Once you have figured out what services and packages you are going to offer, you will need to figure out a pricing system. Here are a few ideas:
Percentage of Wedding Budget:This type of pricing structure is quite popular among wedding planners. Typically a fee of 10-15% of the wedding budget is the common, but this will typically only work for full planning packages and for larger weddings. For instance, a wedding with a $25,000 budget and a fee of 15% will net the wedding planner $3750.00 for a full planning package, whereas a wedding with a budget of $5000 will only net the wedding planner $750.00. Even if there are only 50 guests, that's still a lot of work for a small amount of money.
Flat Fee:Flat fees are great for any type of package. This means that no matter what the budget for the wedding is, the fee will be the same. This helps brides know exactly what the price will be no matter how many times they need to change their wedding budget (and it will happen). Also, if the couple only needs some assistance and would prefer a partial planning service or Day-Of coordination, they will know exactly what it will cost them so they can work it into their budget.
While setting a full planning package at $2,999 is great for weddings under $30,000, you may feel like there is more work to be done with a wedding that has a budget of $100,000. If this is the case, you can explain to the bridal couple that because of the size and depth of the wedding, assistants will need to be brought on and so there will be an extra charge for the assistants.
Hourly Fee:
You may decided to charge hourly based on the number of hours you work on each wedding. While this will ensure you are fully paid for your time and effort, it may leave couples feeling uneasy if you are unsure of the number of hours it will take to plan a wedding. Giving an estimate at the beginning of the planning process is a must and it should be as close to accurate as possible. You may decide to charge $30 and as you get more established, move up to $40 or even $50 an hour. Some planners in large metropolitan areas actually command up to $150 per hour after years of experience!
Ultimately, it will come down to how much time and effort you put into each of your pacakges or services and what the rate is currently set at by your competitors. It helps to do some research to see how other wedding planners in your area are charging so you can figure out where you need to be with your pricing structure. As we said before, don't forget to set yourself apart and find a niche that you can take over and command a lot of business from your specialty. You'll be able to charge a premium if you offer something unique or something now one else can do.
*If you missed the first part of this series, check out Services & Products PT1*
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