How to Start Wedding Planning Business?
No one wants their big day to be any less perfect than how they imagined it to be. This is why wedding planners are in great demand – for outsourcing the entire planning and execution for the innumerable functions. If you’ve been thinking of entering the wedding planning business, you’re on the right track! This is a flourishing industry, given India’s huge working population that is more willing than ever to spend on its Big Day.
Wondering how you should start your wedding planning business? Here’s some guidance to help you get started right away.
Conduct thorough industry research
You must understand the wedding market before you start your wedding planning business. And the way to do it is through market research. So, take stock of the current wedding trends from wedding magazines, books, blogs, and even competitor websites. Doing this helps you paint a realistic picture of what it takes to run a successful business and prepares you for any roadblocks you might face in your wedding planning journey.
Have a business plan
Once you know your target market, the next step is developing a solid business plan. You need to make both short and long-term goals, reach out to your ideal clients, and get that first contract. Your business plan should include all the crucial details – goals, marketing, recruitment, et al. Of course, it’s also important to define your niche and scope of services/products.
Make an initial investment
To start any business, you need to make some preliminary investments to set the ball rolling. This could mean investing in laptop, a co-working space for meetings, a hard drive to store client data, photos, etc.
Safe to say, these costs can quickly add up if you don’t have enough funds at your disposal. But should it affect your entrepreneurship dreams? Absolutely not! Simply get a business loan from a trusted lender to finance your investments. Need help choosing the right loan? Many lenders provide a nifty business loan calculator on their website as well.
Hire a competent team
You already know that a wedding requires smooth collaboration between decorators, choreographers, makeup and mehndi artists, caterers, event management professionals, etc., to be successful. So, you must scout the right partners to help you out. If you’re just getting started, make a list of freelancers in each of these areas, review their work, and reach out to them.
If you need help with finances, you can get a loan at competitive business loan interest rates pretty easily too!
Conclusion
Starting a wedding planning business can be overwhelming. But don’t let a lack of finances stress you out, especially when you can get a loan easily! The best part? Many lenders also provide structured EMI plans tailored to you. Want to know how much financial stress you can avoid with a good plan? Use a business loan EMI calculator today to find out.
