creating any document in the wizard for any kind of situation. click Subscribe to keep up on the latest proposal writing tips with the proposal kit.

How To Write A Wedding Planner Business Proposal

Frequent Questions – 💬

❓ how do you write a business proposal for an event planning.

How to write an event proposal

  • Start with a story. One way to start the proposal is with a story or a brief description of the event. ...
  • Set clear goals. Next, it's helpful to set clear goals and list these goals within the proposal. ...
  • Name your team. ...
  • Communicate your expertise. ...
  • List your price. ...
  • Use an appealing design.

❓ What is the business objective of wedding planner?

A wedding planner's primary goal is to feed inspiration, advice and support to the couple while planning a seamless string of events that culminates in an exceptional day for family and friends . Love may be in the air but in reality, the average wedding takes a staggering 250 hours to plan.

❓ How do you write a wedding proposal request?

What Should I Include In My Wedding RFP?

  • Date: Include your chosen wedding date. ...
  • Type of Event: It may sound silly, but definitely state that you are hosting a wedding. ...
  • Duration and Time: Specify the hours of the day, night, or both that you will likely require a vendor's services.
  • Budget: This is critical.

❓ How do I market myself as a wedding planner?

Wedding Planner Marketing: 7 Tips to Boost Your Business

  • Know your audience. ...
  • Make your website user-friendly and create compelling content. ...
  • Prioritize SEO. ...
  • Establish a strong social media presence. ...
  • Leverage testimonials and reviews. ...
  • Work with publications. ...
  • Build a network.

How to Write a Wedding Planner Business Proposal

References:

  • “The Complete Guide to Writing Effective and Award Winning Business Proposals: …” by Jean Wilson Murray – Atlantic Publishing Group, 2008 A well-written proposal can make the difference between being hired and being rejected. See Chapter 7 for detailed information on how to write winning proposals.(view in book) from Consulting For Dummies” by Bob Nelson, Peter Economy – Wiley, 2011
  • “Professional Practice for Interior Designers” by Christine M. Piotrowski – Wiley, 2020
  • “The Insider’s Guide to Technical Writing” by Krista Van Laan – XML Press, 2012
  • “Startup 500 Business Ideas: Business Strategies and 500 Business How to Start” by Prabhu TL, Ashin Issac, Rajil TL – Nestfame Creations Pvt. Ltd., 2019

Related Articles:

  • Cutest Proposal Ever!!! This Wedding Planner’S Proposal Will For Sure Make You Cry!
  • Writing A Proposal For A Wedding Planner
  • How To Start A Business As A Home-Based Wedding Planner
  • How To Write A Biodata For A Marriage Proposal
  • 94: How Becoming A Certified Wedding Planner Can Explode Your Business Growth With Krisy Thomas
  • How To Write A Biodata For An English Marriage Proposal

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How to Write a Wedding Planner Business Plan in 9 Steps

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A clear and concise wedding planner business plan is essential for securing funding and outlining your goals. Learn how to create a winning plan with our guide.

A business plan is like a roadmap for entrepreneurs — it shows you how to start, run, and grow your business. It’s a written document that lays out your goals, strategies, and financial projections. To make an effective business plan, clearly define your objectives and paint a picture of your vision. Market research is important to understand your target market, competition, and industry trends. Your plan will also cover financial projections, sales targets, and pricing strategies. Having a solid plan helps you get funding from banks or investors and gives you a clear idea of your return on investment.

Business Plan Basics

Wedding planning can be a lucrative industry. The bridal industry has a market size of $70.7 billion . Nearly 2.5 million couples got married in 2022, and the average bride and groom spent $29,195 on their wedding, according to Wedding Report . For a successful wedding planner business, having a detailed business plan is crucial. It should include the following components:

  • Executive summary: An overview of your business idea, goals, and strategies.
  • Company description: Detailed information about your wedding planner business, including its legal structure, services offered, target market, and unique selling proposition.
  • Market analysis: Analyze the wedding industry to determine target market demographics, customer preferences, and create a competitive analysis.
  • Organization and management: Description of the company’s organizational structure, management team, and key personnel.
  • Service offering: Details of the wedding planning services you will provide, including packages, pricing, and any additional offerings.
  • Marketing and Sales Strategy: Include a plan for promoting and advertising your services, identifying target customer segments, and outlining sales strategies.
  • Operations: Provide information on how your business will be structured, including office location, equipment, and technology requirements, as well as vendor and supplier relationships.
  • Financial projections: Detailed financial forecasts, including startup costs, revenue projections, expenses, and profitability analysis. It should also include a break-even analysis and cash flow projections.
  • Risk assessment: Identify potential risks and challenges that may affect the success of your business, along with strategies to mitigate them.

Find the Right Match with a Franchise

While starting a wedding planner business from scratch can be overwhelming, partnering with a franchise like Complete Weddings + Events simplifies the process and provides a brand with an established reputation in the industry, giving you an immediate advantage in attracting clients and securing business. We’ve honed our concept and have a well-defined and tested business model.

Planning a wedding or event can be stressful. Once engaged, 33% of couples said they feel like they’re planning their wedding “all the time.” We aim to alleviate that burden by offering a range of services. We simplify the process for our customers, allowing them to relax and enjoy their special day without worrying about logistics. We take a comprehensive approach by providing wedding planning, photography, videography, DJ services, lighting, and more.

Opening a Complete Weddings franchise requires an investment of $56,820 to $71,070. We keep startup costs down with a home-based business model. As part of your investment, we provide a turnkey operation with training, support, and marketing guidance to relieve some of the hassles of launching a business.

All new franchisees attend a 10-day interactive training program. If you’re hiring a manager, they can attend training with you to get up to speed. During your in-person training, we cover business development, operations, sales, accounting, marketing, computer software, and networking. After you open your doors, we’ll help you stay up to date on the latest industry trends and business strategies at weekly webinars, monthly meetings, and annual conferences. And every franchisee regularly meets with a franchise business coach to stay on track.

Fall in Love with Complete Weddings

Partnering with an industry leader can help you build an accurate wedding planner business plan and streamline your startup process. Get started to learn more about starting a business in the wedding industry.

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Wedding Venue Business Plan Template

Written by Dave Lavinsky

Wedding Venue Business Plan

You’ve come to the right place to create your wedding venue business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their wedding venues.

Below is a template to help you create each section of your Wedding Venue business plan.

Executive Summary

Business overview.

LV Wedding Hall is a startup wedding venue located in Las Vegas, Nevada. The company is founded by Brittany Anderson, an event planner with over 15 years of experience planning and hosting special events, parties, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise. Now that Brittany has established herself as a leader in the event planning industry, she is ready to open her own wedding venue.  Brittany plans on recruiting a team of highly qualified professionals to help manage the day to day complexities of running a wedding hall including marketing, budgeting, event planning, and scheduling. 

LV Wedding Hall will be an all-inclusive wedding and special event venue, handling everything from the food and decorations to the entertainment and logistics. LV Wedding Hall will make any wedding or special event even more special by removing the headaches involved in planning and working with each client on every detail big and small to ensure their special day is perfect. LV Wedding Hall will be the ultimate choice in Las Vegas for wedding receptions for the company’s focus on extraordinary service and attention to detail.  

Product Offering

The following are the services that LV Wedding Hall will provide:

  • Wedding and event planning
  • Design consultation and coordination
  • Catering services 
  • Booking of live entertainment
  • Photography and videography services
  • Rentals (decor, linens, sound system, etc.)
  • Event hosting and cleanup services

Customer Focus

LV Wedding Hall will target local Las Vegas residents and tourists who are looking for a hassle-free, all-inclusive wedding hall for their wedding reception or other special events such as birthday parties, anniversary parties, and corporate events. No event is too large or too small for LV Wedding Hall. 

Management Team

LV Wedding Hall will be owned and operated by Brittany Anderson, an event planner with over 15 years of experience in planning and hosting special events such as parties, ceremonies, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise. Brittany is confident that her skills in communication, event management, and problem solving will help her successfully propel her new business forward to achieve a healthy profit. Brittany has recruited fellow University of Nevada graduate, Stephanie Smith to be the venue manager and run the day-to-day operations of the hall. 

Stephanie Smith has a bachelor’s degree in business and is an experienced venue coordinator.  Brittany relies strongly on Stephanie’s organizational skills and ability to supervise a large staff, coordinating people and logistics in a fast-paced environment. Stephanie has worked in the wedding venue industry for so long, she understands all aspects required in running a successful wedding hall. 

Success Factors

LV Wedding Hall will be able to achieve success by offering the following competitive advantages:

  • A friendly and knowledgeable staff available every step of the way to ensure all details big and small are handled with care. 
  • Comprehensive, all-inclusive services encompassing every aspect of the event from the food to the entertainment and more, making it easy for clients to have the entire event coordinated through just one company rather than having to go through several vendors. 
  • LV Wedding Hall offers the best pricing in town. With multiple packages and a la carte services to choose from, their pricing structure is the most cost effective compared to the competition.

Financial Highlights

LV Wedding Hall is seeking $500,000 in debt financing to launch its wedding venue business. The funding will be dedicated towards securing and renovating the hall and purchasing equipment. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and initial online marketing campaign. The breakout of the funding is below:

  • Wedding hall build-out: $100,000
  • Equipment, supplies, and materials:  $50,000
  • Three months of overhead expenses (payroll, rent, utilities):  $200,000
  • Marketing costs: $30,000
  • Working capital:  $20,000

The following graph below outlines the pro forma financial projections for LV Wedding Hall.

business proposal for wedding planner

Company Overview

Who is lv wedding hall .

LV Wedding Hall is a new wedding and special event venue located in Las Vegas, Nevada. The company is founded by Brittany Anderson, an experienced event planner with expertise in planning and hosting special events, parties, and wedding receptions. 

