How to start Wedding Planning Business in India
How would you prefer a marriage? A coalition of two people as partners in a personal relationship? Now, how would you describe a wedding? The occasion rejoicing marriage can be a wedding. Well, if you see this! On average, there were about 61 million weddings happened in the world in 2019. India, accounts for about 10 million weddings annually, with at least 2000 people getting married daily.
A step-by-step guide to Starting Wedding Planning Business in India
The Indian wedding industry is projected to be $45-50 billion in size with all the relatives slicing a piece of 20% of their entire cake worth wealth on this occasion. This fashion to be the “talk of the town” has been demanding some assistance and that’s where you find your place as, a wedding planning service. This article gives you all the details and acts as a wedding planner business plan sample.
The market potential for Starting Wedding Planning Business
A wedding planning service is a hired service that gives the facility to a person to hire a team of professionals to help them with the finances, design, events, planning, and management of their wedding.
The reason why the market potential is very vast is-
- There are about 9 religions followed in India with as many as 3000 castes and around sub-castes with each having its rituals, traditions, cultures, etc.
- Besides that, people are choosing to make their marriage the most unforgettable moment of their lives, has called for this time to be perfect.
- Given this reason, the wedding planning services are elevated in demand and are likely to account for a market of $1.6 trillion by the end of 2020.
- Another reason as to why this business has a huge potential is because marriages happen, irrespective, period.
- And this constant necessity of every typical Indian family to be counted in the list of “The big-fat Indian weddings” has made them portray marriage as an event to exhibit their social standing more than to mark the occasion.
- Now, if you need to make some business out of people getting wed, yes, you heard it right! Here are your choices
- Choose the types of wedding planning service you could get into
- Full-time wedding service: This includes being there from the moment the marriage is planned for arranging the after-wedding services as well. It mainly consists
- These types of services are mainly selected by the upper-middle class and upper-class population
Tips to track your budget in Wedding Planning Business
- Attending appointed associated with the event
- Contract review and vendor proposal
- Handling the several pre-wedding events
- Designing the wedding ceremony
- Partial wedding service: It is usually planned by the tier-2 it tire-3 city people and they usually are seen as
- Specific wedding packages
- Design and décor packages
- Specific event planning packages
- Day of coordination wedding service: The duties of these services consist of
- Creating a wedding day itinerary
- Coordination of Vermont
- Distribution of paychecks
- Cleaning up
License, permissions, and registrations required to Starting Wedding Planning Business
The licenses necessary to set up this business are
Registration as a PVT LTD, under MAC and ROC, GST registration, Aadhar card, and PAN card.
Below is the list of legal requirements for the Wedding Planning Business in India.
- First, you need to register the firm of your business.
- You need to register for Income tax, GST, Entertainment Tax, and TCS for paying taxes.
- You need to acquire a PAN card for your business.
- You need to acquire a license like a “No objection certificate” for your business.
- You also need to acquire an Aadhaar card for your business
- You also need to acquire a Rangbhoomi license.
- You need to get Indian Performance Rights Society Ltd license for the event management business.
- You also need to acquire a liquor license if you plan for alcoholic beverages at the party.
Investment required for Starting Wedding Planning Business
The investment you need to set up this business completely based on the types of wedding service you select
- The budget for the wedding you are organizing
- However, a typical investment of ₹5 lakhs – ₹10 lakhs is the least for you to set up your
- Team
- Working Laptops and other coordinators
- Website
Profit margin in Wedding Planning Business
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The profits one can gain from this business are based on the budget of the wedding they plan.
A typical ₹, 1 lakh – ₹10 lakh wedding will fetch you around ₹ 1 lakh.
Target customers in your business
The only target users for your business are folks who are getting married.
