Currently writing up my business plan for starting out in wedding and event industry and I’m struggling to price my services. I have done market research on competitors and still unsure where to be. Has anyone else had the same dilemma before starting up your business?
Hi @Shattan, yes I’ve been freelancing for a couple of years and sought a fellow freelancer’s advice on pricing as I had no clue and have made a few mistakes. It’s easy to undervalue yourself when you’re starting out, don’t know when your next pay day will be and still have to pay the rent/mortgage. Based on your competitor research which end of the market do you want to be operating in or do you want to aim for the middle and build from there? I would always build yourself in some wriggle room and give yourself options. If I really want to work on a particular project or for a particular client, the project adds a new dimension to my skills/experience or it provides a stepping stone I want then I might agree to a slightly lower fee if I need to. Generally I try to charge a fair fee and over deliver so my clients feel they get good value. Hope that’s helpful! Best of luck and don’t forget to post about anything else you need help with. M
Hi Melissa, yeah it is a tough one and I want to ensure I’m not under valuing my time and expertise and not over charging. My aim is to find the middle ground. I’m aiming for the middle in the market to allow wriggle room. Thanks I agree every client will be different and have big or small projects. Thanks for your advice its been helpful and made me think on a few things.
Thank You Belinda I will have a read.
You’re very welcome!
can anyone offer advice on whether the event planner should be named on vendor invoices/contracts? Or if the client of the event planner should be listed on the contract/booking forms instead?
Also what qualifications and/or accreditations do event planners need in order to het commission from vendors?
I’m London based and two hotel venues I have contacted said that I require either a TID number or IATA in order to get an 8% commission from them.
Hi Stacy, I started out by researching my competitors and their pricing. I then decided on which types of events I would like to run and which market sectors.
It takes time to get your true pricing as I have found that I underestimated the time I would spend on a particular project- let’s say one I thought would be straightforward and easy ended up taking the longest time and the client has been charged already.
I have discovered my minimum charge and work out everything else based on the project complexity.
Hope that helps
Yes going through the same thing, being in Australia wages for an events manager is around the $65-$80 for coordinator it’s around $55. Because I’m just starting out and no experience, I feel $25 might be too much.