The real estate industry is inarguably home to some of the best opportunities to earn passive income. And as you may already know, one of these opportunities lies in rental property, more specifically holiday homes and cottages.
The good thing is that with some cosmetic upgrades and fine-tuning, you can actually commercialize any property and turn it into something that generates as much as 4 times what you would make annually.
As you might have guessed, one of the ways to make your property more profitable is by turning your property into a wedding venue. Luckily, here’s a guide that can help make the process much less daunting.
First Things First Space: How Much Do You Have?
While a wedding can have as few as 20 guests, most standard wedding ceremonies usually invite and expect anything between 100 and 200 people. When starting a wedding venue on your property, the last thing you want is to have a space that feels crowded and uncomfortable for the couple’s guests. Knowing how much space you have can go a long way in helping you determine which additions to make and which ones not to.
It also gives you a sense of direction on the conditions or specifications to provide to your target audience when marketing your wedding event venue. Typically, a 3000 square feet space would comfortably accommodate around 250 guests for a sit-down dinner. If your space is around 2000 square feet, you can expect it to host 150-160 guests at most.
Prep Your Space
It’s also important to consider the zoning regulations in your local area, as not all properties may be cleared to host weddings. Once you have the green light from the zoning board, you’ll need to start making some changes to your property.
If you have a large yard, you may want to consider partitioning off a section for the ceremony. You’ll also need to make sure there’s enough space for parking and for guests to move around freely.
Think About the Aesthetics and Logistics
Next on, you’ll need to start thinking about the aesthetics of your venue. This means choosing a theme or style for the decor, as well as selecting the right furniture and accessories. You might also want to take care of other wedding venue logistics, from music to catering, and other wedding-related services.
The key idea here is to free as much stress as possible from the couple and the wedding planners. And for what it’s worth, doing this will go a long way in boosting the value of your property in the long term.
Think About Lodging
Oftentimes, wedding attendees come from far. Some of them will want to stay until late in the night, meaning that they’d appreciate a place where they could comfortably spend the night.
From this perspective, having a few rooms can go a long way in maximizing the profits you make from your property. You can either include lodging as part of the deal for those hiring the venue, or you can give guests the option to hire rooms at will.
Have a Maintenance Team
To keep your wedding venue appealing to visitors, you may want to hire a general maintenance staff to clean the property and spruce up your yard on a regular basis. Having a team of professionals on the property to take care of these tasks will also help bring down maintenance costs in the long run.
Marketing Your Wedding Venue
There are multiple ways through which you can put your newly-transformed property in the spotlight as a wedding venue. For starters, you can leverage social media, or even create a website for it showcasing the property. You can also offer wedding-related services such as massages for the couple, free lodging, a wedding cake shop, photography, catering, florists, and so forth.
Basically, you will want to consider aspects of the venue that will appeal the most to potential customers. This includes the location, the size and capacity of the venue, available amenities, and the overall look and feel of the space.
It is also important to consider your target audience and what they are looking for in a wedding venue. By considering all of these factors, you can create a marketing plan that will help you attract the right customers to your venue.
With the above few pointers in mind, turning your property into a wedding venue doesn’t have to be an uphill task.
SUBSCRIBE FOR MORE! HERE’S WHY:
1. You get 7 free books
2. You get the best money & productivity articles
3. You get the latest updates – all in one email per week
You have Successfully Subscribed!