LV Wedding Hall will be an all-inclusive wedding and special event venue, handling everything from the food and decorations to the entertainment and logistics. LV Wedding Hall will make any wedding or special event even more special by removing the headaches involved in planning and working with each client on every detail big and small to ensure their special day is perfect. LV Wedding Hall will be the ultimate choice in Las Vegas for wedding receptions for the company’s focus on extraordinary service and attention to detail. 

LV Wedding Hall History

LV Wedding Hall is owned and operated by Brittany Anderson, an event planner with over 15 years of experience planning and hosting special events, parties, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise.

Since incorporation, LV Wedding Hall has achieved the following milestones:

  • Registered LV Wedding Hall, LLC to transact business in the state of Nevada.
  • Has a contract in place for a two-year lease on a 5,000 square foot facility.
  • Reached out to numerous contacts to include vendors and suppliers to advise them on their upcoming wedding venue in order to start getting contracts. 
  • Began recruiting a staff of event coordinators, hosts, and kitchen staff to work at LV Wedding Hall.

LV Wedding Hall Services

The following will be the services LV Wedding Hall will provide:

Industry Analysis

The wedding industry in the United States is an estimated $57B. There are approximately 330,000 wedding service providers in the United States, with over 900,000 employees. Worldwide, the wedding planning industry is booming and is expected to grow by 6% over the next six years. 

Industry trends include an increase in small customized receptions, outdoor ceremonies, and destination weddings. The industry is heavily saturated, especially in Las Vegas. For this reason, it’s important for industry operators to differentiate themselves from the competition by providing unique service offerings, locations, or better pricing. Additionally, industry operators that provide flexible and customized services have a competitive advantage over those who do not.  

Customer Analysis

Demographic profile of target market.

LV Wedding Hall will target local Las Vegas residents and tourists who are looking for a hassle-free, all-inclusive wedding hall for their wedding reception or other special events such as birthdays, anniversary parties, and corporate events. No event is too large or too small for LV Wedding Hall. 

The precise demographics for Las Vegas, Nevada are:

Customer Segmentation

LV Wedding Hall will primarily target the following customer profiles:

  • Local couples looking to get married in town
  • Tourists looking to get married in town
  • People looking for a unique place for their special event such as a birthday party, anniversary party, or corporate event

Competitive Analysis

Direct and indirect competitors.

LV Wedding Hall will face competition from other companies with similar business profiles. A description of each competitor company is below.

Unique Weddings, LLC

Unique Weddings, LLC is a wedding reception hall located in Las Vegas. Unique Weddings provides wedding planning services, catering, and hosting services. Unique Weddings is able to provide a wide variety of services for their clients. Their list of services includes planning, decor and event consultation, catering, party rentals, and event hosting. 

Unique Weddings, LLC’s promise is to deliver a one of a kind reception hall for its clients so their special event is a memorable experience for all guests. Unique Weddings, LLC’s team of experienced wedding planning professionals assures all receptions run smoothly, freeing the clients to enjoy their special day. 

Desert Weddings, Inc. 

Desert Weddings, Inc. is a Las Vegas, Nevada-based wedding venue that provides outstanding wedding reception services for couples looking for a desert wedding. Desert Weddings, Inc. takes the hassel out of wedding planning. They provide comprehensive wedding planning and venue services including planning, decor, consultation, catering, and live entertainment. The ownership of Desert Weddings, Inc. are former event coordinators so they understand how an event should be planned, executed, and managed. Clients can depend on their unique wedding planning processes to ensure the whole event runs smoothly. Desert Weddings, Inc. takes the stress out of the planning process and are able to provide exceptional service every step of the way.

Taylor’s Weddings, LLC

Taylor’s Weddings, LLC is a trusted Las Vegas wedding hall that provides superior service to locals and tourists looking to get married in Las Vegas and the surrounding areas. They are able to provide a one-stop shop for couples looking for an all-inclusive wedding planner. Taylor’s Weddings, LLC eases the stress of clients who are overwhelmed by the hassles and complexities that come with planning a wedding. The venue’s pricing structure is simple and straightforward. Taylor’s Weddings, LLC offers three tiers for their services – the Silver Package (venue rental, minimum services included), the Gold Package (venue rental, essential services included), and the Platinum Package (venue rental and all services included).

Competitive Advantage

LV Wedding Hall will be able to offer the following advantages over their competition:

  • Friendly, knowledgeable, and highly qualified team of event coordinators who are ready to handle all details of the event no matter how large or small. 
  • Comprehensive menu of services that allows for clients to get everything they need for their event in one place rather than having to deal with multiple vendors. 
  • LV Wedding Hall offers the best pricing in town. With customizable packages and a la carte options, their pricing structure is the most cost effective compared to the competition.

Marketing Plan

Brand & value proposition.

LV Wedding Hall will offer the unique value proposition to its clientele:

  • Highly-qualified team of skilled employees that is able to provide a comprehensive set of wedding venue services (planning, consultation, catering, hosting, live entertainment, etc.).
  • Unbeatable pricing to its clients – LV Wedding Hall’s customizable service offerings allows clients to choose the services that work best for them and their budget. 

Promotions Strategy 

The promotions strategy for LV Wedding Hall is as follows:

Word of Mouth/Referrals

Brittany Anderson has built up an extensive list of contacts over the years by providing exceptional service and expertise to her clients. Once Brittany advised them she was leaving her current position to open her own wedding venue business, they agreed to help spread the word of LV Wedding Hall.

Print Advertising

LV Wedding Hall will invest in professionally designed print ads to display in wedding magazines, local newspapers, and direct mailers. 

Industry Events – Expos and Conventions

LV Wedding Hall will attend industry events such as wedding and bridal expos and conventions around the county to build a solid network of industry contacts and promote the venue. 

LV Wedding Hall will utilize an in-house marketing director to design and maintain their website. The website will be well organized, informative, and list all their services that LV Wedding Hall is able to provide. 

SEO Marketing

The marketing director will also manage LV Wedding Hall’s online presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Las Vegas wedding venue” or “wedding venue near me”, LV Wedding Hall will be listed at the top of the search results.

Social Media Marketing

The marketing director will create LV Wedding Hall’s social media accounts and maintain an active presence on various platforms such as Facebook, Instagram, YouTube, TikTok, and Twitter. 

The pricing of LV Wedding Hall will be on par with competitors so customers feel they receive value when purchasing their services. 

Operations Plan

The following will be the operations plan for LV Wedding Hall.

Operation Functions:

  • Brittany Anderson will be the owner and president of the company. She will oversee all vendor and client relationships. Brittany has spent the past year recruiting the following staff:
  • Stephanie Smith – Venue Manager who will supervise the event coordinators, manage logistics, and schedule all staff. 
  • Mike Miller – Staff Accountant who will provide all client accounting, tax payments, and monthly financial reporting.
  • Sam Hernandez – Marketing Director who will provide all marketing campaigns and materials for LV Wedding Hall.
  • Mark Johnson – Head Chef who will provide all catering services for the venue.

Milestones:

LV Wedding Hall will have the following milestones complete in the next six months.

7/1/202X – Finalize contract to lease the wedding hall

7/15/202X – Finalize personnel and staff employment contracts for the LV Wedding Hall team

8/1/202X – Finalize contracts for vendors and suppliers

8/15/202X – Begin networking at industry events 

8/22/202X – Begin build out of LV Wedding Hall 

11/1/202X – LV Wedding Hall opens for business

Financial Plan

Key revenue & costs.

The revenue drivers for LV Wedding Hall are the fees they will charge to the clients for their services and fees charged to their clients for rentals (equipment, decor, sound system, etc.). LV Wedding Hall will provide customizable packages and a la carte services as well. 

The cost drivers will be the overhead costs required in order to staff a wedding venue. The expenses will be the payroll cost, rent, utilities, fees paid to suppliers, and marketing materials.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

  • Number of Events per Year: 12
  • Average Fees per Event: $20,000
  • Venue Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, wedding venue business plan faqs, what is a wedding venue business plan.

A wedding venue business plan is a plan to start and/or grow your wedding venue business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your wedding venue business plan using our Wedding Venue Business Plan Template here .

What are the Main Types of Wedding Venues?

There are a number of different kinds of wedding venues, some examples include: Banquet hall, Farm/Barn, and Loft/Modern Event Space.

How Do You Get Funding for Your Wedding Venue Business Plan?

Wedding venues are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Open a Wedding Venue Business?

Opening a wedding venue business can be an exciting endeavor. Having a clear roadmap of the steps to open a business will help you stay focused on your goals and get started faster.

1. Develop A Wedding Venue Business Plan – The first step in opening a business is to create a detailed business plan for a wedding venue that outlines all aspects of the venture. This should include market research on the wedding industry and potential target market size, information on the services you will offer, marketing strategy, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure – It’s important to select an appropriate legal entity for your wedding venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your wedding venue business is in compliance with local laws.

3. Register Your Wedding Venue Business – Once you have chosen a legal structure, the next step is to register your wedding venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options – It’s likely that you’ll need some capital to open your wedding venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location – Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees – There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Wedding Venue Equipment & Supplies – In order to start your wedding venue business, you’ll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business – Once you have all the necessary pieces in place, it’s time to open promoting and marketing your wedding venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising to reach your target audience.

Learn more about how to start a successful wedding venue business:

  • How to Start a Wedding Venue Business

Where can I get a Wedding Venue Business Plan PDF?

You can download our wedding venue business plan PDF template here. This is a wedding venue business plan template you can use in PDF format.

Other Helpful Business Plan Templates

Photography Business Plan Template Event Venue Business Plan Template Catering Business Plan Template

Download wedding venue business plan template

ProfitableVenture

Wedding Planning Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Entertainment Industry » Event Planning

Are you about starting a wedding planning company? If YES, here is a complete sample wedding planning business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a wedding planning company .

