Opening a Wedding Planning Company in Alaska

Abstract

Wedding planning is often stressful and costly. This project created a business plan for a company that emphasizes tailored, cost-effective wedding planning services based on analyzing local wedding planning needs, possible services to offer, and existing competition. Three online research methods and tools were used to collect and analyze data. Literature research findings analyzed local competitors' primary focus, products, services offered, and costs. Likewise, literature research facilitated the development of a business plan and studied the overall wedding industry trends throughout the United States in general and Alaska in particular. An online survey was conducted to understand potential clients' needs and expectations. Social media research tools are used to create a wedding-related photo and video source pool for wedding planners. Based on the research findings, the business will set three pricing levels for customers to choose from depending on their wants and budgets. Making a contract to the vendors to seal a deal will be a substantial competitive advantage in a market where vendors work with other competitors simultaneously. The product of this project, the business plan, was prepared to get an additional investment. Even though the number of wedding planning businesses has declined over the years, a new, specialized wedding planning business could grow and thrive in Alaska.