The Venue Podcast

The Pros and Cons of Accepting Card Payments at Your Wedding Venue

PROS:

Fast way to get payment

Universally recognized form of payment (Kinsey tells her couples it's like buying something on Amazon...everyone understands this).

Minimizes late payments considerably (If you have Honeybook, you can set up automatic withdrawals. In Dubsado, you can send automated payment reminders

Minimize administrative tasks (waiting for checks to arrive, going to the bank to deposit or mobile deposits, don't have to file paper checks away, hoping the check clears, following up if it doesn't, etc.)

Easier to project cash flow each month

CONS:

Clients can perform "Chargebacks" on their cards which is them "stopping payment" and being refunded what they paid you. This isn't common but can totally happen. It's the exception, not the rule.

Processing Fees: cost of doing business in the 21st century folks, build credit card fees into your revenue plan! Make it easy for people to pay you. Kinsey paid $3,400 in credit card fees in 2019

Profit First by Mike Michalowicz

In today's episode, we're diving into Part Two of Wedding Venue Contract Sample, A Walkthrough of Kinsey's Exact Rental Contract.

As venue owners, our contracts are essential to protecting ourselves, our clients and our businesses.

Kinsey is pulling back the curtain on her own contract in an effort to shed some light on what she includes, how her clients sign their contracts and the purpose of each section within her wedding venue contract. Get in touch with us: [email protected]

@thevenuepodcast

Welcome to The Venue Podcast and thank you so much for tuning in!

Today, we have a wedding venue contract example to share with you. Kinsey is taking you step by step through the wedding venue contract she uses at her wedding venue in Colorado.

Here are the Venue Contract Clauses we discuss in Part One:

General Information (wedding date, client name, the venue address, business name, etc.)

Section One: Wedding Date, Times of Permitted Use, Ceremony Start Time Rules, Climate Control Clause

Section Two: Kinsey's venue's important rules such as last call, last song times, allotted hours for decorating, when decor has to be completed, only approved vendors onsite until 1 hour prior to the ceremony (aside from getting ready suites), when we get final guest count, etc.

Section Three: An explanation of our Day of Coordination Services that are included in their rental fee

Section Four: Communication Clause (how, when and where clients can communicate with us)

Section 5: Venue Rental Fee and Payment Schedule including amounts and due dates

Section 6: Damage and Infraction Deposit Amount and Explanation Connect with Us:

@thevenuepodcast [email protected] [email protected]

We're back with Part 2 of How to Prepare Your Wedding Venue for Engagement Season!

Here's what you'll find in this episode:

Refresh online presence: Web - Click Here for a Google Analytics Explanation and Walkthrough Social

Advertising audit:

1. What is your budget for advertising this year? 2. Directories - Which ones are performing? - Which ones are not converting? 3. Can you leave or decrease your account? 4. If performing well can you upgrade 5. Do you want to add directories to your portfolio (i.e. regional/more local directories)

Print:

Does your print ad need to be recreated with fresh copy/images When will it renew? Recreate and submit ahead of time

Online:

Google business listing - confirm all details are accurate Can you hire a google photographer/videographer to do a 3D tour to appear on google listing Add photos Video Reviews Request: If you haven't requested reviews recently go back to brides within the last 12 months and send an email template. Request google reviews first, paid platform reviews second Click Here for a Review Request Template Social: Facebook Updated profile and cover photo or video Update About section - contact info, hrs, location Content FB autoresponder setup Instagram Bio updated Profile photo Content Pinterest Resources: Simple Pin Podcast Vanessa Kynes Update profile photo, description, claim your website - is your profile a business account? Board audit - clean what isn't relevant Best of Your Venue Name and where you're located

In Part One of today's podcast episode we're walking you through some of the first steps you need to take to prepare your wedding venue for a successful engagement season and subsequently, the booking season that immediately follows. Financially speaking, these two "seasons" are the most important to wedding venues so it's imperative you follow the steps in today's episode (and in Part 2, episode 007) so you can set yourself up for success.

Resources Mentioned in Today's Episode:

She Creates Content Calendar Dubsado Gmail Autoresponder Here's What We Discuss Today:

• Autoresponder
• Review survey results - this will inform you what you need to focus on as a business
• Contract audit
• Policies & Procedure audit - being clear is being kind
• CRM refresh
  • Onboarding
  • Booked bride workflow
  • Archive files - create white space!!
• • Upload updated paperwork
  • Questionnaire refresh - added info to gather from clients
  • How can you streamline your workflows more
  • Complete offboarding!