We also took it further by analyzing and drafting a sample wedding planning service marketing plan template backed up by actionable guerrilla marketing ideas for wedding planning companies. So let’s proceed to the business planning section.

Wedding planning is a business that anyone with the necessary soft skills (i.e. organizing skills) can venture into. Wedding planning requires that you take off the burden of planning a wedding off the shoulders of your clients. Therefore, you would need an eye for details in addition to the eye you have got.

Confused? Do not be, that was on a lighter note. Now, the truth is that you would need to be extremely detailed. You do not want to come across your clients as one who leaves some kills important details out. If you do not possess this skill now, you may consider building it up.

Starting a wedding planning company is not too expensive except for the money required to rent and furnish an office space. The key to a successful wedding event is to ensure that all that is listed in your wedding event planning checklists is ticked.

As a matter of fact, if you undergo wedding cum event planning training, you are going to be taught how to draft event planning checklists for various events and key components that must be listed in your checklists.

One good thing about wedding planning is that most often than not, weddings are done during weekends and if you are lucky not to be working during weekends, you can successfully test run a wedding planning business. The truth is that, most of the basic skills needed to effectively run a wedding planning business are some of the soft skills you are likely going to acquire in your workplace.

If you are truly convinced that starting a wedding planning company is the right business for you to do, then you need to write your own business plan. Below is a sample wedding planning company business plan template that will help you successfully write yours with little or no stress;

A Sample Wedding Planning Business Plan Template

1. industry overview.

Wedding planners organize and design marriage ceremonies and receptions. A wedding planner ensures that they work with the stipulated budget of their clients and ensure that they deliver a successful wedding event as agreed. In some cases, it is the responsibility of the wedding planner to draw – up a budget for the client once they get a brief of the nature of the wedding event to be hosted.

A close study of happenings in the Wedding Planners industry in the united states shows that the industry has experienced remarkable growth and this is due to stronger economic conditions. It is normal that with increase in disposable incomes, there will be encouragement for more couples to marry, and to spend more on wedding planning or services related to their weddings.

So also, increased internet usage has made wedding planners more accessible to clients, decreasing the industry’s marketing costs and boosting profit margins.

These trends will offset the impact on the industry of changing social norms that have led couples to postpone marriage longer. No doubt, as the economy continues to strengthen, the growth in the wedding planners industry is expected to accelerate.

The Wedding Planners Industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Holland, Nigeria, Switzerland, Australia and Canada et al.

Statistics has it that in the United States of America alone, there are about 39,643 registered and licensed wedding planning company scattered all across the United States responsible for employing about 41,714 and the industry rakes in a whooping sum of $1 billion annually.

The industry is projected to grow at -1.9 percent annual growth within 2011 and 2016. It is important to state that there is no establishment in this industry that has a lion market share.

A recent report published by IBISWORLD shows that the Wedding Planners industry is highly fragmented and largely distributed proportionally with population in the United States. The report stated that in 2015, the Southeast held the most industry establishments of any region, at 29.7 percent of the total. New England and the Rocky Mountains are expected to hold the least, at 4.4 percent each.

The Southeast region is expected to have 29.7 percent of industry establishments. This region also includes the state with the most establishments, Florida, which has an estimated 13.7 percent of industry establishments. The report further stated that States like Florida are population destination wedding locations.

Locations such as Disney World are very popular for weddings, which is why the number of establishment outpaces the proportion of population located in the region.

Lastly, one thing is certain about starting a wedding planner company, if you are able to conduct your market research and feasibility studies, you are more likely not going to struggle to secure clients because there are always individuals (bachelors and spinsters) who would want to hire your services when they are about getting married. Just ensure that the business is properly located and you have the right business network.

2. Executive Summary

Cloe Davenport Wedding Planners®, LLC is a standard and licensed professional wedding planning company that will be based in Panama City – Florida. We have been able to secure a standard and well – positioned office facility in a business district in the heart of the city.

Cloe Davenport Wedding Planners®, LLC will handle all aspect of wedding planning such as wedding coordination, wedding shower / Bachelor’s eve, manage client’s time constraints, manage client’s budget, day-of-coordination services, conceptualization and design, full coordination services, and month of direction et al.

We are aware that to run a standard wedding planner company can be demanding which is why we are well trained, licensed and equipped to perform excellently well.

Cloe Davenport Wedding Planners®, LLC is a client-focused and result driven wedding planner company that provides broad-based services at an affordable fee that won’t in any way put a hole in the pocket of our clients.  We will offer a standard wedding planner services to all to our clients at local, state, national, and international level.

We will ensure that we work hard to meet and surpass our clients’ expectations whenever they contract their wedding planning to us.

Our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the Wedding Planners industry cum event planning industry.

Cloe Davenport Wedding Planners®, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become the leading brand in the professional wedding planners’ line of business in the whole of Panama City – Florida, and also to be amongst the top 20 professional wedding planner companies in the United States of America within the first 10 years of launching the business.

This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our market research and feasibility studies and we are enthusiastic and confident that Panama City – Florida is the right place to launch our wedding planner company before spreading to other parts of The United States.

Cloe Davenport Wedding Planners®, LLC is a private registered business that is owned by Mrs. Cloe Davenport and her immediate family members.

Mrs. Cloe Davenport has well over 10 years of experience working at various capacities within the wedding planners cum Event Planners industry in the United States of America.  She will work with a team of other core professionals to help build Cloe Davenport Wedding Planners®, LLC to become a top brand in the Event Planners industry.

3. Our Products and Services

Cloe Davenport Wedding Planners®, LLC is going to offer varieties of services within the scope of the Wedding Planners industry in the United States of America. Our intention of starting our wedding planner company is to favorably compete with leading players in the Wedding Planners industry both in the United States of America and in the world at large.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below;

  • Wedding coordination
  • Wedding shower / Bachelor’s eve
  • Manage client’s time constraints
  • Manage client’s budget
  • Day-of-coordination services
  • Conceptualization and design
  • Full coordination services
  • Month of direction
  • Wedding planning consulting and advisory services

4. Our Mission and Vision Statement

  • Our vision is to build a professional wedding planner company brand that will become one of the preferred choices for about to wed couples in the whole of Panama City – Florida and every other city where our services will be advertised. Our vision reflects our values: integrity, service, excellence and teamwork.
  • Our mission is to provide professional and trusted wedding planners services that assist our clients in achieving their personal goals as it relates to their wedding event. We are going to position the business to become one of the leading brands in the wedding planner line of business in the whole of Panama City – Florida, and also to be amongst the top 20 professional wedding planner companies in the United States of America within the first 10 years of launching the business.

Our Business Structure

Normally we would have settled for two or three full – time staff members, but as part of our plan to build a standard professional wedding planner company in Panama City – Florida, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our organization.

The picture of the kind of professional wedding planner company we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Panama City – Florida.

We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer / Principal Partner

Wedding / Event Planning Consultant

Admin and HR Manager

  • Business Developer / Marketing and Sales Executive
  • Customer Care Executives

5. Job Roles and Responsibilities

Chief Executive Officer / Principal Partner:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Organizes wedding and other events from start to finish
  • Responsible for interviewing and hiring vendors, selecting and ordering materials, negotiating rates, coordinating the sequence of wedding events, following up with guests and vendors and producing full-scale events.
  • Plans, designs and produces wedding events while managing all project delivery elements within time limits
  • Liaises with clients to identify their needs and to ensure customer satisfaction
  • Conduct market research, gather information and negotiate contracts prior to closing any deals
  • Provides feedback and periodic reports to stakeholders
  • Propose ideas to improve provided services and wedding event quality
  • Organizes facilities and manages all wedding event’s details such as decor, catering, entertainment, transportation, location, invitee list, special guests, equipment, promotional material etc.
  • Ensures compliance with insurance, legal, health and safety obligations
  • Specify staff requirements and coordinate their activities
  • Cooperate with marketing and PR to promote and publicize wedding event as requested by our client
  • Proactively handle any arising issues and troubleshoot any emerging problems on the wedding event day
  • Conducts pre- and post – wedding event evaluations and report on outcomes
  • Research market, identify wedding event opportunities and generate interes
  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Designs job descriptions with KPI to drive performance management for clients
  • Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Oversees the smooth running of the daily office activities.

Marketing Executive / Business Developers

  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
  • Writes winning proposal documents, negotiate fees and rates in line with company policy
  • Responsible for handling business research, marker surveys and feasibility studies for clients
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company
  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • create reports from the information concerning the financial transactions recorded by the bookkeeper
  • Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the organization

Client Service Executive

  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
  • Receives parcels / documents for the company
  • Handles enquiries via e-mail and phone calls for the organization
  • Distributes mails in the organization
  • Handles any other duties as assigned by the line manager

6. SWOT Analysis

Going by our vision, our mission and the kind of business we want to set – up, we don’t have any other option than to follow due process. Following due process involves hiring business consultant to help us conduct SWOT analysis for our business.

Cloe Davenport Wedding Planners®, LLC hired the services of a seasoned business consultant with bias in start – ups in the United States to help us conduct a thorough SWOT analysis and to guide us in formulating other business strategies that will help us grow our business and favorable compete in the Wedding Planners industry.

As a company, we look forward to maximizing our strength and opportunities and also to work around our weaknesses and threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Cloe Davenport Wedding Planners®, LLC.

Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in the Wedding Planners industry.

Aside from the synergy that exist in our carefully selected team members and our strong online presence, Cloe Davenport Wedding Planners®, LLC is well positioned in a city with the right demography and we know we will attract loads of corporate and individual clients from the first day we open our doors for business.

