Should I buy an existing event venue or open a new one?

An existing venue hands you customers, history and a reputation, and with them a set of commitments you did not make. A new venue hands you freedom and a long wait before the calendar fills. Neither path is easier. They are hard in different places.

What an existing venue brings with it

A venue for sale usually has events already on the calendar, a record of reviews, listings on wedding directories and a circle of planners, florists and photographers who send business its way. Those are real advantages. They also come with deposits clients have paid for dates you will now have to honour. Ask for the full booking list and what each client was promised.

What a new venue asks of you

A new venue starts with an empty calendar, and many couples choose their date and place long before the event. That means a slow opening period while you build a name. You also carry the fit-out, and ask the local planning office about zoning, occupancy and safety questions before hosting anyone. Your lawyer and the local planning office can tell you what applies.

Questions to put to yourself

Ask how much runway you can carry while bookings build. Ask whether you want a venue shaped by someone else’s choices, or one built to your own plan. Ask what you would do if the main planner referral source left. Then compare your answers with what a seller can show you, starting with what to check before buying a business.

• The booking calendar and every client’s deposit terms
• Reviews and directory listings, and who controls the accounts
• Which vendors and planners send regular business
• Whether the building can be altered the way you want