In 2022 the market size of the wedding service industry in the USA alone, measured by revenue, is $57.9 billion. That means it offers an excellent maneuver space for entrepreneurs, even new ones, to capitalize on it.
However, choosing a segment in the wedding business can be challenging. For this reason, here are several ideas to get your creative juices flowing.
#1 Wedding Venue Business
Starting a wedding venue is an ample business opportunity both for real estate investors and entrepreneurs interested in the wedding industry. However, to be successful, you will need a wedding venue business plan that explains your business goals and your strategy for reaching them.
Keep in mind that a sound business plan should include market research, marketing, and financial plan. In addition, you will need to familiarize yourself with the industry, connect with wedding vendors and set up a reliable network. Most importantly, you will need to assess your current finances, scout and renovate properties, and secure financing.
Once you formulate your business plan and secure your finances, you can look for a property to convert into the perfect wedding venue.
#2 Wedding Cakes Artist
Suppose you have a knack for baking, or you are a baker by trade. In that case, you should consider joining the industry as a wedding cake artist who creates a design for the wedding cake, bakes it, and decorates it according to the couple’s wishes.
As the wedding cake is the centerpiece of the wedding reception, couples are usually prepared to pay a large amount of money. For example, the average USA wedding cake costs $350. That means launching your own wedding cake company is a fantastic business opportunity.
#3 Wedding Caterer
If you are good at cooking, planning, supervising, organizing, and dealing with customers, you should definitely consider becoming a wedding caterer. However, to be successful, you must provide competitive service and unique dishes, and you must be able to serve large groups of people.
As weddings usually have many attendees, you will also have to hire servers, keep a diligent track of your income and expenses, and promote your company. Having an up-to-date website with menu samples, pricing, and contact information is essential. Also, you will need a large van to transport the food from your kitchen to the wedding reception. Finally, it would also help to invest in the right tools and containers for food preparation, storage, and serving.
#4 Wedding Gift Registry
Many people struggle with buying gifts for wedding couples, making it a perfect opportunity for entrepreneurs to organize a gift registry service by using your products and services. This way, you will be able to make the wedding shopping experience faster and less stressful and simultaneously expand your existing business and increase your sales. You can also use this service not just for weddings but also for baby showers, college graduations, retirement send-offs, and so on.
#5 Bridal Makeup Artist
If you have makeup skills and expertise, you should consider entering the wedding industry by specializing in wedding makeup. The wedding day is one of the most photographed in a bride’s life, so the importance of making them look their best carries a lot of responsibility.
So, you will need to master beauty makeup skills and learn the intricacies of working on wedding days. The US national average salary for a makeup artist is $31.44 per hour. However, to determine whether a career as a makeup artist is right for you, consider other compensation factors, such as overtime pay, bonuses, tips, benefits packages, etc.
#6 Wedding Photographer or Videographer
Wedding photography is a big business because most couples choose to immortalize their wedding day through photos. Nonetheless, wedding photography is a very specialized type of photography. It involves taking photographs of wedding ceremonies and participants, from the vows to exchanging rings, the kiss, cutting the cake, the bouquet toss, etc.
Nowadays, plenty of couples like having a video that captures the event more completely, as a result, making wedding videography has become a very popular service. So if you are a videographer and want to take your love of video to the next level, you should consider this business.
Whether you choose to be a wedding photographer or videographer, you will likely have to give up your weekends. Also, depending on how many events you book, your workdays could stretch from sunrise to well past dark.
Conclusion
As we mentioned before, the wedding industry is highly profitable. So, creating your own wedding service provider company and helping couples have the happiest day of their lives is a great business opportunity. However, keep in mind that the wedding business is highly localized. So, you must do intensive market research before jumping into it to be successful.
