Event And Wedding Planner Franchise UK – the TOP 10 MUST KNOWS about finding and running successful UK Event And Wedding Planner Franchises.
Event and wedding planning have evolved into a property industry. Here’s how franchisees can enter this industry by investing in a proven event and wedding planner franchise UK.
Franchising, as a business model, has been enormously successful all around the world. Much of this success can and should be attributed to the unprecedented flexibility of this model.
Unlike traditional businesses that are often hamstrung by rigid revenue models, franchising allows the franchisor and the franchisee to control and fine tune every aspect of the equation. Much the reason why franchising now touches every industry and sector one can think of – from high-street retail to guitar classes for kids, and from pest control to accounting.
Throughout our franchising blogs, we have maintained that the service sector has been the biggest beneficiary of franchising. This, again, can be explained with one central cause – expansions within the service industry are always bottlenecked by the lack of qualified personnel. Franchising allows businesses to bring on board talented personnel who can replicate the proven business model, thereby helping the franchisor expand without spending a huge sum of money on hiring.
The best example of this phenomenon are the event and wedding planner franchises UK.
Considering the ever-growing wedding market in the UK, it’s only fair to say that buying a wedding planner UK can be a future-proof investment for your money, given that you work with an experienced franchisor. In this article, we will discuss what UK wedding planner franchises are, how they work and what considerations you need to make before putting your hard-earned money at stake.
It’s important to note here that the franchising segment of the event planning industry is dominated by wedding planner businesses. So, much of our focus will be on wedding planner franchises UK.
Market Currents That Affect Every Wedding Planner Franchise UK
If you’re planning on buying a wedding planner franchise UK, a ground-up research is what’s required to give you a good idea about the industry and its performance in recent years. This is an essential part of franchise market research.
- The wedding planning market is unique in terms of demand and supply balance. The good news for franchisees is that your future wedding planner franchise UK will operate in what is usually referred to as a demand stable market. In simpler words, such businesses benefit from the fact that you can take the demand (number of people getting married) for granted.
- Close to 250,000 marriages are registered each year in the UK (the average for the last ten years).
- Of these, over 70% are held in civil ceremonies. This, as far as UK wedding planner franchises are concerned, is the main target market.
- An average wedding ceremony costs over £30,000 in the UK. Hiring the services of a wedding planner accounts for 40 to 50% of these costs. In other words, an average assignment yields revenues to the tune of £10,000 to £15,000 for wedding planners.
- Over 75% of couples save money or take loans to pay for their weddings.
- The wedding industry in the UK is estimated to generate annual revenues upwards of £10 bn.
Wedding Planner Franchises UK – What Do They Do?
If you haven’t really seen a wedding planner business in action, you’d be wondering what exactly it is that they charge thousands of pounds for. It’s a fair question – because not too long ago, couples and their families took it all upon themselves to manage weddings in their entirety.
Things have changed drastically since then. We tend to put in a little bit extra of everything – money, emotions and efforts – into landmark events in our lives.
What we don’t have in abundance is time to manage a million small but important things. Moreover, in a world dominated by social media, everyone wants their wedding day to be unique, memorable and special beyond compare. Naturally, they trust a reputed wedding planner to take over the reins.
But what exactly will you be required to do once you start running a wedding planner franchise UK?
Here’s a roundup of some of the common services that UK wedding planner franchises provide:
Perhaps the most important part of any wedding is the location.
While many couples still prefer to get wed at their local church or community centre, the number of couples looking for out-of-the-ordinary locations – from exotic resorts and mansions to rustic villas – has forever been on the rise. As a wedding planner franchise UK, you may be required to help your customers finalise a perfect venue that fits their expectations and budget. You may also need to liaise the deal into your own service package.
Food and Drinks
Many wedding planners have business relationships with catering companies.
Whether you need to cover this angle within your services or not depends entirely on your franchisor’s business model.
Most franchisors offer customised stationary design and printing services as a part of their packages. As a franchisee, you may be required to hire designers or outsource these projects to the franchisor.
Recommended: Our Franchising Checklist – Free Download!
Furniture, Flowers And On-Site Arrangements
As we mentioned earlier, a million things go into making a wedding successful. Flowers, furniture, seating arrangements and a myriad of other on-site details are an important part of the services offered by a wedding planner franchise UK.
Many UK wedding planner franchises offer additional/standalone services such as honeymoon itinerary planning, makeup services, photography and videography services and so on. (Do check out our photography franchises UK guide for more information)
As a franchisee, you’ll need to stick to the business model proposed by the franchisor. It is, however, worth noting here that you need to be a strict taskmaster in order to stay on top of all the aspects of a typical assignment.
How Much Does A Wedding Planner Franchise UK Cost?
The cost of buying a wedding franchise UK depends entirely on the type of the business.
If you’re looking to buy an end-to-end wedding planner franchise, you’ll need to invest upwards of £25,000 in minimum initial investment.
If, on the other hand, you want to buy a specialty franchise (wedding photography franchise, wedding cakes franchise, just to name a few), you’ll need to invest a far lesser amount – up to £10,000, or thereabouts.
What Does It Take To Run A Wedding Franchise UK Successfully?
Running a franchise is, contrary to the popular opinion, never a breeze. You will never be able to invest a few thousand pounds and expect the business to return consistent profits, unless you’re actively working towards that goal.
We have already covered what it takes to run a franchise unit successfully in our Is Franchising For You? guide.
Here’s more about it in the context of UK wedding planner franchises.
You’ll need to be extremely adept at managing things and people. As a business owner, you’ll be working with a dozen other businesses, communicating all the developments to your customers and guiding your staff through the entire process – all at the same time.
If you have some experience in business management, it will give you a certain edge.
Dealing With The Pressure
There’s no such thing as an uneventful wedding.
Inevitably, you’ll be grappling with deadlines, sorting out last-minute issues and making sure everything goes to the plan. Therefore, being able to put your best out there under pressure is a key requirement.
Many couples have a very good vision of how they want their wedding to unfold. Not being able to understand this vision is the biggest reason behind wedding businesses failing to realise their customers’ expectations.
Effective and efficient communication is essential in order to bypass such mismatching of ideas.
You can always outsource the marketing to an agency, and most franchisors offer marketing support – but that hardly means you can afford to be clueless about marketing.
Wedding businesses depend more on word-of-mouth and social media marketing than most other businesses we have discussed so far. Understanding how this works is a quality you must have in order to keep the leads coming in.
Event And Wedding Planner Franchises UK – The Takeaways
- Make sure you choose a franchisor who has a strong track record.
- Talk to franchisees who are in operation in other territories.
- If you’re new to franchising, go with smaller, specialty businesses.
- Keep up with the social trends.
- Pay attention to how much you’re re-investing in direct, indirect and digital marketing.
Running a wedding franchise UK is no mean feat. If you own and run such a franchise, we’d love to hear from you. Do send in your messages and experiences here, and we’ll try our best to feature you on our franchise success stories page.