Will Your Venue Book Out or Bust Do This First

opening an event venue is a big dream but if you skip the research it can quickly become a very expensive mistake think of it like buying a house you wouldn't want to just drive by and say "Looks good i'll take it." You'd inspect it learn about the neighborhood check the value and most importantly you'd ask yourself "Does this make sense for me?" The same is true when starting a venue market research is your foundation it helps you to figure out if there's actual demand for your ideal and whether you're building a business people truly want i'm Bonnie Hawthorne venue strategist former venue owner and the coach I wish I had when I started today I'm giving you a full walkthrough of how to conduct your own market research from ideal to strategy to help you apply these steps [Music] let's be real most new venue owners skip this part they pick a property decorate it and just expect bookings to roll in but here's the thing you don't get booked for having pretty floors and decor you get booked because you're solving a real problem in the market market research shows you what people want how much they're willing to spend and what is missing in the area and how you can stand out here's an example one of my coaching clients was ready to open a luxury wedding venue but after studying her market she realized the average wedding spend in her city was $12,000 and most couples were looking for a rustic charm not chandeliers and gold accents so she pivoted to an all-inclusive barn venue with specified packages and hit six figures in the first year who should do market research everyone and I mean everyone whether you're just starting or looking to expand you need data to back up your decision even well-known companies conduct market research before launching a new product or service so as a new venue owner you absolutely should not skip this step your idea might be solid but your audience may want it served differently and only research shows how to package and price it right good news you don't need a fancy firm or big budget to get started you can do this from your laptop local library or small business resource center and here's where to begin online research google venue types in your area and study the top results venue listing sites see how local venues are priced stouted and reviewed also your city planning office look up event permits issued community growth and zoning laws the chamber of commerce they often publish data about events tourism and local business also public data websites search for your demographics medium income and marriage certificate social platforms you want to watch what people are tagging sharing and asking for in your city you want to use a spreadsheet to organize what you're learning this helps you to spot trends and gaps faster once you've got your tools ask these quick key questions to validate your ideal is the market saturated how many venues like mine already exist what type of events happen most often in my area how much are clients spending on venue rentals on average is there a seasonal demand I need to prepare for what is the population's age and income level will my services be accessible to my ideal client say you want to open a venue for a high-end corporate retreat but your town is mostly retirees and students that might not be a match but you could pivot to a small workshops baby showers or community events which are in local demand if your ideal doesn't fit your area don't panic either refine your offer or choose a different location now let's talk about analyzing your competition choose five to seven venues in your area and study them study their capacity the style and the theme the pricing packages offered photos and branding and clients review this is what you want to look for what are they doing really well what do people complain about in their reviews what are they missing so one venue I work with noticed that every other space in town had a spaceonly model no one was offering allincclusive package she created a bundle pricing with rental setup and staffing and became the go-to for stress-free events you want to identify your clients as well once you know the market and your competition the next question is who are you serving build a clear profile of your ideal client that is their age range event type budget range values and preferences and the booking habits let's say your ideal client is 28 years old and is a bride who wants a laidback outdoor space with a photo worthy spot she has a 25k wedding budget and values convenience now you know your package should include styling setup and day of support and your branding should reflect fun ease and charm look at the Instagram captions Facebook groups questions and venue reviews clients neverly tell what they want and you just need to listen to them let's take all your insights and turn them into strategy use your research to refine your pricing your price should be based on what your ideal client can afford your services and packages offer what's missing in the market location and design make it appealing and accessible marketing speak the language your client is already using after doing the research a venue owner I coach realized her original pricing was too low and actually made clients question her value she restructured her offer raised her rate and began attracting clients who were excited to book her this isn't just homework it's your blueprint for a profitable venue marketer research helps you build smart just not pretty and if you're serious about this work I want to help you get started the right way and if this video gave you the clarity be sure to like it comment below with the type of venue you want to build and subscribe for realw world strategies to help you launch and grow your business again I'm Bonnie Hawthorne helping you build with confidence clarity and purpose so I will see you in the next video

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