Packages
Description
Wedding Package
Includes the main ballroom, with 300 chairs, cutlery sets, and catering
$(Amount)
(Package.Name)
(Short.Description) – (Max.Pax)
$(Package.Amount)
(Package.Name)
(Short.Description) – (Max.Pax)
$(Package.Amount)
The event venue industry depends on the per capita income of households willing to spend money on events. However, it also links to the business market and conferences held in the area. As such, [Sender.Company] researched the current market and identified a niche we can fill: (Niche.Description).
Further, we found some statistics on the market that bode well for our event venue business plan:
Statistics | Description | Benefit |
---|---|---|
| | |
| | |
The primary competitor in the area is (Primary.Competitor), as this brand specializes in all event types and has a similarly sized property. Its strengths are (Strengths), while we have identified the following weaknesses:
Other competitors to consider are (Secondary.Competitor) and (Tertiary.Competitor). The market segments into (Market.Segment).
Further, the competitor pricing in the current industry is:
Competitor.Brand | Pricing.Structure |
---|---|
| |
| |
We have identified several ways in which [Sender.Company] gains an edge over these competitors:
Once you have shown the competition, you must show how you will approach your entry into the market. You have to show that you have the edge over the competitors and what sets your venue apart.
Advantage | Research | Description |
---|---|---|
| | |
| | |
[Sender.Company] will serve the residents of (Location) but also market in surrounding areas of (Location), (Location), and (Location). This marketing will give us a vast customer base, especially as many travel for events and conferences. The demographics of the immediate area around the event are as follows:
Location: | (Location) |
---|---|
Total Population: | (Total.Population) |
(Percentage)% | |
(Percentage)% | |
Median Age: | |
(Percentage)% | |
(Percentage)% | |
(Percentage)% | |
(Percentage)% | |
Average Income Level: | |
(Percentage)% | |
(Percentage)% | |
(Percentage)% |
This location also has several establishments of interest, which benefits the event venue. Clients of interest are:
Suppliers of interest are:
TargetGroup | Reason |
---|---|
| |
| |
[Sender.Company] has the following unique value propositions that make it the best choice in the area:
(BrandImage.Proposition)
[Sender.Company] will implement an encompassing market strategy to reach the target audience using the following methods:
Public Relations
Ongoing Customer Communications
Social Media
Phone Prospecting
Pre-Opening Events
Pricing Strategy
The significant functions [Sender.Company] must fill to execute this business model:
Administrative and general tasks like legal, bookkeeping, marketing, and more
Sourcing and storing equipment
Hiring and training staff
Corporate sales to groups and individuals
Janitor and maintenance personnel to keep the venue in top shape
We will reach these milestones in the next (Period):
Date | Milestone |
---|---|
(Date) | Finalize lease or purchase agreement |
(Date) | Plan and build or renovate existing venues |
(Date) | Design [Sender.Company] brand and vision |
(Date) | Hire and train the initial staff |
(Date) | Start the marketing strategies |
(Date) | Launch [Sender.Company] |
(Date) | Reach break-even |
(Owner.Name)
(Owner.Quote)
(Owner.Photo)
(EventsManager.Name)
(EventsManager.Quote)
(EventsManager.Photo)
(CEO.Quote)
(CEO.Photo)
(MarketingManager.Name)
(MarketingManager.Quote)
(MarketingManager.Photo)
[Sender.Company] will look into hiring employees for the following positions by the (Date):
(Number) Service Staff (If you provide your own catering)
(Number) Chefs (If you provide your own catering)
(Number) Sales staff
(Number) Managers
Capital requirements.
[Sender.Company] requires an initial capital of $(Amount) to start this business venture, which we break down below:
Section | Value | Percentage of Whole |
---|---|---|
Research and Development | $(Amount) | (Percentage)% |
Purchasing and Renovating of Property | | |
Purchase of Equipment and Other Materials | | |
Marketing and Advertising | | |
Daily Operations | | |
Staff Salaries | | |
Total | | |
Package | Selling Price | Food and Beverage | Catering Costs | Staff Costs | Projected Profit |
---|---|---|---|---|---|
(Package) | $(Sell.Price) | $(F&B.Cost) | $(Catering.Cost) | $(Staff.Cost) | $(Profit.Amount) |
The expected Annual Income: (5YearAnnualIncome.Statement)
The expected Profit and Loss Statement: (5YearProfitLoss.Statement)
The expected Annual Balance Sheet: (5YearAnnualBalance.Sheet)
The expected Annual Cash Flow: (5YearAnnual.CashFlow)
The Break-Even Analysis: (BreakEven.Analysis)
Both parties understand and agree that their signature below signifies their agreement to all the terms and information outlined in this event venue business plan.
[Recipient.FirstName] [Recipient.LastName]
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Whether you are a seasoned event planner or just starting out, having a comprehensive business plan is essential to your success. Our free event venue business plan template is designed to guide you through the process of creating a detailed and effective plan for your event venue business. It includes all the necessary sections such as executive summary, market analysis, marketing strategy, financial projections, and more. With our free template, you will have a solid foundation to build your business on and increase your chances of success.
Are you thinking about starting an event venue business? One of the most crucial steps to success is creating a comprehensive business plan. A well-written business plan not only helps you to stay focused on your goals but also attracts potential investors and partners.
Our free event venue business plan template that provides a detailed and structured approach to creating your business plan. Our template is designed to help you create a plan that is tailored to your business, outlining everything from market analysis and marketing strategy to financial projections.
With our free event venue business plan template, you will have a solid foundation to build your business on. Our template covers all the essential sections that are necessary for a successful business plan, including:
The executive summary is a brief introduction to your business plan that provides a snapshot of your event venue business. This section should highlight the key points of your business plan, including your business objectives, target market, and financial projections.
Market Analysis: The market analysis section provides an overview of the event venue industry, including the trends, competition, and potential customers. You should identify your target market, analyze your competition, and explain how your business will differentiate itself from others.
Marketing Strategy: In the marketing strategy section, you should describe how you plan to promote your event venue business to potential customers. This section should also include a budget for marketing expenses and a timeline for implementing your marketing plan.
Operations Plan: The operations plan provides an overview of how your event venue business will function on a day-to-day basis. This section should include information about the location, facilities, equipment, and staffing required for your business to operate.
Financial Projections: The financial projections section provides an overview of your business's expected financial performance. You should include your projected revenue and expenses, as well as your expected profits and cash flow.
By using our free event venue business plan template, you will have a clear and structured approach to creating your business plan. Our template is designed to help you develop a plan that is tailored to your specific business needs, allowing you to make informed decisions and stay focused on your goals.
Don't wait any longer, download our free event venue business plan template today and take the first step towards building a successful event venue business!
Why do i need a business plan for my event venue business.
