As most entrepreneurs already know, the wedding industry is a huge bucket of potential revenue that is ripe for the taking. Each year, the average cost that each couple has to shell out for their wedding while at the same time more weddings are happening each year. This means that not only is there room for more hands in the “cookie jar”, but it also means that more and more frivolous purchases are being made for their important celebration.
From a business standpoint, this means that there is a really great opportunity to capitalize on a niche market with minimal investment and overhead costs. The markup for wedding items is among the highest out of any retail industry, and often times something as simple as rebranding and repackaging an existing item for use at weddings is enough to get a business off the ground. Here are a few emerging wedding business niches that are seeing a lot of growth. These industries are already getting saturated by companies so they may not be a great investment themselves, but they can certainly give you some insight of haw to approach the market with a new concept.
Photo Booths Rentals
Many couples are renting photo booths so their guests can be photographed on their own terms. Additionally, guests can have a printout of their photo booth pictures after they exit the booth and also instantly share their photos on their favorite social media platform. Furthermore, many couples enjoy the photos from their photo booth sessions the most because they are more personal and less forced. A photo booth rental won’t replace your professional wedding photographer, but it is certainly a great addition if budget allows. Companies that got into this business early are really reaping the benefits, and there are still a few local-level opportunities that could easily be exploited for revenue.
Wedding Favors
Wedding favors are one of the areas that the potential pool of revenues is constantly growing. Since wedding favors sum up the details of a couple’s life, there is an infinite amount of demand since every person has different preferences. One of my favorite examples of exploiting this for financial gain is a company that took regular sparklers and rebranded them as sparklers for weddings in different packaging. Subsequently, the market has been flooded with companies doing the exact same thing, so most of the opportunity in that particular wedding favor niche is gone. However, there are plenty of other potential wedding favor ideas out there that are ready to be discovered by the right entrepreneur.
Eco-Friendly Wedding Supplies
Lastly, we have the example of the rampantly growing eco-friendly movement. Ever since “going green” became trendy, this niche market in the wedding industry has been exploding at the seams. Don’t get me wrong; I love the fact that things are better for the environment, but from a business standpoint it is even better. This is one of those rare times in life where you can potentially do something good for the world, good for people who are getting married and good for your bottom line as well. We have just scratched the surface of the eco-friendly wedding supply market, so there’s plenty of great business potential in that particular niche.