Wedding Planning Business Plan 483e41
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THE WEDDING AVENUE Wedding Planner
OCTOBER 1, 2017 NUVISH PARBOTEEAH Business Plan
Contents 1.0 Executive Summary……………………………………………………………………………………………………….. 1 2.0 Industry analysis ………………………………………………………………………………….…………………………2 3.0 Market analysis ………………………………………………………………………………… …………………………..3 4.0 Sales and Marketing Strategic Plan………………………………………………………………………………… 3 5.0 Financial Plan…………………………………………………………………………………………………………………. 5 6.0 Business Growth: Sustainability and Expansion Strategy …………………………………………………5 7.0 An Outline of Event Planning Expenses ……………………………………………………………………………6 8.0 Conclusion……………………………………………………………………………………………………………………… 7
Wedding Planning Business Plan 1.0.
Executive Summary
The Wedding Avenue will be a new project for the well-known wedding planner, Platinum Co.Ltd and is a standard and licensed professional wedding planning business that will be positioned in the heart of Quatre-Bornes Town, Trianon. The stated phrase above is all concern to our recommendation that ought to be implemented. The Wedding Avenue will handle all aspects such as wedding coordination and conceptualization and design of the wedding venue. To run a wedding planner company can be demanding, the reason why welltrained personnel, licensed and equipped to perform excellently well.
Trianon as being a strategic location, is the right place to launch our wedding planner company together with a wedding hall.
Provides managements with financial analyses, development budgets, and ing reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
Page 1 of 7
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger ing, and financial reporting for one or more properties.
Responsible for developing and managing financial systems and policies
Ensures compliance with taxation legislation
Handles all financial transactions for the company
Serves as internal auditor for the organization
2.1
2.0.
Industry Analysis
SWOT Analysis
SWOT analysis will guide us in formulating other business strategies that will help the company to grow its business and favorably compete in the Wedding Planners industry. As a company, we look forward to maximizing our strength and opportunities and also to work around our weaknesses and threats. The result of the SWOT analysis highlighted the following:
Strength: Our core strength lies in the power of our team; our workforce. The Wedding Avenue will be well positioned in town with the right demography and we are confident we will attract loads of individual clients.
Weakness: As a new professional wedding planner company, it might take some time for our organization to break into the market and gain acceptance in the already saturated Wedding Planners industry; that is perhaps our major weakness.
Opportunities: Page 2 of 7
The opportunities available in the Wedding Planners industry is massive considering the number of wedding and other events that takes places on weekly basis. The Wedding Avenue is ready to take advantage of any opportunity.
Threat: Some of the threats are competition among different wedding planners as key players in the market. Optimism will ensure that things will continue to work for our good through competitive prices and outstanding services by the wedding hall.
3.0. Market Analysis
3.1
Market Trends
Close observation has shown the rise and proliferation of social media and new tech tools. Other trends include engagement ceremonies, civil wedding events and new market segments, adopting eco-friendly measures and sustainability of events. New software apps have made it easier for wedding planners to gather information that will help them plan for the future.
.4.0.
Sales and Marketing Strategic Plan
Our sales and marketing team will be recruited based on their vast experience and will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
The Wedding Avenue will be set to make use of the following marketing and sales strategies to attract clients; Page 3 of 7
our business in media and on local directories
Create different packages for different category of clients in order to work with their budgets and still deliver quality wedding planning services to them.
Leverage on the internet to promote our business
Encourage word of mouth marketing from loyal and satisfied clients
4.1.
Sources of Income
The Wedding Avenue will be established with the aim of maximizing profits in the Wedding Planners industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. The Wedding Avenue will generate income by offering the following services to individual clients and for corporate organizations;
Wedding coordination
Manage client’s time constraints and budget
Conceptualization and design
Full coordination services
Wedding planning consulting and advisory services
4.2.
Sales Forecast
We are optimistic that we will meet our target of generating enough income / profits from the first 12 months of operations and grow the business.
We have been able to critically examine the professional wedding planner market space and we have analyzed our chances in the industry. Sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Trianon.
4.3.
Our Pricing Strategy Page 4 of 7
The Wedding Avenue will charge its clients based on the event or occasion. We will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. We will also offer special discounted rates to our clients, especially when needed or for advance booking made prior to wedding and also by recommendation.
5.0. Financial Plan 5.1.
Financial Projections and Costing
Starting a professional wedding planner business can be cost effective; this is because you are not expected to acquire expensive machines and equipment. The concern is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
5.2.
