If you have a picturesque home and gardens, you might be missing out on a great way to bring in some extra income. How? Renting your property for special events—particularly for weddings. Today's couples are looking for something new and unique to wow their guests and create a truly memorable day for everyone. Your manicured lawn, colorful garden and carefully-decorated hosting space can be the star in those plans.
So, how do you get into renting out your home for weddings? Here are 5 steps to launching a successful venue.
Think Indoor and Outdoor
Bridal parties are attracted to a venue that offers both an appealing outdoor area and useful indoor spaces. This is especially important if you live in an area where the weather changes quickly. Outfitting some rooms as dressing areas, places for cocktails and even a backup ceremony venue will help attract more couples.
When planning out how you can provide a good wedding venue, try to create different environments and spaces for different weddings. Brides and grooms are not one-size-fits-all consumers, so help them visualize their own ceremony and reception in a unique way. For example, a large green lawn fit for a hundred chairs and a bridal arch is perfect for large ceremonies, but a cozy, mature tree draped with white linen might appeal to a bride looking for an intimate setting instead.
Get Insurance and a Financial Plan
As with any business, you need to protect your own interests as well. Work with an attorney and an insurance professional to make sure you have the proper coverage for inviting strangers into your home. This may include property coverage, liability insurance and vendor insurance. While dealing with these necessities, you may want to talk with an accountant about how to handle deposits, tax implications and work with vendors.
Once you move closer to opening up your home, you will want to start forming relationships with local vendors. Wedding planners are an especially important resource, as they will drive customers your way if they like your venue and facilities. It's also a good idea to work with (and have on speed-dial) reliable party rental companies, gardeners, equipment rental services and cleaning companies. If your space becomes popular, you may need to clean, repair and reopen the venue quickly, so be sure you know who you can call.
With things in place, you're ready to start advertising your venue. Social media is a must for modern brides and planners. Have some professional pictures taken of your venue. In addition, it might be a good idea to host a few open houses, inviting members of the local wedding industry—planners, party rental companies like E Z Rental, florists and even dress shops—and using these as opportunities to showcase other vendors' services as well.
Hosting weddings and special events can be a rewarding way to earn some extra money. It might be more work than you initially realize, so planning and working with professionals is vital to having success. But once you start helping deserving people enjoy their special days, you just might find yourself hooked on feeling good.