Why do you need a business plan for your wedding business?

It starts with one little spark of inspiration. Often followed but a rush of excitement.

A scurry of thoughts scampering through your brain and before you know it you’ve set up a Facebook Business page. In those 6 and a half minutes you’ve transformed from “Jane” to “Jane the wedding supplier”.

Is it really that simple though?

Can a great idea, the passion for doing something you love for a living and a bunch of enthusiasm enough to make it as a wedding supplier?

Unfortunately, the answer is no but I’m here to tell you that it couldn’t be a better place to start from.

Before I tell you why a business plan for your wedding business important I’m going to be an absolute buzzkill.

Let explain why your excitement for doing it all isn’t going to be enough because it isn’t.

Captain Buzzkill and the death of excitement

I’m a strange breed of person that is very much a heart on my sleeve kinda guy but also I’m incredibly logical as well.
Having a mathematics degree and a hypnotherapy diploma is pretty odd combination of qualifications, right?

I’m very aware that the logical side of me is the bit that has to make the business decisions because the emotional side might possibly make the right decisions but it would do so for the wrong reasons.

Getting the right outcome for the wrong reasons often means that you trust in your emotional side more.

And this can be potentially disastrous.

The Beauty of Logic

Logic whilst it can be thought of as cold or maybe even boring is your best friend when it comes to making decisions for your business.

I’m sure you’ve experienced something where some statistics/numbers are telling someone (maybe even yourself) that option A is completely the wrong thing to do as they show it won’t work.
The person’s “gut instinct” or “feeling” says that option A will be a great success and they “just know it”.

It turns out Option A was the wrong one and therefore fails completely.

This is a prime example of emotion getting in the way of logic.

As I was saying above, let’s say through some fluke that Option A did work well.

Then the person in question could possibly (start to) believe that their gut instinct should be trusted.

In the long game of running a business, logic beats emotion hands down when it comes to decision making.

BUT.

I want to be absolutely clear that your passion, excitement and love for what you want to achieve is unbelievably important for your success in business.
This will be the thing that keeps you motivated on the days when you just feel like giving up.

However, your ‘logical hat’ has to come on when your business decisions themselves need to be made.

Evolution of an idea

Any great product, service or business starts from the same place, an idea.
So the fact that that’s perhaps how you began couldn’t be better but an idea in and of itself is just an idea.

In order to have a business and make a success of that idea, it’s all about evolving that idea into something tangible and then the implementation of that.

It would be great if that evolution took place just through sheer will and desire but although that can get you so far it isn’t the foundation for you to have long term success.

Idea + Passion + Logic = Plan

Plan + Implementation = Viable Wedding Business

(I’m ignoring the bits where everything goes wrong and you have to change things and you feel like giving up! I’m keeping things simplistic!)

Benefits of a business plan for your wedding business

A business plan for your wedding business might sound like something either very dull or very formal, it doesn’t necessarily have to be either.
If you’re excited about your idea then putting together your business plan can actually be very exciting to do.

It will be about creating the vision of what you have for your idea for the future.
There are also a huge amount of benefits for doing it as well.

1. Prove to everyone else but most importantly yourself that you’re very serious about this.

This is particularly important if you’re the sort of person who gets excited about ideas a lot.
The fact that you’ve allowed yourself to stop or slow down let your logical brain think the idea through and put it down on paper means that this idea isn’t just a flash in the pan.

2. Will show you if it is all even feasible.

It may be that if you don’t have a plan and it all goes wrong in less than a year then you’ll have enjoyed the ride.
For other people, it may well be heartbreaking.
By putting a business plan together you can actually work out in advance if the whole thing is even possible to save yourself pain later on.

3. To calculate the finances of it all.

How are you going to make money? How much will you charge? How many weddings will you need to do? How much will it cost to acquire those weddings?
Do you need to borrow money to make it work? Do you have enough savings?
Going into a business without a clear idea of how the money is going to work is a surefire way to achieving failure quickly.

4. To understand who you’re working for

If you’re going to go into the wedding industry thinking that your customer is “anyone getting married” you need a drastic rethink.
People having £100,000 castle weddings have entirely different “everythings” to those getting married on a budget with their reception at a village hall.
There is nothing wrong with going into either market but all of it comes with its challenges, pitfalls and things which make it easy,
You CANNOT serve everyone though.

5. To say what has been unsaid

If there are parts of your business which are so blindingly obvious that they haven’t even been mentioned then your business plan is the place to put them – it should include EVERYTHING.
Let’s say you’re going to become a florist but you’ve not actually said anywhere that you’re going to need to find a venue to work out of because it is just so clear this is the place to say everything about that.

6. To plot your course for success, set goals and measure outcomes.

Unfortunately, you’re not going to become an overnight success (ironically that takes years of hard work)
If you want to be doing 30 weddings a year when do you want to achieve that by? Year 3? Year 4?
How many weddings do you want to be doing in Year 2 to know you’re on track for your Year 4 goal?
By having a solid business plan in place you can see how well you are doing compared to your plan and make changes as necessary.

7. Marketing

You want to do X amount of weddings working for the type of people Y.
How are they going to become aware of you? What’s going to make them engage with you? What’s going to make them want you over your competitors? What’s the thing that makes you utterly different?
Your business plan will help you hone in on connecting your company with the perfect customers – that’s the essence of marketing.

8. Discovering opportunities

Part of the business plan will be brainstorming the whole thing, this will allow you to recognise and discover things which may not have been immediately obvious.
There are no wrong answers in brainstorming the whole point is that it can go literally anywhere.

9. To focus your mind on what needs to be done

As exciting as starting a new business is there are things that need doing which are, shall we say, less than exciting.
Opening a business bank account for example.
A business plan ensures that even the dull things get done, not just the exciting stuff that you want to do.

Moving forwards with the business plan for your wedding business

Whether you’ve been working for years or are just starting out a business plan is always a great thing to get sorted for the reasons above and for so many more on top of that too.

If you’d like help writing a business plan for your wedding business or with any of the implementation within your business then Wedding Business Coaches are here to help you.

Click the button below and you can arrange a completely free 15-minute coaching call with Jack and myself.

We can talk over any issue within your business and advise the next best steps forward for you.

Alternatively you can check out our FREE resources

Our Podcast

Every Thursday live on our Facebook group you can join us at 6pm to listen to The Wedding Business Coaches Podcast.

Jack and Chris will be live talking all things Wedding Business, answering your questions and having some fun along the way.

Each LIVE episode is then available to listen on all of your favourite podcast streaming platforms.

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