Do you want to start a wedding video business? If YES, find here a wedding videography business plan sample checklist with a startup guide.
If you are already in the photography or videography industry, then starting a wedding videography business is quite natural for you. However, if you are a beginner and want to start this business then you can take the help of online videography courses.
Currently, you can find a lot of good cameras and equipment. Additionally, there are several software solutions that help in editing. So, it is not difficult to be successful in this industry. However, it is true highly important to know your competency and specific market demand. This business startup guide will definitely help you in establishing your own wedding videography business.
Is Wedding Videography Business Profitable?
In most cases, every wedding used the services of a professional wedding photographer. In the US, there are 300,000-plus wedding vendors operating currently. It includes ceremony and reception venues, DJs, coordinators, photographers, caterers, hair and make-up artists, limo drivers, and more. However, a stronger economic environment will always help in boosting the market.
Irrespective of economic downturns, weddings remain a stable business as it is a once-in-a-lifetime event for most couples. While weddings were a simpler affair about two decades back, economic liberalization and the increasing disposable income have prompted a change in attitudes.
Today’s brides and grooms are ready to pay hefty fees for making their big day memorable. So, starting a wedding videography business is quite a lucrative proposition for young entrepreneurs.
Here are the 10 Steps to Start Wedding Videography Business
1. Skill & Experience
For a successful business model, these both are important. You must get valuable experience and develop a portfolio at the same time. However, you must be careful not to give away your services for free. So, before commencing the business in a commercial manner, offer your service to the people in your known circle at a cheaper rate.
There are several ways you explore to become a skilled wedding videographer. Joining a film school is the most popular way. However, practical jobs are most effective in becoming a wedding videographer. In that case, you can consider working as an apprentice with an experienced videographer.
2. Create a Wedding Videography Business Plan
In starting this business, the first step is crafting a business plan. Actually, the business plan is a blueprint. It is important to understand the specific market demand in your locality. Also, you must have knowledge about the established businesses, their pricing, and marketing strategy. Then only you can chalk out your business plan in a foolproof way.
A business-plan outline has the following 10 sections: Title Page, Table of Contents, Executive Summary, Business Description, Product or Service Description, Organizational Data, Marketing Strategy, Competitive Analysis, Operations Plan, and Financial Information.
3. Procure Quality Equipment
Video equipment is becoming more and more affordable these days. But you’re going to need more than just a good camera or two. Some of the basic tools you need are Prosumer Cameras and Tripods, Wireless Mics, Camera Light, Hot Light and Stand, and cables.
For beginners, most experienced photographers suggest buying Nikon D850. It comes with 45.7 megapixels of extraordinary resolution, up to 9 fps1 continuous shooting at full resolution, 4K Ultra HD video recording, and many more stunning features with an affordable budget.
4. Create a Portfolio
When you get some work assignments from your known circle, you must create a demo reel for creating your portfolio. However, never try to show a potential client the 150 minutes video. Rather, take the best of the best from each of your weddings and edit them together in a two- to three-minute reel.
5. Register your Business
If you are looking forward to running a hassle-free legally compliant company, registering your business is a must. Check with local competent authorities or a local attorney and select the most suitable business structure as per your scale of operation.
For example, if you are from the United States, forming an LLC can be a good option for startups as it not only protects personal assets but also helps in the easy filing of annual taxes.
6. Get Licenses
Another important aspect for the smooth running of the wedding photography business is to equip yourself with the needed licenses to cater to local customers. Talk to a local professional and procure the permits that are essential to start and run the business.
7. Open a Business Bank Account
After you register your business and get the required licenses, it is time to open a business bank account. This will help you in paying vendors and receiving payments from customers.
8. Offer Professional Approach
You must present yourself in a professional manner with contracts and brochures ready. Literally, you have only one chance to make a first impression. When first meeting with a client, try to present yourself as an established business.
9. Fix Proper Pricing
Pricing is a very important part of being successful. You don’t want to price yourself too low, as it sends a bad message out to clients. But you don’t want to price yourself out of the game, either. So, it is better to keep a little high price and an opportunity to offer special discounts.
10. How to Promote Wedding Videography Business
Social networking sites (Facebook, MySpace) and pay-per-click advertising are very efficient through companies like Google and Yahoo. Also, create a wedding videography blog. They’re free – and remember to regularly post your work.
One of the most effective ways to get yourself out there is to participate in Bridal Shows. This gives you the opportunity to put yourself directly in contact with potential clients and show off what you can do firsthand.
Additionally, contact with the other vendors in the industry. Such as wedding consultants, DJs, caterers, etc. You can establish business tie-ups with them in exchange for some referral incentives.
Basically, the most important aspect of starting a wedding videography business is to stay relevant. To achieve this, you need to be up to date with all the new trends and technologies in the video industry, as well as in the wedding industry. It helps to keep your wedding videography business more professional and acceptable.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.