So you want to start a wedding venue business?
As I was walking through this beautiful almost 3 acres historic property that Kima Commercial has listed, the owner says : “You know Mehdi, this property can make a gorgeous wedding venue with its own red barn ”. So, I started imagining a southern style wedding where guests are dancing on the lawn with this beautiful Victorian style house as their back drop, tables that are beautifully set up in the red barn under crystal chandeliers and I forgot for a second that I was in the middle of the Town of Wake Forest, NC and then I realized that the owner is right: This property with its Victorian style house, with its size, its location and being already zoned for commercial use can make a great wedding venue so if you have the same vision, here are some of the things you need to consider first:
#1: Do your research and spend time looking at properties, check out wedding venues and find a venue owner mentor. This last one may be tricky because you may be soon the competition, but you should be able to find a helpful venue owner in a different state.
#2: Join one or more of the venue associations to collect information such as the International Association of Venue Managers and National Associations for Catering and Events.
#3: Research the venue competition in your local market to see what they offer and the market they target so that you can offer something unique like being in a historic property. Your connection with venue associations and or a mentor can help you identify the opportunities in your market the competition is not covering.
#4: Research what services your venue will offer, such as wedding planning services, catering and photography. You can also attend wedding conventions and talk to couples who are actively looking to book their venues.
#4: Use TheWeddingReport.com to get specific numbers for your market such as the number of weddings in your local market and a breakdown of spending by category. For example, some the numbers in Raleigh Metropolitan area for 2018: 6,628 was the number of weddings and $26,797 was the average wedding cost.
#5: Check with the local zoning boards and get a list of all the permits you will need along with their cost and what it takes to get them all.
#6: If your wedding venue vision includes a barn and the property you are considering does not have a barn or has one but needs renovation, then talk to builders with specific experience renovating barns and bringing them up to code as safety is key. A good real estate agent and a construction manager may be vital here as they can advise on total cost right from the start.
#7: Once you have decided on your product offering and location, an immediate factor is to consider the cost of purchasing or developing the venue versus the income you can expect for the business. Bank loans and other borrowing may be necessary, so you’ll need a good business plan to support your loan application. Weddings are typically good for cash-flow since you’ll be making bookings, and receiving a percentage
of the fee, up to six or nine months in advance. Pull this information together in a solid financial projection to help with your finances.
11300 Capital Blvd, Wake Forest
The Secret to Profitable Wedding Venues
As recession-proof start-ups go, a wedding venue business is a good bet. Just more than 2 million marriages take place every year in the U.S., according to federal government data and many of the ceremonies and receptions will take place in a rented wedding venue.
Starting your own wedding venue business is a way to help each couple you host have the experience they dream of while you reap your share of the multi-million dollar wedding industry. Like other wedding businesses, venue owners need to know their numbers to find success. They also need to know the following:
1. How much income do you need to draw from the business?
2. How much are your expenses?
3. How many weddings do you need to book at what price to make your target sales
4. How many leads and website visitors will you need to hit those booking numbers?
Do your research, know your numbers and your competition and you’ll know whether this is the adventure for you.
If you’re interested in commercial real estate, wedding venues, and/or the great property we have listed at 11300 Capital Blvd, reach out today!