Wedding Planning means business for atleast 15 MSMEs

New Delhi, June 16 (KNN) Wedding planning is a part of unorganized sector which generates business for at least 15-16 MSMEs for each wedding. Planning a wedding involves endless details, deadlines, family drama, and far too often enough stress to make you want to just elope.

Talking to KNN, Akshat Gupta, Director, Innocept Studio Private Limited, revealed the difficulties faced by them while organizing a wedding.  

He said, “We are wedding planners. We plan the entire wedding right from the invitation till the executing part of the entire wedding, i.e., hospitality, decoration, etc. Everything relating to a wedding is being planned and organised by us. There are some 16 employees working under us, who are on a regular basis. We also hire free lancers during the projects. The focus of each and every employee is the overall management of the wedding and the satisfaction of the client. We focus majorly on the large scale weddings. We started with an investment of Rs. 8-10 lacs.”

The average budget of a destination wedding having 4-5 events is Rs. 1 crore and it can go up to Rs. 20-25 crores for 8-9 functions. The margin profit of the wedding planner is 8-10% for all kinds of marriages.

“We specialise in destination weddings. Our weddings cover areas like Goa, Jaipur, Thailand, Dubai. Just a couple of days before, we organised a wedding in Jaipur which was a big success. Besides this, we also organise weddings in NCR region, preferably the NH8 belt, the belt just before Gurgaon,” he continued.

“The wedding planning includes the hospitality of the guest, the planning of the event, planning of the entertainment, decoration according of the budget of the client. The inputs for an event depends upon the theme of the event like glass is required if the theme is based on glass,” the Director said.

Our business, on an estimate, provides businesses to 15-18 MSMEs, like caterers, electricians, sound engineers, decorators, florist, carpenters, bar tenders, the vallet people, the priests, hotels, etc, he said.

“We have the designer in house to design the entire concept or theme of the event. Besides this, we also make use of different vendors as per our needs.

The finances required for the event are fulfilled by the clients. 80%-90% of the payment of the event is in advance, remaining is done post the event. If more funds are required, we have the backup plans,” he said adding that advance payment is the main capital for our business.

Planning an event requires very integrate planning, the entrepreneur pointed. Minute to minute has to be planned.

“You cannot leave out any single object. So, one wedding requires round about 5-10 people in its planning and execution. Every different aspect has to be manned personally by different mangers of our company. It is a difficult task because if you miss out a small little thing, it can hamper the entire wedding,” he said.

“This business was set up 7 and half years ago. The problems faced, as I would say, are very spontaneous. Short of power supply or anything missed by any vendor has to be managed there and then. The things have to be executed anyhow at the end,” Gupta said.

The budget is totally client centric. It is completely on him as to how much he wants to spend on that event. After setting of the budget, its segregation is done by us for different sections. In initial phases, it has happened that our expenditure was more than our income. So, we had to compensate for that as well. 

There are minimum 3 functions in every wedding. On an average estimate, some 4-5 functions are there per wedding. It can go up to 8-9 functions in a wedding. In all the wedding functions, the wedding dinner is the most important one.