A business plan is essential for any business, including an event venue. It provides a roadmap for your business and helps you stay focused on your goals. It also serves as a tool to attract potential investors and partners.
Your event venue business plan should include an executive summary, market analysis, marketing strategy, operations plan, and financial projections. These sections provide a comprehensive overview of your business, including your target market, competition, marketing strategy, operations, and expected financial performance.
To determine your target market, you should conduct market research to identify your potential customers. Consider factors such as age, income, location, and interests. You should also analyze your competition and identify any gaps in the market that your business can fill.
To create a marketing strategy for your event venue business, you should identify your target market and develop a plan to reach them. This may include advertising, social media, and networking events. You should also set a budget for marketing expenses and create a timeline for implementing your marketing plan.
To create financial projections for your event venue business plan, you should research your market and competition to determine your expected revenue and expenses. You should also consider factors such as location, staffing, and equipment costs. Your financial projections should include projected revenue, expenses, profits, and cash flow for at least the first three years of your business. You can use a financial projection template to make the process easy!
Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.
Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.
Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.
Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.
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If you want to start a successful event venue business or expand your existing business, you need a business plan.
The following event venue business plan template gives you the key elements to include in a winning an event space business plan.
You can download our Event Venue Business Plan Template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of a sample event space business plan.
Click below to see each section of our free event venue business plan template. You can also click here to get our sample event venue business plan pdf .
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Event Venue Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
Creating your event venue business is an exciting adventure. But to ensure a successful event venue business, you’ll need an event venue business plan that collects market and competitor research and conceptualizes your goals.
Without a business plan, you risk blind event planning and underselling or overestimating the value of your business and the event space.
To create a business plan for an event venue that points your ship in the right direction, use this simple but comprehensive guide.
An event venue business plan is a document that records your business vision and goals for the future.
Beyond clearly stating your long and short-term business goals, a business plan is also a great way to conceptualize your business idea. This is especially important in the event venue business.
The event venue industry has many types of event spaces, from wedding venues to corporate events venues. Without clear direction, you risk spreading yourself and your resources too thin.
Clear goals, on the other hand, encourage focused energy and resources.
An event venue business plan also comes in handy if you’re looking for financing. Whether you’re applying for a business loan or enticing investors, a well-researched and comprehensive event venue business plan will work in your favor.
So, whether it be gaining funds at the start of your journey or overhauling your event venue business to breathe new life into an old model, your event venue would benefit from an event venue business plan.
Make the most of your time, resources, and event venue businesses by crafting a comprehensive business plan.
Use this event venue business plan template as a guide.
The executive summary works as a quick overview and index of your entire event venue business plan. It should be short and to the point.
To start it off, list your event venue mission statement and the current status of your business. Are you starting a new event venue business? Are you aiming to revive an old business model? Are you hoping to franchise your event venue business?
Once that's done, create headings for the below sections and summarise the key point of every section.
The company overview section is a clear and objective analysis of your event venue business.
Cover the following sections:
Market research is essential for any business and it’s no different for event venues. To ensure a successful event venue business, use online resources and in-person observations to answer key market research questions.
Be honest and thorough with these questions. It’ll provide objective analysis that you can use to make smart business decisions. It’ll also bolster shareholder confidence.
This section should also contain a robust competitor analysis, including what they’re doing to succeed and what you can do to gain a competitive advantage in the event industry. What makes your event venue different?
To effectively market your event space and attract the right customers, you’ll need to know who your target audience is. Use the data gathered in the previous section and CRM software to create customer profiles and segments .
Key demographics include:
Use this data to create profiles and service segments.
Service segmentation is creating different profiles for different event venue services. If your event space hosts wedding and corporate events, the ideal customer for each segment and the associated marketing will look different.
By segmenting groups, you can create effective pinpoint marketing strategies for each segment.
The above sections provide invaluable insights into the local market and its needs, as well as the clients you’re looking to attract.
Use the data to create strategic event venue marketing strategies to further your chance of event venue business success.
In your event venue business plan, list the marketing channels you plan on using, how you hope to strategically capture the target audience, what makes your event space different, and the services you’ll offer to entice customers.
Goals are essential for an effective business plan. Take time to think of goals for your business. You can also add timeframes to achieve them. The goals should be achievable but challenging.
Next, outline the business operations structure. List the internal management team, their responsibilities, stakeholders, and other hierarchies.
To create clear goals, implement competitive pricing strategies, and manage day-to-day operations, gather the following:
Lastly, if your event venue is already booking clients, gather previous income statements to determine the average income for the event space and determine what you’d like the average income to grow to.
The event venue industry is a great way to make money, but it requires more thought and planning than just owning and renting an event space.
To win investors, focus on your goals, or overhaul your current event venue business, use his event venue business plan template to create your new business plan. Tailor the guide to your needs and remember to be objective and realistic but also ambitious.
Streamline your event venue business with Perfect Venue . Perfect Venue event management software helps event venues get organized, increase sales, and manage event calendars. To get started, sign up for a free trial today!
Have thoughts on the article? Feel free to email us at [email protected] - we'd love to hear it!
Get this complete sample business plan as a free text document.
Start your own wedding venue business plan
Value proposition.
Wedding Venue Bliss provides a stunning, customizable event space that couples can tailor to their dream wedding experience. Featuring picturesque outdoor settings and stylish indoor facilities, the venue offers a flexible, all-in-one location for ceremonies, receptions, and overnight accommodations.
Many wedding venues lack the versatility and resources to accommodate diverse wedding themes and personal touches. Couples often struggle to find a venue that offers both a beautiful environment and the necessary amenities for a seamless, memorable event.
Wedding Venue Bliss addresses these challenges by offering a customizable space that caters to various wedding themes and preferences. With indoor and outdoor options, on-site accommodations, and personalized services, couples can create the perfect setting for their big day.
The primary market for Wedding Venue Bliss is engaged couples seeking a unique and adaptable location for their wedding ceremony and reception. The secondary market includes event planners, corporate clients, and families organizing special events and celebrations.
Current alternatives.
Wedding Venue Bliss stands out with its customizable event spaces and a comprehensive range of services, ensuring a stress-free and memorable experience. Our team of professionals offers personalized assistance in event planning, catering, and design, allowing couples to bring their vision to life.
The target property costs $600,000. The property will be purchased with a 20% down payment plus closing costs. $50,000 in renovations and upgrades are required. The estimated funding needed for furniture, event equipment, initial supplies, and a contingency fund is $50,000. The total initial funding needed is $230,000.
2023: $120,000
2024: $150,000
2025: $180,000
2023: $80,000
2024: $90,000
2025: $100,000
2023: $40,000
2024: $60,000
2025: $80,000
Owner/operator.
Responsible for overseeing the daily operations of Wedding Venue Bliss, including event coordination, guest accommodations, and community engagement.
Manages the coordination and execution of events, working closely with clients and vendors to ensure a seamless and memorable experience.
