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Event Management Business Plan

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Event Management Business Plan

  1. 1. 1 (Name)EVENT MANAGEMENT COMPANY Business Plan
  2. 2. 2 Table of Contents Table of Contents 1. Executive Summary.................................................................................................................... 3 1.1 Mission.................................................................................................................................. 3 1.2 Objectives.............................................................................................................................. 3 2. Company Summary .................................................................................................................... 4 2.1 Company Ownership ............................................................................................................ 4 2.2 Start-up Summary................................................................................................................. 4 3. Services ....................................................................................................................................... 5 4. Industry Analysis ........................................................................................................................ 6 5. Market Composition ................................................................................................................... 7 5.1 Market Strength of New Jersey............................................................................................. 7 5.2 Market Segmentation............................................................................................................ 8 5.3 Service Business Analysis .................................................................................................... 8 5.4 Competition and Buying Patterns ......................................................................................... 8 5.5 Products................................................................................................................................. 8 5.6 Major Players ........................................................................................................................ 9 6. Strategy and Implementation Summary.................................................................................... 11 6.1 Competitive Edge................................................................................................................ 11 6.2 Sales Strategy...................................................................................................................... 12 6.3 Sales Forecast...................................................................................................................... 12 7. Milestones ................................................................................................................................ 12 References..................................................................................................................................... 13
  3. 3. 3 1. Executive Summary The SAN (dummy name for your company) is an event planning company specializing in theme event planning and execution with the 25000sq feet own Hall catering the needs of diversified client base in New Jarsey and other states of US. SAN will offer services of weddings, conferences, conventions, festivals, hall provision to other event planner companies, and specifically targeting the South Asian (Indian) community. For all these services SAN can take care of the planning of the event, as well as actually hosting the event in self-owned hall. The corporate market for event planning is steady and profitable. The industry trends show the positive sign for this business as there is increasing disposable income trend of the individuals in NJ. Additionally, corporate clients have also increased the product launches and will still need someone to organize these events. In short, the need for corporate event planning/hosting services rarely diminishes, it is a steadily increasing demand that SAN will capitalize on. By targeting the specific niche has been proved in various marketing research reports therefore, it is estimated that SAN will grow with 100% . 1.1 Mission The mission of the SAN is to provide individuals and companies with the highest level of event planning and hosting. The stand alone reason for existence of SAN is to attract and maintain customers. Two fold services and hosting will exceed the diversified customers’ expectations. 1.2 Objectives SAN objectives for the first three years of operation include: 1. To create a service-based company whose #1 value is exceeding customer's expectations. 2. Providing services for South Asian community in terms of planning and hosting pertaining to wedding, cultural events and other religious gatherings. 3. The utilization of SAN's services in top 10 companies (For corporate events). 4. To increase our number of served clients by 20% per year through superior service. 5. To develop a sustainable, profitable start-up business.
  4. 4. 4 2. Company Summary SAN, soon to be located in New Jersey, will offer event planning and hosting for individuals and corporations. SAN will be specializing in wedding planning, cultural events planning & hosting, parties, conferences and product launch events. CRP will begin making a profit after month 10, and will grow steadily each consecutive month. 2.1 Company Ownership Mention details about the ownership 2.2 Start-up Summary SAN start-up costs will include all the necessary equipment needed for an office, legal fees, accounting fees, advertising fees, and website development fees. The home office equipment will be the largest chunk of the start-up expenses. This equipment includes a 3 computer system, fax machine, office supplies, cellular phone, and pager. One computer will become a server with a printer and a writable CD-RW for backing up the system. Microsoft Office will be installed on all the workstations. The office will require some desks, bookshelves and couches. Two phone lines will be needed in addition to a cellular phone and pager for the owner. The accounting fees will be used to set up the accounting suite so SAN can do the accounting in- house. The legal fees are used for the formation of the company as well as for reviewing/generating standard client contracts. The advertising costs are based on the need to communicate our service to perspective customers. The Web creation fees at start-up costs are for design and creation of the website. Following table shows estimated funding required for start up business. Please customize the table as per real figures available with you. START-UP FUNDING Start-up Expenses to Fund $6,400 Start-up Assets to Fund $70,600 TOTAL FUNDING REQUIRED $68,000 Assets Non-cash Assets from Start-up $10,000 Cash Requirements from Start-up $80,600
  5. 5. 5 Additional Cash Raised $0 Cash Balance on Starting Date $80,600 TOTAL ASSETS $171,200 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $0 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities (interest-free) $0 TOTAL LIABILITIES $0 Capital Planned Investment Investor1 $50,000 Investor2 $0 Other $0 Additional Investment Requirement $0 TOTAL PLANNED INVESTMENT $100,000 Loss at Start-up (Start-up Expenses) ($6,400) TOTAL CAPITAL $94,600 TOTAL CAPITAL AND LIABILITIES $94,600 Total Funding $68,000 3. Services SAN will offer event planning and hosting for the individual and corporate market of Nes Jersey and expanded to further states of US. SAN will concentrate on following types of event planning and hosting: 1. Hosting and Planning of Individual Events: This segment is wide as there are diversified communities living in New Jersey. The target market will be South Asian (Indians). In that area the services for giving hall on rental basis only and hall with wedding planning services, catering, decoration and all other aligned services. Moreover, the cultural events such as Holly, Depawali, Basant, Eid and all other events which require gathering will be arranged along with full services. Furthermore, the birthdays, anniversaries etc. will also be arranged. 2. Corporate retreats: These events are typically used for two different reasons. They are either a leadership training or teaming skills training where employees of the corporations are sent away to develop these skills. In addition to the planning of the events, SAN will be able to host the event as well. Using a strategic partner in this case allows SAN to stick with a narrow focus but still offer the service to our customers.