Generating Funds / Startup Capital
The Wedding Avenue is a partnership business that will be owned by Mr David Beckam and his family . They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources. These are the areas we intend generating our start – up capital;
Generate part of the start – up capital from personal savings
Generate part of the start – up capital from other extended family
6.0. Business Growth: Sustainability and Expansion Strategy The aim of The Wedding Avenue is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once it is officially running.
Profit-sharing arrangement will be available to all our management staff and it will be based on their performance for a period of three years. That put in place, we will be able to Page 5 of 7
successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
7.0
An Outline of Event Planning Expenses
7.1
Assumption of the Financial Plan for The Wedding Avenue
Setting up costs Total project costs
7.2
MUR 30,000,000
Project costs
When it comes to starting the Wedding Planning Business, loads of factors influences the amount that will be required to successfully launch the business. These include location selected to start the business, the size of the plot of land intended to construct the wedding hall, as well as the state of the economy as at when the business is initiated. The cost of the project has been estimated at approximately Rs30 million which can be detailed as follows: Areas to Spend Start-Up Capital on: Cost of Acquiring Land
MUR 2,000,000
Total Fee for ing Business
5000
Legal Expenses for Acquiring Licenses and Permits
5,000
Cost of Hiring Business Consultant
3,000
Cost of Building and Civil Works Purchase of Furniture Operational Costs for First Year Insurance
2,200,000 10,000,000 4,000,000 75,000
Page 6 of 7
Marketing Promotion Expenses
10,000
Other Contingent Expenses
100,000
Cost of Grand Opening Party
50,000
Total Project Costs
7.3
18,448,000
Projected Profit and Loss
As the profit and loss table shows, The Wedding Avenue will continue its steady growth in profitability over the next five years of operations. Year 1
Year 2
Year 3
Year 4
Year 5
MUR
MUR
MUR
MUR
MUR
23,400,000
24,570,000
26,289,900
28,918,890
33,256,724
5,000,000
5,250,000
5,617,500
6,179,250
7,106,138
18,400,000
19,320,000
20,672,400
22,739,640
26,150,586
1,668,000
1,751,400
1,838,970
1,930,919
2,027,464
10,000
15,000
20,000
25,000
25,000
1 100000
900,000
700,000
500,000
300,000
Electricity Bills
170,000
178,500
187,425
196,796
206,636
Water Charges
120 000
123 600
127 308
131 127
135 061
Contingent and other Expenses
122 000
125 660
129 429
133 312
137 312
Finance costs(tax,permit,auditor,ant)
969 480
866 981
764 478
661 979
559 480
14,240,520
15,358,859
16,904,790
19,160,507
22,759,633
Revenue Sales Direct Cost of Goods Sold Operating profit Expenses Payroll Marketing Expenses Depreciation
Profit
8.0 Conclusion We can note that the payback period hints us about taking up the project as the recovery period is of approx.. 2.4 years. In short,we can go further with the project.
Page 7 of 7
OCTOBER 1, 2017 NUVISH PARBOTEEAH Business Plan
Contents 1.0 Executive Summary……………………………………………………………………………………………………….. 1 2.0 Industry analysis ………………………………………………………………………………….…………………………2 3.0 Market analysis ………………………………………………………………………………… …………………………..3 4.0 Sales and Marketing Strategic Plan………………………………………………………………………………… 3 5.0 Financial Plan…………………………………………………………………………………………………………………. 5 6.0 Business Growth: Sustainability and Expansion Strategy …………………………………………………5 7.0 An Outline of Event Planning Expenses ……………………………………………………………………………6 8.0 Conclusion……………………………………………………………………………………………………………………… 7
Wedding Planning Business Plan 1.0.
Executive Summary
The Wedding Avenue will be a new project for the well-known wedding planner, Platinum Co.Ltd and is a standard and licensed professional wedding planning business that will be positioned in the heart of Quatre-Bornes Town, Trianon. The stated phrase above is all concern to our recommendation that ought to be implemented. The Wedding Avenue will handle all aspects such as wedding coordination and conceptualization and design of the wedding venue. To run a wedding planner company can be demanding, the reason why welltrained personnel, licensed and equipped to perform excellently well.
Trianon as being a strategic location, is the right place to launch our wedding planner company together with a wedding hall.
Provides managements with financial analyses, development budgets, and ing reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
Page 1 of 7
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger ing, and financial reporting for one or more properties.
Responsible for developing and managing financial systems and policies
Ensures compliance with taxation legislation
Handles all financial transactions for the company
Serves as internal auditor for the organization
2.1
2.0.
Industry Analysis
SWOT Analysis
SWOT analysis will guide us in formulating other business strategies that will help the company to grow its business and favorably compete in the Wedding Planners industry. As a company, we look forward to maximizing our strength and opportunities and also to work around our weaknesses and threats. The result of the SWOT analysis highlighted the following:
Strength: Our core strength lies in the power of our team; our workforce. The Wedding Avenue will be well positioned in town with the right demography and we are confident we will attract loads of individual clients.