Ensure the cleanliness and upkeep of event spaces, accommodations, and common areas, as well as maintaining the venue’s facilities and equipment.
The purpose of these partnerships is to provide clients with a comprehensive range of services and resources to create a seamless and memorable wedding experience while supporting local businesses and fostering collaboration within the community.
Partner with photographers, florists, caterers, and entertainers to offer clients a one-stop solution for their wedding needs, ensuring seamless coordination and high-quality services.
Collaborate on promotional offers, cross-promotion of products and services, and referrals to offer clients a complete wedding package.
Establish relationships with nearby hotels and accommodation providers to offer overflow lodging options for wedding guests and secure special rates for clients.
Develop partnerships with local wedding planners and event coordinators to increase referrals, collaborate on marketing efforts, and streamline the planning process for clients.
Engage with community organizations and nonprofits to host charity events, fundraisers, and awareness campaigns, positioning Wedding Venue Bliss as a community-conscious business.
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How to write a business plan for your event venue establishment.
Starting an event venue establishment is a great idea because it provides a space for people to come together and celebrate special occasions, and it can be a lucrative business venture that generates a steady stream of revenue.
But, before launching anything, make sure you have a business plan in place.
A business plan provides a roadmap for success and is essential for any new project, especially an event venue establishment, as it allows for a comprehensive assessment of the project's viability. It also helps to identify potential risks and opportunities as well as providing an outline for the strategy, resources and budget needed to bring the project to fruition.
In short, a good business plan will help ensure the profitability of your event venue establishment .
What should be outlined in the business plan for an event venue establishment? What components should be part of the structure? What are the essential financial measures to include? What are some ways to build a solid business plan without investing excessive time?
In the lines below, we will address all these questions!
One last thing: you can avoid starting your business plan from scratch.
Instead, you can download our business plan for an event venue establishment and adapt it to your project.
Should you consider writing a business plan for your event venue establishment.
Yes, you should consider writing a business plan for your event venue establishment.
Establishing a strong business plan will afford you the chance to:
Our team has created a business plan for an event venue establishment that is designed to make it easier for you to achieve all the elements listed.
There's a wealth of valuable information, content, metrics, and financial data in a business plan. There should be a clear structure, to make easy to read and digest.
When we built our business plan for an event venue establishment , we made sure to outline it properly.
The document consists of 5 sections (Opportunity, Project, Market Research, Strategy and Finances).
The section number one is called "Market Opportunity".
In this section, you will find valuable data and insights about the event venue establishment industry, helping you understand the market landscape and cater to event planners' needs.
We update this section often to keep the data fresh.
In the "Project" section, describe your event venue establishment, including the capacity, flexible event spaces, state-of-the-art facilities, and highlight the unique value proposition for event organizers and hosts.
At the end of this section, introduce yourself and your qualifications for running an event venue.
Discuss your experience in managing successful events, your attention to detail, and your commitment to providing a remarkable venue for special occasions.
We have written descriptions for you in this section, you may keep it as it is or customize it so it perfectly fits your business idea.
After that, comes the "Market Research" section.
This section describes the target audience for your event venue establishment.
It includes a comprehensive analysis of competitors in the event industry and emphasizes your venue's competitive advantages.
A tailored SWOT analysis is provided as well.
Within the "Strategy" section, a detailed plan spanning three years is outlined, specifying the necessary initiatives to make your event venue establishment highly profitable.
Moreover, this section includes a comprehensive marketing plan for an event venue establishment, a strategy to handle risks, and a filled-in Business Model Canvas.
Lastly, the section labeled "Finances" is where you can outline the financial plan and data for your project.
The Executive Summary offers a summarized introduction to the business plan of your event venue establishment.
Make sure it doesn't exceed 2 pages, including only the most significant points.
When you show your business plan to a bank, this is the first part they will see. It needs to grab their attention and make them want to read the rest of the plan.
In the Executive Summary of your event venue establishment, address the following queries: what's the innovation behind your project? what's your audience? do you have competitors? are you better than them? what's your background? what's the budget you need?
Conducting a market study for your event venue establishment enables you to grasp external factors like customer demands for event spaces, competition within the event industry, and emerging trends in event venue design and amenities.
By conducting a comprehensive market analysis, an event venue establishment can understand client preferences, offer versatile and well-equipped event spaces, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a larger client base, increased event bookings, and a prominent position in the event hosting industry.
Here's what we've incorporated into the "Market Research" section of our business plan for an event venue establishment :
What's the business model of an event venue establishment, business model of an event venue establishment.
An event venue establishment's business model revolves around providing space and facilities for hosting various events such as weddings, conferences, or social gatherings. Revenue is generated through rental fees, potentially offering additional services such as event planning or catering.
The business model focuses on providing versatile event spaces, delivering excellent event coordination and support, effective marketing to target event organizers or individuals in need of event venues, and building strong client relationships based on memorable event experiences.
Success depends on maintaining flexible and well-equipped event spaces, delivering exceptional customer service, fostering positive client reviews and recommendations, and continuously adapting to changing event trends and client preferences in the event industry.
Don't misunderstand the terms "business plan" and "business model."
A business model is a framework that demonstrates how a company operates profitably and adds value to customers.
In a business plan, you employ the Business Model Canvas as a practical tool to outline the key aspects of your business model.
Rest assured, there is a Business Model Canvas (already completed) in our business plan for an event venue establishment .
Market segmentation for your event venue establishment involves dividing your potential customers into different groups based on their event types, venue requirements, and demographics.
These categories may include factors such as weddings, corporate events, social gatherings, or customers seeking specific event venue features or capacities.
By segmenting your market, you can offer a specialized event venue and services that cater to each segment's specific requirements. For example, you might focus on weddings and provide a picturesque and romantic venue with customizable wedding packages and services, offer corporate event venues equipped with state-of-the-art audiovisual systems and professional event coordination, specialize in social gathering venues and provide versatile spaces for parties or celebrations, or focus on specific event venue features or capacities such as outdoor gardens, ballrooms, or intimate settings to accommodate customers with specific venue preferences or event requirements.
Market segmentation allows you to effectively target your marketing efforts, showcase the unique features and ambiance of your event venue, and provide a memorable and tailored event experience that meets the unique needs and preferences of each customer segment.
In the business plan for an event venue establishment , you will find a comprehensive market segmentation that will help you better understand your potential customers.
Without surprise, you won't be the only event venue establishment in your market. There will be other venues providing spaces for weddings, conferences, and other special events.
Conducting a comprehensive competitor analysis is essential for your business plan. This involves identifying their strengths and weaknesses while studying their offerings.
Take note of their weaknesses (such as limited event space, inadequate amenities, or poor event coordination).
