All-Inclusive Wedding Business Plan?

[maggieeld]

In the local economy (Ocala, FL) businesses close, daily. I have the oppertunity to run my dream business & presently own a biz already that does well: I have an idea & I need advice. I can lease (& live there at the same time in this dream place) a beautiful mini-mansion, perfect for hosting weddings, events, parties, etc., & it has a basement in which my fiance can put-in his dream music recording studio. We can afford this place, however we'd be financially tight. So I thought: Use it as an all-inclusive place where events & weddings can be hosted. Offering my event planning servce; the house as location; honeymoon night in the master suite; I also have a relationship with the manufacturer of major label (Maggie Sottero, Mori Lee, Divinci, you name it I can get-these gowns costing thousands for only $200 or less, direct. Fiance is a chef & can do the food. Undercut everyone else; also handle floral, favors, etc. We own wedding decor, everything. He's a notary & can marry the couple. We could handle any event. Problem: we can afford the investments & advertising but would be financially tight at first. He's scared, but this is my dream chance. I already run a great biz that takes alot of time. I can do "All-Inclusive Events & Weddings." I would be able to offer in this terrible economy to people, "platinum weddings," -- everything included, for $2,500.00 or LESS depending on what they want. We checked around, here the others are pricing starting at $940 and it includes ONLY the use of the location!? NO OTHER SERVICES! I think people will flock to us to do their weddings & events. It is it worth being possibly "house-poor?" Is this something people would go for? Even if we didn't do this idea, we could afford the place but it would be tight. & this is my dream. Should I try it? The owners of the place want $1,500/mo. & will keep it the same next year if we renew. Renting a "regular" home & leasing a storefront for my idea is the EXACT SAME PRICE except I wouldn't have a location to host the events & weddings. Should I go for the mini-masion or a reg. home & storefront or should I forget it, all together? Included in the weddings would be: gown & accessories to keep, floral, bridal bouquet, etc., decor, cake, food, location, honeymoon night in our glamorous master suite; B&B style, favors, reception location, wait staff, use of all ceremony & reception accessories, use of tables, chairs & china service, set-up & break-down, music, wedding planning & coordination services, ceremony & officiant, newlywed gift basket & 20 photos. Optional at lower cost than others are charging: video, personalized items & photo albums, special-order & color-coordinated decor, live band & anything else they dream of. I can get/offer it all at less than 1/2 of what others are charging. What should I do? Presently, I just offer my gown service.

 

[ABCD]

building a business on someone else's property, when the business is exlusive to that property, is risky business. Say it takes 2 years to make it viably profitable. Say then in 2 years they decide to sell the property or to raise the rent to a point where you can no longer afford it. What if the owners raise decline to renew the lease and take advantage of the business reputation of the site, then they steal your idea. All your hard work then becomes free labor/ advertising for them and you're left in the dust with all the expenses!

Buy the property before you exploit it. Or sign a comprehensive 99 year lease (with option to cancel) and put it in there that if they sell it, you get first chance to buy. Talk to a real estate lawyer about all of this before you spend a dime.

Also, you can charge a LOT more than that and still get a lot of jobs. For what you're charging, you'll have a hard time pulling a profit. Weddings are very very expensive things.


I am a wedding photog and I won't show up for under 1200 for only 4 hours. You can charge WAAAAYYY more than that.

Good luck.