5 reasons why some wedding venues fail – and how to avoid them
Running a successful wedding venue takes a lot of time, money and vision. It may sound straightforward, so why do so many wedding venue businesses fail? The answer: because it’s really not that simple! To many it may seem like a dream job to own or run a wedding venue – it’s fun and an easy way to make money, right? Anyone who has worked in the wedding industry before will tell you that while yes, it can be a great deal of fun, it’s also a LOT of hard work, often stressful and not nearly as profitable as you’d like, unless you really know what you’re doing. Here are 5 reasons why some wedding venues fail, and how you can avoid falling into that trap yourself.
1. They don’t have a clear identity
Running a profitable and successful wedding venue in a fiercely competitive market isn’t easy. Too many new venues try to appeal to everyone, in the hope that it will help boost bookings and profits. Trust me, it doesn’t ever work out that way. By trying to appeal to every couple, you end up appealing to no one. Every wedding venue needs a crystal-clear identity. Find your USP and go to town on it, whether that’s a cool glamping site for a festival wedding feel or highly skilled mixologists to shake up some bespoke cocktails for your luxe celebration. Once you’ve honed your venue style, you are in the enviable position of being able to market your venue to the right kind of couples. This is where minimal effort reaps the biggest rewards.
2. They don’t have a business plan
Setting up a wedding venue is no different to any other business. However, too often I see people rushing into it – and the massive financial commitment – without putting together a serious, comprehensive business plan. It can be easy to get carried away by the romance and whimsical idea of running a wedding venue, but the fact is it’s a business like any other.
Before you do anything, take time to create a firm business plan. Look at everything including your place in the market, how your venue will be run, what team you need in place to be successful, every little financial detail and, importantly, your goals. Of course, this is just the starting point and at The Venue Experts we recommend investing in a deep dive into your business whenever you feel these goals aren’t being met. We can take an expert, impartial look at how your venue is operating and put together a clear, actionable plan on what can be improved. Don’t ever stop finessing that business plan.
3. No marketing strategy
Targeted, well-thought-out marketing is the key to a profitable wedding venue. Many venue owners or managers don’t fully understand just how crucial a proper marketing strategy is. Effective marketing covers everything from an engaging social media feed and regularly updated, inspiring blogs on your website, to up to date third party website listings and stunning wedding showcases. The Venue Experts know how to target qualified potential customers that lead to bookings. Get in touch here to find out how we can help you thrive.
4. Investing in the wrong things
Whether you’re just starting out on a tight budget or are a well-established venue with plenty of funds behind you, if you’re not investing in the right things, you’re setting yourself up to fail. Without a doubt, the best things to invest in are your sales and marketing. Outsourcing your wedding venue sales can have a massive impact on your business. The Venue Experts live and breathe wedding venue sales. We can make sure every single enquiry is followed up and nurtured for the greatest chance of success. Not only does this help your wedding venue create the very best first impression, it also frees up your time to focus on planning and hosting amazing weddings.
5. They don’t keep an eye on competitors
One of the reasons so many wedding venues fail is that they simply don’t pay attention to what their competitors are doing. You need to know which venues are your main competitors, what you do better than them and what you could improve on, so you’re not lacking in any area. Don’t compare yourself to venues purely in a similar geographical location – they may not necessarily be your competition. This is about really focusing in on the kind of venues that match your customer demographic, wedding style and budget. Pinpoint these, follow them closely and make sure your marketing strategy is working harder than theirs.
How not to fail
As you’ve discovered, so many of the reasons why wedding venues fail is down to sales and marketing. The Venue Experts are industry leaders and know exactly what it takes for a wedding venue business to thrive. Want to find out how we can help you? Just click here to get started or email us at email@example.com