  6. 6. 6 3. Product launches: These are events where the corporation is releasing a product and they have an event that is open to people outside of the corporation. The purpose of the product launch event is to create visibility for the new release. 4. Conferences: Hosting and planning the corporate conferences, seminars etc. 5. Business to Business: In this regard the other planners who need the Hall will also be given services for rental basis. Moreover, the specialty of SAN in South Asian community will give it advantage of arranging events on behalf of other event planner companies. 4. Industry Analysis The Event Management industry is highly fragmented, with the majority of event management companies controlling less than 1% of the market. Since the industry largely provides a discretionary service, it is mainly driven by corporate profit, per capita disposable income and the unemployment rate. The recession hit the industry hard, with many corporations and consumers holding fewer, smaller events. However, the industry can expect to roar back to life with the improving economy in the 2017. Revenue $5bn Annual Growth 10-15 4.8% Employment 215,147 Businesses 203,368 Profit has followed a similar trajectory to revenue. During the recession, budget-conscious corporations and consumers opted for lower-priced event options, reducing the event management's profit (earnings before interest and tax) to 7.2% in 2009. It has been estimated that profit will account for 15.7% of revenue in 2012. The outlook is positive for event and party planners. Despite a rising number of industry participants, the industry is set to benefit from climbing corporate profit and per capita disposable income. Over the five years to 2020, revenue is forecast to increase strongly. Similarly, profit will expand as clients choose higher-priced options. However, because weddings represent a large portion of the industry's services, the declining marriage rate is likely to limit industry growth to an extent.
  7. 7. 7 The event management has a low level of concentration with the top four industry companies accounting for only a small fraction of total industry revenue. The majority of industry firms operates on a highly localized and niche market basis because diversified and constantly changing consumer tastes force industry operators to constantly adapt their service offerings, which limits their geographic expansion. In addition, low industry barriers to entry allow a large number of firms to operate in the industry. IBISWorld estimates that more than 300,000 companies operate in the industry up from 2012 despite the recession contracting industry demand over the same period. A significant number of these companies operate as non- employers or with a high percentage of part-time staff. 5. Market Composition The Party and Event Planners industry is highly dependent on the ability of its clients to spend money on discretionary services. Businesses hire event planners to coordinate holiday dinners, fundraisers and client appreciation events, weddings, celebrations, conferences, religious events gatherings etc. In South Asian area the religious celebrations events include the Holy, Depawali, Basant (For Indians / Hindus), and for Muslims the Eid Celebrations. At the corporate business to business side the demand is determined by the level of corporate profit: the higher a company's earnings, the more money it can dedicate to special events. Likewise, households hire event planners for weddings, birthdays and other similar milestone celebrations, and demand from this market is determined by consumers' per capita disposable income. Over the five years to 2015, these metrics declined as the recession set in. As a result, industry revenue has fallen at an average annual rate of 1.0% to $6.3 billion. As economic conditions have begun to improve, so has industry performance. IBISWorld expects revenue to grow by 4.5% in 2017. 5.1 Market Strength of New Jersey As it has been mentioned that the discretionary income of the individuals is important for the success of event management company therefore, the following table shows the Per capita disposable personal income (dollars) in New Jersey 2013 2014 2015 47,677 49,785 51,295
  8. 8. 8 This shows that there is increasing trend in the individuals’ disposable personal income and the strength of the niche market. 5.2 Market Segmentation SAN is providing services to social market as well as corporate market in the event planning niche. Social Market includes all the individuals from diversified background however specially the South Asian Community. The social class will be the Elite class who can afford the services of event planning for celebrations, wedding, parties, cultural events, musical shows, etc. The corporate customer is a company that contracts with SAN to plan and typically host an event for the company. Corporations will be turning to CRP to plan the events because: 5.3 Service Business Analysis Competition in event planning is fierce. Look in the Yellow Pages and you will see rows and rows of listings. Lucky for SAN, the segment of South Asian community has rarely been touched. There are very few companies that specialize in social market especially for South Asian community (Indians) along with hosting the event by providing the Hall. Thus, SAN gives the unique combination of provision of physical place and services to the customers. 