How to Start Wedding Planning Services Business
How to Start Wedding planning services business
How would you define a marriage? A union of two people as partners in a personal relationship? Now, how would you define a wedding? The occasion celebrating marriage? Is it though?
Well, go through this!
On an average, there were around 61 million weddings that took place in the world in 2019. India, accounts for 10 million weddings per year, with atleast 2000 people getting married every day.
The Indian wedding industry is estimated to be of $45-50 billion in size with all the families slicing a piece of 20% of their entire cake worth wealth on this occasion.
This trend to be the “talk of the town” has been requiring some assistance and that’s where you, a Wedding planning service, could jump in.
A wedding planning service is a hired service which allows a person to hire a team of professionals to assist them with the finances, events, design, planning and management of their wedding.
The reason why the market potential is very vast is..
There are around 9 religions followed in Indian with as many as 3000 castes and sub castes with each having its own traditions, cultures, rituals
Along with that, there are people wanting to make their marriage the most memorable moment of their lives, has called for this occasion to be perfect.
Given this reason, the wedding planning services are high in demand and are expected to account for a market of $1.6 trillion by the end of 2020.
Another reason as to why, this business has a vast potential is because marriages happen, irrespective, period.
And this constant need of every typical Indian family to be counted in the list of “The big-fat Indian weddings” has made them portray marriage as an event to display their social standing more than to celebrate the occasion.
But remember, “ The most memorable moment of their lives” so the benefit of doubt slips there.
Now, if you want to make some business out of people getting married, yes, you heard it right! Here are your options
Choose the types of wedding planning service you could get into
- Full time wedding service: This involves being there from the moment the wedding is planned to planning the after wedding services as well. It mainly consists of
This types of services are usually chosen by the upper middle class and upper class population
- Tracking budgets
- Attending appointed related to the event
- Contract review and vendor recommendation
- Handling the various pre wedding events
- Designing the wedding
- Partial wedding service: Is usually required by the tier-2 it tire-3 city population these usually come up with
- Specific wedding packages
- Design and décor packages
- Specific event planning packages
- Day of coordination wedding service: The responsibilities of this services include
- Creating wedding day itinerary
- Coordination of Vermont
- Distribution of pay checks
- Cleaning up
The licenses required to set up this business are
- Registration as a PVT LTD, under MAC and ROC
- GST registration
- Aadhar card and PAN card
The investment you require to set up this business entirely depends on
- the types of wedding service you choose
- The budget of the wedding you are planning
However, a typical investment of ₹5 lakhs – ₹10 lakhs is minimum for you to set up your
- Laptops and other coordinators
The profits one can earn from this business depends on the budget of the wedding they planning.
A typical ₹1 lakh – ₹10 lakh wedding could get you a profit of ₹1 lakh per month
- The only target consumers for your business are the people who are getting married.
- There’s a distinction which can be made on the basis of budget of the wedding you’ll be planning depending on your capability. So your options are as follows:
- ₹1 lakhs – ₹5 lakhs
- ₹ 10 lakhs – ₹1 crore
- ₹2crore – ₹10 crore
- ₹11 crore – ₹ 100 crores
The services you’ll be providing as a wedding planner would be:
- Budget management
- Vendor management
- Event timeline
- Proposal planning
- Pre-wedding photography
- Out of town wedding guests
- Luxury destination weddings
- Honeymoon packages
- Wedding guest lists
- Permission and licenses
- Event choreography
- Bridal make up
- Bridal shower and bachelorette planning
- Favours and gifts
- Security and valet
- Weddings and event outfits for bride and groom
Don’t want to scare you with more, but this is what a 7 letter word “wedding” calls for
The area required to set a wedding planning service is 500-709 sq fr
Raw materials required
The raw materials required for your wedding planning services is
- Laptops and computers
- Work mobiles and phones
- Contacts and affiliations with designers, architects, fashion designers
The manpower options for your wedding planning services is
- 7-10 skilled employees
- 2- unskilled employees
- You could hire free lancers as and when required
However a big-budget wedding calls for you to have a team and coordinators of your own
Business model and growth
The business model of this wedding planning service can be defined using these 4 variants
Value proposition: The value which this business is likely to provide to you is
- Minimal raw materials requirements
- High profit margin
Target consumers: The target consumers for this business are
Competitor review: The few key competitors in this busines are
- Shaadi squad
- Divya Vithika
Marketing strategy : The marketing strategy that can be implemented by your business is
- Word of mouth
- Tie ups with designers and performers
- Social media
The wedding planning services has witnessed and has the potential for the following growth prospects
- The Indian wedding services are expected to grow at a CAGR of 25%-30% annually
- It is like to accounts for $1.6 trillion by the end of 2020.
Also read :
The profit margin which this business is likely to get to you is 20%
The definitions for marriage and weddings no longer remain the same now, don’t they? Be a part of this trillion dollar industry and here:
- Firstly, with the growing trends in wedding require assistance in terms of planning and execution to make it the “wedding of the year” a title everyone’s after which can be made possible through wedding planning services
- Secondly, the profit margin from this business is vast
- Lastly, it comes with low investment and has a wide scope for expansion
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