Why should you pay attention to these points? Because these weaknesses can impact the success of event venue establishments. By addressing these aspects, you can offer versatile and well-equipped event spaces, provide professional event planning and coordination services, and deliver exceptional customer service, positioning your event venue establishment as a preferred destination for memorable and successful events.
It's what we call competitive advantages—focus on creating them to differentiate your business.
Here are some examples of competitive advantages for an event space: versatile and well-equipped event venue, customizable event packages, professional event coordination.
A SWOT analysis can help identify strengths, weaknesses, opportunities, and threats, which can be key to developing a successful event venue establishment.
As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for an event venue establishment
The letter "S" denotes Strengths in SWOT, indicating the project's positive attributes.
For an event venue establishment, potential strengths could include a convenient location, ample parking, flexibility to accommodate different types of events, and exceptional customer service.
W represents Weaknesses, which are the project's weak points that need to be addressed.
For an event venue establishment, potential weaknesses include inadequate capacity, limited parking, insufficient staff, and lack of marketing.
The letter "O" denotes Opportunities in SWOT, signifying the potential advantages or positive external conditions for the project.
In the case of an event venue establishment, potential opportunities may include hosting weddings, conferences, corporate events, and private parties.
T represents Threats in SWOT, referring to the external factors or circumstances that can pose risks or challenges to the project's goals.
A marketing strategy is an essential building block of a business plan as it outlines how a business will capture customers and achieve revenue targets.
An event venue establishment can appeal to event organizers in search of a versatile and well-equipped space by developing an effective marketing approach that showcases the venue's amenities, customizable options, and successful past events.
Event organizers won't choose your event space without proper promotion; highlighting the versatility, amenities, and convenient location of your space is necessary.
Have you considered implementing creative marketing initiatives for your event venue establishment? Organize open house events or showcase parties, collaborate with local event planners or wedding vendors for cross-promotion, and utilize social media platforms to showcase the versatility and charm of your event spaces.
No need to worry if you don't have any knowledge about marketing and communication.
A solid business plan must include detailed financial information such as projected income, expenses, cash flow, and balance sheets.
As part of your business plan, it will be necessary to forecast the revenue for your event venue establishment.
The credibility of your business plan relies on revenue projections that are based on sensible and well-supported assumptions, which helps potential investors feel more confident.
Our financial plan for an event venue establishment is easy to use and includes built-in checks to help you identify and correct any assumptions, ensuring you create reliable projections with confidence.
Without a doubt, you will be required to draft a provisional budget for your event venue establishment. Don't forget any expense (we have listed them all in our financial plan !).
A key aspect of your financial plan is the break-even analysis, which helps determine whether your event venue establishment will be profitable or not.
If you want to start an Event Venue business or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their Event Venue businesses.
Below are links to each section of your Event Venue business plan template:
Next Section: Executive Summary >
What is the easiest way to complete my event venue business plan, what is an event venue business plan, why do you need a business plan for an event venue business, what are the sources of funding for event venue businesses.
With regards to funding, the main sources of funding for an event venue business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
The second most common form of funding for an event venue business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund an event venue. They might consider funding an event venue business with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.
Where can i get an event venue business plan pdf.
EVENT VENUE BUSINESS PLAN OUTLINE
Fresh insights and best practices for event professionals.
by Amanda Knaebel | Jan 13, 2021 | Best Practices , Business , Business Management , Catering , Event Vendors and Suppliers , Event Venues , Marketing , Sales , Tech , Tools and Software , Venues
Opening an event venue comes with a long checklist of items that must be in place for a successful launch … and chances are, as a new event space entrepreneur, you’ve probably already read a dozen or so articles that have run you through the basics.
But while these checklist articles can be helpful, they don’t answer the one vital question you should be asking: “What things do seasoned experts know that I don’t about how to successfully launch a venue and be profitable in Year 1?”
Of course hindsight is always 20/20, but when you’re in the midst of starting an event venue and you are new to this, you simply don’t know what you don’t know.
To help you fill in those gaps and provide you with new insights that aren’t already on your to-do list, we interviewed two of our clients and long-time industry pros to tell us the secrets that helped them along the way and maybe a few things they wish they would’ve known when starting an event space business.
Join us as Dianne Kohler, CEO of Camrose Regional Exhibition Center, and Michael Hallford, CEO of Hallford & Hallford event and venue management firm, open the vault on their most-valued industry secrets for launching a new venue.
Building out your processes and internal operations ahead of time is critical to generating revenue as you prepare to open your new venue. Planning Pod’s all-in-one platform gives new event facilities 20+ easy-to-use tools to set up systems for managing booking calendars, sales, client communications, contracts, billing, payments and more. Sign up for a free trial today!
Chances are you’ve come across plenty of articles that mention you should evaluate the competitive landscape and identify your ideal client base. But according to Dianne and Michael, this isn’t just another item on a list … in fact, it should take priority over just about everything else, because if you don’t get this right, your new venue won’t be in business long.
“Before you write out your business plan, you need to already know who your target audience is, and that’s who you build your venue for, so this starts with research long before you build or buy a venue,” said Michael.
Michael also warns about automatically trying to go for the clients with the deepest pockets.
“Keep in mind that your target audience doesn’t necessarily have to be your wealthy ‘Beverly Hills’ type client because that audience isn’t necessarily your highest profit margin,” he added. “Those luxury clients tend to be really demanding and expect a lot. And if they don’t get it the way they think they should get it, then you’re going to have issues afterward with PR. That’s just not something you want to have to deal with.”
“Your best market is probably going to be whoever is the largest demographic in your area who is willing to pay for your services. But you need to plan for that. You’ve got to know what they want, how they want it, when they want it, and why they want it. Then, be prepared to meet those needs as you put together your business plan and buildout plan.”
Dianne agrees that assessing your target audience’s needs and what venue options are already in the area should be done long before you lay a single brick for your new conference center or event space.
“Knowing your market is the number one thing that’s most critical to succeeding with a new facility,” said Dianne. “Because if you don’t understand what the market expects or wants from you, how are you going to provide it? You do this by doing a market needs assessment on other existing venues and the population and demographics in your surrounding community of who you want to sell to.
She also credits thorough upfront planning as an indicator for an event center that will both launch successfully and survive the long term, a challenge for all new small business owners.
“If you’re building a new venue, you’re building something based on your demographic’s needs for the next 10 years,” she said. “To do this, you need to reach out to your target market and ask them questions and collect data, because the more data you can get before you build or buy a venue, the better.”
“The type of venue you buy or build depends on their needs and the needs of the community you serve. Yes, maybe nobody in the area has a ballroom that’s 30,000 square feet. But are there events that require a ballroom with 30,000 square feet? These are the things you need to consider.”
“All this market research and data is then going to drive your marketing engine for when you’re getting ready to launch.”