5.4 Competition and Buying Patterns Currently there are numerous event planning companies operating in NJ (New Jersey) area but each is specialized either in social market or with corporate market. However, SAN will provide services in both with niche of South Asian People that distinguish it from others. There is no company that specializes in handling the events of South Asian segment. Moreover, the competitors are providing services for event planning but fewer are the companies which provide the physical location. Although, the event planning is a tight market but SAN will benefit from their specialization in this area. 5.5 Products  Weddings  Birthday parties  Corporate social events  Religious Gatherings
  9. 9. 9  Community events for celebrations  Activities  Organizing corporate fundraisers  Organizing corporate holiday parties  Organizing weddings  Organizing birthday parties  Organizing religious events celebrations  Organizing Community Celebrations 5.6 Major Players There are several industry firms in large geographic markets that have gained national recognition such as Abigail Kirsch, Blue Plate, Along Came Mary and A Joy Wallace due to their high profile events and the clientele they cater to. However, in Jersey the following are the major competitors: S.No. Name Message Services Address 1 Elegant Events by Kendra & Asia Elegant Events by Kendra & Asia can help you plan and organize your event,regardless of the size or level of formality. Our goal is to provide affordable full service coordination to create a beautiful event. South Jersey / Atlantic County NJ ~~ 609-816- 9916Kendra Alexander, Email: dra@clegantavantcbaka.com tal Website: http://elegantevents byka.com 2 BERGEN COUNTY NEW JERSEY EVENT PLANNERS Event Planning Services, Event Promotion, Event Marketing Teaneck NJ 07666 ~~ 201- 494-6981 Bergen County New Jersey Email: dra@khcdnri.bthttckmenocm c Website: http://www.Afford ablepartyplanning.org 3 NJ Business Link, LLC NJ Business Link LLC is a company specializing in corporate event planning; i.e.: trade shows, expo’s leadership awards dinners, seminars and educational programs, fund raising, etc. Also engage in strategic coaching, marketing and public relations, networking events,social media and communication skills. NJ Business Link LLC is a one stop shopping for all corporate business needs. Edgewater NJ 07020 ~~ 201-741-3628 Bergen County New Jersey Email: dra@lthkaaathasgit.rcth Website: http://www.NJBusi nesslinkllc.com 4 B & K ENTERPRISE MARKETING & EVENT PLANNING Event Planning Services, Event Promotion, Event Marketing B&K Enterprise is geared to assist small businesses with their marketing and promotional P.O. Box 925, Millville NJ 08332 856-765-0118 Cumberland County New
  10. 10. 10 needs.Producers of Home & Garden Expos, Arts & Craftsmen Festivals in the South Jersey area for over 10 years. Jersey Kathryn Wright, Email: dra@krc.itaahomoantalg Website: http://www.sjpump kinshow.com 5 Red Bow Events Red Bow Events is an events based company. Wedding planning, wedding officiant, event decor, invitations, and more. I would like to be a vendorat events. 98 Broad Street # 102, Newark NJ 07104 ~~ 843- 415-5582 Essex County New Jersey Khalifah Luciano, Email: dra@khcdb..rgmao@kl Website: http://www.redbow events.com 6 Sweet Dreams Events Event planning – parties, showers,weddings and more. See Website for more information including otherservices like romantic hotel decorating, hotel welcome bags, etc. 569 Bloomfield Avenue, Verona NJ 07044 ~~ 973- 902-4150 Email: dra@krc.thdcaomanhsm Website: http://www.sweetdr eamseventsnj.com/ Facebook: https://www.face book.com/Sweet-Dreams- Events-695078320600604/ 7 Pearl Event Planning New Jersey’s top wedding planner. Whetheryou are looking for a planner or coordinator, Pearl Event Planning (PEP) will make your dreams come true. Winner of WeddingWire Couple’s Choice Awards 2015. Hamilton NJ ~~ 609-389- 6049 Email: dra@bthttck.ntavnkoca..rc th Website: http://www.PearlE ventPlanning.com Facebook: https://www.face book.com/PearlEventPlannin g 8 The SignUp Hub The SignUp Hub (www.TheSignUpHub.com) is an online registration systemspecifically designed to organize and simplify all the tasks required of PTO/As, boosterclubs,sports teams, fundraising, church, town rec, tutors and enrichment Pproviders. 201-919-0733 Email: dra@gsimstbhaain.rcth Website: http://www.thesign uphub.com 9 The Wed and Bed and Milestone Event Planning Wedding planners Beach Haven Crest NJ 08008 ~~ 609-947-1377 Ocean County New Jersey Mary Ann Gutchigian, Email: dra@aahnmrrcth.ttceocd Website: http://www.LBI- Vacation.com Facebook: https://www.face book.com/TheWedandBed Free listing submitted 8/15.
