As a wedding professional, you will be used to dedicating so much of your time to your business, clients & admin and this is why you really need to evaluate your pricing. Ask yourself, am I being compensated for the amount of time & effort I put in?
You can determine your pricing in a number of ways, although this will work differently for every company so serious consideration is needed.
Here’s some options:
If you choose to charge your clients in percentages, you can decide on a percentage of the client’s budget, for instance, if they have a £20,000 wedding and you choose to charge 10%, your total pay would be £2,000.
If you’re new to the wedding planning industry, this can be a good place to start, but be aware that you should have a fee adjustment policy in your contract in the case that your clients change their budget half way through the process.
If you prefer, you can work on a commission basis whereby you get paid through each vendor you hire.
Some vendors like to charge by the hour, which can work, but does require some workings out.
Here’s a formula that can help you determine your rate:
(Amount you’d like to earn annually after expenses) / 50 weeks / 5 days per week/ 8 hours = your hourly rate
So, say for instance, you want to make £30,000, you’d have to charge £15.00 per hour.
Having said this, in the wedding industry we don’t tend to work for eight hours a day or for five days a week – so unless you have a strict time management strategy in place then this may not be the best option for you.
This is the most popular and simple option.
To work out your flat rate, determine how many hours you typically spend with a client, including meetings, office hours, rehearsals and the wedding day.
Take the hourly rate you calculated above and calculate your flat rate with this formula:
(Hourly Rate) x (Average Hours Spent with Client) = Flat Rate
It is most likely that your clients will be looking for a deal/discount of some sort, but remember to not sell yourself short. As a wedding professional you poor your blood, sweat and tears into what you do in order to make your client’s big day unlike any other. Think about all of the special days you have missed with your friends/family…
As a wedding business owner these sacrifices are inevitable, but ensure you keep this in mind when setting your price. We advise that you avoid devaluing your services by discounting a fairly priced package. Instead, why not add in a couple more services into your fee?
Remember, pricing is a vital part of your business that can and will determine your future success. So make sure you put some effort into working out a pricing structure that will pay you fairly, God knows you deserve it.