As a new professional wedding planner company in Panama City – Florida, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated Wedding Planners industry; that is perhaps our major weakness.

So also, we may not have the required money to give the business the kind of publicity that we would love to give the business.

  • Opportunities:

The opportunities available in the Wedding Planners industry is massive considering the number of wedding and other events that takes places on a daily basis in the United States. As a standard and licensed professional wedding planner company, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a professional wedding planner company operating in the United States of America are unfavorable government policies , the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power.

There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

  • Market Trends

The Wedding Planners industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.

The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning wedding events, and of course increases in demands from wedding event sponsors.

Although operators in the Wedding Planners industry are increasingly investing in computers and software to engage members and market their organizations online, the industry remains highly labor intensive. The research further states that wedding planner companies rely much more heavily on labor than technology to conduct their operations.

As a matter of fact, social media has now become one of the most important tools wedding event planners leverage on to disseminate information about their wedding events, interact with attendees, solicit feedback, and create year-round engagement with their target audience.

Furthermore, new software apps and emerging technology have made it easier for wedding planners to gather all the needed data and information that will help them plan and project for the future.

In recent time, mobile event apps are becoming more popular; wedding cum event planner can now successfully market their services via social media platforms / online platforms. In the United States for example, there several vendors providing mobile apps with more wedding cum event planners patronizing the apps.

Over and above, increased internet usage has made wedding planners more accessible to clients, decreasing the industry’s marketing costs and boosting profit margins.

These trends will offset the impact on the industry of changing social norms that have led couples to postpone marriage longer. No doubt, as the economy continues to strengthen, the growth in the Wedding Planners industry is expected to accelerate.

8. Our Target Market

Even though Cloe Davenport Wedding Planners®, LLC will initially serve clients within the location where our business is, but that does not in any way stop us from growing to be able to compete with the leading professional wedding planner companies in the United States.

As a standard and licensed professional wedding planner company, Cloe Davenport Wedding Planners®, LLC offers a wide range of services as it relates to wedding planning hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across people of different class and people from all walks of life, local and international clients as well.

We are coming into the industry with a business concept that will enable us work with the highly – placed people (celebrities and public figures et al) and at the same with the lowly placed people. Below is a list of the people that we have specifically design our products and services for;

  • About to wed couples
  • Religious organizations
  • Celebrities and public figures who are still singles and are getting set to wed

Our competitive advantage

No doubt, the Wedding Planners industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them organize their wedding events and take away the stress from them.

We are quite aware that to be highly competitive in the Wedding Planners industry means that you should be able to deliver consistent quality service, your clients should be fell less stress or no stress at all and you should be able to meet the expectations of your clients at all times.

Cloe Davenport Wedding Planners®, LLC might be a new professional wedding planner company in the Wedding Planners industry, but the management team and the owner of the business are considered gurus in the industry, professional who have what it takes to grow a business from scratch to become a top brand within the shortest time possible.

They are people who are core professionals; licensed and highly qualified, people that can successfully help their clients organize successful wedding events. These are part of what will count as a competitive advantage for us. Aside from our robust experience and expertise of our team of experts, we have a very strong online presence that will enable us attract clients from any part of the world

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups wedding planner companies in the United States) in the industry.

It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. We will also engage freelance marketing agents on a commission level to help us market our services.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Cloe Davenport Wedding Planners®, LLC is established with the aim of maximizing profits in the Wedding Planners industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. Cloe Davenport Wedding Planners®, LLC will generate income by offering the following services to individual clients and for corporate organizations;

10. Sales Forecast

One thing is certain, there would always be about to wed couples who would always need the services for professional wedding planners and also there would always be parties and events in the United States of America and as such the services of professional wedding planners cum event planners companies will always be needed.

We are well positioned to take on the available market in Panama City – Florida and of course throughout out the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Panama City to other cities in Florida and other states in the U.S.

We have been able to critically examine the professional wedding planner market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Panama City – Florida.

Below are the sales projections for Cloe Davenport Wedding Planners®, LLC, it is based on the location of our business and the wide range of wedding planning services that we will be offering;

  • First Fiscal Year-: $150,000
  • Second Fiscal Year-: $350,000
  • Third Fiscal Year-: $750,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales strategy

We are mindful of the fact that there are stiffer competitions amongst professional wedding planner companies in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the Wedding Planners industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard professional wedding planner business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our professional wedding planner company to become one of the top 20 professional wedding planner companies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Panama City – Florida, but also in other cities in the United States of America.

Cloe Davenport Wedding Planners®, LLC is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to corporate organizations, religious organizations, households and key stake holders in Panama City and other cities in Florida.
  • Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
  • List our business on yellow pages ads (local directories)
  • Attend relevant international and local expos, seminars, and business fairs et al
  • Create different packages for different category of clients in order to work with their budgets and still deliver quality wedding planning services to them
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients
  • Join local chambers of commerce and industries with the aim of networking and marketing our services

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to take the Wedding Planners industry by storm which is why we have made provisions for effective publicity and advertisement of our company. Below are the platforms we intend to leverage on to promote and advertise Cloe Davenport Wedding Planners®, LLC;

  • Place adverts on both print (community based newspapers and events related magazines) and electronic media platforms
  • Sponsor relevant community based events / programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote our brand
  • Install our Bill Boards on strategic locations all around Panama City – Florida
  • Engage in road show from time to time in targeted neighborhoods
  • Distribute our fliers and handbills in target areas
  • Contact corporate organizations and religious organizations by calling them up and informing them of Cloe Davenport Wedding Planners®, LLC and the services we offer
  • List our professional wedding planning firm in local directories / yellow pages
  • Advertise our professional wedding planning company in our official website and employ strategies that will help us pull traffic to the site.
  • Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our schools’ logo et al.

12. Our Pricing Strategy

Just like in consulting business, hourly billing for wedding planning / event management / training services is also a long – time tradition in the industry. However, for some types of professional wedding planning services flat fees make more sense because they allow clients to better predict the overall service charges.

As a result of this, Cloe Davenport Wedding Planners®, LLC will charge our clients both flat fee and hourly billing as long as it favors both parties.

At Cloe Davenport Wedding Planners®, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to our clients from time to time especially when they recommend clients to us.

We are aware that there are some clients that would need regular access to professional wedding planning consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

  • Payment Options

The payment policy adopted by Cloe Davenport Wedding Planners®, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Cloe Davenport Wedding Planners®, LLC will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via online bank transfer
  • Payment via mobile money
  • Payment via Point of Sales Machines (POS Machines)
  • Payment via check
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for our professional wedding planning services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our professional wedding planning services.

13. Startup Expenditure (Budget)

Starting a professional wedding planner business can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically, what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

However, this is what it would cost us to start our own standard and world class professional wedding planner company in the United States of America;

  • Equipping the office (computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
  • Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
  • The budget for liability insurance, permits and license will cost – $3,500
  • Business incorporating fees in the United States of America will cost – $750.
  • The cost for accounting software, event planning apps, CRM software and Payroll Software – $3,000
  • Other start-up expenses including stationery – $1000
  • Phone and Utilities (gas, sewer, water and electric) deposits – ( $3,500 ).
  • Launching an official website will cost – $500
  • Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
  • Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
  • Miscellaneous – $5,000

Going by the report from the market research and feasibility studies conducted, we will need about one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a medium scale but standard professional wedding planner company in the United States of America. Please note that the salary for the payment of staff members for the first 3 months is included.

Generating Funds / Startup Capital for Cloe Davenport Wedding Planners®, LLC

Cloe Davenport Wedding Planners®, LLC is a partnership business that will be owned by Mrs. Cloe Davenport and her immediate family members. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings and sale of his stocks
  • Generate part of the start – up capital from friends and other extended family members
  • Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $50,000 ( Personal savings $35,000 and soft loan from family members $15,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Cloe Davenport Wedding Planners®, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our professional wedding planning services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Cloe Davenport Wedding Planners®, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance for the Business: Completed
  • Leasing a standard office facility in a good location plus reconstruction: In progress
  • Conducting Feasibility Studies: Completed
  • Generating part of the start – up capital from the founders: Completed
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of Logo for the school: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
  • Creating Official Website for the business: In Progress
  • Creating awareness for the business in Smethport – Pennsylvania: In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with vendors and key players in various industries: In Progress

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Business Plan Template for Wedding Planners

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Wedding planning is a beautiful and exciting industry, but success doesn't come without a well-thought-out business plan. Whether you're just starting out or looking to take your wedding planning business to the next level, ClickUp's Business Plan Template for Wedding Planners is here to guide you every step of the way!

With this template, you'll be able to:

  • Define your unique value proposition and target market to attract your dream clients
  • Create a comprehensive marketing strategy to stand out in a crowded industry
  • Set clear financial goals and projections to secure funding and make informed business decisions

Don't let the stress of business planning take away from the joy of creating unforgettable weddings. Get started with ClickUp's template and turn your wedding planning dreams into reality!

Business Plan Template for Wedding Planners Benefits

A business plan template for wedding planners offers numerous benefits, including:

  • Providing a clear roadmap for the growth and success of your wedding planning business
  • Helping you secure funding from investors or lenders by showcasing the potential profitability of your business
  • Guiding your marketing strategies to attract and retain clients in the highly competitive wedding industry
  • Outlining your services, pricing, and revenue projections to ensure financial stability and profitability
  • Assisting in identifying potential risks and challenges, allowing you to develop contingency plans and mitigate potential issues

Main Elements of Wedding Planners Business Plan Template

When it comes to planning your wedding planning business, ClickUp's Business Plan Template for Wedding Planners has got you covered. Here are the main elements you can expect:

  • Custom Statuses: Track the progress of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
  • Custom Fields: Add important details to your business plan such as references, approval status, and section categorization using custom fields.
  • Custom Views: Choose from five different views to organize and visualize your business plan, including Topics, Status, Timeline, Business Plan, and Getting Started Guide.
  • Collaboration Tools: Use ClickUp's collaborative features like comments, mentions, and task assignments to work seamlessly with your team on your business plan.
  • Document Management: Attach relevant documents, contracts, and financial projections to your business plan using ClickUp's Docs feature.
  • Task Management: Break down your business plan into actionable tasks, assign due dates, and set priorities to stay on track and meet your goals.