  11. 11. 11 6. Strategy and ImplementationSummary SAN will be aggressively courting the target social and corporate market to win over future contracts. SAN will offer a superior service not compromised at the lower cost due to specialization. By concentrating on a few specific services, SAN will become proficient at these services. SAN will increase company visibility through a website, local Chamber of Commerce networking, and participation in trade shows. Our website will be quite detailed and provide a visitor in-depth information about the services SAN offers, the corresponding high level of quality can be achieved by using SAN. SAN will also be quite active in the local Chambers of Commence in the New Jersey area. SAN will be active in the many trade shows that come through New Jersey. The use of trade shows allows members of SAN to be introduced to a wide range of businesses that otherwise would be difficult to establish an initial relationship with. Finally, SAN with ensure the digitalization of the company through social networking by developing pages on Facebook, twitter, Linkedin, etc. along with videos on Youtube to attract the social market segment. 6.1 Competitive Edge SAN’s competitive edge will be based on two factors, specialization and strategic relationships. SAN will be specializing in two distinct areas of social market and corporate planning. While specializing essentially precludes SAN out of a lot of different markets, it allows SAN to excel in the markets that it has chosen to participate in. Specialization allows SAN to be an expert in the two areas that it is in. SAN’s unique team composed of employees from South Asian culture will help to be unique. SAN’s second competitive edge is based on the use of strategic relationships. SAN believes it is better to concentrate on segment of South Asia, excel in that area, and form strategic partnerships with the matrimonial companies etc. The use of strategic relationships is unusual in the event planning space. Most event planners are generalists and try to do a little of everything. CRP is
  12. 12. 12 following the model of benchmark companies in other industries that have recognized the value of specialization and the use of strategic relationships. 6.2 Sales Strategy SAN will for the most part be using the sale strategy of personal selling. The Public relations will help in this area. Moreover, the SAN will also utilize the social network websites to sale for the services. Additionally, the strategic partnerships with matrimonial websites, cultural communities etc, will also help to boost the sales. Additionally, the website will be used not only to communicate information to prospective customers, but also a method of communication where CRP can provide more specialized information such as cost estimates as well as answering questions through the site. 6.3 Sales Forecast The first month will be spent setting up the office. It is unlikely that there will be any sales activity within the first two months. During the first and second month, SAN will be developing systems to provide a template for future event planning. Once this is set up, SAN should be able to process the service request rather easily. The third month should see the start of sales activity. It will not be until the fifth month that things will really kick in. From month six through 12 sales will steadily increase and the increase should continue well into year two. 7. Milestones SAN will have several milestones early on: 1. Business plan completion. This will be done as a roadmap for the organization as well as an indispensable tool for the ongoing performance and improvement of the company. 2. Set up office. This will done within the first month. 3. Adoption of SAN’s services by 10 companies and 20 social market events 4. Revenue over $200,000.
  13. 13. 13 References http://www.bplans.com/event_planning_business_plan/strategy_and_implementation_summary_ fc.php http://lwd.dol.state.nj.us/labor/lpa/industry/incpov/dpci.htm http://www.prweb.com http://www.ibisworld.com http://njvendors.com/business/event-planners/

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