Starting a Wedding Planning Business in Today’s Economy

After a year of record unemployment and global financial market meltdowns, many people have decided that 2009 is the year to finally follow their dream and start a wedding planning business. While the fundamentals of starting a business remain the same, today’s new business owners must be more fiscally responsible and creatively productive than ever.

Whether you are a veteran Certified Wedding Planner or brand new to the industry, starting your own business begins with making a plan. You will decide on your business’ name, structure, and financing as well as obtain the appropriate licenses, permits, location, and equipment. Beyond the basic logistics, a successful wedding planning business owner must have an up-to-date working knowledge of wedding industry trends and etiquette. This can be gained through earning a wedding planning certification and by keeping abreast of industry websites, publications, and television productions.

While the wedding industry has historically been considered resistant to recession, the current economy is testing that theory as never before. As wedding budgets decrease, planners must be ready to revamp their playbook to include options to deliver more value for less money. For the new wedding planner, this means crafting and pricing a list of services that includes more a la carte and simplified planning solutions.

More so than many other business proprietors, a wedding planner relies on a dozen or more other goods and services providers to meet their clients’ needs. Researching, networking, and building relationships with the various wedding vendors and venues in your area will give your new business the credibility, resources, and exposure it needs to get started. Membership and participation in reputable wedding planning and bridal associations as well as your local Chamber of Commerce will further introduce you to new business opportunities.

As you begin to successfully satisfy clients, be sure to collect their testimonials to enhance your planning portfolio. Be ready to display your work to potential clients in consultations and at bridal shows as well as when networking with industry partners. When advertising costs can be prohibitive, establishing strong word-of-mouth buzz about your exciting new business is invaluable.

Starting a wedding planning business is a challenging and rewarding way to take control of your financial future. To improve your likelihood of business success, consider working with a seasoned planner as a mentor or partner. Not only will you gain real-life experience, but you will begin to build your reputation as a professional wedding planning service provider without having to know everything upfront.