Smart couples understand that planning a marriage is more important than planning a wedding. Still, the wedding industry is booming. Even in this present economy, brides are spending big money on their special day. According to an annual survey by The Knot, brides in 2010 spent nearly $30,000 on their weddings. In fact, 12 percent of brides spent more than $40,000. That’s a chunk of change, and by the way, the above numbers do not include a honeymoon.
Second only, perhaps to purchasing a house, a wedding ceremony is the greatest expense a couple will incur (before the arrival of children). It is apparent that most couples are willing to shell out plenty of clams, for what will hopefully be their once in a lifetime event. The wedding ceremony alone, takes on a life of its own, and is as varied and unique as the couples who plan them. A good business is one, which finds a niche and fills it.
Wedding planners, may consider a business that presents an all-inclusive approach, a fantastic business enterprise. Not to reduce the solemnity of the wedding ceremony to simply a financial proposition, but emotional elements aside, the sky is the limit. Wedding industry businesses would do well to consolidate services.
A one stop wedding shop could provide everything from rice to table runners. I am not suggesting a Las Vegas style wedding ‘stop’, where the minister’s wife performs the roles of witness, guest and bridesmaid. However, this all-inclusive nuptial business would encompass all things wedding: flowers, candles, food, limos and the venue. A savvy one stop wedding shop would rake in revenue and provide substantial savings for soon to wed couples.
For example, fewer couples are choosing to join themselves in matrimony, in a house of worship. Church weddings have dropped 10% in the last year in favor of alternate venues. Businesses that provide halls, banquet rooms, beachfront property etc., might seize this opportunity to also provide other traditional wedding accouterments. Venues employing photographers, florists and caterers may receive a bigger slice of the fiscal wedding ceremony pie (or cake, as the case may be). Remember, brides are spending between thirty and forty thousand dollars on their weddings. Traditionally, the fiscal pie is sliced into many pieces and divided among numerous businesses. The more services your business can feasibly provide, means more money in your pocket, and less deposited in the single niche, wedding business down the road.
Perhaps it is implausible that a bride and groom find everything desired for their wedding under one roof. But, it is not too imaginative to contemplate the possibilities of a wedding business that followed such a business model. At the very least common factors can be combined. If you are in the matrimony business, this does not mean that you must completely re-invent your company. However, joining forces with a friend who is in a similar business could be equally rewarding for you both.
If you own a ‘wedding hall,’ hiring a florist, or professional baker as an associate or independent contractor, will expand your business opportunities. Additionally, a hall owner might offer a package that includes rent of the hall for the reception, and the rehearsal dinner.
A selection of wedding cakes might also include a selection of wedding toppers, ceremonial cake knives, toasting glasses and a bottle of bubbly to toast the happy couple. Limousine owners might have photographers on staff. This would come in handy for high school proms as well, but I digress.
Businesses catering to the wedding industry have been consolidating services for years. But, a look into what is involved in preparation for a wedding will reveal there are ample opportunities for amalgamation. Planning a wedding involves no less than a dozen categories for which to plan, (ceremony, reception, apparel, honeymoon, gifts, photography etc.) and each category has many sub-categories. If your business provides just one or two services within these categories, it may be wise to invest in a careful research of supplementary opportunities.