How to build a successful business in Indian wedding industry?

Additionally, in the UK, an estimated 1.4 million individuals of Indian origin have contributed to a supplementary industry valued at approximately $13 billion. These figures indicate a significant market for those interested in launching a wedding business in India and overseas.

But let us do a small SWOT analysis of the Indian wedding industry before we delve deeper  –

Strengths –  Huge market size & large, diverse customer base. Growing popularity of destination weddings in India Rich cultural heritage and diversity Availability of skilled and experienced vendors and suppliers. Technological advancements.	Weakness –  High competition leads to price wars Dependence on seasonal demand leads to fluctuations in revenue. Complex and time-consuming regulations and procedures for obtaining licenses and permits Inconsistent quality and reliability of vendors
Opportunities –  Growing demand for theme-based and eco-friendly weddings Increasing adoption of technology and social media for marketing  Growing acceptance of intercultural weddings The rising popularity of pre-wedding events and celebrations	Threats – COVID-19 has led to reduced demand and cancelled or postponed weddings Increasing competition from international wedding planners Changes in sociocultural attitudes towards extravagance Regulatory and tax changes

Indian wedding industry market share

Although unorganised, the wedding industry's market share was estimated to be Rs 3.68 trillion by KPMG in 2016. 2020 was a huge drop. But now, a recent report shows that the Indian wedding industry will grow by 200%. Bookings have already returned to pre-pandemic levels.

Therefore, it makes sense to start a venture in the wedding sector and cater to a vast variety of needs of consumers. Today, we shall give you a step-by-step guide on how to start your business in the wedding industry in India – 

Step 1: Pick a Business Name & Type

• Importance of choosing a memorable business name
• Deciding on the type of wedding planning service to provide

Step 2: Get Relevant Experience

• Researching and interning with different wedding planning businesses
• Working with event management firms to handle large-scale clients

Step 3: Have a Solid Business Plan

• The importance of creating a business plan
• Choosing financial management strategies and target clientele

Step 4: Be Clear with Your Goals

• Establishing long-term and short-term goals
• Figuring out your niche and strengths in the wedding planning industry

Step 5: Conduct Industry Research

• Learning about competitors and market trends
• Exploring wedding planning books, blogs, and websites

Step 6: Getting a Team

• Identifying the necessary resources, including decorators, caterers, venues, and more
• Considering hiring freelancers to save time and money

Step 7: Jot Down Your Investments

• Necessary investments, such as a laptop, hard drive, and office space
• Initial startup costs for a wedding planning business

Step 8: Marketing Strategy

• Creating a marketing plan to attract clients
• Utilizing social media platforms like Instagram and Facebook

Step 9: No Fixed Work Hours

• Understanding the flexibility and demands of a wedding planning job
• Being available for emergencies and client needs

Step 10: Track Your Earnings

• Earning commission based on the total wedding budget
• Understanding the potential for profit in the wedding planning industry

Bonus Step: Licenses & Permits

• Establishing your business legally as an LLC
• Registering for federal and local permits to operate legally

Additional tips – 

The definitions for marriage and weddings no longer remain the same now, don’t they? And thus, the wedding industry also keeps changing. Here are two tips you need to keep in mind – 

1. Firstly, the growing trends in weddings require assistance in terms of planning and execution to make it the “wedding of the year” a title everyone’s after, which can be made possible through wedding planning services
2. Secondly, the profit margin from this business is vast and comes with low investment, and has a wide scope for expansion.

In conclusion, India has one of the largest population centers in the world today, it will continue to boast one of the largest wedding industries in the world as well. Over the next 10 years, as incomes rise in the country, the wedding industry may begin to close the gap between it and the United States.