There are a lot of hidden costs when running a wedding planning business that you may not think of when you are just getting started. It is fairly inexpensive to start a wedding planning business unless you’re renting a retail space.
Most planners don’t have retail spaces and instead work from home. It just doesn’t make sense for most planners to spend the money renting a space when they can easily work from a home office. I do have a warehouse/shop that I rent, but I do florals as well so that requires space. However, there are a lot of event/wedding florists that work from home and it works great for them.
When you are working on your business budget be sure to keep these expenses in mind.
Hidden Costs of Running a Wedding Planning Business
- Business License and Dues – Business licenses are usually due annually.
- Office Space and Utilities – If you choose to rent an office space you will have rent. If you choose to work from a home office you will still have to pay for phone and internet.
- Education – As a planner it’s so important to keep educating yourself so you are always learning and becoming the best planner you can be. The education never ends. “If you’re not growing, you’re dying.” Tony Robbins
- Insurance – As a planner you’ll definitely need liability insurance.
- Professional Services – You will need an accountant to handle your business taxes every year and you’ll more than likely need a lawyer to draw up your contract in the beginning (unless you purchase one specifically for planners.)
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- Credit Card Fees – if you are not accepting credit cards and online payments you’re missing out. Yes, the credit card processing companies take a percentage of every sale you get, but it will make your life a million times easier.
- Assistants – You will definitely need help on wedding days. As you grow your business you may decide to bring on associate planners as well.
- Marketing – I’ll be honest I don’t spend a lot on marketing thanks to social media and word of mouth. However, it’s a great idea to run Facebook and Instagram ad’s when you’re needing to bring in clients, or are a newer planner that wants to get the word out about your new business.
- Subscriptions – You’ll need a subscription to Aisle Planner or another project management platform. There are lots of other things you may need a monthly or yearly subscription to like a website platform (Showit), a newsletter platform (Flodesk), mile tracking app (Mile IQ), etc.