So you've decided you want to be a wedding planner. You've seen the movies and it looks like so much fun. You've helped a friend plan her wedding, or maybe you have planned your own. As a child, your favorite pastime was playing tea party. But do you have what it takes to be a professional?
Hard
Work - The world of event planning is not a glamorous
one! While movies show wedding planners standing in the
background enjoying the accolades of a job well done, this isn't always
the case in the real world. The truth is from the time you
get out of bed on the wedding day until the last guest departs, you are
on the go all day long. Eating is a luxury, and aching
muscles are the norm. If you think this career is a fun and
easy way to make quick money, you should stop reading now!
Experience
- In addition to an education in marketing, public
relations, or business management, work experience in the hospitality
industry can be the best way to learn about the special events
industry. Working in a hotel's convention services or
catering department will expose you to a variety of events and
situations that will help you produce events of your own.
Internships with large event production companies will also help with
your hands-on training.
Financing
- As you will see by some of the figures below, you will
need a significant amount of start-up capital or credit cards to get
your business under way.
Training - Even with experience, specialized training can be a great benefit. You should be prepared to spend $1,000 or more on training classes and materials before you get started, and $500-$2,000 per year to attend continuing education seminar and national conferences.
Advertising - Print advertisements in regional publications will run at least $1,000 per year, per publication. You will also want to consider advertising in the yellow pages, online, and bridal shows. In your first five years of business, you should expect to spend at least $4,000 per year on advertising.
Marketing - In addition to advertising, you will need to invest in marketing for your business. You should consider hiring a professional to design your logo, website, stationary, and marketing materials. The price tag for professional design and printing can easily run over $3,000.
Insurance - Business liability insurance is a must for every small business. As your own boss, you will need to consider health insurance, in addition to a retirement savings plan.
Office - To set up your office, you should plan to spend at least $2,000 on office machines, furniture, and supplies. You will need a computer, printer, scanner, and fax machine, as well as a dedicated business phone line.
State and Local Fees - Your city, county and state offices will have different requirements and fees for establishing your business. You should expect to pay an annual occupational license fee, in addition to fees for registering your business name and corporate filing fees. In your first year of business, these fees are likely to be $100-$300.
Stamina
- You should be ready to face rejection, overcome a
variety of obstacles, and have a passion for the job that will help you
deal with both. Aside from the "celebrity" planners that you
see on TV, most wedding consultants would not be able to stay in
business if their spouse did not make enough money to pay the bills.
Plus, according to the U.S. Bureau of Labor Statistics, 34% of new
businesses will fail in their first two years, and 56% will fail within
their first four years. Before investing a lot of time and
money, be sure that this is truly the business for you.