How much money do wedding planners make? How to make money as a wedding planner? These two are the most popular questions when starting in the wedding planning industry. What is the typical salary of a wedding planner who runs its own business?
Wedding planner salaries vary from a few hundred dollars to a few thousands of dollars. There are planners who earn more than $100K a year while others can barely make $15K. The difference in salary depends on a few different factors.
The Number of Years in Business
For most wedding planning businesses, it takes 2-4 years to become successful and profitable. Many wedding planners start by planning events as a part-time job while maintaining another career or job until their business grows. Keep in mind that it can take a few years before you are fully booked and have lots of clients.
Business Knowledge
Being familiar with budgeting, cash flow, taxes, basic accounting has its own advantages. It allows business owners to price based on their desired salary, as well as, their expenses.
Experienced and business savvy wedding planners know exactly what they need to charge as they understand that increasing prices on a regular basis is important for their long-term success.
If you think you need help with your wedding planning business, consider hiring a professional business coach for event planners. A professional coach can help you set up your business for prosperity and success.
The Reputation of Your Business
If you are known as a leading wedding planner or designer, you will be able to charge more for your professional services. Also, you will benefit from word-of-mouth, recommendations, and referrals from previous clients and other professionals.
The Area You Are Located In
How to make more money as a wedding planner? Easy, change the area you live in. Event planners in Los Angeles, New York City, and Washington DC make more than wedding planners who live in areas that aren’t a popular destination for a wedding or planners who live in rural areas.
If you want to attract more clients (clients who have money) consider changing your location.
Marketing Knowledge
Being able to promote your business and the services you offer can make a significant difference in how much money you can make as a wedding planner.
Here are three tactics to help you expand your wedding planning business:
- Reach out to current connections: Get in touch with an email sent to family, friends, co-workers, and people involved in the wedding planning industry that may need assistance with planning weddings and other celebrations. Give examples of your services and explain that you are expanding your business. Ask each contact if they have some connections who you can speak to and have them give you contact information for that person.
- Use social media: On your social media profiles, start publishing posts that talk about your planning business. Give examples of what you offer, share photos of previous weddings, and share your experience with these beautiful events. It is important to promote the advantages of what you do.
- Connect with industry pros: Reach out to your vendor network (decorators, caterers, florists, photographers, etc) who do wedding planning events. Explain that you are expanding your business and what types of clients you prefer working with. Ask your connections if there are certain people they think you should connect with and ask if they could send an email introduction for you.
Can you make money as a wedding planner? Yes! These three tactics will set you on the path to getting your wedding planning business name known as a successful planner.
Types of Services Offered
For newer wedding planners who are offering month-of or day-of services, the salary will be much lower than a professional planner offering full-services.
Think about whether you should do this as a part-time job or a full-time job and dedicate completely. If you think you are good at what you do, there is no reason why you shouldn’t offer full-service wedding planning and design. You will attract more clients and make more money.
Number of Planners on Staff
If you have a team of wedding planners taking on different events or team who support large-scale projects you plan, your business will make more money. Consider expanding your team.
Other Sales
There are wedding planners who also provide event decor, sell retail items, sell invitations or maintain a rental inventory to increase their revenues.
If you have something on your mind, something that can help you grow your salary, don’t hesitate to try it. Discuss with your team, what else can you offer to attract more clients and grow your sales.
The annual salary for a professional wedding planner who has been in the business for 3, 4 years now, ranges from $18.000 – $60.000. Skilled planners with 5-9 years experience, will see a rise in their salary as compensation for their background and skills.
Your wedding planner salary will depend on your education, experience, location, and how well you promote your business. Charging what you are worth and increasing your fees from time to time is a key factor in how much money you make as a wedding planner.