One of the best things about a wedding venue business, is how adaptable it is. There are so many creative ways to turn a property, that may even have an existing business on it, into a profitable event venue. Whether it's a marina, a cool farm house, a garden center, you name it, there are virtually limitless possibilities for turning unique spaces into extremely profitable venue businesses.
The other cool thing- you don't need to invest a ton of money to get going.
There are many venues that don't even own their infrastructure. Instead they rent a tent, bathrooms, tables, chairs, etc. for the season on their property. They pay a monthly fee to lease the equipment, host events, and take the difference as profit! There are several big benefits to this model of leasing vs. owning:
1) You don't have to worry about maintaining it- Most lease agreements have maintenance built into what you pay. That means less of your time spent keeping everything in perfect working order!
2) You can get new equipment every year- If a rental company knows you are going to take care of things like tables and chairs, it's likely that they'll send new equipment your way. It pays for the rental company not to have to move their infrastructure from event to event, so you can expect them to send the best stuff your way, because it will stay nicer longer.
3) You don't have the start-up costs of buying your own event equipment- This one is pretty obvious, but it bares stating. Last week, we talked about the start up costs associated with launching a venue (and even included a real business plan)! Let's just say, the costs can be sizable! With this approach, you usually sign an 8 to 10 month lease for the rental equipment to be installed and maintained on your property. That means little to no up front costs, simply your monthly lease agreement.
In each of these three benefits to leasing, the inverse is true when you own. You have to pay to maintain it, to replace it, and you had to buy it in the first place! There are of course pro's to owning too, but many venue businesses operate on the lease model.
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