Updated: Sep 16, 2020
Not sure how to price your wedding package? We've made it really easy with this step-by-step guide that walks you through exactly how to figure out pricing for your Borrowed Wedding listings, plus, other important information you'll need to know about rates.
Setting your rates:
Step #1: Create an itemized list of your decorations:
Make an itemized list of all your inventory including each item, quantities, and a breakdown of replacement costs based on their retail value. Use this template to get started, or create your own.
Once your list is put together, calculate the total retail value of your package by adding up all the replacement values, giving you the total replacement cost of your package. This number is very important as it is what you will use to calculate your package pricing and security deposit.
Step #2: Determine your nightly rental rate:
Now that you know the total replacement price of your package, here comes the fun part. You are in full control of your pricing, however, Borrowed Wedding requires the nightly rate of each package to be discounted anywhere from 20-80 % off.
**The minimum discount anyone can offer is 20% off and a maximum discount of 80% off the replacement value.
Terracotta Dream Wedding Package - Total replacement value $3,344
80% off= $670
60% off= $1,338
40% off= $2,006
20% off= $2,675
Here's how to calculate it:
Multiply the replacement value with the discount rate to get the dollar value of the discount, then subtract the discount value from the replacement value to get the nightly rate
i.e. $3,344 x .80 = $2,675, then, $3,344 - $2,675= $669
** Note these rates are per night
Step #3: Calculate your security deposit:
To determine your security deposit, calculate 10% of the total replacement value of that package. Please note that Borrowed Wedding’s set rate for all security deposits is 10% and any additional amount could result in your listing being flagged.
Terracotta Dream Wedding Package
The total replacement value is $3,344 so the damage deposit will be $335
To calculate your security deposit, simply multiply the replacement value by 10%
Step #4 (optional): Add a delivery fee:
If you decide you are going to offer this option, we recommend setting a price based on a perimeter of 25 km for any deliveries and determining your price based on mileage, time to pack up and unload, and the wear and tear on your vehicle.
Be sure to note in your listing if your delivery price is drop-off only, or if it includes delivery and pick-up. If you are doing a round trip, you can simply double the price.
We encourage longer rental periods, to make the process more enjoyable, beneficial and less stressful for all parties involved. An additional 50% off will be automatically added at the time of booking, for the following rental periods:
Member created promos
Members have the ability to create their own promo codes via the member dashboard, so if you wish to offer additional incentives when listing packages you can create and share your codes with users directly.
***IMPORTANT: If you decide to add additional discounts, you are solely responsible for managing the codes and cannot change or alter the promotion in any way, once it has been used.
And voila - just like that, you're helping couples have their dream wedding at a fraction of the cost and you'll earn back what you spent on yours in no time! Feels good to pay it forward; doesn't it?