How to Start a Wedding Planning Business - A Step-By-Step Guide

3. Legal Considerations:

The next step is to decide how to structure the business for taxation and legal purposes. The entity you choose should protect you from legal complications. Setting up your wedding planner business as a limited liability company will be the right choice, as it will not make you liable for any business obligations and debts. 

4. Build a Portfolio:

Build your portfolio by providing different kinds of wedding plans and packages. For instance, a complete wedding package will plan the event from the first consultation day to vendors, concept, etc., while a partial plan will only manage the wedding day. The more extensive services you offer, the costlier the package will be.

Also Read: 10 Ways to Stay Organised During Wedding Planning

5. Set Your Pricing:

Setting the right pricing for your packages is crucial. Don't set it too discounted to attract clients, as it might give an impression of cheap service. Neither set it too high, as you may lose some good customers due to budget constraints. Market research will help you set competitive pricing according to similar service providers in the market.

6. Create a Brand:

While several wedding planners might be in your locality, you must create a brand by offering something unique. Understand your clients' expectations well and do your best to fulfil them. Think of an attractive name, create a brand logo and tagline, and include them in your marketing plans to make a statement.

7. Network and Marketing:

Start marketing your business to attract clients. Marketing at trade shows, bridal boutiques, and wedding venues will help you find new clients. Happy customers will provide referrals and contribute towards word-of-mouth marketing, giving your business a much-needed boost.

8. Client Contracts and Agreements:

While entering into a contract with your clients is necessary to safeguard both parties’ rights and duties, and ensure your contracts and agreements are transparent. Include different clauses in the documents to avoid any legal complications later. 

Also Read: 10 Simple Steps For Planning Your Dream Wedding

Estimation Cost to Start a Wedding Planning Business

Here is a list of expenses you must be prepared for before learning how to start a wedding planning business:

Website: Building and keeping a website updated requires hiring a web designer and developer. The cost may vary based on the service, brand name, and package you choose.

Software: You might need different software programs to manage accounts, clients, orders, vendors, payments, marketing, etc. 

Professional Photographer: Photography is an important part of wedding celebrations to capture memorable moments. However, wedding photography is expensive, and you must allocate a substantial budget to professional photographers.

Advertising: No matter how good you are, you might only attract clients if you create an efficient marketing plan. Invest in online and offline advertising mediums to get the clients you deserve.

Business licenses: Business registration, GST registration, getting an employer identification number (EIN), etc., are some requirements you must fulfil to build your wedding planner business. These might cost a bit, so you must be prepared for them. 

Co-working space: You will need a co-working space to attend to your clients, display portfolios, keep records, organise meetings, etc. Buying or hiring this space is one of the most considerable costs you must handle. 

Here is an estimated cost of the expenses involved: 

Nature of Business	Estimated Cost/td>
Website	Rs 12,500 to Rs 35,000*
Software	Rs 2,000 to Rs 10,000*
Professional Photographer	Rs 50,000 to Rs 2 Lakh*
Advertising	Rs 1,500 to Rs 25,000*
Business licenses	Rs 1,500 to Rs 15,000*
Co-working space	Rs 10,000 to Rs 2 Lakh*

Also Read: Nature Of Business - All You Need To Know About It

How Can a Business Loan Help You Expand a Wedding Planning Business?

After establishing your wedding planning business, learning how to start expanding its operations is important. Thorough planning and ample funds are required to grow this business. Here, a Business Loan from Hero FinCorp can be of great help. It can help you build the company in the following ways:

• Ample loan amount of up to Rs 40 lakh
• Flexible repayment terms of up to 60 months
• Attractive interest rates starting at 14%
• 100% digital application 
• Instant approval and quick access 
• No collateral requirement 
• No usage restrictions

Steps to Apply for a Business Loan Online

Do you plan to apply for a Business Loan from Hero FinCorp online? Follow these steps to get the required funding:

• Step 1: Visit the Business Loan page on the Hero FinCorp website and click ‘Apply Now’
• Step 2: Fill out an online application form and submit the necessary documents 
• Step 3: Enter your desired loan amount and select a suitable repayment tenure
• Step 4: Receive a reference number for future use
• Step 5: A representative will get in touch for more information if needed 
• Step 6: Get a loan offer, accept it, and get disbursal directly into your bank account

Also Read: How To Start A Business - A Step-By-Step Guide

Conclusion

Setting up a wedding planner's business is profitable, but it takes dedication, communication, and multi-tasking capabilities to succeed. Consider the money and time required for investment. Once established, borrow a Business Loan from Hero FinCorp for expanding operations. 

Hero FinCorp offers Business Loans at reasonable interest rates and flexible repayment tenures to help you expand your wedding planning business across India.

Frequently Asked Questions

1. How much can you make from planning a wedding?

On average, a wedding planner can make around Rs 1 Lakh per wedding.

2. Is wedding planner a good business?

If you enjoy seeing happy faces by fulfilling their desires, being a wedding planner can be a good business option.

3. Is the wedding business profitable?

By earning around Rs 1 Lakh per wedding, a wedding planning business can be a profitable business idea.

4. How do wedding planners get clients?

Wedding planners get clients through efficient marketing, collaborations with wedding venues, caterers, photographers, etc., and word-of-mouth advertising.

5. How do I price myself as a wedding planner?

Research the market, know your target audience, and analyse your competition before pricing yourself as a wedding planner.

6. How much does a pre-wedding photoshoot typically cost?

A pre wedding photoshoot typically costs between Rs 20,000 to Rs 1 lakh in India, depending on the location, photographer's expertise, duration of the shoot, and additional services like makeup and styling.

7. What is the Wedding Planning Business?

The wedding planning business involves coordinating and organizing weddings, including venue selection, décor, catering, and logistics management. It falls under the "nature of business" related to event management and hospitality services.

Disclaimer: The cost estimates provided for starting a wedding planning business are approximate and based on industry averages. Actual expenses may vary, and individuals are advised to conduct thorough research and seek professional advice for accurate financial planning tailored to their specific circumstances. The creators of this estimation are not liable for any financial decisions made based on this information.