Lucrative Strategies Of Wedding Planners: Making Money

Wedding planning is an exciting and rewarding career choice. Wedding planners spend months working with their clients to plan and coordinate the perfect wedding day. They also get to attend event industry parties, tour venues and hotels, taste cakes, and play with flowers. Wedding planners can make money in a variety of ways, including charging by the hour, by the wedding, or as a percentage of the total wedding budget. The amount of money a wedding planner can make depends on factors such as experience, location, and business acumen.

Charge a percentage fee, typically 12-20% of the overall budget

Charging a percentage fee is the standard practice in the wedding planning industry. Typically, wedding planners will charge a percentage fee of 12-20% of the overall budget. This means that if a couple has a $30,000 budget, the planner would make $3,600-$6,000 for their services. This pricing strategy is beneficial for beginning wedding planners who may not know how long it will take to execute their tasks. Charging a percentage fee ensures that they are compensated fairly for their work, even if it takes longer than expected.

When determining the percentage fee to charge, wedding planners should consider their experience level and the scope of services offered. For example, full-service planners typically charge higher rates than those who offer partial planning or month-of coordination. Additionally, wedding planners with more experience and expertise can command higher fees. It is also important to research the competition in your area to understand the industry standard for pricing.

Wedding planners can also increase their earnings by offering additional services or packages. For instance, they can provide day-of coordination, destination wedding planning, or luxury wedding planning. By bundling these services together, wedding planners can charge a higher fee and increase their overall income.

It is worth noting that the number of weddings a planner takes on per year will also impact their earnings. A wedding planner who takes on more weddings at a lower fee can potentially earn more than someone who takes on fewer weddings at a higher fee. Therefore, it is crucial to find the right balance between the number of weddings and the fee charged to maximize income.

Charge by the wedding ($500-$5,000+)

Wedding planners can charge per wedding, per hour, or as a percentage of the total wedding budget. The average cost of a wedding planner is between $2,000 and $5,000, but this can vary depending on the size of the wedding and the level of service required. For example, a day-of or month-of coordinator for a small wedding with fewer than 100 guests may charge an average of $800, while a full-service planning package for a large wedding with 200 or more guests can range from $3,000 to $12,000.

When charging by the wedding, wedding planners can offer different packages such as all-inclusive service planning, partial planning, or day-of coordination. All-inclusive service planning, also known as full-service planning, typically includes services such as creating a wedding timeline and budget, selecting the wedding date and venue, hiring and coordinating with vendors, designing and assembling wedding invitations, and day-of management. This package requires the most work from the planner and thus commands a higher fee. A flat project fee or a commission-based fee, which includes a smaller flat rate plus an additional percentage of the total cost of the event, are common ways to structure the fee for this package.

Partial planning packages are for couples who only need help with specific tasks in the months leading up to the wedding. Wedding planners can offer a flat fee or an hourly rate for this package, with the option to add on additional services as needed.

Day-of coordination packages are usually for clients who have handled most of the planning themselves but need someone to oversee the logistics and handle any issues that arise on the wedding day. Wedding planners typically charge a flat fee for this package, which includes a set number of hours of work.

It's important to have a contract in place that outlines the package, rates, payment structure, and non-refundable retainer fee. The retainer fee is typically around 50% of the total price and is paid upfront to secure the wedding planner's services.

Charge an hourly rate ($75 per hour is the average starting cost)

Charging an hourly rate is a common way for wedding planners to make money. The average starting cost for a wedding planner is $75 per hour, according to Wedding Wire research. Billable hours can include consultations with clients, onsite visits, planning the event, and so on.

When charging clients an hourly rate, it is important to define careful parameters and set expectations, so that both parties are in agreement as to what services will be provided. As a wedding planner, you should include a reference to billing for all reasonable business expenses that may be incurred. This means that your contract should clearly state what clients will and will not be billed for. It is also important to carefully document your time and expenses so that your records are easy to reference if needed.

Even if your base fee is not hourly, you can quote an hourly rate for any work that goes beyond the agreed-upon package. It is a good rule of thumb to give clients a heads-up if they will be charged any additional fees. You should always give them the option, in case that influences their request.

When deciding how much to charge per hour, it is important to consider factors such as your experience level, the industry standard, and the competition in your area. For example, wedding planners with more experience can typically charge higher rates than those who are just starting out. Additionally, wedding planners in larger cities tend to earn more than those in small, rural towns due to the higher cost of living and increased demand.

In addition to charging an hourly rate, there are other ways for wedding planners to increase their earnings. For instance, you can offer add-on services such as venue scouting or rehearsal dinner planning, which can be charged separately. You can also diversify your revenue streams by offering consultation calls, packages of set hours, or other services to couples who cannot afford a full wedding planning package.