Once you’ve narrowed in on your audience, you should focus next on developing your business plan. This document can be quite lengthy and in-depth because it fleshes out every detail regarding your venue business – from facility and organizational structure to finances, budgets and marketing. And just like with your target audience, it should be well-researched and realistic if you want it to be useful.
“A business plan is a must, and your plan must budget for covering your first six months of business expenses with zero or little income, just in case,” said Michael. “You should also plan for overages in construction, like around 30%, as that’s just normal.”
In addition to understanding how you’re going to build a special events venue for your ideal client (and what that’s going to cost), you should narrow in on how you will market them.
“Along with your business plan you have to have a marketing plan that outlines your marketing, branding, PR goals and expenditures, including the few months prior to opening day,” added Michael.
Before scheduling your first customer walkthrough or booking your first party, make sure your pricing is dialed in properly. Are you charging too much? Are you charging enough? Dianne says that understanding your target audience’s needs, your competitors’ price points and your cost of operations (overhead, mortgage/rent payments, staffing, food and beverage costs, utilities, cleaning, out-of-pocket rentals, etc.) will help you develop the perfect price point that will make your customers happy and keep your venue in business.
“An important part of your business plan is setting your pricing and this goes back to knowing your market,” Dianne reminds us. “What are your clients willing to pay for your services and how are you going to provide real value to them?
“Your market survey and research should include your competitors’ pricing to make sure your pricing is in line with what others charge for similar services. If you want to charge a premium, justify why you can charge it. If you charge less or at a discount, why would you do that and why will it serve the business better?”
One tactic that some new business owners of venues take is to start out by setting their prices lower in order to land more event clients out of the gate (but not so low that you are losing money) and then adjusting their rates upward once cash is flowing regularly.
However, these are all questions you need to ask yourself before pricing and pitching your space.
Designing a banquet hall may seem straightforward (just provide ample room for social events and corporate events, right?) but Michael warns that not thoroughly thinking through your design pre-construction can leave you wishing you would have made different decisions.
“If you are in pre-build, the most important step is that you really need to plan your space,” said Michael. “You have to have a plan for adequate storage, proper ingress and egress, about what your fire marshal and local building codes are going to require, how much office area you will need, and if you are going to need a full kitchen or prep kitchen.”
You should also consider what are going to be the biggest elements of your design with regard to ergonomics and those areas where clients and guests expect high quality.
“An example of this is that people really care a lot about venue washrooms and want them to be bigger, clean and nice. So you should invest more there,” suggests Michael. “If you are going to have food and beverage on site, those are probably two of the biggest things that customers will remember after they leave the event, so those should also take priority in your building and preparation.”
Michael stresses that thinking through these things before you engage a construction contractor will save you many headaches during operations and prevent a remodel down the line. From capacity minimums and maximums down to the number of doorways you will need, “It’s really getting to those fine details, before you actually even design a space. You have to plan for how the space is going to be used.”
And while you’re planning, be sure to add in a little extra room for storage.
“Surprisingly, you actually need a lot of storage,” exclaimed Michael. “Tables, chairs, linens, staging, dance floors, even just your daily products like cleaners and mop buckets, all of that has to go somewhere. And the worst thing to do is to build a venue and not have enough space for your items.”
When building and designing your space, Dianne recommends giving it a unique element while leaving room for flexibility for all types of events and setups. She mentioned that over the last five years, more and more event planners and their clients have been searching for places that are unique and new.
“One thing with venues that has been trending for the last five years and will continue is the demand for unique spaces,” said Dianne. “Clients don’t want to book events in empty, spare looking ballrooms or meeting rooms. They want a unique space that is maybe shaped differently or has interesting grounds or flexible decor. So you should consider far in advance what could you add into your space to make it unique for your audience. It doesn’t have to be crazy and cost crazy money. Maybe it’s interesting paint choices or programmable uplighting or downlighting.”
With people really looking to bring the wow factor to their event and to post it on social media, they need an event space that is unique enough to stand out amongst the sea of conference centers, but is also flexible enough to be completely reimagined to meet an event planner’s vision.
“You also want to make your space sizable and flexible for different sizes of groups so you can host groups of 25 as easy as you can 500,” said Dianne. Which means you may need to consider dividable spaces that you can partition off for smaller groups or for hosting multiple parties that can overlap.
If you’re running a wedding venue or party venue, you’re going to have slower off seasons – times when your event space may sit empty. So, you’ll need to account for how you will handle those empty calendar days.
“As a venue manager, you understand that it’s normal that you’re going to have dark periods where nobody’s renting,” said Dianne. “So, you have to make the determination early. Are you going to rent? Are you going to just ride through the dark areas? Or are you going to get into self production as a way to fill the space on typically dark nights and boost overall revenue? It’s part of the planning process to consider this.”
Some venue owners do decide to cushion their wedding receptions and private events bookings with their own productions (like music performances, seasonal parties and staged shows) on days that their venue tends to sit unoccupied. It can be a great way to cushion income and even perhaps draw in new business, but will take additional resources, marketing and event planning.
Also, if you offer full catering services, you may want to consider offering off-premise catering to maximize revenue from your full-service kitchen (but remember that this comes with its own costs and challenges like maintaining a full-time kitchen staff, marketing, delivery, etc.).
“Once you’re in the building phase, be very, very picky with your contractors,” said Michael. “If it’s not done exactly the way you want it done, have them redo it. This has got to be part of your contract with each vendor, whether you’re using a general contractor, or you’re contracting things out yourself.
“So if you’ve got a trim carpenter who’s doing crown molding, and there’s a little gap, well that needs to be filled and resanded and repainted. You don’t pay them their last dollar until every single thing is done to your liking.
Reserving the right to thoroughly inspect the work of your contractors, and even stop them in their process to change or correct something, will ensure that your build is completed exactly how you (and your potential clients) envision it. Remember, even if you aren’t being nitpicky, your guests and customers will be, and shoddy workmanship can lead to clients taking a pass on leasing your space.
When designing, building and finalizing your event venue, you have to oversee the buildout or remodel with the eye of your most difficult customer in mind, says Michael.
“You’ve got to think about what your most discriminating client is going to look for when they walk through your doors, and you must have that covered,” says Michael. “Because you’re going to have event planners and very discriminating clients who are very picky — whether it’s about the decor, floral arrangements, or food options — and they’re going to nitpick it all.”
Without research, it can be difficult to know exactly what elements are turning potential clients away, and that’s because, as Micheal says, “if they walk through and see something that’s not right for them, they’re not going to say anything to you. They’re just going to take you off their list and move on.”
To avoid this, you may want to have your architect or venue designer create a few different mockups and show them to your target audience members as well as local event planners to get their opinions and feedback.
Most venues either opt for a full-service kitchen that they either staff themselves or reserve for their preferred caterer, or they go with the less expensive option of a prep kitchen that outside caterers can use to stage pre-cooked cuisine. Our experts have some slightly different preferences and insights on both of these options, both equally illuminating.
