The wedding industry is big business. According to IBIS World, the industry had a revenue of about $76 billion in 2019. While all this profit might make you think that corporations are the ones bringing in the big bucks from weddings, it is actually small business that is thriving in the wedding market. However, in a crowded market finding a niche to target can help you stand out from the crowd and bring in profit. Here are some top tips for building a six figure wedding business:
1. Find Your Field
The wedding industry is filled with various types of business opportunities. From catering to coordinating, there are many different ways you can build a profitable business. The great part of building a wedding business is that you can pick something you are passionate about and be able to adapt it to weddings.
Artistic types may want to get into the more creative fields such as designing tablescapes or invitations and graphics for the wedding. Those who love to organize and have strong leadership skills would thrive as a wedding planner or coordinator. Once you find your field that you best thrive in you will need to figure out the exact audience you want to cater to.
2. Figure Out Your Audience
In any industry, you need to figure out your target audience when you are starting out a business. This is especially true in the wedding market. While the industry has many opportunities for growth, it is saturated with small businesses all looking to thrive. Finding your audience is the key to targeting specific niches.
The overall audience in the wedding industry are couples looking to get married. However, in that group there are smaller sectors that are looking for specific needs. For example, a growing population are older couples that might be remarrying and thus might not be looking for the same types of services as younger couples. This niche also will likely be looking to spend more on quality than quantity and have more established financial histories so they will be able to spend more.
3. Think About Profit, Not Market Size
Thinking about profit over market size is also a key aspect of making a successful wedding business. Targeting a specific niche brings in success not because of the quantity of clients but the amount they are willing to invest in their wedding.
Take the example of older couples, as mentioned they are more likely to have a more expendable budget than younger couples. Thus, they are more likely to be willing to spend more on wedding expenses. Catering to this niche means investing in higher quality products and services but also means bringing in bigger profit.
When you cater to niches that bring in bigger profit, you are able to reduce your clientele size and thus give better quality goods and services. This helps with providing passion and creativity to clients who are looking for something unique and specific.
4. Offer Unique Services
Audiences within specific niches are always looking for something unique. Offering unique services is what will lead to a successful wedding business. This could mean taking something that is a wedding standard and giving it a modern twist. For example, many couples today want a more personalized approach to shopping for an engagement ring. Young couples are looking into more aspects other than just style and price. They are looking for diamonds that are ethically sourced and also eco-friendly options when it comes to engagement rings.
Another key niche in engagement jewelry is customized rings. This means providing clients with options for loose diamonds that can be put into customized settings. Couples today want something truly unique and want to work with people that give them the option to personalize as much as possible. Customized engagement rings are popular for those who have a limited budget but want control over what they want.
5. Follow Up and Stay In Touch
Following up with clients and staying in touch even after their nuptials will help to build a strong clientele that will lead to recommendations and more growth. The benefit of targeting specific niches is a chance to truly connect and network with clients. This provides opportunities for them to remember you when they have another event or recommend you to friends and families. Social media is a great way to follow up and stay in touch with clients. Ask them if you can feature their wedding day on your social media page and ask them to provide testimonials that you can post. Establishing a strong relationship with clients is the key to building success for a wedding business.
The wedding industry is the perfect place for home-grown entrepreneurs who want to combine creativity with profit. If you are looking for a field to start your own successful business, weddings are the perfect places to reach out.