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5 Things to Consider Before Purchasing a Venue Property

Thinking about buying a venue to host incredible events? Great idea! Owning a venue can be a lucrative way to diversify your revenue streams without needing to establish any new skills. You’re already a savvy business owner, so you can easily translate those skills over to your new venture and find success!

Yet, purchasing any property—let alone one that will be your business—is not a decision to take lightly. If you’re interested in becoming a venue owner, think over these five considerations before taking the plunge.

Are you ready to be a venue owner?
While it might seem easy to buy a property and let it serve as an event venue, there is far more to owning a venue! From weather damage to local ordinances, you’ll need to be able to think on your feet quickly and make changes at the drop of a hat. There is no room for indecisiveness when your venue is on the line. Even on the hardest days, you have to be ready to show up with a smile on, as your team and clients need you at your best.

Do you have what it takes to build a strong  network?
Networking is essential for all event professionals, but it’s especially vital for venue owners. Knowing the reputable vendors in your area isn’t just great for establishing trust but will help you earn referral business as you’re starting out. You will need to step up and become the face of your brand anywhere and everywhere you can, from social media to association groups to one-on-one coffee meetups.

Is your heart set on the right venue?
A beautiful property only goes so far. It also needs to make logistic and financial sense! A bottom-dollar offer might be enticing, but it may not be worth your while if it will cost a fortune to renovate and make it event-ready. As you’re going through the purchasing process, listen to your gut and look for red flags. At the same time, keep an eye out for the distinguishing factors! When you picture a wedding on the property, what stands out as a unique selling point? Comparing the pros and cons of a venue will help you to make the decision that’s best for you and your goals.

Are your business bases covered?
In addition to property maintenance, you also need to take care of your backend operations. For example, you need to procure the right insurance to protect your brand, your team, and your clients. You also must consider financing for the property, as well as how you will fund renovations and other operational expenses. How much staffing will you need to get started? Do you have an ironclad contract ready to go? Don’t get caught up in the excitement of transforming a space into the venue of your dreams — you need to make sure it’s sound and sustainable first.

 Have you considered the client experience?
Finally, you need to think about what you can offer your clients — even before you sign a purchasing agreement. First off, what types of events are you comfortable with hosting? You may brand your venue as a wedding destination, or perhaps you’d rather stick with corporate events. The choice is yours! Based on preferred event types, how many can you realistically handle in a week? As you iron out these details, consider what else you can offer in-house. Added elements like lighting, furniture rentals, or floral design can up the ante with prospective clients.

There’s no doubt that purchasing a venue can be a profitable game changer for your career but avoid rushing into the decision. Take your time, do your research, and be smart about your choices. You’ll know when you find the right property — stay patient and ready to take action when it comes along!

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Dixie Bagley is the owner of The Farm in Rome, Georgia - a European farm estate with lodging set in the north western Georgia mountains. The venue focuses on working with couples who want to give their guests a relaxed, but thoughtful countryside weekend wedding experience. Having been in the wedding industry for 12 years, Dixie is a master of multi-tasking and wants to make everyone feel at ease. Dixie holds a degree in exercise science from the American Council of Exercise and is Certified Wedding Planner & Venue Coach for The Bridal Society.

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