“In our venue, we currently have a prep kitchen,” said Michael “We’ve got the refrigerator, ice maker, two hot boxes, plenty of counter space, sink space, the whole nine yards. All a caterer has to do is come in, bring in a few specialty pieces that they need and they are set.”
“A full service kitchen ideally would be my preference because you get the freshest food,” Michael adds. “If you’re building a facility from scratch, I would recommend planning an actual full kitchen, but it takes a little more prep work in advance because you have to know what kind of grease hold you need to have, what kind and size of venting you need to have in place and things like that. But that sets you up so you can either offer the kitchen space to an outside vendor as a prep kitchen or to an in-house vendor as a full kitchen.”
Dianne counters, “If all you’re doing is banquets and you have a large banquet hall, invest in the full kitchen. But I’m not a fan of full kitchens unless you know you’re going to book out 300 catered events a year in your event center. Remember that kitchens are costly, and your gross margin on a kitchen and food is almost always going to be razor thin. Ask yourself ‘If you build it, do you have all the business to support it?’”
“For example, we closed our staffed commercial kitchen in 2019 because we had been losing money,” said Dianne. “It has now been turned into a prep kitchen. And honestly, unless you have a hotel or conference center with restaurants and room service and you can make money outside of the event space with those other options, a full kitchen requires lots of staffing and the food costs are only going up, which cuts your margins even more.”
Dianne also offers that there are many great caterers in practically every market that your clients can choose from, so if you take the prep kitchen route it can lower your costs on your kitchen build (one time) and staffing (ongoing) and also provides more flexibility for your clients and event planners.
“By having a prep kitchen that we let any client bring their caterer into, it opened up a whole new revenue stream for our private events [as opposed to requiring clients to use our food and beverage services],” added Dianne. “And anyways caterers are going to have better pricing than you, the venue, because it’s all they do and they usually have less overhead and lower staffing costs.”
“Our relationship with our in-house caterer and our preferred beverage vendor is that they give us a specific percentage back on the back end of their food and beverage sales,” said Michael. “In exchange for that, they are our in-house provider.”
This partnership means that Michael consistently recommends and sells his catering partner to her clients, only relenting when clients are persistent on bringing in their own food vendors to fit their vision.
Micheal has also established a similar partnership with his beverage vendor, which he doesn’t budge on because this in-house vendor also carries the proper alcohol licensing that covers Michael and his facility from a liability and regulatory standpoint, giving him peace of mind.
Dianne does have a different viewpoint and finds value in her choice to leave catering options completely open to her potential clients.
“I’m not a big person for official suppliers, especially caterers,” said Dianne. “I kind of buck the trend on that one, because I want the client to come in and bring in who they trust and who they work with as opposed to me telling them that they have to work with an in-house caterer. You lose the bigger piece of the business – the space rental – over providing food, which is usually making little to no margin.”
Reviewing your target audience can help you decide whether partnerships will be right for your client base. If your ideal customer isn’t an expert at planning their own corporate or social events, they may appreciate the simplicity of choosing from a preferred vendor list. However, if you frequently cater to professional event planners and event production firms, it may be a smarter choice to allow your customers to bring in their own vendors.
If you’re building an in-house team of preferred vendors, then building relationships with quality vendors can be extremely helpful to a venue startup when launching a wedding venue or conference space.
“Before you’re even in the facility, it’s all about your networking, starting with who your preferred vendors are and what kind of relationships are you going to set up with them,” said Michael. “Do you want to do a cross referral back and forth with commissions you send each other’s way? That’s not a bad thing at all, but you do need to establish good business boundaries and respect for each other. And you really need to have vendors who are going to go above and beyond for you whenever you need it.”
When searching for and selecting the vendors you want to work with, Michael suggests trying to find a vendor for each category that you don’t already serve in house (catering, beverage, floral, DJs, AV, etc.) then narrowing it down to who has the best reputation. Try to create and build on those relationships well before opening so you already have a team of vendors who understand your business and your facility, and who you can refer clients to.
Even if you decide not to have preferred or in-house vendors, simply compiling a list of reliable local vendors for your clients (so they can choose their own) is a great value-add … and it also helps ensure that the vendors coming through your doors are responsible and committed to delivering on behalf of your clients.
Making vendor connections can happen anywhere, but our experts recommend that venue owners start with attending local networking events for event planning professionals as well as asking around about vendors that stand out in your local hospitality industry.
“Visit the bridal shows, look for vendors who have the best setup and talk with event planners there because they’re going to give you the 411 about who you need to know vendor-wise,” said Michael. “Then, take them to lunch, take them to dinner, send them a gift, show them the progress on your space. They will love it because they’re excited about creating that relationship and that new potential business.”
In addition to acquiring a list of quality vendors you can lean on, you should also build a team of multi-talented employees who can serve in multiple functions in your event business.
“Our full time staff members don’t have job titles,” said Dianne. “Because today you may be doing marketing, tomorrow you’re creating an event, the next day you might be answering the phone, the day after that you’re working as a bartender … because all our staff are certified to serve alcohol.”
Dianne suggests that, instead of filling each slot with a specialized person, you should create a “lean-and-mean” team of generalists who are interested in learning the industry and enjoy the flexibility and freshness of an ever-evolving position.
“Even though my staff could probably go out and get any variety of jobs, they love working here because they’re not doing the same thing over and over again and we pay them good money,” said Dianne. “This way it keeps them learning and engaged and there’s always a challenge for them.”
She also warns against overextending yourself and your staff by trying to run full-time, night-and-day event operations with a part-time staff. Instead, try to build a solid crew of reliable full-time employees and supplement where needed. See where and how you can stretch your resources without creating staff burnout.
When you open the doors to your new event space, you already want to have your event and meeting rooms pre-booked with as many weddings, birthday parties, corporate events, conferences and festivals as possible. The way to do this is by marketing and building an audience before cutting the ribbon on opening day.
Michael says that venue owners who haven’t created a venue website and built a following online via social media platforms (especially Facebook, Instagram and Pinterest) prior to opening have a harder time filling their calendar and tend to have a slower start.
“You’re going to be paying rent or a mortgage, all these utilities, employee expenses, and if you don’t have a following yet, you won’t be able to start covering all these expenses out of the gate,” said Michael.
“Six months out from opening day, you need to begin your social marketing,” added Michael. “You want to show your progress, announce new relationships with vendors and get them to reciprocate via social media.
“You will need a website built with search engine optimization and with pictures, and if you don’t have pictures yet you can at least have architect renderings and staff pictures.”
Of course, all of these tactics should line up with your overall marketing strategy outlined in your business plan.
When you launch your marketing campaigns, you’ll need to have a sales manager in place who can speak with potential clients as well as start an outbound sales effort.
