This article is about how to set your wedding prices and packages
My approach to how you should set your wedding prices and packages is very different from what others will say.
To set your wedding prices and packages, you need to take a look at my pricing strategies for wedding pros.
In that article, I share two strategies for setting your wedding prices and packages, including the one-package strategy and the four-package strategy.
But before you look at those strategies, you need to do some simple math!
My Pricing & Packages Calculator Tool for Wedding Pros
If you need extra help – I have an awesome calculator tool that is super helpful.
Check it out here – WEDDING BUSINESS PRICING CALCULATOR
I have different math calculations for each type of wedding business but as a general rule, here’s the calculation:
Step 1: How much money do you want to make in the next year?
Write down the figure you would like to make in this next year. Try not to focus on what you made this year or how stressed you are about money.
Step 2: How many weddings would you like to do this year?
For some of you, the number of weddings will be high and for others, it will be low. There is no right or wrong answer.
Step 3: Divide the amount of money you would like to earn this year (total income in your bank to cover all of your business costs and your personal income) by the number of weddings you would like to work at.
Example:
For this purpose, I’m going to give a simple answer. Let’s say you want to earn $60,000 this next year, and you only want to work at 10 weddings.
This would mean that you would need at least $6000 per wedding to reach your target.
If you wanted to work at 20 weddings, this rate would reduce to $3000 per wedding.
THAT’S HOW EASY IT IS!
YOUR WEDDING PRICES AND PACKAGES ARE DESIGNED AROUND YOU AND WHAT YOU WANT!
In my pricing consultation, I help you take this a little further and break this figure down into four wedding packages.
If you need help with choosing your wedding package names – check out this article – Catchy Names for Wedding Packages.
Should Your Wedding Prices Be Competitive?
I don’t think it matters! Your competitors have different agendas, different numbers, different costs, and different plans.
Your wedding prices and packages are yours! They’re designed around you and what you need.
The key difference lies in your branding. If you’re charging double what your competitors are charging, you need to align your brand and your services to those prices and vice versa.
If you’re charging less than your competitors, you can brand your wedding business accordingly.
Brides and bridal couples will pay for what they want!
Yes, some of them won’t be able to afford you, but that’s true in every aspect of life. Some people buy expensive sports cars, some buy affordable options, and some have to catch the bus to work.
Some of the brides and bridal couples that you work with may CHOOSE to take the bus to work but have plenty of money available for what they want.
My point is this! Don’t speculate or guess what brides and bridal couples will pay or what they can afford.
You do not know anything about their finances. You’re just presuming from a preconception.
If someone asks you about your wedding prices and packages, don’t just presume they are price-checkers or worried about money. Maybe they’re accountants or love building spreadsheets and budgets for their weddings.
I believe that a lot of wedding professionals lose out on weddings and bridal bookings because of presumptions and ego.
Conclusion
My advice for anyone wondering how to set your wedding prices and packages is this:
Do what you want and what feels right for you!
Set your prices on the money you want in your bank and the number of weddings you would like to work at and design your whole business around that.
Need my help? I’d love to hear from you!
Using HoneyBook? Check out this article about how to create a pricing guide on HoneyBook!
Until the next time,
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