With ClickUp's Business Plan Template for Wedding Planners, you'll have all the tools and resources you need to create a comprehensive and successful business plan for your wedding planning business.

How To Use Business Plan Template for Wedding Planners

If you're a wedding planner looking to create a business plan, ClickUp's Business Plan Template can be a valuable tool. Follow these steps to make the most of it:

1. Define your business vision and mission

Start by clearly articulating your business vision and mission. What are your long-term goals and aspirations? What do you want to achieve as a wedding planner? This will help guide your decision-making and set the foundation for your business plan.

Use the Docs feature in ClickUp to outline your vision and mission statement.

2. Identify your target market

Determine your target market by identifying the types of clients you want to work with. Are you specializing in luxury weddings, destination weddings, or a specific cultural niche? Conduct market research to understand the needs and preferences of your target audience.

Create custom fields in ClickUp to track key demographics and preferences of your target market.

3. Analyze your competition

Research and analyze your competition to understand the wedding planning landscape in your area. Identify their strengths, weaknesses, and unique selling points. This analysis will help you differentiate your services and develop strategies to stand out in the market.

Use the Table view in ClickUp to create a competitor analysis table and track key information about your competitors.

4. Develop your service offerings and pricing

Define the services you will offer as a wedding planner and determine your pricing structure. Consider the different packages you can offer, such as full-service planning, day-of coordination, or a la carte services. Set competitive prices that align with the value you provide.

Create tasks in ClickUp to outline your service offerings and assign pricing to each package.

5. Outline your marketing and sales strategies

Develop a comprehensive marketing and sales plan to reach your target audience and attract clients. Identify the channels you will use to promote your services, such as social media, wedding directories, or partnerships with vendors. Determine how you will generate leads and convert them into bookings.

Use the Gantt chart feature in ClickUp to create a timeline for your marketing and sales activities, and set milestones to track your progress.

By following these steps and using ClickUp's Business Plan Template, you'll have a solid roadmap for starting and growing your wedding planning business. Good luck!

Get Started with ClickUp’s Business Plan Template for Wedding Planners

Wedding planners and event planning companies can use this Business Plan Template for Wedding Planners to create a comprehensive plan that outlines their goals, strategies, and financial projections for their wedding planning businesses.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid business plan:

  • Use the Topics View to organize your business plan into different sections such as Executive Summary, Market Analysis, Marketing Strategy, Financial Projections, etc.
  • The Status View will help you keep track of the progress of each section of your business plan, with statuses like Complete, In Progress, Needs Revision, and To Do.
  • The Timeline View will give you a visual representation of the deadlines and milestones for your business plan.
  • The Business Plan View will provide you with a comprehensive overview of your entire business plan in one place.
  • The Getting Started Guide View will give you step-by-step instructions on how to fill out each section of the business plan.
  • Use the custom fields Reference, Approved, and Section to add additional information and categorize your business plan.
  • Monitor and analyze your business plan to ensure it aligns with your goals and objectives.
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How to Open a Wedding Venue in 2024: Step-by-Step Guide

10 Min Read

wedding venue business

If attending a wedding has ever left you surprised at the beautiful setups and sparked the thought of when you could launch your wedding venue, then you’re in the perfect place.

Jumping into the wedding venue industry opens up opportunities in a constantly in-demand market for celebration locations while also giving you the freedom of creativity. This business demands attention to detail, satisfactory customer service, and the flexibility to create a personal touch to the preferences of each couple.

Whether your goal is to earn additional income or to build a more substantial business, this detailed guide is designed to help you start and grow your own wedding venue business.

We cover everything from selecting the ideal location to understanding the legal and financial aspects. All the information that you need to begin and succeed in your perfect wedding venue.

Let’s take a closer look at the operation of a wedding venue business.

Wedding Venue Industry Overview

The wedding venue industry plays a significant role in weddings that happen all around the world. It provides a space where couples celebrate their big day. This business includes a variety of locations such as:

  • Banquet halls
  • Outdoor areas with natural beauty
  • Restroom facilities

Each place is different and helps make a wedding day special and personal.

The wedding planner industry is a highly customizable business that allows for niche expertise. This means that businesses can come up with solutions that reflect their target market, especially in industry trends having rapid growth.

By understanding the unique challenges and sector-specific needs of their clients, businesses can provide customized solutions that cater to their client’s needs.

Start a wedding venue business with 7 easy steps

  • Understand the market and competition
  • Write a wedding venue business plan
  • Figure out your finances
  • Select your wedding venue
  • Zoning laws, licenses, and insurance
  • Wedding venue renovation
  • Market your offerings
  • Start and promote your wedding venue

Making sure every aspect of a wedding is perfect from beginning to end is key to creating a memorable day. It’s important to remember that not only the big moments but also the way the event ends can significantly create a lasting impact on the guest’s experience.

Highlighting the same, Jeff Stillwell, the founder of Stillwell Events, shared his perspective in a conversation with Bride & Blossom.

He said, “If the band stops abruptly, the lights come on while some of your guests are still eating dessert and the party doesn’t have a smooth ending, this last impression will overshadow the beautiful decor and heartfelt moments of your wedding. My job is to make sure this doesn’t happen”

This viewpoint emphasizes how careful planning and effective management are crucial to ensure the conclusion of a wedding is as unforgettable as its beginning.

1. Understand the market and competition

Research the wedding venue market in your geographic area. Look up wedding venues in your region and identify what makes your venue special.

For example, suppose your venue is a lakefront property in a lake region. In that case, you will need to research how many other lakefront wedding sites are there and whether those venues are booked frequently so there’s overflow demand.

Here are a few things you can try answering to make your research comprehensive:

  • How many Local Wedding Venues are there around you?
  • How many weddings, on average, are held in my region annually?
  • What pricing models do competitors use, and what is the average cost of hosting a wedding in the area?
  • What amenities and services do other venues offer?

Gathering answers to these questions will not only help you measure the current state of the wedding venue market in your area. It also identifies opportunities to make your venue stand out and cater to the needs and preferences of your target audience.

2. Write a wedding venue business plan

Before getting things done, it’s important to have a detailed business plan. It helps to understand the start-up costs of your wedding business would incur.

Figure out ways to maintain the balance and seek financing options to source funding. You can find a wedding venue business plan template online to help you get started.

A successful wedding venue understands its goals, services, and strategies, and a business plan is a great way to conceptualize the practical aspects of business management.

This approach will ensure you have a solid foundation to build upon and navigate the path to establishing your successful wedding venue.

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business proposal for wedding planner

3. Figure out your finances

Knowing how much cash you need and finding ways to get it is key to turning your dream into a reality. Let’s help you determine your starting costs, create a budget, and discover funding sources.

Start by evaluating your finances.

Consider the following question to answer:

  • Should you buy or lease your space?
  • Do you have enough for a down payment, or do you need a loan?
  • Do you plan to construct something new or renovate an existing building?

Figuring Out Starting Costs

It’s vital to know your initial costs, which include buying or leasing space, fixing it up, getting licenses, paying for insurance, starting marketing efforts, and buying equipment or decor to ready your venue for weddings.

Understanding these expenses helps you see how much you need to start.

Making a Budget

Next, put together a budget that compares your start-up and running costs with how much money you expect to make. It’s smart to plan for both good and bad financial times.

This keeps you ready and financially sound.

Looking for Money

After you’ve got a clear budget, you’ll know if you need more money to begin. If you don’t have enough funds, think about options like:

  • Loans for small businesses
  • Getting investors
  • Crowdfunding
  • Grants for businesses

These are some ways to find the extra money needed for your wedding venue business.

4. Select a location for your wedding venue

First, think about what kind of weddings you want to host. Are you dreaming of a barn wedding venue or something more modern? Knowing this helps you decide where to look.

Look for a place that’s easy for wedding guests to get to. This means not too far from main roads or public transport. If you want to open a destination wedding spot, think about what makes a location special for couples who are planning their big day.

Chat with wedding planners, wedding professionals, and other wedding venue owners. They can give you tips on what makes a successful wedding venue.

By following these steps and focusing on what makes your venue unique, you can start your wedding venue successfully and become a beloved part of the wedding industry.

5. Zoning laws, licenses, and insurance

After deciding on a place, ensure that you can legally run a wedding venue there. Each location comes with its unique set of regulations and requirements concerning business operations.

Understanding these legal necessities is a must, as they vary widely based on the nature of your business and its geographical setting.

Before starting any construction, hiring staff, or officially opening your venue, ensure you have:

  • Insurance for your property.
  • Insurance for employees, protecting them in case of work-related injuries.
  • Liability insurance

Remember, each permit and policy is a step towards realizing your vision of bringing joy and celebration to people’s lives. With careful planning and attention to detail, your wedding venue can be countless stories of love and happiness.

6. Wedding venue renovation

Initially, identifying the perfect location is a must. Whether it’s a barn venue that offers rustic charm or an outdoor space that provides a natural beauty, the choice of venue impacts its appeal to potential clients.

Once the site is selected, focusing on renovations becomes important to transform the space into a dream destination for couples.

Renovating an existing venue demands a broad approach. It involves upgrading the aesthetics to ensure the venue is visually stunning and more appealing.

