I stopped actively planning weddings a few months ago (Bad knees + missing family time on weekends made the decision for me), and I now consult with other industry-related businesses. As a wedding planner pricing was key to the success as of my business; recently, as part of my work, I happened upon a planner’s website with startlingly low prices. These were prices I charged about 6-7 years ago.
Charging too little is a high stakes decision that drastically affects your well-being, your ability to provide for you and your family, and your long term earnings. You will create a referral base that’s lower budget and never break through to a high-earning, high quality book of business. When I amped up my pricing to truly reflect my workload and expertise, I had a lull in bookings for 2-3 months, but then I recouped any missing revenue and had much better long term earnings. It was a game changer.
Wedding Planner Pricing Tips
1. Set limits on your services. I capped my ‘day of’ coordination to 40 hours total, and partial planning meetings were capped at 90 minutes long, for example. Sometimes we give an inch, and our clients (usually without any ill will), take a mile, but it eats up your profit and earnings per hour.
2. Ask around. Find your tribe of honest and supportive wedding and event planners in your community and share your pricing models. Become referral partners. If your pricing is apples to apples to each other (at least approximately), you build a web of high quality, well-priced services that will gain ground with potential clients and set a standard of pricing.
3. Consider hourly pricing. I’ve been a big proponent of this lately, and if I were to continue my business, I’d revert to this model.
Part of my consulting services is to help planners formulate concise, data-supported pricing models for optimal profit. I offer a 20-minute no-obligation call to anyone interested in my services, which is a great way to have a professional, safe space to vent, discuss pressing issues, and gain insight on thriving in the challenging business of event planning. To learn more, click here, email me at email@example.com, or call 310-562-3306. Happy planning!