Yesterday, I posted about wedding planners charging for “day of the event” services. While I enjoyed reading all of your comments, my favorite was posted by Jolie.
“I have no idea what any of this. I’m confused. I know it’s written for those in the industry, but who knew you needed a Law of Finance degree to be a wedding planner? What a migraine.”
Thanks for your candor, Jolie. I can empathize with your frustration. When trying to conclude the many blogs on pricing and transparency in the wedding planning industry, one can easily go crazy.
In writing these kinds of blogs, one thing has become very clear to me: we are testing our own market to find out what is the best way to charge for planning our planning services in our respective city. What works in New York City might easily not work in other cities. With this in mind, I think the best way to charge for planning services is by the hour.
This brings us to the big question: As a planner, how much do you think you are worth?
The truth is there can never be “day of” planning. As many of you commented yesterday, the shortest amount of time is “the month of” and even that takes careful consideration. This is true even in cases where the client has hired and paid all of the vendors. In order for things to run smoothly, planners need at least a month to familiarize themselves with the details and participants of the event.
To keep it simple, we’ll do a bit of simple math–no finance degree required, I promise!
Imagine you give your client 24 hours the day of the event. You manage your client, organize the instillation, manage the wedding itself and then oversee the breakdown.
If you charge a fee of $100 an hour, that alone is $2400.00
Let’s say you spend another 10 hours meeting all the vendors and learning about the job before the event. That is another $1000.00
The answer yesterday was D.
With these pricing points in effect, an event in New York should cost no less the $3400.
Charging for any service boils down to worth and value is gained with experience over time. The problem with most planners is that they forget that they need to put in the time in order to charge the big bucks. I have seen many planners come and go because they had more ego than experience. Be patient and develop your own market by offering great service.
There are no short cuts.
In concluding our series, I’d like to ask you the following question: If you had to change one thing in the way you charge, what would that be?
On a more personal note, have you decided your hourly rate? I do not expect you to share that information, a simple yes or no would do.
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George Bernard Shaw once said: “You see things and say, ‘Why?’ But I dream things that never were and say, ‘Why not?’” That quote embodies how Preston Bailey approaches every event.
Aimee Wendell
June 21, 2012
Very nice! This is how I do my pricing {although it’s a little less in my area}. I then add my assistant labor on top and voila!
Samantha
June 21, 2012
I don’t charge by the hour because frankly, I hate the calculating and the questions that will come with it: “How do I know you really worked these hours?” I stick to the flat fee and charge by the hour for my consultations only. It works for me!
Jasmine - This Moment Events
June 21, 2012
I agree with this!! Although my Month of package starts with a flat fee and then has additional charges if certain unusual circumstances exist (lots of travel, more than 2 locations, an extreme amount of guests). It definitely works for me!
All of my other packages are flat fee plus hours-
To Samantha- to avoid the questions I use a time tracking app. It works wonders and provides reports that I then give to my clients. Clear info and no questions!
Anonymous
June 21, 2012
Hi PB! This came just in, as I was beginning to get confused on how to charge a new client. In the past, I was told by a friend (also my accountant) that I have to review my charging rates soon. I usually give a fixed amount because here in Nigeria, that’s how everyone charges. The reason why charges are fixed, its so that there’s room for price haggling, because the event industry here is very competitive and there’s always a cheaper newbie package out there. Hmm…I’ll try the hourly rate charging and see how it goes let you know. Thanks.
gayla
June 21, 2012
As of this week, I am adding to my contract that the client will pay for my PARKING fees! I’m doing a wedding in downtown Toronto and each time I’ve had to go there (client visit, site visit & wedding) I’ve had to dish out $20 for parking… that’s $60 out of MY pocket…. never again!! I guess its what we call… learning from experience!
Heather Chesnet
June 21, 2012
We have a set per hour cost in mind when we set our flat fees, understanding that in some cases we will put more hours in than we estimate and in some we will put less. Still, having a set fee helps us to be more clear and upfront with our clients as to what their bill will be. It all balances out in the end. Our contract not only clearly states the price but it also states what is included for that price in detail down to the maximum number of meetings and hours we will provide. But we also allow the bride & groom to purchase additional time and services for an hourly rate.
Michelle Garibay
June 21, 2012
I charge a flat fee for my wedding consulting and coordination but also outline – in detail – what services that fee includes in the contract. This speaks to experience and transparency. You should KNOW what it will take to accomplish the service for your client and how much time you need to spend, especially when you are overseeing their overall budget. Hourly rates, in general, communicate to the client that you don’t know what it will take to provide service to them so how can you build trust and demonstrate expertise in your field by taking this approach? As a client, not knowing what my “final” bill will be for wedding consulting would be a little unsettling.
Elaine Quadra
June 21, 2012
Oh my! And a client wants to put this day-of-coordination work as an add-on to her flower contract – FREE! When I did not agree, she turns around and gives the contract to another florist who was willing to do it for her as part of her flower contract….free. How do I deal with this situation?
PRESTON, HAVE YOU EVER DONE ANY KIND OF SURVEY, TO DETERMAIN WHAT YOUR SERVICES MEAN TO THEM ON AN INDIVIDUAL BASIS- IN TERMS OF STRESS ALLEVIATION,AND OVERAL FINAL PRODUCT.
June 22, 2012
WHAT WOULD YOU LIKE TO SAY?
Sileola
June 22, 2012
Thank you so much Mr. Bailey for sharing this series. I currently charge an mixture of an hourly and flat rate. It is a total price but I take into consideration a per hour fee for the day of the event and then I add the flat fee cost for the rest of the planning service; this is how I come up with the charge the client as one total fee. I have learned a lot about the good and bad of every method and I appreciate you taking the time out to share this. God Bless you
Kyeesha
June 22, 2012
What time tracking ap do you use?
Shaun
June 25, 2012
My hourly rate is posted on my website. The day-of prices are 10 hours of actual coordination on the day of the event plus any prep work (reviewing vendor contracts, confirmation calls)
To dive in deeper to the hourly charge discussion, I was speaking with a colleague in the industry who was surprised that I bill to the nearest .25/hr. For instance, if I spend 9 minutes on the event for a specific task, I bill the client for a quarter of an hour. It gets too hard to manage when you have a bunch of 4 minute, 7 minute, 22 minute tasks to try an add up.
intimacy event
June 26, 2012
With your answer to this impending question , I think I have finally decided on my hourly rate . Just to suit in with the financial situation of wedding location and also the worth of an event.
Carolin
July 15, 2012
If I had to change one thing in the way I charge, to be honest, I would charge a little more. I love what I do and the money really is secondary but I feel I am giving away too much and it is a lot of work. I currently charge a flat rate but come the day of, I find that so much is left on you and even though it’s not in the contract, you end up lending a hand because you want the day to go smooth and you also want to maintain your reputation.