Essential services like water and electricity need to be taken care of, especially in outdoor venues where such amenities might not be readily available. This may require engaging with local utilities or might be the need to invest in generators to ensure the venue can accommodate events seamlessly.

The development of restroom facilities is equally important.

Creating a catering space or kitchen area is also needed in many wedding venues.

Parking solutions also form an integral part of the venue’s infrastructure. Finally, the venue size to provide the clients with unforgettable experiences also plays an important role in the business growth.

A venue that captures the imagination, offering beautiful and unique settings for ceremonies and photographs, will stand out in the competitive wedding industry.

7. Staff recruitment and training

When you run a wedding venue business, having a great team is key. Consider factors such as the number of staff you need, their qualifications, and their training requirements.

Finding the Right People

  • Know What You Need: First, think about what jobs need to be done at your venue. You might need people to set up tables, serve food, or keep the place clean.
  • Look in the Right Places: Share your job openings online or in your local community. Sometimes, asking friends or people you work with if they know someone looking for a job can also help.
  • Interview Carefully: When you talk to people who want the job, ask them about their past work and why they want to work with you. It’s important to choose people who not only can do the job but also are excited about making weddings wonderful.

Teaching Your Team

  • Provide Training: Once someone is a part of your team, it’s important to teach them about their responsibilities. This might involve the correct way to arrange tables, the best way to interact with guests, or even the steps to take in unexpected situations.
  • Keep Learning: The wedding business changes a lot. New trends come up all the time. Have meetings with your team to talk about what’s new and how you can make your venue even better.
  • Say Thanks: When your team does a good job, tell them! A simple “thank you” can make people feel happy and appreciated. This helps them want to keep doing a great job.

Having a team that knows what to do and is happy to be there makes a big difference. It helps your wedding venue run smoothly and makes sure that every wedding is as special as it can be.

8. Start and promote your wedding venue

Guide yourself through the process of starting and promoting your wedding venue. Consider factors such as marketing, advertising, and social media.

With the internet and social media, finding a wedding place has changed. Now, people can look up places online and see pictures and reviews. This means that your venue should offer to use the internet and social media properly to show off the venue.

Moreover, your team should be good at talking to engaged couples planning to get married at your wedding venue.

Starting your own wedding venue business is an exciting journey that combines creativity with entrepreneurship. You’ll pick a beautiful place, fix it up, and make it the perfect spot for weddings. This job is all about giving couples a wonderful place to get married and make lasting memories.

To be successful in the wedding venue industry, understand what your client needs. It’s equally important to manage your finances with care and spread the word about your wedding venue.

Creating a detailed business strategy is essential in this process, and utilizing a business plan app can be helpful in planning and would pinpoint your goals and financial forecasts accurately.

Remember, your success will be measured by the happiness and memories you create for the couples who celebrate their special day at your beautiful venue.

The Quickest Way to turn a Business Idea into a Business Plan

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Frequently Asked Questions

How to choose your wedding venue location.

To select a wedding venue, start by setting a budget and estimating how many guests you are inviting. Choose a style for your wedding and find a venue that fits. Make sure the venue is free on your chosen date and offers the facilities you need.

Visit the venue to see it firsthand, look up reviews, prepare for bad weather, and don’t hesitate to inquire about details with the wedding venue owner.

Steps to Starting a Wedding Venue Business?

How to start a wedding venue business, is as easy as it sounds through proper planning, begin by researching the market and understanding your competition. Next, plan to secure a location that aligns with your vision and obtain the necessary permits and insurance.

Create a business plan outlining your services, pricing, and marketing strategy. Invest in making the venue appealing and functional for weddings. Lastly, promote your business through various channels and provide exceptional service to build a positive reputation.

How Much Does It Cost to Start a Wedding Venue?

The cost of starting a wedding venue can vary widely depending on location, venue size, and the extent of initial renovations required. Initial expenses often include purchasing or leasing property, renovation and decoration costs, obtaining permits and licenses, and insurance fees.

Some investments may involve purchasing furniture and equipment for the venue, and marketing.

How to Fund Your Wedding Venue Start-up?

To fund your wedding venue business, consider several options. You could use personal savings or obtain a small business loan from a bank. You can also consider seeking investors who are interested in your business concept and can provide additional capital.

Explore partnerships with other businesses in the wedding industry that could benefit from your venue and might be interested in contributing financially.

How to Make People Aware of Your Wedding Venue?

To make people aware of your wedding venue, implement a multi-channel marketing strategy. Start with creating a professional website showcasing your venue with high-quality photos and virtual tours. Utilize social media platforms like Instagram, Facebook, and Pinterest to reach potential clients and engage with them by posting regular updates, events, and promotions.

Networking with wedding planners, caterers, and other vendors in the industry can lead to referrals.

About the Author

business proposal for wedding planner

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Rakul Preet Singh, Jackky Bhagnani plan Sikh, Sindhi wedding ceremonies

After 3:30 p.m., the couple will hold traditional pheras at ITC Grand South Goa, blending tradition with modernity and infusing personal touches into the rituals.

Rakul Preet Singh, Jackky Bhagnani plan Sikh, Sindhi wedding ceremonies

Mumbai: Bollywood couple Rakul Preet Singh and Jackky Bhagnani, who are set to tie the nuptial knot on Wednesday, will have two wedding ceremonies. The first will be a Sikh ceremony of Anand Karaj, and the second will be Sindhi style ceremony, reflecting both Rakul and Jackky’s cultures.

The couple will have the traditional pheras after 3:30 p.m. at ITC Grand South Goa. The wedding ceremony is said to be a fusion of tradition and modernity, and the two will incorporate personal elements into the rituals.

After exchanging the vows, the couple will reportedly host a grand after-party for all the guests present at the venue.

Earlier, on Wednesday, Rakul had her ‘Chuddha’ ceremony.

The couple began their wedding festivities with mehendi and sangeet ceremonies. During the sangeet ceremony, Bollywood star Varun Dhawan, who is the couple’s close friend, performed to ‘Husn Hai Suhana’ from ‘Coolie No 1’, which is produced by Jackky’s father, Vashu Bhagnani.

Apart from Varun, Shilpa Shetty, Raj Kundra, other family members also performed at the sangeet.

The couple has planned the wedding festivities to be eco-friendly following which no physical invites have reportedly been sent. All the wedding invites have been sent out digitally to the guests.

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From Rakul’s floral lehenga to Jackky Bhagnani’s embroidered sherwani, check out their wedding looks

From Rakul’s floral lehenga to Jackky Bhagnani’s embroidered sherwani, check out their wedding looks

Rakul Preet Singh, Jackky Bhagnani tie the knot in intimate Sikh wedding ceremony

Rakul Preet Singh, Jackky Bhagnani tie the knot in intimate Sikh wedding ceremony

Varun Dhawan, wife Natasha Dalal reach Goa ahead of Rakul-Jackky’s wedding

Varun Dhawan, wife Natasha Dalal reach Goa ahead of Rakul-Jackky’s wedding

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China takes the biggest steps yet to prop up its flailing stock market

  • China's securities regulators are prohibiting major institutional investors from reducing equity holdings at the open and close during trading days.
  • The ban also applies to certain quantitative hedge funds and brokerages. 
  • The country's flailing economy has recently alerted China's President Xi Jinping, who appointed new top markets regulator, Wu Qing.

Insider Today

Major institutional investors in China are no longer allowed to sell stocks at the open or close of market trading on a given day.

Under this order, investors are not permitted to sell more shares than they buy during the first and last 30 minutes of trading, unnamed sources familiar with the matter told Bloomberg . 

It's the latest example of tightened trading restrictions from the Chinese government as it attempts to backstop the nation's $8.6 trillion stock market. The CSI 300 Index recently hit a five-year low in early February.

Meanwhile, newly appointed Chairman Wu Qing , who leads the China Securities Regulatory Commission, has formed a task force with the nation's stock exchanges to oversee short-selling activities and caution companies who benefit from such trades.

In addition to a struggling stock market, China has been dealing with real estate challenges , deflation , and demographic headwinds over the past year. Despite authorities ramping up curbs on bearish wagers and state-backed buying in the markets, they're still facing investors dampening market confidence. 

On top of the trading restrictions, certain brokerages have been instructed to retrieve stock loans extended to clients for short-selling purposes. Certain quantitative hedge funds also remain banned from placing concentrated sell orders and reducing equity positions in their leveraged market-neutral funds — known as Direct Market Access, which was suspended in early February, Bloomberg reported. 

China's local media outlet, Securities Journal, reported on Tuesday that the securities watchdog is considering measures to tighten initial public offering approvals, encourage dividend payouts, and crack down on financial fraud. Additionally, it aims to expedite approvals for equity funds and attract more medium-to-long-term investment vehicles into the stock market.

Benchmark indices in Hong Kong and China rallied on the news. Hong Kong's Hang Seng Index is up 1.57% higher as of Wednesday's intraday trading, while the blue-chip CSI 300 rose 1.35%. 

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Netanyahu's first post-war plan seeks security buffer in Gaza — in blow to U.S. diplomacy

  • Israeli Prime Minister Benjamin Netanyahu has disclosed his first official plan for the post-war future of the Gaza Strip.

In the intermediate term, Israel wishes to "maintain its operational freedom of action in the entire Gaza Strip, without a time limit," as well as to retain a security buffer within the besieged territory.

Israeli Prime Minister Benjamin Netanyahu disclosed his first official plan for the post-war future of the Gaza Strip, calling for Israel's ongoing military presence in the enclave and for the preservation of a security buffer zone — a step antithetical to the wishes of closely-allied Washington.

In a sparse document released overnight and translated by NBC News, Netanyahu outlines the previously stated immediate goals of demilitarizing and eradicating the governance of Hamas, as well as rescuing Israeli hostages held by the Palestinian militant group since the terror attacks of Oct. 7.

