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It has been estimated that the annual revenue in the wedding industry in the United States alone is over 80 billion dollars. Given this, you can expect the wedding planner salary to be quite high. But is this really the case? Use this guide to find out.
Understanding Wedding Planner Salary
The job of the planner is to organize the entire event and coordinate and manage things on the big day. The typical professional is self-employed. Most planners work individually and run their own business. They are usually not part of a larger company. It is possible for a growing business to hire staff, but the number of professionals who actually work for a company and earn a monthly salary is extremely small.
Most earn revenue from the commissions which they paid for doing their work. Their income is equivalent to the profit from their business. It depends on their revenue and on their costs for running their business.
The Figures
Since we are talking about self-employed professionals on the most part, it is really hard to produce the average pay. According to industry data and data from the US Bureau of Labor Statistics, the average wedding planner salary is $ 45,800 per year. However, this is just a very general figure. It is possible for a planner to make over $ 75,000 a year or even over $ 100,000 a year. There are also professionals who earn less than $ 25,000 or even $ 15,000 a year.
The great differences between these figures can be explained with the fact that there are major differences between the planners and the local markets that they work in. These are just some of the main factors that determine the pay. At the same time, there is a unified charging scheme used by almost any professional. Typically, the full service, which includes planning, consulting and event coordination and management, costs between 10% and 20% of the cost of the entire wedding. Since everyone uses a similar charging system, the importance of the salary determinants becomes even greater.
Factors Affecting the Salary
Reputation and experience are the two major factors that affect the wedding planner salary. A professional who has excellent reputation in the local area and has planned a lot of weddings will earn more. Typically, these professionals are well-connected and work with the caterers, decorators, photographers, florists, graphic designers and entertainers to provide better deals to their clients. This naturally results in even higher pay for them.
Geographic location is the other major factor which determinates the pay of wedding planners. Areas with larger population and ones with higher median income offer better business opportunities and consequently better pay for these professionals. You would certainly expect a professional in New York City to earn more than one working in Papillion, Nebraska. It all depends on the size of the market and on how much the people in the local area spend on weddings.
Overall, the wedding planner salary can range from modest to high. In most cases, it depends very much on the talent and work of the actual professional. If the planner is brilliant at what she does, she will certainly beat the competition and earn the highest income.
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Source by Syed Faris Hussain
