Pricing is a complex and complicated topic when it comes to setting up your wedding planning business. In fact, it’s often the number one question I see in my Facebook Group Community, Becoming a Wedding Planner. Yep, pricing has everyone stumped when they’re first getting started.
Your Wedding Pricing
So stumped, in fact, I created a whole workbook dedicated to it: Wedding Planner Pricing Workbook. There’s a lot to consider when coming up with your pricing. For one, you need to do some actual research to see what the average fees are in your local area. You also have to consider the amount of experience you have along with how much your market is willing to pay. Today we’re going to go over how to charge for Wedding Management.
Types of Wedding Planner Charges
In the wedding planner world, there are typically three ways we charge clients for our services: per hour, flat rate, and/or percentage. I said “and/or” because sometimes a planner will break up their fee into two parts. For example, a wedding planner might charge a flat rate for their wedding management service but then charge a 10% fee for design work. However you decide to charge, just make sure it works for you, your ideal client, and your market.
When it comes to wedding event management, most wedding planners charge a flat rate. In fact, it’s so standard, you might have a hard time trying to charge any other way. While a flat rate can be reassuring to your clients, it can sometimes be frightening to a new wedding planner. A flat rate can allow clients a supreme value while the the planner feels worked to death. That is why it’s important to understand your event management service and track of all your tasks and hours.
Figure Out Your Tasks
When dealing with a flat-rate service, it’s important you know exactly what your service entails. You need to know what the tasks include and how many hours it takes to complete them. This way you can calculate how much you’re actually making from your service. This also keeps boundaries in check. For example, if a client wants you to meet with vendors but that’s not included in your package, you can remind them of this and send them an additional invoice for your time. This way it’s fair for everyone involved.
Dollar per Hour
When working with a flat rate, you need to know what your dollar per hour is. You do this by knowing how many hours it takes to complete your wedding management service and then dividing it by the amount you’re charging. For example, if your wedding management price is $1,000 and you work 20 hours, you are making $45.50 an hour. Is that enough? Remember, you have to give the government 20% in taxes and pay for gas to and from the wedding.
Last Words on Wedding Pricing
This is a good exercise to help you start thinking about your process and the wedding pricing you want to start charging. Now, it’s okay to start at a lower price point until you start to get your footing. There’s no shame in starting out cheap. The very first wedding I did, I only charged $500 dollars. I would bump it up after every wedding I completed. If you want to master your process down pat, check out our course, Wedding Management Certification.