How much does it cost to start a wedding venue?

• Route 1: Build a Venue - This is by far the most expensive route with your total cost exceeding $2,000,000 depending on your specific area. $20,000 - For a Used Truck or Cargo Van

• Route 2: Rent a Building - This route frees up more capital but limits your businesses value when you go to sell it. For a 5,000-10,000 sqft building, you will likely need $200,000+ to build out or rehab the building to ascetically look like a wedding venue. $200 a year for a website

• Estimate Your Specific Expenses: Owning a wedding venue is a real estate business. This means that the business idea will likely work if executed correctly. The biggest hurdle is the projected costs associated with starting and managing the venue. This means you will want to create a long spreadsheet of almost every expense you can think of, then be conservative with revenue projections.

• Insurance can be high but... Reach out to Wexford Insurance. Transparently, I own Wexford. It is one of my many businesses. We have numerous venus across the country.  - If you need insurance, reach out to Wexford Insurance. wexfordins.com

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How much money can you make starting a wedding venue?

• The average cost of a wedding is $23,000. With taking out some revenue that may not go to the venue (wedding dress, DJ, pictures, etc), you are looking at around $5,000-$10,000 in revenue per wedding. 

• How much money does a wedding venue make a year?

  • If a venue can have 60 weddings since some weekends will be double booked, a wedding venue can make over $500,000 a year conservatively. 

 

Are Wedding Venues Profitable?​​

• Yes, since weddings are compressed into one day, the venue does not require staffing 24/7. This is a great perk since labor is a massive expense for numerous companies. 

• A good profit margin for a wedding venue 40%. In the example above, that venue would profit around $200,000. 

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Types of Venues you can start:

• Wedding Venue

• Special Event Center

• Venue Halls

• Barn Weddings

• Destination Weddings

• Banquet Hall

• Conference Hall​

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Positives of a Wedding Venue Business

• This business can be sold once it is established.

• This business can be scaled by adding another location

• This business is passive. With operating 2 days a week, you can still work a full time job. 

 

How to Start a Wedding Venue Business 

1. ​Save up money for down payments or security deposit on property

2. Find a great property to rent or find land to build on.

3. Find a builder/contractor

4. Form your LLC with the Federal Government and Local Government

5. Create your website and social media pages

6. Purchase Insurance

7. Find a Lawyer to draft your customer service contract

8. Implement local marketing. ​