Are you crazy I hear you say! There's a global pandemic, a recession and the hospitality industry is in crisis....now! Really!
Yes now is the perfect time! I completely appreciate that many, if not all in the hospitality industry is currently suffering hugely and the lack of government support is just another kick when we're already down and struggling. Many large venues are closing or taking a break and my thoughts go out to those businesses who have worked so hard to achieve great success only to have it taken away through no fault of their own.
However, there is an opportunity amongst all the bleakness. Weddings have changed dramatically and are likely to remain changed for some time. I feel so sorry for those couples who have had to repeatedly change their date and now face the prospect of changing it again or drastically reducing their numbers down to 15 (England) or 30 (Wales). However, the enforced reduction of numbers have asked couples to re-evaluate not only who's important to them but what's important to them.
The overriding answer is they just want to get married!
Hence, the ongoing rise of the micro-wedding or elopement wedding for up to 30 - 40 guests once everything settles down. Bridebook & Hitched recently released figures showing an increase of between 15% & 18% in the number of proposals during lockdown compared to last year and these couples are yet to set a date, what's more the Christmas and New Year rush is yet to come. With a backlog of weddings from 2020 and likely the early part of 2021 spilling into 2022 and 2023, there is plenty of demand.
For many venues the prospect of such a small number is not a viable option, they need the bigger numbers to meet their profit margins. Many are trapped in a pricing strategy based on price per person, but there's a way of this and a way of pricing a new venue so variation in numbers doesn't affect the bottom line (but that's another conversation).
So if you have always wanted to set up a wedding venue, maybe you already run a successful business such as a restaurant, bar or coffee shop and are looking to diversify. Then now is the time to do it.
Venue: Middleton Lodge, North Yorkshire Photographer: Vanitas_Life
What can you offer? Remember think Small!
Does your property have that something special, that wow factor. Think quirky buildings, outbuildings that can be converted, rooms that are not usually used, views whether hilltop or sea views, outdoor space such as gardens or woodland, a ceremony space for legal ceremonies and somewhere outside for blessings or celebrant led weddings, a separate reception space. Is there land for a marquee, tipi tent or glamping. Do you have accommodation already on site or can you create it?
Venue: Barnsley House, Gloucestershire Photographer: @jacob_and_pauline
What's Next!
Once you've worked out what's possible its time to set your business up, use these quiet months whilst the majority of us are under some form of lockdown to get started.
Finance - research what funding may be available through local government business grants or government start up grants.
Legalities - get all your licences and planning permissions in place
Marketing - get your marketing strategy in place and work on your brand awareness. Get your website and social media live as soon as possible. Specialise on the smaller wedding market to begin with.
Pricing Strategy - know your value and your worth, don't charge less because you're a new venue or what you think couples will pay.
Catering - dry hire or wet hire, there's lots to consider
Team - Set up your wedding team. Over the last few years there's been a shortage of good staff but now with so many places closing or losing staff, there's lots of experienced people out there looking for work.
Cake: The Vale Cake Boutique Photographer: Lewis Fackrell Photography
You're Ready to Go!
Once your ready to launch and it's totally possible in just a few months, you'll have a chance to perfect your sales strategy, enquiry responses, admin systems and most importantly your on the day management of the venue on smaller weddings. You'll be able to see what works and what doesn't, assess staffing levels and observe venue flow with much less people on site to worry about.
As a venue specialising in the micro wedding, you'll also benefit from a quicker lead time from booking to wedding day, this will also benefit cash flow. with many couples booking their micro wedding 3 to 6 months out, if you have your pricing strategy right, payment will be in full.
You'll also have the opportunity to establish valuable links with local suppliers such as caterers, photographers, florists, venue decorators and musicians; giving you the opportunity to create a preferred suppliers list.
Once you've perfected the micro wedding you'll be ready to go big when the time comes. If you want to that is!
We Can Help!
If you're considering launching a wedding venue or would just like to see how you could diversify your current business, get in touch to arrange a call or a site visit. We offer a variety of business support options to plant the seeds and help your business grow.
Contact: magnoliaandmeconsultancy@gmail.com
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