Ultimately, the key to making money as a wedding planner is to be strategic and adaptable in your pricing and service offerings, while also providing excellent service to your clients.

Offer additional services, such as day-of coordination, destination wedding planning, or luxury wedding planning

Offering additional services is a great way to increase your income as a wedding planner. Here are some ideas to consider:

Day-of coordination

Day-of coordination is an optional service that wedding planners can offer to their clients. It involves being on-site the day of the wedding to ensure that the event runs smoothly. This can include tasks such as directing vendors, overseeing deliveries, and communicating with the wedding party and vendors to ensure everything stays on track. Day-of coordinators are often responsible for troubleshooting any issues that arise, such as last-minute changes or unexpected delays. This service is usually offered as part of a larger package but can also be provided as a standalone option for an additional fee.

Destination wedding planning

Destination wedding planning is a niche service that wedding planners can offer, catering to couples who wish to have their wedding in a different city or country. This service involves additional tasks such as travel arrangements, venue scouting in the chosen location, and coordinating with local vendors. It requires a thorough understanding of the destination, including local laws, customs, and language, to ensure a smooth planning process and wedding day. Destination wedding planning can be a lucrative service to offer, as it often involves larger budgets and can attract clients from a wider geographic area.

Luxury wedding planning

Luxury wedding planning is another niche service that caters to high-end clients with larger budgets. It involves creating an extravagant and exclusive wedding experience, often with unique or over-the-top elements. Luxury wedding planners may work with higher-end vendors, including celebrity caterers, designers, and performers. They may also have access to exclusive venues and be able to secure sought-after dates. Luxury wedding planners typically have strong industry connections and a deep understanding of the latest trends and desires of high-end clients. This service often commands a higher price point due to the increased budget, complexity of the event, and level of customisation involved.

Other additional services

In addition to the above, wedding planners can offer various other services to increase their income. These can include rehearsal dinner planning, morning-after brunch coordination, venue scouting, and invitation services such as stuffing envelopes and tracking RSVPs. Planners can also offer consultation calls or packages of a set number of hours for couples who cannot afford a full planning service but still require some professional guidance. By diversifying their service offerings, wedding planners can attract a wider range of clients and increase their earning potential.

Get professionally certified to attract higher-paying clients

Getting professionally certified is a great way to attract higher-paying clients and boost your income as a wedding planner. While certification is not mandatory, it adds credibility to your business and helps you stand out in a competitive market. Here are some tips to get started:

Understand the Benefits of Certification

Obtaining a certification in wedding planning demonstrates your competency and expertise in the field. It shows potential clients that you have the skills and knowledge to plan and execute successful weddings. Certification can also help you market yourself as a trusted and reliable professional, setting you apart from your competitors. Additionally, certification can lead to higher earnings. According to sources, the average salary for a certified event planner is $44,411, while wedding planners earn an average of $45,721 per year.

Choose a Reputable Certification Program

When considering certification, it's essential to select a well-recognised and respected program. Look for certifications such as Certified Wedding and Event Planner (CWP), Certified Master Wedding Planner, or Certified Wedding Planner (CWP). These certifications are widely accepted and can provide you with the credentials you need to succeed. The Wedding Planning Institute, for example, offers the Industry Standard Certification Exam for wedding planners, which is highly regarded in the industry.

Gain the Necessary Knowledge and Skills

To become a certified wedding planner, you will need to develop a comprehensive understanding of wedding planning and event management. This includes learning about contract negotiation, budget management, vendor coordination, design and theme creation, timeline development, and client communication. You can acquire these skills through online courses, workshops, mentorship programs, or even a degree in event management. Seek out opportunities that provide hands-on experience and allow you to apply your knowledge in a practical setting.

Build a Strong Portfolio

As you gain experience and knowledge, create a portfolio that showcases your skills and successes. Include photos, testimonials, and case studies of weddings you have planned. A strong portfolio will impress potential clients and attract higher-paying contracts. It demonstrates your ability to deliver exceptional results and can set you apart from your competitors.

Stay Up to Date with Industry Trends

The wedding planning industry is constantly evolving, so it's important to stay informed about the latest trends and developments. Attend workshops, webinars, and industry conferences to network with other professionals and keep your skills fresh. By staying ahead of the curve, you can offer your clients innovative and creative ideas that meet their expectations.

Market Your Certification

Once you have obtained your certification, make sure to promote it effectively. Add your credentials to your marketing materials, website, business cards, and social media profiles. Let potential clients know that you are a certified professional who adheres to industry standards. This will help you attract a higher-paying clientele and establish yourself as a trusted expert in wedding planning.

Frequently asked questions