How can you create a debt free wedding venue on your property? It is possible to start a venue using your property without going into debt. Supplementing your income and using your property to work for you is the best idea. All it takes is some time, a bit of research and a decision to stick to a plan.
Best Ways to Start a Wedding Venue – On Your Property With-Out Debt
These options will start you thinking about how to avoid going into debt, for your new adventure. My mind keeps floating back to 2020 with the Covid scare. We had no debt for our venue business. We were able to refund, postpone, and reschedule if needed. If 2020 taught us anything its that, the unexpected can, and will happen. Don’t go into DEBT.
Consider a seasonal venue
Have you considered only do spring weddings at first, or maybe summer or fall, not every month of the year, and not every weekend. Your venue can start out small, and would not require the same investment as a large venue. Less chairs, tables, linens, etc. Starting small is such a great option! You will change your mind on so many things. Style of tables, chairs etc. Starting small, and renting will give you great insight into what you will purchase in the future.
Start with what you have
In my eBook, How to Start and Run a Wedding Venue – In Your Own Backyard, I talk about what we were willing to do when we first started out. Pride has to go out the window friends along with that – It Has to Be Perfect– excuse. If you are considering a venue, I assume you are very talented in the DIY and entrepreneurial space. Look around, take note, what can I do with what I have?
Prepare a budget
I know, UGH! But really, if you don’t want to go into debt, you don’t right?! : ) get it all on paper, numbers don’t lie. Yes, they need to be adjusted, but you have to start somewhere.
Return a percentage of profit to your business
Returning profit to the business is a must when first getting started. Its more at first because you are saving up to purchase your tools. You don’t want to rent everything forever. You can price the things you are saving for, and this will help you decide what the profit returned to the business should be each year, month or what ever you decide on.
Rent until you can pay for it
This is such a great option that is so overlooked. We all think we need the best, right now, no matter what. Wrong. I’ve said this often, but will say it again. If you wait until everything is perfect, you have everything you want, this dream of yours will not even get off the ground. Stop procrastinating, get your start date on the calendar and get to work.
Outsourcing to a Client management System / Dubsado or Honeybook will take a load off. Also, adding in a wedding planner for the day, if you only wanted to do venue coordination (like me)is an option. Your price can include what ever you like and then use the contracted work option.
Wedding venues, and other hospitality venues are always going out of business. They will have chairs, tables etc. to sell. I have friends that purchased all their venue chairs from a hotel that was upgrading to new chairs. They got a REALLY good deal and the chairs are in perfect condition.
Always pay cash
We talked about putting a percentage of the profits back into the business. Paying cash will save you peace of mind in the long run. I know it is hard to be patient, but having everything brand new to start your venue is not a necessity, and not recommended.
Payments are a noose around your neck, I know because I have them for my house, and previous purchases over the years. I hate debt, credit, payments. I’m sure I listen to Dave Ramsey way to much, but those debt free screams, well.. they get to me. The podcast, with all the Ramsey personalities are excellent. Can I imagine / or have a debt free life? I’m sure working on it.