How to Start Wedding planning services business in 2022
Overview
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
This types of services are usually chosen by the upper middle class and upper class population
The licenses required to set up this business are
The investment you require to set up this business entirely depends on
However, a typical investment of ₹5 lakhs – ₹10 lakhs is minimum for you to set up your
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 services you’ll be providing as a wedding planner would be:
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
The raw materials required for your wedding planning services is
The manpower options for your wedding planning services is
Or
However a big-budget wedding calls for you to have a team and coordinators of your own
The business model of this wedding planning service can be defined using these 4 variants
The wedding planning services has witnessed and has the potential for the following growth prospects
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:
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