Strategizing Wedding Pricing: A Guide For Event Planners

Pricing your services as a wedding planner can be tricky, and there are several factors to consider. The first is the type of planner you are. Full-service wedding planners tend to charge the most, with fees ranging from $5,000 to $25,000 and up. Destination wedding planners are usually full-service and are priced accordingly. Month-of wedding planners typically charge between $1,000 and $8,000, while day-of wedding coordinators charge between $600 and $3,000. Wedding consultants, who offer advice and guidance rather than planning services, usually charge an hourly rate of $40 to $150 or more.

Another factor that affects pricing is location. Planners in major cities like New York, Los Angeles, and San Francisco typically charge higher rates than those in small towns. The size and budget of the wedding, as well as the planner's experience and expertise, will also impact the cost.

Most wedding planners charge a flat fee, an hourly rate, or a percentage of the total wedding budget. When setting your rates, it's important to consider your experience level, the current economic climate, and the market you are serving (social vs. corporate). It's also common to receive a deposit upfront and the remaining payment within two weeks of the event.

Hourly rates

When setting your hourly rate as a wedding planner, it's important to consider factors such as your level of experience, the complexity of the event, and the current market rates in your location. Here are some key points to keep in mind:

• Experience and Expertise: The amount of experience you have in the industry will play a significant role in determining your hourly rate. New planners might charge around $25 per hour, while top event planners with impressive portfolios can charge upwards of $100 per hour or even more. If you have specialized training, certifications, or extensive industry experience, you can set your rates at a higher level.
• Inflation and Cost of Living: With the recent increase in inflation and the cost of living, it's crucial to adjust your rates accordingly. As you notice the costs of goods and services rising around you, ensure that your hourly rate reflects these changes to compensate adequately for your hard work.
• Type of Event: Typically, you can charge more for a corporate event than a social event. It is common practice to adjust your prices based on the market you are serving.
• Location: The going rate for fees varies based on your location. For example, major cities like New York, Los Angeles, and San Francisco often allow for charging higher rates compared to small towns.
• Market Tiers: Wedding planner costs can also vary depending on the market tier you operate in. Some planners cater to lower-budget events, charging a flat fee of around $5,000 to $7,000. Others work in the "lovely" tier, charging a flat fee of around $10,000 to $15,000 or taking a percentage (10-15%) of a larger budget. Planners in the luxury market often work with higher budgets and charge a percentage (15-20%) of the total wedding costs.
• Hybrid Model: Some wedding planners use a hybrid model, charging a combination of a flat fee and an hourly rate. This allows for flexibility and ensures that you are adequately compensated for your time and expertise.
• Hourly Rate Range: According to sources, the average hourly rate for a wedding planner ranges from $75 to $150 per hour. However, higher-end professionals can charge anywhere from $100 to $275 per hour or even more, depending on their experience and reputation.

When setting your hourly rate, it's important to consider your unique circumstances, the level of service you provide, and the specific demands of each event. Remember that your rates should reflect the value you bring to your clients and the peace of mind you offer during the stressful wedding planning process.

Flat fees

Charging a flat fee is the most common and preferred method of billing a client for event planning services. This method is preferred because it is straightforward for both the client and the planner. The flat fee is usually calculated based on the estimated number of hours that will be dedicated to planning, plus any expenses incurred during the planning process, such as transportation, printing, supplies, and equipment. It is recommended to add a buffer of 10-20% to the flat fee to account for any unexpected costs or changes to the scope of the event.

To protect yourself financially, it is advisable to request a 50% deposit upfront and the remaining 50% within two weeks of the event.

When outlining your flat fee, it is customary to charge a fee for your services, plus a percentage based on the total vendor fees. A standard vendor commission percentage fee is 10-15%. For example, if a caterer charges $3000 for an event, your fee would be $300-$450 for locating and coordinating that particular vendor. This fee structure applies to both social and corporate events.

After the COVID-19 pandemic, virtual events became more common. If you have expertise in virtual events, it is recommended to have a separate flat fee structure for these types of events. However, if you primarily specialize in traditional, in-person events, a single flat fee structure is sufficient.

It is important to note that the going rate for fees varies based on your location. For example, major cities like New York, Los Angeles, and San Francisco typically allow for charging higher rates than small towns.

Percentage of the event

One way to price your services as a wedding planner is to charge a percentage of the total event budget. This method can be challenging to present to clients, as they may question your billing method. However, if you think you can get approval from your clients for this method, it is a possibility worth considering. Typically, planners charge between 15% and 20% of the event budget, but you can adjust this percentage lower if you feel it is necessary.

To determine your pricing using this method, you should first decide on a desired annual salary. For example, if you want to earn $75,000 a year, you can calculate your minimum hourly rate by dividing this amount by 3000 (assuming you work 50 weeks a year and take two weeks of vacation). In this case, your minimum hourly rate would be $25.

Next, consider that, as a single-person operation, you will likely only be able to spend about 50% of your time on billable work, with the other 50% spent on business development, client management, and administrative tasks. To account for this, you would need to increase your hourly rate to $50 to earn your desired annual salary.

Finally, add in your costs, such as internet, website operation, software, electricity, phone, office supplies, and event insurance. For example, if it costs you $10 per hour to operate your business, your final rate would be $60 per hour.

Using this method, you can calculate a competitive rate for your services that adequately values your time and covers your operating costs.

Day-of coordination

The cost of day-of coordination can range from $800 to $3,395, depending on the region, the planner's experience, and the specifics of the wedding. Factors that can affect the cost include whether the ceremony and reception are in the same place, whether there are extra details such as dessert bars or food trucks, and how long the celebration lasts.

It is important to note that day-of coordination does not usually include rehearsal dinners, so couples may have to pay extra for this service. Additionally, couples should be mindful of the number of hours included in their package and pace themselves to avoid extra fees for communication.

Vendor commission

Due to the controversy surrounding this method, it is recommended that event planners only use vendor commissions if they are fully transparent with their clients about what they are doing. It is also possible to ask vendors to offer a discount to the client instead of paying a commission to the planner.

Event planners can earn anywhere from 10% to 40% commission on a project, with typical commissions ranging from 15% to 20%. The rate depends on factors such as operating expenses, the type of project, competitors' rates, and geographical location. For example, corporate event planners typically earn a 10% commission, while wedding planners average a slightly higher 15% commission.

Frequently asked questions