Whether you were a new or seasoned event venue in 2020, you certainly were tested. The wedding industry was hit especially hard by the Covid-19 pandemic with wedding postponements and cancellations all together.
If your event venue relies on weddings as your main revenue stream, you most likely faced uncertainty about how your venue would make money.
If there’s anything Covid-19 taught those of us in the event industry, it is that we must be constantly thinking outside the box in order for our businesses to succeed in an uncertain world. If you are an event venue owner, that means finding alternative revenue streams beyond weddings.
Today we’re sharing a few ways your event venue can make money outside of weddings:
Markets and Fairs
There is often a need for places to host community farmer’s markets and vendor fairs. Reach out to local organizations and see if they need a venue for their events.
If you’d like to come up with a creative vendor market on your own, reach out to your fellow wedding industry vendors and experts such as florists, caterers, etc to see if they want to partake.
It is a win win when you can all market your services in a new way.
Roll up your sleeves and get creative. Figure out ways to create signature events that will draw crowds on unpopular wedding days (Monday-Wednesday).
We’ve seen our event venue customers host pizza/beer nights, food trucks, weekly picnics and concert series.
This is another opportunity to reach out to industry vendors to see how you can collaborate.
Floral and craft workshops have become hugely popular over the past few years with those seeking unique and fun experiences. Ask your florist vendors if they’d like to rent out your space as well as utilize your tables and chairs for a workshop.
Beyond workshops you can also host beer/wine tastings by partnering with local restaurants or specialty wine/liquor shops.
Corporate retreats have also seen a surge in popularity as companies seek to build better relationships with and between their employees. Retreats are a great opportunity because the companies do all the planning, you just are providing the rental space.
It’s All Good
Getting creative and diversifying your revenue streams will ensure your event venue will be successful regardless of weddings.
Not only that, but offering a variety of events and opportunities could lead to more wedding clients. You never know when someone will attend an event and fall in love with your venue for their own wedding.
Author: Larah Winn
Larah is the creative and marketing specialist here at EventStable. She lives in the old axe factory town of Collinsville, Connecticut with her husband and dog Baya. In her free time you can find her helping her husband restore their 1860's cottage.