The Venue Podcast

BOOK A BAR STRATEGY CALL WITH KINSEY In Episode 40 of The Venue Podcast, we share a list of potential expenses you may run into when obtaining your Liquor License at your wedding venue as well as one-time/yearly costs of running your In-House Bar. Here are some example expenses:

1. Adding/Building a dedicated bar space if you don't already have one

2. Hiring and training bartenders and/or bar managers 3. The initial investment in alcohol inventory

4. Editing your current or creating a new contract with the help of your attorney that includes your new bar information

5. Sales Tax 6. Application Process through the City, County, and State 7. Attorney Fees to help you through the Application Process as well as to update your Venue Contract and add a Bar Package Contract

8. Yearly maintenance fees range per state but are typically a few hundred dollars each year.

9. Updating your business insurance to include liquor liability (Kinsey went from $6,000 per year to about $11,000 per year in insurance when she added a liquor license).

Book a Bar Strategy Call with Kinsey Here

Having an in-house bar/liquor license as a wedding venue owner can be a great way to provide your clients with a great customer experience and can be a lucrative option for your wedding business.

There are different ways to charge for a bar at your wedding venue, and your chosen method will depend on several factors.

Four In-House Bar Pricing Methods for Your Wedding Venue:

1. Per person in a set alcohol package: This is a common way to charge for an in-house bar. This is a convenient option for couples who want to have a fixed budget for the bar and not worry about additional expenses.
2. Per person/hourly: Another option is to charge per person per hour. Couples may like this option if they want to limit the time of the bar service. This method allows for flexibility in the budget, as the couple can choose the number of hours they want the bar to be open.
3. Cash bar: A cash bar is a way to charge guests directly for the drinks they consume. This is a good option for couples who want to save on the overall cost of the wedding, as the guests are responsible for their own drinks. However, this option may be less popular with guests.
4. Tally drinks and charge after the wedding: Lastly, you can tally the drinks consumed during the wedding and charge the couple after the wedding for the total drink tally managed by your bartenders. For couples who want to pay for the exact number of drinks consumed, this is a good option. That being said, this is Kinsey's least favorite option for charging as she doesn't like any financial surprises for couples following their wedding day. This option will require more paperwork and administration after the wedding.

GET IN TOUCH WITH US:

LINDSAY: [email protected]

KINSEY: [email protected]

SHOULD YOU ADD A LIQUOR LICENSE TO YOUR WEDDING VENUE? Today's episode on The Venue Podcast kicks off our Bar Series where we'll explore everything you need to know about bringing on this powerful, but responsibility-filled, additional revenue stream. In this episode, we discuss: - The forethought that should go into taking this step with your wedding venue. - How a Liquor License can be quite a lucrative option for your venue but a liquor license also carries a lot of responsibility and liability. - The increase in overall business expenses at your venue needs to be considered. - Think about how much time you currently have to dedicate to your wedding venue. Is this a full-time job for you? Is it a side hustle right now? Do you have the bandwidth to dedicate to successfully brining a liquor license in-house and managing it appropriately?

- Do you really need the money from a bar or is your current operation providing excellent income/profit margin with less responsibility/liability?

Reach out to Us: Lindsay: [email protected] Kinsey: [email protected]

LINDSAY'S AMAZON STOREFRONT FOR VENUE OWNERS

How Kinsey preps personally and professionally for a busy wedding season as a venue owner: AT HER VENUE: Calculate consumable, non-perishable items and order all of those or put them on auto-order if you don't have storage space. Examples of Items You Might Need for the Season: Trash bags, toilet paper, paper towels, soap, hand sanitizer, cleaning supplies, air filters, vacuum bags, emergency kit supplies, first aid supplies, bathroom/kitchen soap, Swiffer dusters, BAR: Disposable cups, Cocktail straws, cocktail napkins, mixers that have a long shelf life, bottled water.