"The security perimeter being created in the Gaza Strip on the border with Israel will remain as long as there is a security need for it," the document says.

The U.S., a staunch supporter of Israel's right to self-defense and supplier of weapons throughout the conflict, has previously refuted the possibility of both a reoccupation of the Gaza Strip and a decrease in its grounds.  

"There must be no reduction in the size of Gaza. That remains our position and it will remain our position. So if any proposed buffer zone was inside of Gaza, that would be a violation of that principle, and it would be something that we … that we oppose," U.S. State Department Spokesperson Matt Miller said in December.

Israel also requests a "southern lock" on the border between the Gaza enclave and Egypt — the only stretch of land not controlled by Israel — to avoid the rearmament of "terrorist factors" among Palestinians, while the strip will be completely demilitarized "aside from what is needed to maintain civil order."

Israel-Gaza war: U.S.' alternative resolution is 'vague in timing,' says former U.S. diplomat

Making no mention of the Palestinian Authority — which was expulsed after a Hamas takeover in 2007 — Netanyahu's proposal asks for the Gaza Strip to be administered by locals who are "not identified with states or organizations supporting terror," as well as for Israeli involvement in civilian issues, including education and religion in the predominantly Sunni Muslim territory. Any reconstruction work can only begin at an indefinite time, after these "de-radicalization" and demilitarization objectives have been achieved, the document notes.

Netanyahu also calls for the closure of the U.N. Relief and Works Agency, after accusing that some of its members were involved in the terror offensive of Oct. 7. The U.N. is investigating the claims against the agency, which has been facilitating food and resource distribution in the Gaza Strip and whose schools double as refugee shelters. After several donor countries suspended their funding following the accusations, UNRWA faces the possibility of closing down its operations by early March, an agency spokesperson previously told CNBC.

Is it unclear whether the document, scarce in detail, has been put forward for the vote of Netanyahu's war cabinet. The proposal both appeals to the prime minister's far-right domestic support base and also evidences the conflict between it and his administration. Netanyahu has in the past said there are no plans to reoccupy the Gaza Strip or to deport Palestinian civilians or reoccupy the Gaza Strip, while some far-right members of his government, notably Finance Minister Bezalel Smotrich, have called for the ejection of this population, according to Reuters .

The document also risks deepening the rift in views with Washington, which has supported Israel even as the nation faced scrutiny in the International Court of Justice on genocide charges levied by South Africa.

The White House has long envisaged a two-state resolution to the Israel-Hamas conflict, which has claimed 1,200 lives in Israel and over 29,000 in the Gaza Strip since Oct. 7, according to Israeli authorities and to Reuters-reported figures from the Hamas-run Ministry of Health of Gaza. This outcome would create an independent Israeli and Palestinian state, likely led by the Palestinian Authority, as well as provide security guarantees for Israel. Washington has also been doggedly pursuing a normalization of relations between Israel and Middle Eastern countries, pushing earlier this year for a reconciliation with regional ally and heavyweight Saudi Arabia.

 The U.S. State Department did not immediately respond to a CNBC request for comment.

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IBM Reopens Its Frozen Pension Plan, Saving the Company Millions

The company has stopped making contributions to 401(k) accounts, and instead gives workers cash credits in a new version of its old pension plan.

An illustration of an old computer that's melting, with IBM on the screen.

By Jeff Sommer

Jeff Sommer writes Strategies , a weekly column on markets, finance and the economy.

Traditional pension plans haven’t come back. But the news from IBM might lead you to think so.

Last month, IBM thawed out a defined benefit pension plan that it had frozen more than 15 years ago. The company has also stopped making contributions into employee 401(k) accounts.

These moves are startling, because, on the surface, at least, IBM seems to be reversing a decades-long trend of corporations moving away from traditional pension plans. With the old plans, companies promised to pay employees retirement income that rewarded them for long years of service. But these plans were expensive, and IBM and hundreds of other firms instead began to emphasize 401(k)s that moved the primary responsibility for saving and investing to workers.

IBM’s new approach is significant because the company has been a leader in employee benefit policymaking. What it is doing now is no simple return to the classic cradle-to-grave benefits system. In fact, IBM’s new pension plan isn’t nearly as generous to long-tenured employees compared with its predecessor.

The move has real advantages for some people who work at IBM, particularly those who put little or no money of their own into 401(k)s and who stay at the company for a relatively short while.

Crucially, IBM’s maneuver is likely to be wonderful for its shareholders. The company is saving hundreds of millions of dollars a year by stopping contributions to employee 401(k) accounts. And it doesn’t need to put any money into the pension plan this year — and, probably, for the next few years — because it has plenty of money already in it. On a purely financial standpoint, IBM is improving its cash flow and bottom line.

For a small but important subset of companies — those with fully funded, closed or frozen pension plans — IBM’s move could be a harbinger of things to come, pension consultants say. IBM is using a surplus in its pension fund to simultaneously change its employee benefits package and help the company’s finances.

“You’ll be seeing more of this,” said Matt Maloney, a senior partner at Aon. “But I don’t think it’s really a watershed event because not that many companies are in a position to do what IBM is doing.”

Retirement Basics

IBM calls its new pension plan a “retirement benefit account.” It is nestled, legally and bureaucratically, within the old version. Because it’s part of the defined benefit pension plan, the new plan is backed by the government’s Pension Benefit Guaranty Corporation , which will pay benefits , up to certain limits, if the plan runs out of money or the employer goes out of business.

Unlike 401(k)s, in pension plans the employer makes “the contribution, owns the assets, selects the investments and bears the investment risk,” said Alicia Munnell, the director of the Center for Retirement Research at Boston College.

Employees are immediately vested in the new IBM plan, and can take their money with them when they leave, IBM says. So far, so good.

But for many employees, the change comes at a cost.

IBM will no longer make contributions to employee 401(k) plans. Until now, it made 5 percent matching contributions and 1 percent automatic contributions, according to internal documents that were posted publicly and whose authenticity Jessica Chen, an IBM spokeswoman, confirmed. That money and those accounts are owned by employees. It took a year for employees to be vested in those accounts.

The new retirement benefit accounts are part of a so-called cash balance plan, a pension plan in which the employer controls how the money is invested.

In the new IBM accounts, employees receive credits equal to 5 percent of their salary — 1 percentage point less than the company’s maximum contribution to the 401(k) used to be. For the first year only, employees are getting a 1 percent salary bump to make up for the discrepancy in contributions between the old 401(k) and the new retirement accounts.

Risk and Return

IBM documents show that in the new accounts, employees are guaranteed a return of 6 percent interest for the first three years — an excellent rate under current market conditions.

From 2027 through 2033, the return is likely to fall. Employees will receive the yield on 10-year Treasuries, with a floor of 3 percent. From 2034 on, there is no floor. So if Treasury yields fall below 3 percent — as they were most of the time from late 2008 through early 2022 — a paltry return is all that employees will get.

Remember, in a 401(k), employees are free to invest as they like. People with a long investing horizon can favor the stock market, which tends to produce higher returns than government bonds over long periods.

Although IBM workers can keep their 401(k)s and continue to add money to them, they won’t have the inducement of a company match. How many will continue to contribute remains to be seen. In the new accounts, employees are receiving only fixed-income investments.

That may be fine for people in retirement, but it’s questionable for those with years to come in the work force. Employees may need to increase the equity allocations in their 401(k)s or other accounts.

The Background

At the peak for defined benefit plans, in the 1970s, as many as 62 percent of workers in the private sector were covered solely by these retirement plans, according to the Employee Benefit Research Institute, an independent organization that researches retirement issues.

By 2022, the institute found , only 1 percent of private-sector wage and salaried workers had just a defined benefit plan, while 41 percent participated in only a defined contribution — or 401(k) — plan, and 8 percent participated in both.

Underfunding of corporate pension plans led to the great shift away from defined benefit plans. At first, 401(k)s were supplementary savings vehicles for employees. Now, along with Social Security, 401(k)s have become core elements of retirement.

By closing the old defined benefit plans to new workers and by freezing benefits for people already enrolled in them, companies reduced their potential pension liabilities. They poured money into the old retirement plans to bring them into compliance with government rules, which were relaxed to give companies relief .

But canny management and cooperative financial markets have helped increase plan funding, too. Because pensions are a form of annuities, the increase in interest rates over the past couple of years has made it cheaper to finance existing pensions. On top of that, strong stock returns over the past decade have bolstered fund assets.

These factors have led to a sea change in the funding of the old corporate pension plans. (Public pension plans, on the other hand, face an estimated $1.45 trillion funding gap, according to the Pew Charitable Trusts .) For big companies, the average defined benefit private plan now has more than enough money to pay off its pension obligations. For defined benefit pension plans at S&P 500 companies, Aon says , funding levels rose to 102.7 percent on Feb. 6 from 78.4 percent in 2011.

The Bottom Line

IBM’s defined benefit pension plan is now extremely well funded. Its annual report shows that it had a $3.5 billion surplus in the plan last year, while it paid $550 million annually in 401(k) contributions. It doesn’t need to put fresh money into the pension plan and now, with the shift to the new retirement benefit accounts, it isn’t making 401(k) contributions either.

Professor Munnell estimated that IBM would be able to credit employees with benefits in the new accounts for at least the next six or seven years. Several pension consultants said that if market conditions were favorable, and IBM invested the $3.5 billion surplus at a higher rate of return than the fixed-income rates it was offering employees, it might be able to avoid deploying any cash on these benefits for many years.

The company said its retirement innovation was improving its finances. In an earnings call on Jan. 24, James J. Kavanaugh, IBM’s chief financial officer, said the company’s cash flow was better this year, in part because of “lower cash requirements driven by changes in our retirement plans.” That could be true for years to come.

