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An Easy Way to Write a Wedding Business Plan

Wedding Professionals:

As we get deeper into 2011, it's helpful to evaluate how we operate our businesses. Not everyone who runs a wedding business begins with a business plan, but I can't stress enough how much it helps to have one. A good business plan will help you to organize and define your objectives. And ultimately, it will help you define programs to achieve your objectives. Business plans also help you to define agreements between partners, evaluate new product lines, promotions and expansion. An effective plan usually contains the following elements:

Executive Summary - Features the highlights of your plan and sells your idea in two pages or less.
Company Summary - A factual description of your company, ownership, and history.
Products or Services - Describes your products and/or services and how they stand out.
Market Analysis - Summary of your customers, competition, market size, and expected market growth.
Strategy and Implementation - Describes how you will sell your product and establishes milestones.
Management Summary - Provides background on the management team.
Financial Plan - Contains key financials including sales, cash flow, and profits.

What makes a successful wedding business plan? You must have a well thought-out plan that is clear and concise. Its structure must be logical, and the business plan must outline how you will achieve profitability.

How can you easily write a wedding business plan? Sitting down and looking at a blank computer screen as you prepare to start your business plan can be daunting. I recommend that you 'Google' the keyword phrase 'business plans' and leverage free templates that are posted on the Internet. In addition, you can check out 10 sample plans specifically for wedding businesses.

Do you have any wedding business plan tips to share with our wedding forum? If so, please share your comments below.

About This Blog: Christine Dyer is the Creator and Founder of BridalTweet. Christine has an MBA in marketing and shares over ten years of marketing expertise with the wedding community. In this weekly blog, you'll find advice on an array of wedding business topics such as how to market to brides, social networking, wedding PR, wedding sales, vendor networking, branding, pricing and much more. Please pass this news along to your own professional wedding network. To receive this advice in your email inbox each week, Sign Up for a Free BridalTweet Membership.

Comment by dognbird on March 28, 2010 at 8:06am: This is a fantastic post!

Comment by Karen Gupton on March 29, 2010 at 4:47am: A good place to find market analysis on weddings is The Wedding Report (www.theweddingreport.com). You can find statistics on the number of weddings in your particular industry and market which will help support the basis of your business plan. If you can show that the market is increasing in your particular area, i.e. photography, then these statistics will support the assumptions that you make in your plan. This site will also show you the spending trends by category which will help you when you put together your financial summary.

The key to a good business plan is to be as detailed as possible and provide SMART goals: specific, measurable, attainable, realistic and timely. Remember that your plan is a living document and needs to be updated as situations in your business change.

Comment by Dream Your Day on March 29, 2010 at 5:15am: This is geat!

Comment by Downey Party Rentals on March 29, 2010 at 6:14am: Thank you, Christine. As always, you are right on - a great, detailed business plan will help in more ways than most people can imagine.

Comment by The French Bride on March 29, 2010 at 11:39am: Business Plan is crucial, that's very mice of you to help the new ones! Your advice are always very hepfull!

Comment by High Society Event Planning on March 30, 2010 at 7:04am: I've read many articles and books on business and the one thing they all have in common is that in order to succeed, it is crucial that you have a business plan that you have written out. It may change as you grow but you need to have something in place from the very beginning!

Comment by Miss Caprice Event Planning on March 30, 2010 at 2:53pm: I love this blog and I agree entirely, starting a business is serious business even if it's as much fun as event planning. My business plan is 42 pages long and included the following:

I. Table of Contents 2
II. Executive Summary 3
III. General Company Description 4
IV. Products and Services 7
V. Marketing Plan 13
VI. Operational Plan 22
VII. Management and Organization 27
Appendices A 28
Appendices B 30
Appendices C 33
Appendices D 36
Inventory………………………………………………………………………………………….37

I had pictures of what services and products I offer and a detailed two year financial projection report. Honestly, I have never seen a business loan come out of a bank this fast. Take the time, follow your financial report - the first two years is where you'll have to make your mark, no doubt about this. Just be true to your plan, document everything, all your mileage, keep all receipts in clearly identified envelopes with month and year and take learning to heart.

Comment by Cathy Gabriel on February 1, 2011 at 5:48am: Great advise as always. I also recommend revisiting your business plan from time to time and tweak it if necessary. Have a fabulous week!