FIELD, HALL AND BARN WEDDING VENUE BUSINESS PLAN SAMPLE
The wedding venue industry is one which has witnessed appreciable growth over the years. However, this has not been without its own challenges as you get to take the sole responsibility when things go wrong.
Such may include lost valuables especially by drunk guests to accidents that may arise due to negligence. These and more have been the challenges faced by wedding venue owners. However, there is a solution to all of the above.
To make your business profitable and attractive to clients, adequate planning is necessary to better tackle these challenges.
This is the reason why this wedding venue business plan sample is written to act as a guide for setting up a thriving business.
Here is a business plan for starting a wedding reception venue business.
The Events Place is a wedding venue business which will be based in Memphis, Tennessee. Being fully registered and licensed, The Events Place will provide top-notch services to a diverse range of customers with the specific needs of each client taken into consideration and services patterned to ensure maximum satisfaction. However, our services are not only restricted to hosting of weddings as we will also provide rental services as well as the hosting of Annual General Meetings (AGM), parties, wedding planning services, consultancy services as well as hosting a variety of other corporate events. Client expectations are very important to us. This is why we seek to exceed these expectations by offering world-class services.
Our choice of location is very strategic to achieving our goals. Hence Memphis Tennessee being the economic hub of West Tennessee as well as parts of Mississippi, and Arkansas presents boundless opportunities with a young and growing population within the 18 to 35 age bracket.
The Events Place is wedding venue concept brought about by Clara Owen who has been very active in this industry for over 20 years. This business will be run as a Limited Liability Company, and her several years of experience on the job will be brought to bear in running an efficient business.
The Events Place will be a wedding venue business that will provide excellent services to clients. These services will be budget friendly and will seek to fully satisfy every client. We are poised to build a formidable brand name in the wedding venue sector with our clients at the center of all our activities.
We recognize the importance of our esteemed clients to the growth of our business. Hence we are determined to be among the top 5 wedding venue businesses located in Tennessee, achievable within 5 years from the date of commencement of business operations.
In a bid to start our business on a strong footing, we have identified to ways to raise funding. These will come from savings, of which the sum of $200,000 has been realized for this purpose. The remaining sum of $500,000.00 will be raised from loans from reputable banks of which the proprietor is a customer. A large part of this financing will be used in purchasing equipment such as chairs, seats, and 2 large tents. The sum of $150,000.00 will be kept aside for running and maintenance costs.
Due to the high demand for wedding venues and related services in Memphis, we are have researched the market over a 3-year period to measure the forces of demand and supply as well as the opportunities that will impact on our profitability. The results we obtained are impressive. However, we have discounted factors such as natural disasters and recession. The table below shows a summary of our findings.
- First Year $300,000.00
- Second Year $780,000.00
- Third year $1,500,000.00
While having the full knowledge of the fact that we are not the only wedding venue business around, we have invested significantly in our business to ensure only the provision of excellent services. Apart from the high-quality equipment, we will be purchasing, we have a team of experts in place that are trained to ensure that negative and unforeseen and unpleasant experiences to our clients are reduced to the barest minimum. For every wedding occasion, an army of dedicated personnel will work round the clock to ensure our clients have an unforgettable and pleasant experience.
Publicity and Advert Strategies
Publicity and advertising are core requirements for attracting the increased patronage of our services. We are leaving no stone unturned in ensuring that word about our services reaches the widest audience possible. This would be achieved through the adoption of several media of publicity such as social media channels, the print and electronic media, printing of fliers and paying for billboard spaces at strategic locations.
Word of mouth marketing will also be exploited. This will be achieved through our satisfied clients as we will encourage them to spread the word about our services. Also because of the nature of weddings where there are several invited guests, we see this as an opportunity to attract others by our quality services as they are likely to recommend us to friends, family or even for their own wedding occasions.
This sample wedding venue business plan provides the basics of what you need to know in writing your own business plan. It will be very helpful to use this as a template while providing the details of what is obtainable for your business. This aspect of starting a business is very important and should be treated as such.
Oluwamayowa holds an MBA degree from Obafemi Awolowo University.
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