The Venue Podcast Kinsey Roberts and Lindsay Lucas

We've chatted with many wedding venue owners who are interested in adding onsite accommodations to their venue property as an additional stream of revenue. 

If this is something you've also been considering, today's episode is for you! 

DISCLAIMER: This episode is not legal or financial advice. We're just sharing our stories and tips! Please consult your own legal and financial professionals before pursuing any loan. 

One of the first questions we often receive is: "I need an amount of upfront capital, can you give me an example of loan options you've seen?" 

In this episode Lindsay shares: 

Three loan types to consider when adding onsite accommodations to your wedding venue property. 
1. Standard Commerical Loan
2. DSCR - Debt service coverage ratio
Quick Tip: Based on the property’s income potential vs the purchaser’s credentials/credit - if approved lenders don’t require money down. Perfect for venue acquisition or/on-site accommodations.
3. Portfolio loan - lender keeps the loan in-house - doesn’t sell to another company. The benefit of small, local banks - may be more flexibility within the terms.
4. BRRR (Buy Rehab Refinance Repeat)

Today's episode of The Venue Podcast is a quick Listener Q & A from our friends at RedTreeHollow. 

The Question: Ok so this is my dilemma. I am trying to keep this venue at 3000 sq ft total. I have to have 15 sq ft per person in my ballroom according to the county. I don’t know what makes more sense, to have a 1800sq ft ballroom that can hold 120 people or a 1500 sq ft ballroom that can hold 100 people.

We need 300 sq ft for the bathrooms. I would like to have a 500 sq ft bridal suite, 300 sq ft groom suite, and 400 sq ft warming kitchen. Something is going to have to give what makes the most sense to cut or reduce in size.


Hit play on today's episode to hear our suggestions and tips when it comes to determining the correct square footage of your wedding venue! 

Want us to answer your question? DM us on Instagram HERE!

BOOK A BAR STRATEGY CALL WITH KINSEY

In Episode 40 of The Venue Podcast, we share a list of potential expenses you may run into when obtaining your Liquor License at your wedding venue as well as one-time/yearly costs of running your In-House Bar.

Here are some example expenses: 
1. Adding/Building a dedicated bar space if you don’t already have one
2. Hiring and training bartenders and/or bar managers
 
3. The initial investment in alcohol inventory 
4. Editing your current or creating a new contract with the help of your attorney that includes your new bar information 
5. Sales Tax

6. Application Process through the City, County, and State

7. Attorney Fees to help you through the Application Process as well as to update your Venue Contract and add a Bar Package Contract
8. Yearly maintenance fees range per state but are typically a few hundred dollars each year. 
9. Updating your business insurance to include liquor liability (Kinsey went from $6,000 per year to about $11,000 per year in insurance when she added a liquor license).
 

Book a Bar Strategy Call with Kinsey Here


Having an in-house bar/liquor license as a wedding venue owner can be a great way to provide your clients with a great customer experience and can be a lucrative option for your wedding business.
There are different ways to charge for a bar at your wedding venue, and your chosen method will depend on several factors.
Four In-House Bar Pricing Methods for Your Wedding Venue:
Per person in a set alcohol package: This is a common way to charge for an in-house bar. This is a convenient option for couples who want to have a fixed budget for the bar and not worry about additional expenses. Per person/hourly: Another option is to charge per person per hour. Couples may like this option if they want to limit the time of the bar service. This method allows for flexibility in the budget, as the couple can choose the number of hours they want the bar to be open. Cash bar: A cash bar is a way to charge guests directly for the drinks they consume. This is a good option for couples who want to save on the overall cost of the wedding, as the guests are responsible for their own drinks. However, this option may be less popular with guests. Tally drinks and charge after the wedding: Lastly, you can tally the drinks consumed during the wedding and charge the couple after the wedding for the total drink tally managed by your bartenders. For couples who want to pay for the exact number of drinks consumed, this is a good option. That being said, this is Kinsey's least favorite option for charging as she doesn't like any financial surprises for couples following their wedding day. This option will require more paperwork and administration after the wedding.  
GET IN TOUCH WITH US: 
LINDSAY: HELLO@THELINDSAYLUCAS.COM
KINSEY: KINSEY@SHECREATESBUSINESSPODCAST.COM
 

SHOULD YOU ADD A LIQUOR LICENSE TO YOUR WEDDING VENUE?

Today's episode on The Venue Podcast kicks off our Bar Series where we'll explore everything you need to know about bringing on this powerful, but responsibility-filled, additional revenue stream. 

In this episode, we discuss: 

- The forethought that should go into taking this step with your wedding venue.

- How a Liquor License can be quite a lucrative option for your venue but a liquor license also carries a lot of responsibility and liability.

- The increase in overall business expenses at your venue needs to be considered.

- Think about how much time you currently have to dedicate to your wedding venue. Is this a full-time job for you? Is it a side hustle right now? Do you have the bandwidth to dedicate to successfully brining a liquor license in-house and managing it appropriately? 
- Do you really need the money from a bar or is your current operation providing excellent income/profit margin with less responsibility/liability? 

Reach out to Us: 

Lindsay: hello@thelindsaylucas.com

Kinsey: kinsey@shecreatesbusinesspodcast.com
 
 

LINDSAY'S AMAZON STOREFRONT FOR VENUE OWNERS
How Kinsey preps personally and professionally for a busy wedding season as a venue owner: 

AT HER VENUE: 
 
Calculate consumable, non-perishable items and order all of those or put them on auto-order if you don’t have storage space.

Examples of Items You Might Need for the Season: 

Trash bags, toilet paper, paper towels, soap, hand sanitizer, cleaning supplies, air filters, vacuum bags, emergency kit supplies, first aid supplies, bathroom/kitchen soap, Swiffer dusters, 

BAR: Disposable cups, Cocktail straws, cocktail napkins, mixers that have a long shelf life, bottled water. 
AT HER HOUSE: 

HOME: Trash bags, laundry detergent, dishwasher tabs, paper towels, toilet paper, fabric softener, bleach, cleaning supplies, non-perishable snacks


CALENDAR:

DUE DATE REMINDERS: Go into your calendar now and put due dates and reminders that you know of for the whole summer: 
All things school like start date, school supplies purchasing season
Bar ordering deadlines or any other vendor deadlines 
Trips/Vacations 
Conferences Birthday & important dates 
 
GET IN TOUCH WITH US: 
LINDSAY: HELLO@THELINDSAYLUCAS.COM
KINSEY: KINSEY@SHECREATESBUSINESSPODCAST.COM