Other companies with frozen plans that are fully funded could follow IBM’s lead.

This isn’t a return to the richer benefits for long-tenured employees provided by traditional defined benefit plans.

But perhaps cash balance plans combined with 401(k)s are the best that most big companies are likely to be offering. If so, Zorast Wadia , a principal and consulting actuary at Milliman, the pension consultant, suggested, there are a variety of ways of designing retirement packages that make use of pension plan surpluses. Unlike IBM, for example, some companies could continue their 401(k) contributions while starting cash balance plans.

Finding ways to use well-funded pension plans generously but responsibly is a challenge for big companies. IBM has moved cautiously. But it’s in nobody’s interest for companies to make pension promises that they can’t keep.

Jeff Sommer writes Strategies , a weekly column on markets, finance and the economy. More about Jeff Sommer

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The White House 1600 Pennsylvania Ave NW Washington, DC 20500

Remarks by President   Biden on the Saving on a Valuable Education Plan | Culver City,   CA

Culver City Julian Dixon Library Culver City, California

1:18 P.M. PST

THE PRESIDENT:  Thank you, thank you, thank you.  (Applause.)

Well, Dr. Saint-Paul, thank you very much for that introduction.  But, you know, you’re — you’re like thousands of others who — who took out loans for undergraduate school and graduate school and — because you wanted to serve your community, and you have.

But, in the meantime, that $90,000 you borrowed grew to $145,000, even though you kept paying on a monthly basis.

Folks, I’m happy to have been able to forgive these loans because when we realize and relieve Americans of their student debt, they’re free to chase their dreams.

And, Doc, you’ve got one of your dreams: your baby girl.  And a — and by the way, an awful lot of people with student debt are putting off whether they can have a child, whether they can — a whole range of basic, basic, fundamental issues.

And, Mayor Bass, thank you for your partnership and, more importantly for me, your friendship.

And I want to thank the Culver City Mayor.  Where are you, Mayor?

MAYOR MCMORRIN:  Right here.

THE PRESIDENT:  Thank you.  (Laughter.)  Thank you, thank you, thank you. 

It’s great to — and it’s great to be joined by members of Congress: Alex in the Senate and Sydney in the House.  I really appreciate you being here.  It’s a busman’s holiday for you guys to come hear another public official speak, but thank you.

And I know our great Vice President sends her love to all her California friends.  She constantly — all I hear about is California, you know?  (Laughter.)  No, I’m glad to be here.  When I was vice president, all I heard about was Chicago, you know?  (Laughter.)  But I’m making — trying to make sure they hear about Delaware, but it ain’t working yet.  (Laughter.)

Look, Kamala and I ran to lead this country.  We made a commitment to fix our broken student loan system.  That was one of the things we both talked about in the beginning.  Because while a college degree is still a ticket to a better life, that ticket is too expensive.   And too many Americans are still saddled with unsustainable debt in exchange for a college degree.

So, there was a student loan program to be able to afford a college degree, but a lot of people didn’t take advantage of it.  What — and I wanted to make sure they did.

The ability to repay, though, has become so burdensome, a lot of people can’t even repay.  And they try.  They — they don’t miss payments.  They work like the devil every month to pay their bills.  But even if they pay their loans, their debt increases.  It doesn’t diminish because of interest rates.

And I thought I’d — make a lot more sense to relieve student debt for families and it would grow our economy. 

Well, there’s a — were existing programs in the law.  To fix and adjust the programs, we had — we had to change them to make people actually — make them available for — make people eligible.  And that’s what I’ve done when the Supreme Court said I couldn’t go ahead and relieve all the debt.

It helps everyone, not just the people whose debt is relieved.  But when people with student debt are re- — student debt relieved, they buy homes, they start businesses, they contribute.  They engage in the community in ways they weren’t able to before.  That actually grows the economy.  It grows the economy.

That’s why my — my administration is taking significant action to provide student debt relief to so many borrows — borrowers that — many of whom didn’t know they were — they were able to get relief, and do it as quickly and as — as possible.

Look, early in my term, I announced a major plan to provide millions of working families with debt relief for their college student debt.  Tens of millions of people in debt were literally about to be canceled — their debts.  But my MAGA Republican friends in the Congress, elected officials, and special interests stepped in and sued us.  And the Supreme Court blocked it.  They blocked it.

But that didn’t stop me.  I announced we were going to pursue alternative paths for student debt relief for as many borrowers as possible.  And that’s the effort that’s been underway the last two years.

I fixed what’s called the “SAVE Plan.”  It existed, but I fixed it to make it the most affordable repayment plan ever.

Before I took office, student borrowers had to pay 10 percent of their discretionary income on a monthly basis.  If they made less than — if they didn’t have enough to do that, they were able to not have to pay that month, but the interest continued.  A lot of people don’t have the means to do that, though.

Under my SAVE Plan, we’re cutting in half to 5 percent the undergraduate borrowers — what undergraduate borrowers have to pay after their living expenses are accounted for.

That means no one with an undergraduate loan, whether it’s a community college or a four-year college, will have to pay more than 5 percent of their discretionary income to repay those loans starting in July.  And that’s income after you pay the ne- — for necessities like food and housing. 

Already 7.5 million Americans have enrolled in this so-called SAVE Plan.  And there’s more than 4 million of those borrowers had their monthly payments drop to zero if they’re living paycheck to paycheck, below a certain level.

This plan is the most generous repayment program ever, and today we’re doing it even faster and quicker than ever before.

I’m proud to announce our SAVE plan.  We are immediately canceling the debt loans for over 150,000 borrowers nearly six months ahead of schedule.

Starting today, we are canceling student debt for borrowers who are enrolled in the SAVE Plan and have been paying student loans for as little as 10 years.  If they took less than tw- — if they borrowed less than $2,000, it’s forgiven — they — $12,000, excuse me, it’s for- — the loan is forgiven.

This action will be a huge help to graduates of community college and borrowers with smaller loans, putting them back on track faster for debt forgiveness than ever before. 

And this builds on other progress I’ve made in canceling student debt for close to 4 million Americans through various actions. 

For example, we fixed what was called the Public Service Loan program — Loan Forgiveness program, which was designed to make sure that school teachers, firefighters, law enforcement officers, social workers, public servants get their student loans forgiven if they make payments for 10 years in a row and the 10 years of public service at the same time.

When I took office, there were 7,000 public servants who had taken advantage of this program and had them forgiven, but thanks to the reforms we made in the program, now there are nearly 800,000 have had their debts forgiven — 800,000.  (Applause.) 

Look, let me close with this.  This is — kind of relief can be life-changing for individuals and for their families.  And it’s good for the economy as a whole.

By freeing millions of Americans from the crushing debt of student loan programs, it means they can finally get on with their lives instead of getting — their lives being put on hold.  They can think about buying a house, starting a home, starting a family, having a family future that they can enjoy, or saving for the family’s future — saving and being able to put away a little bit of money.

I’m proud to have been able to give borrowers, like so many of you, the relief you earned.  I promise you I’m never going to stop fighting for hardworking American families. 

 So, if you qualify, you’ll be hearing from me shortly.  Thousands of people per month are eligible — about 25,000 a month are eli- — or every two months — it will be paid at a 50,000 basis — but are eligible for relief, and they’ll be getting a letter from me letting them know they’re qualified.  And when they get that letter, your debt is going to be forgiven.

Look, folks, and it’s also helping you who don’t go to college.  It’s not just — you know, people say to me sometimes, “Well, Joe, that’s great, you’re helping people get into college, but how about all those hardworking people you grew up with in the neighborhood?  How about all those folks in labor unions?  How about all those hardworking people that work with their hands, why should they…”

Well, just today, my Labor Department announced 200 — this is not the student loan program, but $200 million in grants for registered — registered apprenticeship programs around the country — while you can learn a skilled trade and lead to good-paying jobs.

You know, everybody thinks if you’re an electrician, you — you say, “I want to be electrician,” and you’re all — you got to go to school, basically.  These apprenticeship programs are four and five years before you qualify to have a license.  They work like hell to get these licenses. 

And guess what?  If you work with your hands, you ought to be able to make a decent living.  And that’s why they’re doing it now with my prop- — my — my position on organized labor.

So, it matters.  All of this matters.

My dad used to say, “Joey, a — a paycheck is about more than — a job is about more than a paycheck.  It’s about your dignity.  It’s about opportunity.  It’s about being able to look your kid in the eye and say, ‘Honey, it’s going to be okay.  You got a chance.’” 

That’s all we’re doing — and people are taking advantage of it — giving people a chance, a fighting chance to make it, because no one who’s willing to work hard in America should be denied the opportunity to have that chance.

And so, I — how many of you had student loans forgiven here? 

All right.  (Laughter.) 

I tell you what, how about anybody over $10,000?  $30,000?  $50,000?

AUDIENCE MEMBER:  Next month.

THE PRESIDENT:  Next month?  Okay. 

Anyway.  Seriously, thank you. 

And people have to understand: You not only did the right thing by busting your neck and going back to school and doing as well as you did in school, but you’re breaking your neck for people.  You’re doing it through programs that benefit the society — benefit the American people. 

Just like I got criticized not long ago for being too favorable on organized labor and unions.  Well, they’re the best workers in the world.  They’re the most qualified technicians in the — no, they really are.  They really are.  

And — (applause) — and the economy is growing.  It’s growing — jobs, income — across the board.  We have the most advanced economy of any major nation in the world.

We’ve got a lot more to do, but with the help of all of you college graduates who — who have paid off your student loans now, I’m confident we’re going to get it all done.

Thank you, thank you, thank you, thank you.  Appreciate it.  (Applause.)

Q    Do you worry this will get shut down in court? THE PRESIDENT:  I don’t have a worry at all. 1:29 P.M. PST

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