Indian weddings have one primary goal to create a memorable experience for the couple as well as their families, by focusing on as much opulence as possible. This business opportunity in India, the UK, and other locations around the world needs to be filled to celebrate Indian weddings through a supportive industry.
The most memorable day in the life of any individual is their wedding day. Almost every parent in India dreams of a big fat Indian wedding for their sons and daughters since their childhood. But it varies from person to person, as money plays the main role in these weddings. There are over 10 million weddings celebrated in India every year. For many analysts, that implies that the global Indian wedding industry is one that is recession-proof.
Indian Wedding Business Worth
Best Wedding Business Ideas
FAQ's
Conclusion
Indian Wedding Business Worth
According to the survey done by Statista, the Indian wedding industry is the second-largest in the world, just behind the U.S. market. The total value of the Indian wedding industry is estimated to be worth $50 billion as compared to that of $70 billion in the United States. There are an estimated 1.4 million people of Indian descent living in the UK, creating a supplemental industry that is valued at approximately $13 billion. This is a big market for those people who wants to start with a wedding business in India and abroad.
Best Wedding Business Ideas
There are many niche businesses that cater to weddings. They are either full-time or part-time businesses. The factors and incentives that encourage people to go into this line of business are the ability to get good returns on little investment in the business as long as you are passionate about the job. It is a cost-effective business that can be started with little initial investment.
Here are some niche wedding business ideas one can pursue.
1)Wedding Planning
The job of a wedding planner is to assist with the designs, management, and planning of a client's wedding. The planner takes care of every aspect of the program from food to decorations and entertainment. A wedding planner eliminates the stressful and energy-consuming part of planning a wedding leaving the couples to cherish the event fully, without caring.
According to a survey, the wedding planning market in India is expected to hit INR 2 trillion by the year 2024. Many wedding planners have begun to charge up to 15% of the wedding budget as their consultation fee. But due to the ongoing pandemic, there is a big drop in this business which is expected to grow once the pandemic is over.
StartupTalky
2) Wedding Caterer
One of the most important aspects of weddings is the food. Because food taste and quality of service are becoming serious issues to consider, more couples prefer to have professional caterers prepare and serve the food during the wedding event. A wedding caterer takes care of the meals based on the couple’s request.
Catering for wedding events has become quite popular due to the wide range of menu options that are possible. Starting a catering service business is a great idea for entrepreneurs who are well-organized, hardworking, creative, and able to accommodate and adapt to changing customer needs and demands. It’s a business that can be done part-time while you gain experience, build a client base, and buy equipment.
3) Makeup Artistry
A makeup artist is someone who uses cosmetic techniques and processes to create beauty as desired. Every bride wants to look her best on her wedding day. The makeup business is practicable as a one-man business with low overheads. Makeup artists are one of the top earners in the entertainment, bridal, and beautification industry. Their level of income is a factor of their pedigree, experience, and network.
4) Matchmaking Service
A matchmaker’s job is to help single individuals find their life partners. They work both online and offline. Traditional matchmakers who meet with brides and grooms in India may charge a fee of INR 50,000.
5) Wedding Dressing
Based on an estimate, the average clothing budget for a wedding in India is $375,500 and more. Wearing an exclusive designer sari for the event can cost as much as $110,000 and more. So the clothes business is a huge success. If you do not have too much capital to invest in the business, and funding is a barrier for your business then you can still cater to money-conscious couples. You can start with a wedding dress rental service with few dresses, a business telephone, and a business card to start with, and a website, you are ready to get started with your business.
6) Wedding Jewelry
According to some estimates, families might spend up to $250,000 on elaborate bracelets, earrings, necklaces, and other jewelry items for the whole family as part of the Indian wedding. So this is a very profitable business idea. You can also rent the jewelry.
7) Wedding Blogger
Weddings are usually a very hot and attractive topic, especially among young unmarried people. They are always interested in the latest trends in weddings, including the latest gown/dress fashion, wedding themes, rings, cake designs, flowers, decorations, and many other things. During these weddings, the brides-to-be always need help and information regarding the ceremonies, events to be held, dress to wear on occasions so as to make their dream wedding a huge success. To fulfill these needs publishing a wedding blog is usually easy and cheaper to start than publishing a magazine.
StartupTalky
8) Wedding Magazine
Even though capital intensive, you can start a wedding magazine. Start publishing bridal magazines and in no time you will be popular. The business requires licensing and permit. You need seasoned writers, editors, photographers, location drivers.
9) Wedding Videographer
A wedding videographer's job is to capture the whole event. Becoming a wedding videographer is yet another easy business idea and can be a lot of fun. Basically, you get to spend your professional life at parties where people are energetic, positive, and excited. You also get to engage with the challenge of turning one of the most important events in someone’s life into a visual souvenir that they’ll be happy to watch over and over again.
To make a wedding videography business successful, you’ll need a vehicle so that you can travel freely, as well as the space and equipment necessary for editing.
10) Wedding Musician
Modern-day musicians have a huge customer base in weddings. Employ your compilations of music from a variety of eras to please every generation in music at weddings. Couples with bigger budgets are springing for both a DJ and a band. They may want their first dance song to be played live, but prefer a DJ later in the evening for a nightclub atmosphere. Or some may stick with the live band all night.
There are many other business ideas related to weddings.
- Event Decorator
- Invitation cards printing
- Furniture and equipment rental services
- Wedding Florist
- Wedding Photographer
- Wedding dance teacher
- Honeymoon planner
- Wedding Baking
- Security Agency
- Portable Toilets
- Hair Dresser
StartupTalky
FAQ's
How do I start my own wedding business?
- Choose the Type of Wedding Business You Want to Start and a Name.
- Choose a Business Entity.
- Write a Detailed Business Plan.
- Get an EIN.
- Get a Business Bank Account and Business Credit Card.
- Get Any Funding You Need.
Is the wedding business profitable?
Yes, owning a wedding venue can be a very profitable business, but not if you take on too much debt. This business requires a lot of work, and if you get in over your head in terms of debt and assume you'll book 50, or 100, or 150 weddings a year, you could find yourself working nonstop which can put you in a difficult situation.
Do wedding planners make a lot of money?
The typical wedding consultant salaries are wide open from a few hundreds to a few thousand. The wedding planners earn wages of $100K a year easily and there are some who could barely cross $15K. The difference in a wedding consultant's salary is the number of years they've been in the business.
Is wedding planner a good business?
A full time and experienced wedding planner can earn between 10-15 percent commission of the total wedding budget. So, for a wedding budget of INR 10 lakh, one can easily earn at least INR 1 lakh. Wedding planning requires creativity, people management, time management, and working at unearthly hours.
Are wedding planners in demand?
According to the Bureau of Labor Statistics, wedding planning employment is projected to grow 10 percent from 2016 to 2026. This is faster than the average for all occupations.
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. Though there was a huge drop in the wedding business due to the ongoing pandemic, it will become stable once the pandemic ends or comes to normal. We hope to see a lot of weddings in the coming future.
Author: Rishita Jain
Source : https://startuptalky.com/wedding-business-ideas/
Date : 2021-04-15T15:30:00.000Z