“If you’re not planning six months in advance with hiring a sales manager, then expect your first 90 days in business to be really hard because you’re not going to have those immediate bookings that can begin to pay your bills after your opening,” said Michael.
Some venue owners may assume responsibility for generating sales themselves to stay lean, but Michael suggests that hiring someone to cover this task while you focus your energy on getting your startup venue in shape is a wise investment.
“Unless you can generate sales yourself while you oversee all the details of your construction and all of the other obstacles you will face … and there will be a many … your best bet is to hire a sales manager to focus on getting clients in the door when you open,” said Michael.
Michael suggests leaning on existing networks and checking out local Facebook groups to find talented salespeople who aren’t already attached to a property and may be interested in your vision. Just don’t poach staff from other venues, which will create a bad first impression and negative word of mouth in the industry, something you don’t need before you launch.
FYI … Here’s a great resource with expert insights for growing event sales for venues .
Once you have your marketing and sales team in place, ideally, you’ll start to receive bookings. This means that you should also have your software and systems in place. Trying to piece it together as you go can create a chaotic flow and disjointed processes for you, your staff and your clients and can cause some costly mistakes early on.
Michael suggests getting a Planning Pod account set up as soon as possible so that you can begin to manage your bookings, business, sales and marketing efforts. Planning Pod also allows you to build reusable templates for contracts, proposals, invoices, BEOs and floor plans so that you can create these ahead of time before you launch.
Micheal also recommends setting up a voice-over-IP phone answering service so your personal cell phone doesn’t become the business phone … which you will regret as your business grows. He also stresses that you should get your important legal documents in order before you start booking events and have an attorney draft your contract so that it’s ironclad with regard to cancellation, refund and damages policies (a painful lesson learned by many special events venues during the coronavirus pandemic).
“Safety is a huge priority when considering operations,” said Dianne. “Whether it’s food safety, setting up furniture or stages, guest safety, fire safety or capacity requirements. If you’re not an expert on facility safety, hire a consultant, because if you don’t get this right it will bite you in the bum faster than anything else.”
Dianne also mentioned that human resources and insurance policies should be things that you put in place very early on (general business, property and liability policies are a must).
As part of your timeline for opening an event venue, you’ll need to determine when you should order all your supplies and furnishings so that it’s on premise in plenty of time for your opening.
“Three months before you open is when you want to make sure that you have all of your furnishings on hand and in the facility,” said Michael. “This includes all of your tables and chairs, tableware, plateware, silverware, chargers and linens.”
Some pieces can be outsourced, and Michael actually recommends looking into using a linen service at first, which can save you money as you start a venue business. However, he emphasizes that, “tables and chairs should be bought upfront because within just four to six months you will have paid in rental costs what it would have cost you to purchase initially. Just think of this as an investment of getting started.”
And if you aren’t sure which style chair to go with, Michael has an affinity for Chivari chairs, simply because they are very classic. He warns against wooden chairs, which typically need to be replaced in less than a year’s time due to wear-and-tear.
“You can opt for the resin-over-steel-frame version, but I would recommend the clear polycarbonate resin because they have a much longer life and they’re not going to change color,” said Michael. “It’s a much better investment long term. Also make sure the tables and chairs you buy can stand up to tough cleaning products, because you are going to be cleaning these quite often.”
If you plan on having a busy rental business side of your venue, you may also want to purchase items like dance floors, stages, podiums and decor, as you will end up saving money much like you would by purchasing chairs and tables upfront.
Whatever style you choose, just make sure to order them in time. Some items may take longer to fulfill than expected, and things can get backstocked, lost in transit or arrive damaged. When your items do come in, you should inspect each piece and log them into your inventory system, especially if you’re planning on leasing items.
Dianne believes that new and seasoned venue owners alike should take advantage of dry runs. Running through a dummy event can help you and your team iron out kinks in your processes and also makes clients feel more confident knowing that you have rehearsed things.
Setting up your room in various styles also helps potential clients visualize your space and gives them an idea of how flexible you can be in realizing their vision.
“I would go in and set up rooms and spaces with tables, chairs, decor and drapes, all in various styles – classrooms, banquets, whatever,” said Dianne. “Then, I’d create floor plans based on these setups and take pictures so you can show your customers and put them on your web site. That way, they can realistically see what things will look like.”
That last idea is a great tip, because these dry-runs and mock-ups give you photos and images that can be shared on your social media profiles and posted on your website until you have photos of actual events.
Your grand opening needs to be so much more than sending out some email invites and putting out a few appetizers and beverages for whoever stops by. It’s really about making valuable and necessary connections in your industry and community while showing off everything you have to offer. You are an event venue, after all, so your grand opening should be extremely well planned, immaculately executed and heavily attended.
“Always, always do an open house,” said Dianne. “Invite industry people in to snoop around, because they love it. If you’ve got food and beverage in house, this is when you’re highlighting the new menu and getting people to savor it.”
She also said to make sure to chat up all the local event planners, meeting planners and people who produce big events. She encourages venue owners and sales managers to join local associations way ahead of time, even if you have to sign up as a supplier (which is usually more expensive), just to get your name out there and to get these key contacts to attend your event.
“Long before your grand opening gala, you need to get involved with your local Chamber of Commerce, a local Rotary Club, local chapters of industry associations like ILEA [ International Live Events Association ], NACE [ National Association for Catering and Events ] and MPI [ Meeting Professionals International ] and local wedding association chapters like ABC [ Association of Bridal Consultants ],” agreed Michael. “And don’t just sign up, but be actively involved with them and make those relationships. That way, when it comes time to announce your open house, they are all on your invite list and eager to attend.”
Michael also recommends sending out a press release about 30 days prior to your grand opening gala, and he swears by using an experienced PR firm that will have the experience and media connections to help capture the attention of local reporters.
Dianne’s insider secret is to “invite politicians, like your mayor or city council members to your grand opening, because they will let every media outlet in the area know that they will be attending. It’s a good news story for them, and you’d be amazed at how many other people will attend if they know a politician is showing up.”
“Your mindset prior to and long after your launch should be how you can serve and immerse yourself in your community,” said Dianne. “The more you put into the community, the more you will get back in goodwill, word of mouth and bookings.”
Dianne recommends building business by becoming a community staple, and to do that, you may want to consider offering some spiffs and freebies early on.
“Think about how you can participate in your community, in organizations and on boards, and how you can promote other businesses in your community, because they will reciprocate if you become their trusted partner and promoter,” said Dianne. “If you get involved in the community and be a good community member, I practically guarantee you’ll have success.”
Some tactics she has used before include using dark nights or unbooked days to let speakers host engagements for free or offering her facilities or meeting rooms as a monthly meeting space for local nonprofit groups.
“When you first start out, you simply want boots through the door to check out your new space and kick the tires,” said Dianne. “The more people see it, the more they get familiar with it.
