The answer to how much do wedding venues make a year depends on the location and type of venue itself. We will give you the costs to expect in different states and kinds of wedding locations to help you gauge the amount that venues make in a year.
And if you’re also interested in having one, why not read about how to start a wedding venue? It might be a profitable endeavor, especially if you love weddings anyway.
How Much Do Wedding Venues Make A Year: Is Owning One Profitable?
It will be hard to know the average annual earning of a wedding venue. However, the popular seasons for booking one are spring, summer, and fall.
Consider assuming that you can book ten weddings a year, then multiply the wedding venue fee on each state or according to the type of wedding venue to gauge how much you can earn in a year. Note that many factors will affect your profit, which this article will also discuss later.
Wedding venue cost according to location
According to ZipRecruiter’s estimates, the US state with the highest annual average wedding venue salary is Hawaii, followed by Massachusetts, then Rhode Island. The highest yearly wedding venue salary is around $49,000 in Hawaii and Massachusetts, followed by approximately $48,000 in Rhode Island.
This might also pertain to the event venue owner’s salary as the data is not clear if the earnings are computed based on the wedding venue fee. Instead, it is described as a “wedding venue job,” where it’s revealed that 11 states have above the national average salary.
That being said, you want to have a wedding venue where the job market is not underperforming, regardless of having an above national average salary. Therefore, find a location with better economic opportunity advancement to earn well with the wedding venue.
Wedding venue cost per type
Besides the US state where you have the wedding venue, the venue’s amount per year depends on the type of location you have. The wedding venue fee differs per type, and some are more expensive than others.
However, the more profitable your wedding venue will be, the higher amount of money you also need to shell out beforehand to improve it. Of course, you can start with a simple wedding venue that won’t be costly to improve, but a venue that can charge a high fee to wedding clients should be worth it.
For example, a hotel or resort can charge as high as $73,000, while the lowest is at roughly $11,000 for a brewery, assuming that these are the priciest packages you offer on both venue types. For the lower wedding venue cost, an event center is around $2,000, while a park or garden is at $8,000.
Note that these are just per event, and there are other elements you may include in your wedding venue. For example, some venues include decorations or catering, so the costs for renting them get high.
Are you curious about who cleans up after a wedding? If you’re interested in venturing into the event venue business, read our discussion regarding it.
How Profitable Are Event Venues?
Owning a wedding venue can be profitable, but only if you are strategic and approach everything carefully. For example, the location of the venue and how different it is from the other venues in the area will affect your profit significantly.
Setting up the venue and marketing yourself
Your chosen location for the wedding venue might need renovation, which means you’ll lose money to start it. It will also take away from your profit if you’re renting the space.
And if you bought the wedding venue, make sure that you have enough savings until the space can earn. From here, ask yourself what makes your venue different from others in that area and what will make clients want you more.
Are your prices competitive? Do you have a particular style that makes your venue unique?
How Do Event Venues Make Money?
Your wedding venue generates income through the fee you’ll charge your clients. It can be the rental fee for your space, but you may also include packages where you’ll also cater, decorate the space according to the client’s preference, or even offer entertainment services for the wedding.
However, you will also need money for the costs of doing the wedding event. The utilities, use of equipment, staff wages, and insurance are some examples of additional costs when running a wedding venue.
Why Do Wedding Venues Fail?
- Lack of research about the location or venue type
- Lack of business plan or model for the wedding venue
- Zero-knowledge in the industry or handling of event venue
- Not taking competitions into consideration
- Not improving the venue to make it stand out
- Poor services to clients
- Not checking the laws and ordinances on the site
- No financial management
- Spending too much more than what the venue can earn without a backup plan
Conclusion
Was this profit guide helpful? We learned how much do wedding venues make a year, which can be around $49,000, depending on the state, or as low as $2,000 per booking depending on the venue and package type.
Overall, owning a wedding venue can be profitable with the proper planning and business model. Do your research about the location and competition and manage your finances well.