AT HER HOUSE: HOME: Trash bags, laundry detergent, dishwasher tabs, paper towels, toilet paper, fabric softener, bleach, cleaning supplies, non-perishable snacks

CALENDAR: DUE DATE REMINDERS: Go into your calendar now and put due dates and reminders that you know of for the whole summer:

• All things school like start date, school supplies purchasing season

• Bar ordering deadlines or any other vendor deadlines

• Trips/Vacations

• Conferences

• Birthday & important dates

GET IN TOUCH WITH US:

LINDSAY: [email protected]

KINSEY: [email protected]

Wedding venues should diversify their revenue streams to maximize earning potential. Here are six additional revenue stream ideas for your wedding venue:

1. In-house bar: Offering a bar service at your wedding venue can generate considerable revenue. This revenue option has many responsibilities and additional liabilities, which must be considered. There are numerous ways to run a successful bar; as mentioned, it can provide a massive return.
2. Accommodations: Consider adding onsite lodging to your wedding venue. Onsite lodging can be anything from cabins and cottages to tiny homes and rooms for guests to stay overnight.
3. Farm store: Consider opening a farm store if your wedding venue is rural or on a farm/ranch. Examples of things you can consider selling are retail goods, cottage products, anything that is small-batch, custom-branded gear, the list goes on.
4. Wedding planning: Offering wedding planning services can be a great way to generate additional revenue. Most venues require, at minimum, that their couples hire Day of Coordination. Bringing this in-house is easy and effective at creating extra income, not to mention the benefits of marketing this inclusion.
5. Decor rentals: Many couples seek unique decor to make their weddings stand out. You can offer decor rentals at your venue, including everything from centerpieces to lighting to furniture.
6. High-ticket Events: You can host educational conferences and workshops at your venue. This can range from industry-specific conferences to personal development workshops. Events generate high ticket sales and add another revenue stream for your wedding venue.

Get in touch with us! On Instagram: @thevenuepodcast

Lindsay: [email protected]

Kinsey: [email protected]

Starting a boutique within a wedding venue business where you sell a small but mighty selection of physical products can benefit you as a venue owner.

Here are three reasons we love the idea of a physical product shop utilizing the space you ALREADY own!

1. Additional Revenue: By offering physical products such as wedding favors, decor, and accessories, wedding venue owners can increase their revenue potential beyond the rental fees.
2. Enhanced Customer Experience: Offering physical products can improve the customer experience by providing additional options for couples to personalize their wedding day. From unique decor items to customized favors, offering a boutique can set your venue apart from competitors and increase customer satisfaction.
3. Marketing Opportunities: A boutique can be a marketing tool for your wedding venue. You can attract potential customers and increase awareness of your wedding venue business by showcasing your products on social media and other marketing channels. Additionally, offering unique and high-quality products can help establish your business as a leader in the wedding industry.

We shared on the podcast that we'd link to some cute display options! Find them below: Option 1 Option 2 Option 3

Get in touch with us! On Instagram: @thevenuepodcast

Lindsay: [email protected]

Kinsey: [email protected]

Owning a wedding venue is a highly competitive business. As a venue owner, an easy way to stand out from your competition is by offering a loss leader on your website.

A loss leader is a product or service sold at a lower price point to attract clients. At your wedding venue, the loss leader could be an add-on service, such as a discount on your in-house rental products, a free night's stay at your onsite accommodations, or, our favorite, a digital product that you create once and sell over and over again.

Even if a couple doesn't book your venue, they may still be interested in your loss leader product leading to additional sales and profits for your business. It's important to note that the loss leader should still be profitable, even if it's sold at a lower price point.

When deciding on a loss leader, choose a product or service that is still profitable and adds value to the wedding experience. DM us on Instagram @thevenuepodcast Contact Lindsay or Kinsey: [email protected]

[email protected]

Mamie Hudson is the owner of Lazy S Hacienda and is a previous 1:1 client of Lindsay's. Today Lindsay had the honor of interviewing Mamie and they reminisced on their time together and Mamie's journey to becoming a venue owner. In this episode you'll learn about

• Where and how Mamie got started with renovating an old barn into a stunning wedding venue
• How her family's ranch became the most sought after wedding venue in the DFW area
• The challenges Mamie faced with funding and one thing she wished she didn't stress over in the funding stage
• Mamie's advice on having the courage to create something uniquely extraordinary
• What it's been like for her flying solo after her work with Lindsay concluded
• Her current struggle as a venue owner
• Her tips for marketing a unique wedding venue in a saturated market
• The additional revenue streams she has and her advice on getting them started
• And much more

This episode is a rare glimpse into the life of a current wedding venue owner and what their day to day looks like running one of Texas' most popular wedding venues.

In today's episode Lindsay is talking all about business coaches/consultants and answering some of your questions around this.

What is a coach vs consultant?

The 4 core values I look for in a coach/consultant.

How to find a coach/consultant.

What is an educational echo chamber?

What type of education should you be investing in for your venue?

What are the pros and cons of different types of education for your venue?

We're answering all of these questions and more in today's episode.