Managing Finances and Building Trust for Wedding Venues

Learn how wedding venues use deposits, virtual tours, and detailed plans to build trust with couples and cover construction costs. Also, discover how NetSuite by Oracle can streamline your business's accounting, financial management, and more, and skip the waitlist to invest in MasterWorks.

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Patrick Donley (@JPatrickDonley) sits down with The Wedding Venue Guy, Alex Nelson, to talk about how he got started in the wedding venue business. You’ll learn what the process of starting the business was like, how he selected the site, what the finances of the project look like, how he markets the space, how Twitter has jumpstarted his consulting business, and much more!

Alex goes by the Wedding Venue Guy on Twitter and has built a $3M venue. He also consults with investors looking to enter the space and is looking to partner with others on more venues across the country.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

01:45 - How Alex first got started in the wedding venue industry.

06:52 - What other real estate asset classes he considered.

07:36 - Why planning his own wedding provided inspiration for his new venture.

09:21 - How they figured out what to do as they went along with the project.

10:18 - What the finances of the project looked like.

11:42 - What the process of starting the venue was like.

12:19 - How Alex went about finding the land for the venue.

15:00 - What some of the challenges were that delayed the project.

18:17 - What kind of early marketing they did.

27:42 - How Alex managed the process while having a young family and two remote jobs.

29:03 - Why he is hoping to create a wedding venue holding company.

30:46 - What some of the features are that make the venue stand out.

33:50 - How much alcohol sales add to the bottom line.

39:17 - How Alex and his wife are managing the business.

44:41 - How he got involved in the venue advisory business.

50:28 - Why he’s looking to acquire a golf course for more event space.

49:12 - What an average day looks like for Alex.

54:04 - How Twitter has fueled interest and growth for the consulting business.

55:01 - What some of the downsides of running a wedding event space are.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
The Everything Guide to House Hacking by Robert Leonard.
Related episode: Listen to REI192: Building an Empire w/ Nick Huber or watch the video.
Related episode: Listen to MI288: Experiencing Unique Stays w/ Ben Wolff or watch the video.
Related episode: Listen to MI285: The Art of Tax Optimization w/ Mitchell Baldridge or watch the video.
Kevin Kelly on 1000 True Fans.

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Connect with Patrick: Twitter

Connect with Alex: Twitter | Website

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