Donating unused, un-rented space to help the pillars of your community doesn’t cost much and can lead to much bigger returns.
“These groups may only have 20 or so people at their meetings, but they all have social networks, and because you are doing them a favor, they will spread the word into the community about you. You’d be amazed how many community group organizations that we’ve helped out have promoted us on social media, and that became another big marketing channel in driving clients through our doors.”
Launching any new business comes with its fair share of learning curves. However, relying on the advice and experience of industry experts can go a long way in helping you gain insights from their successes and prevent making the same mistakes that they did. Experts like Dianne and Michael come with decades of experience of hosting all types of events (and the hard-earned lessons that come with it).
At Planning Pod, as a venue management software solution used by hundreds of venues, we come across our fair share of experienced venue owners, from L.A. to New York and everywhere in between, who wish they knew what they know now before they opened an event space.
As such, we encourage you to reach out to other venue owners and pick their brains about what you should (and shouldn’t) be doing as you move forward with your event space startup. This might require you to join a professional organization like ILEA or MPI, to reach out to hospitality business owners outside of your area or to even hire a venue consultant to help you through the process.
In the end, all this preparation is worth it because it starts you down the right path to success. Having the right tools and processes in place is part of this preparation, and that’s where Planning Pod comes in. Our all-in-one venue management software provides everything you need to manage your bookings, sales, billings, communications and more. Sign up for a free trial.
This is an excellent guide!
Very thorough and practical advice. One of the best resources I have come across so far – thank you!
This was amazing content. Easy to understand. I learned a lot of new things I never thought to consider. Thank you!
Excellent!!! A very easy guide – all things I feel are doable! Thank you!
Awesome step by step content! I loved the part where you mentioned to design your venue to impress your most difficult client! Very informational article – Thanks!
WOW!!! Just WOW!!! Can’t even imagine what this info would’ve cost! I’m 10x more excited to break into the event venue bus in. Now. THANK U THANK U THANK U!!!
Wow! Great. The content is very very informative. Thank you.
Very detailed explanation, I gained so much insight into this new project and I am really excited about it
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Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.. 1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market ...
If you are planning to start a new event venue business, the first thing you will need is a business plan. Use our sample event venue business plan created using Upmetrics business plan software to start writing your business plan in no time.. Before you start writing your business plan for your new event venue business, spend as much time as you can reading through some examples of services ...
Oren Co estimates that the average cost per event is $1,500, which includes the costs of catering, decoration, entertainment, photography and other amenities. Therefore, Oren Co's cost of goods sold for the first year is $150,000. Operating expenses: This is the cost of running and managing its business.
This article will provide a sample business plan for an event venue business following our proven event venue business plan format and including all necessary sections. Download our Ultimate Event Venue Business Plan Template here. It is important to keep in mind that this is a sample to be used as a guide to help you create your own custom ...
Here's our guide to creating an event venue business plan: 1. Do some initial research. Understanding your event space is a critical step in creating your business plan. Before listing, envision all potential uses for your space. Additional points to keep in mind: Consider the characteristics of the neighborhood. Identify your target market.
A free example of business plan for an event venue establishment. Here, we will provide a concise and illustrative example of a business plan for a specific project. This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary.
Writing an Effective Event Venue Business Plan. The following are the key components of a successful event venue business plan:. Executive Summary. The executive summary of an event venue business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.
Updated July 3, 2024. Free Download: Sample Wedding Venue Business Plan Template. With couples nationwide ready to tie to knot after pandemic delays, the next few years could be a boom time for weddings. 2021 saw 1,934,982 weddings in the US alone, at an average cost of $27,063 per wedding. Whether you've been wanting to start a wedding venue ...
All of the unique financial projections you see here were generated using ProjectionHub's event venue financial projection template. Use PH20BP to enjoy a 20% discount on the template. The Financial Projections section provides an overview of the startup costs and the financial performance of the business.
Use this free Event Venue Business Plan Template when you're launching a new event space and need a structured blueprint to attract investors and outline your operational strategy. It's a valuable tool to ensure your venture is well-prepared for success in the competitive event industry. . Company: [Sender.Company] .
By using our free event venue business plan template, you will have a clear and structured approach to creating your business plan. Our template is designed to help you develop a plan that is tailored to your specific business needs, allowing you to make informed decisions and stay focused on your goals. Don't wait any longer, download our free ...
Below are links to each of the key sections of a sample event space business plan. Executive Summary - One of the most important sections, the Executive Summary should provide a high-level overview of the event venue business. If you are seeking funding such as a business loan, this section will also include a brief description of the ...
Build your business plan faster and easier with AI. Start planning now. Plans starting from $7/month. 2. Write an Executive Summary. An executive summary is the first and foremost section of your event planning business plan. It provides a brief introduction to the entire business plan.
If you're already running your own event venue business, list the business background. Business Strengths & Weaknesses: The business plan is about fortifying your weaknesses and solidifying your strengths. Create an objective overview of both in your event venue business plan. Event Venue Milestones: For event spaces already booking clients ...
Download a free wedding venue sample business plan template. Part of our library of over 550 industry-specific sample business plans. ... Set up event spaces and accommodations — September 1, 2023; Launch website and social media accounts — September 15, 2023; Open for business — October 1, 2023;
July 14, 2023. Starting an event venue establishment is a great idea because it provides a space for people to come together and celebrate special occasions, and it can be a lucrative business venture that generates a steady stream of revenue. But, before launching anything, make sure you have a business plan in place.
Use this template to create the business plan for your new event management business. 1. The Basic Business Information. This is a concise summary (generally a page) and quick reference guide illustrating the key points from the business and financial plan. Offer an explanation describing how the business will function.
Information provided in this business plan is unique to this business and confidential; therefore, anyone reading this plan agrees not to disclose any of the information in this business plan without prior written permission of the Company. Prepared By 10200 Bolsa Ave, Westminster, CA, 92683. John Doe [email protected]. . (650) 359-3153. .
Basic information: What the event is; when and where it will take place. Your mission: The event's purpose; how will it benefit the stakeholders. Your background: Information about you (the event creator) and anyone else involved. Budget: An estimated event income and expenditure. Business plan reviews: Time set aside to monitor progress.
Event Venue Business Plan Template. If you want to start an Event Venue business or expand your current one, you need a business plan. Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their Event Venue businesses.
Building out your processes and internal operations ahead of time is critical to generating revenue as you prepare to open your new venue. Planning Pod's all-in-one platform gives new event facilities 20+ easy-to-use tools to set up systems for managing booking calendars, sales, client communications, contracts, billing, payments and more.
In fact, according to Harvard Business Review, entrepreneurs who create a robust business plan are 16% more likely to achieve viability than other would-be business owners. As an event creator, your business plan will help you to set out your vision, your mission, and the path you want to take to hit your long-term goals for your events business.
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