There’s a difference which can be made based on the cost of the wedding you’ll be prepared for depending on your ability. So your options are below:
- ₹1 lakhs – ₹5 lakhs
- ₹ 10 lakhs – ₹1 crore
- ₹2crore – ₹10 crore
- ₹11 crore – ₹ 100 crores
The services you’ll be providing as a wedding planner would be:
Budget management in Wedding Planning Business
- Vendor management
- Event timeline
- Proposal planning
- Pre-wedding photography
- Out of town wedding guests
- Luxury destination weddings
- Honeymoon packages
- Wedding guest lists
- Permission and licenses
- Event choreography
- Entertainment
- Bridal make up
- Bridal shower and bachelorette planning
- Entertainment
- Favors and gifts
- Security and valet
- Transportation
- Weddings and event outfits for bride and groom
Area required for starting Wedding Planning Business
The area needed to set a wedding planning service is around 500-709 sq. ft
Raw materials required to starting Wedding Planning Business
The major raw materials needed for your wedding planning services are listed below
- Laptops and Computers
- Working phones and mobiles
- Walky-talkies
- Microphones
- Contacts designers, fashion designers, architects,
- Staff required
- The manpower options for your wedding planning will be
- 7-10 trained employees
- 2- fresher employees
Or
You could hire freelancers as well whenever there is any wedding. However, a big-budget wedding calls for you to have a group and arrangers of your own.
Requirements for starting Wedding Planning Business in India
The checklist for starting an Wedding Planning business is stated in the following part of the blog.
- The head of the event management team should be available on the spot of the event and must communicate with the people they are dealing with. Moreover, the team should sustain a cordial relationship with the people who have given the service to them.
- Managing proper time imparts a significant role in the event management business. The team should be provided the service in time.
- The head of the event management team should aware of the consequences to solve any problem that may develop on the final day of the event.
- When any problem is seen, it is the accountability of the head of the event management team to be available with the best solution. Also, the team should be talented in picking the right solution that will aid to get rid of the problem quickly.
- In this way, the event management team must put forward all their advanced ideas before the customers to show their potentiality in completing the task.
- The head of the event management team must be careful regarding the details of cash inflow and particulars of all transactions and in this way, the head should be accountable for upholding transparency among the employees of the company.
- Leadership skills are essential for managing the team, and the person must know how to inspire each colleague of the team.
- The team also should be aware of the equipment needed for the Wedding Planning business.
Business model and growth in Wedding Planning Business
The business model of this wedding planning service can be explained using these 4 variants
Value proposition: The value which this business is projected to provide to you
- Nominal raw materials need
- High-profit margin
- Target consumers: The target consumers for this business are
- Weddings
- Competitor review: The few key contenders in this business are
- Shaadi squad
- Divya Vithika
- Sketchknots
- Marketing strategy: The marketing scheme that can be employed by your business is
- Spread through word of mouth
- Tie-ups with stylists and entertainers
- Social media platforms
Tips to grow in your business
The wedding planning services have witnessed and have the capacity for the following growth prospects.
The Indian wedding services are estimated to grow at a CAGR of 25%-30% every year. It might reach $1.6 trillion by the end of 2020.
Profit margin in Wedding Planning Business
The profit margin that this business is estimated to have is 20%.
Firstly, with the growing trends in wedding needs assistance in terms of planning and execution to make it the “wedding of the year” a title everyone’s desires to which can be made possible by wedding planning services. Secondly, the profit margin for this business is high. Finally, it can be done using less capital but has a wide scope for growth.
How to get clients for the Wedding Planning Business?
You need to promote your business by following different marketing strategies. You can promote your business by registering on B2B websites and B2C websites. You can promote by adding photos to the social media platform sharing them in public so that they will understand how the arrangements are made for the event. You need to plan for simple and elegant designs that attract all the people. You also need to attract children by conducting some games and distributing prizes. You need to acquire good presentation skills in this business. Provide some discounts, so that to increase the number of clients. Put a word to nearby areas and in neighbors so that to increase your circle.
Is Wedding Planning Business a profitable one?
The Wedding Planning business is a very profitable one. You can expect good profits in the Wedding Planning business. You need to arrange all the things based upon the tastes and requirements of the client. You can earn Rs. 20,000 to Rs. 30,000 of profits per event and if you increase your business circle and clients you can get more and more profits. So, yearly you can easily earn more than Rs. 5 lakhs to 6 lakhs per annum.
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Excellent business in India