Venue is derived from the Latin for "come" (venire), and it's a place people come to. A venue is the place where something happens, especially an organized event such as a concert, conference, weddings or sports event. There are many different types of venues.
Turning Your Property into A Venue
For the past 20 years, many homeowners renting out their own properties where venues can take place. Renting out your property for backyard weddings is also a great way for homeowners to generate income. What’s better than making additional income without having to do much on your part. Before you start advertising your space for rent make sure you are prepared to take on this challenge. There are many questions you need to ask yourself well before you invest in hosting an event. Homeowners can supplement their income by renting their outdoor entertaining spaces and gain a nice income not having to pay taxes on it at all. If the house you’re renting is your personal residence and you rent it for less than two weeks a year, you do not have to pay federal taxes on the additional income. In many states, including California, homeowners don’t have to pay state taxes either. If you do plan to make this a business, check with your local governing to make sure you are in compliance with any local ordinances or licensing requirements. You will also want to build relationships with local vendors, such as caterers, party rental companies, wedding officiates, florists and deejays so that you can refer business to each other and be able to assist your clients in making the connections they need for successful event planning.