In today's episode, we mention Lindsay's course, Funding 101. This course will help you walk into Investment Meetings confident and Prepared.

5 Video Lessons in the Course Walk you Through:

- Running a Market Analysis - Writing a Business Plan - Showing up prepared to request funding - What to do once you've received funding - Pricing Yourself for Profit

Learn more about Funding 101 Here!

Onto Today's Episode!

We're Discussing These Five Funding Options Today:

1. Lease to own options - leasing an existing building that may need little to no renovation, talk about the 2-year lease (why this is a good idea), seek out spaces that already have a commercial designation.

2. Owner finance options - find an existing venue that's profitable to see if they may be in the market to sell, use your current network to gather information (don't just knock on someone's door and ask if they want to sell),

3. Loans from banks - if you don't have 20% to put down towards the requested loan amount you'll need some sort of collateral

4. Loans from investors - payback percentage and terms will depend on your investor.

** For both bank and private investors - they'll need building capital as well as operating capital**

5. Find a partner or multiple partners - this can look like family, friends, silent partner, vendors in the industry.

Connect with Kinsey and Lindsay: [email protected]

@thevenuepodcast

Thank you for listening to another episode of The Venue Podcast. This episode is all about contracts and agreements for venues. You'll hear me reference my lawyer, Paige Hulse, quite a bit throughout. Paige's contracts are what I use to protect all of my businesses as well as my clients' businesses. Paige has an online template shop which is where you can purchase any or all of the contracts we mention in today's episode. Just go to www.shopcreativelaw.com and you can use code Lindsaylucas10 at check out for 10% off your purchase.

5 Legal Agreements:

The Multi-Member LLC Operating Agreement or the Single-Member LLC Operating Agreement - if you haven't set up your business structure yet you'll need to choose one of these, not both. If your company will have multiple members then choose the Multi-Member LLC Operating Agreement.

Please note this is highlighted in yellow but is only required if you have NOT set up your business structure yet and if your business will be structured as an LLC. If you'd like to learn more about operating agreements go here.

Privacy Policy - if your website has or will have a contact form where you collect visitor information such as name, contact information or email address then this is required by law to be linked on your website. A good place for your privacy policy is linked in the footer of your website.

Terms and Conditions - this is not legally required but I highly recommend having this contract linked in the footer of your website as well because it governs how visitors are allowed to use content from your site if at all. In other words, it helps to protect you from copycats. If you'd like to learn more I encourage you to read this blog post.

Termination Agreement - Unfortunately, there may come a time when you may need to let a team member go and this agreement covers things such as settlement fees and protects you from potential slander.

Independent Contractor Agreement - most venues' first hire will be classified as an independent contractor in which case you'll need to have them sign this agreement.

Grab our Wedding Venue Business Plan Template that has helped secure $11.4M in funding for venue owners.

The List of 13 Things to Add to Your Venue Building Process that Vendors will Thank You For:

1. Vendor room 2. Storage area for gear 3. Adequate power 4. Natural light 5. Hospitable loading/unloading area 6. Photogenic space to display bouquets 7. Open cooler 8. Accessible kitchen drain 9. Ice machine 10. Bridal suite perks 11. Reserved parking spot for the media team 12. Ceremony space perks 13. Covered area for DJ on the outdoor ceremony

Grab our Wedding Venue Business Plan Template that has helped secure $11.4M in funding for venue owners.

Are you the Right Type of Investor for your Venue Business?

The Outline for Today's Episode:

Two types of venue investors/owners - legacy and business Is one better than the other? Both types should enter into the business with the intent to sell Give examples of decisions that need to be made that are influenced by the type of investor you decide to be. Wrap up: Every venue owner is an investor Legacy vs business investor - there is no right or wrong decision Legally and financially set your business up correctly so that you're maximizing tax breaks - hire a tax accountant if needed

Welcome to The Venue Podcast, we're thrilled you're here!

The Venue Podcast is co-hosted by Kinsey Roberts and Lindsay Lucas.

Kinsey is a wedding venue owner in Colorado and host of the long-running podcast, She Creates Business a Podcast for Wedding Pros.

Lindsay is a former wedding planner turned national venue consultant with almost 10 years of experience in the industry.

In this episode, we share a bit more about ourselves and what you can expect from the podcast.

New TVP Episodes will air: Every Monday & Wednesday

Connect with us:

@thevenuepodcast www.thelindsaylucas.com www.shecreatesbusinesspodcast.com