Your thoughts on my future carreer change

[forgeblast]

I had " The one thing I would say, is plan your exit before you start." rolling around in my head. What venue would be easier to walk away from? or what would be easier to do once you want to retire.
The wedding venues could be a very long term "easy" (vs rv park) way to keep money rolling in and it would only tie your weekends up.
Rv park would be 24/7 year round finding a quality manager/management team would make all the difference in the world.
My Mothers Aunt lived in AZ and managed an rv park well until her 80's, it was mostly snowbirds and she loved it.
What would you rather do if you were not getting paid to do it? I think once you answer that you can make either make money.
I saw this today at fox business how to finance a business using your 401k
How to Reinvest Your 401(k) to Buy a Business | Fox Business

 

[jaotguy]

just my 2 cents .... either will work .....

wedding is probably physically easier ( although you have to deal with the wedding planners "perfect" )

RV is easier going folks but a lot more demanding in maintenance /time .....

being the smart person you are, don't be afraid of either .... :thumbsup:

 

[Cat_Driver]

My advice did come with 30 plus years of doing weddings in the event business and working for a major Resort chain. You're prices seem low for renting the location, but if that is the going price in your area you need to respect that. You can charge more if you have what people want and can't be found near you. Remember wedding will not be your only venue. Corporate retreats are also a huge business along with company picnics.

To get you up and running quickly and with little money you can rent generators that can handle all your needs, ( lighting, portable AC, rest rooms, catering ) I do this all the time. I have a 60KW that I rent just for this purpose, I bought it used with 1000 hrs. for 8K and have made my money back in rentals in a few short months.

Rest rooms trailers are available some are called VIP rest rooms that are nicer than what you or I have in our house. They come with an attendant to keep them clean and running.

So, bottom line, you can test the waters with a portable tent, generator, rest rooms etc. Most counties will permit this until they get wind that you're doing this full time then you might need a zoning change?

Company picnics with BBQ, kid games, etc are HUGE. This will be return business year after year. Another "strange" area of gatherings are funeral get togethers after the funeral, and lately families are opting for a "picnic".

As the business goes along you will purchase your dishes, linen, tables etc, and YOU will be the rental company and get 100% of that revenue - no middleman.
Weddings.

é„*verage wedding cost $28,400 last year, reports CNN Money. ....but can go as high a a million dollars or more. I deal in the 50K area, I charge 12K just for the lighting.

 

[300UGUY]

I had " The one thing I would say, is plan your exit before you start." rolling around in my head. What venue would be easier to walk away from? or what would be easier to do once you want to retire.
The wedding venues could be a very long term "easy" (vs rv park) way to keep money rolling in and it would only tie your weekends up.
Rv park would be 24/7 year round finding a quality manager/management team would make all the difference in the world.
My Mothers Aunt lived in AZ and managed an rv park well until her 80's, it was mostly snowbirds and she loved it.
What would you rather do if you were not getting paid to do it? I think once you answer that you can make either make money.
I saw this today at fox business how to finance a business using your 401k
How to Reinvest Your 401(k) to Buy a Business | Fox Business

Way, way, more risk than I ever want. Those are retirement funds. That's going all in, on one throw of the dice.

 

[EddieWalker]

Do you still have your pig Oscar?

Oscar is doing good. He isn't too happy with the heat of summer, but the pond helps and he sleeps most of the day away in his house.



Eddie

 

[EddieWalker]

My advice did come with 30 plus years of doing weddings in the event business and working for a major Resort chain. You're prices seem low for renting the location, but if that is the going price in your area you need to respect that. You can charge more if you have what people want and can't be found near you. Remember wedding will not be your only venue. Corporate retreats are also a huge business along with company picnics.

To get you up and running quickly and with little money you can rent generators that can handle all your needs, ( lighting, portable AC, rest rooms, catering ) I do this all the time. I have a 60KW that I rent just for this purpose, I bought it used with 1000 hrs. for 8K and have made my money back in rentals in a few short months.

Rest rooms trailers are available some are called VIP rest rooms that are nicer than what you or I have in our house. They come with an attendant to keep them clean and running.

So, bottom line, you can test the waters with a portable tent, generator, rest rooms etc. Most counties will permit this until they get wind that you're doing this full time then you might need a zoning change?

Company picnics with BBQ, kid games, etc are HUGE. This will be return business year after year. Another "strange" area of gatherings are funeral get togethers after the funeral, and lately families are opting for a "picnic".

As the business goes along you will purchase your dishes, linen, tables etc, and YOU will be the rental company and get 100% of that revenue - no middleman.
Weddings.

é„*verage wedding cost $28,400 last year, reports CNN Money. ....but can go as high a a million dollars or more. I deal in the 50K area, I charge 12K just for the lighting.

This is something I haven't thought about. Renting a tent and offering a venue with that right away. I'm thinking that I can get the land cleared and graded over the winter. Maybe. Then give the tent thing a try in the spring. I'm not sure how they are in summer, the heat and humidity can be extreme!!!

As for what to charge, I found that with my remodeling business, I started out charging people ten bucks an hour when I moved here and as I built up my clientele, I was able to raise my rates every year. I now make more then twice what I did when I lived in CA and it just seems to keep growing. If I do the wedding venue, I'm thinking that I should start out charging what the competition charges and if I'm booking up, then raise my rates. A guy once told me that if you raise your rates ten percent every year, you will not lose ten percent of your clients.

Besides the huge upfront cost of the RV Park, I'm just not sure how much I want to have people around here all the time. There is something to be said to being able to go skinny dipping whenever I want, or to mow the pasture at midnight.

Eddie

 

[Dutch445]

Eddie there could be a lot of other demands for your property if you go the wedding route.
Those large reception halls can also be rented out for other events, maybe some
corporate events during the week, and/or other private functions like
family reunions and other large parties if you don't book them every weekend
for weddings.

 

[TheGoose]

If you do not have city water and sewer available have you priced what the cost is for that? You will have to have a PWS (public supply well) for the water to a cost of $20K+. Sewer will probably cost about the same.

 

[deerseeker001]

I don't know if it has been mentioned but I would think the Insurance for Camp grounds would be pricey.

 

[paulharvey]

Don't know your market well; but have you considered trail riding, equestrian camping ect. Horse people have money, and there would be far fewer insurance concerns, and way less drama... hopefully.