Weakness: As a new professional wedding planner company, it might take some time for our organization to break into the market and gain acceptance in the already saturated Wedding Planners industry; that is perhaps our major weakness.
Opportunities: Page 2 of 7
The opportunities available in the Wedding Planners industry is massive considering the number of wedding and other events that takes places on weekly basis. The Wedding Avenue is ready to take advantage of any opportunity.
Threat: Some of the threats are competition among different wedding planners as key players in the market. Optimism will ensure that things will continue to work for our good through competitive prices and outstanding services by the wedding hall.
3.0. Market Analysis
3.1
Market Trends
Close observation has shown the rise and proliferation of social media and new tech tools. Other trends include engagement ceremonies, civil wedding events and new market segments, adopting eco-friendly measures and sustainability of events. New software apps have made it easier for wedding planners to gather information that will help them plan for the future.
.4.0.
Sales and Marketing Strategic Plan
Our sales and marketing team will be recruited based on their vast experience and will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
The Wedding Avenue will be set to make use of the following marketing and sales strategies to attract clients; Page 3 of 7
our business in media and on local directories
Create different packages for different category of clients in order to work with their budgets and still deliver quality wedding planning services to them.
Leverage on the internet to promote our business
Encourage word of mouth marketing from loyal and satisfied clients
4.1.
Sources of Income
The Wedding Avenue will be established with the aim of maximizing profits in the Wedding Planners industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. The Wedding Avenue will generate income by offering the following services to individual clients and for corporate organizations;
Wedding coordination
Manage client’s time constraints and budget
Conceptualization and design
Full coordination services
Wedding planning consulting and advisory services
4.2.
Sales Forecast
We are optimistic that we will meet our target of generating enough income / profits from the first 12 months of operations and grow the business.
We have been able to critically examine the professional wedding planner market space and we have analyzed our chances in the industry. Sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Trianon.
4.3.
Our Pricing Strategy Page 4 of 7
The Wedding Avenue will charge its clients based on the event or occasion. We will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. We will also offer special discounted rates to our clients, especially when needed or for advance booking made prior to wedding and also by recommendation.
5.0. Financial Plan 5.1.
Financial Projections and Costing
Starting a professional wedding planner business can be cost effective; this is because you are not expected to acquire expensive machines and equipment. The concern is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
5.2.
Generating Funds / Startup Capital
The Wedding Avenue is a partnership business that will be owned by Mr David Beckam and his family . They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources. These are the areas we intend generating our start – up capital;
Generate part of the start – up capital from personal savings
Generate part of the start – up capital from other extended family
6.0. Business Growth: Sustainability and Expansion Strategy The aim of The Wedding Avenue is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once it is officially running.
Profit-sharing arrangement will be available to all our management staff and it will be based on their performance for a period of three years. That put in place, we will be able to Page 5 of 7
successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
7.0
An Outline of Event Planning Expenses
7.1
Assumption of the Financial Plan for The Wedding Avenue
Setting up costs Total project costs
7.2
MUR 30,000,000
Project costs
When it comes to starting the Wedding Planning Business, loads of factors influences the amount that will be required to successfully launch the business. These include location selected to start the business, the size of the plot of land intended to construct the wedding hall, as well as the state of the economy as at when the business is initiated. The cost of the project has been estimated at approximately Rs30 million which can be detailed as follows: Areas to Spend Start-Up Capital on: Cost of Acquiring Land
MUR 2,000,000
Total Fee for ing Business
5000
Legal Expenses for Acquiring Licenses and Permits
5,000
Cost of Hiring Business Consultant
3,000
Cost of Building and Civil Works Purchase of Furniture Operational Costs for First Year Insurance
2,200,000 10,000,000 4,000,000 75,000
Page 6 of 7
Marketing Promotion Expenses
10,000
Other Contingent Expenses
100,000
Cost of Grand Opening Party
50,000
Total Project Costs
7.3
18,448,000
Projected Profit and Loss
As the profit and loss table shows, The Wedding Avenue will continue its steady growth in profitability over the next five years of operations. Year 1
Year 2
Year 3
Year 4
Year 5
MUR
MUR
MUR
MUR
MUR
23,400,000
24,570,000
26,289,900
28,918,890
33,256,724
5,000,000
5,250,000
5,617,500
6,179,250
7,106,138
18,400,000
19,320,000
20,672,400
22,739,640
26,150,586
1,668,000
1,751,400
1,838,970
1,930,919
2,027,464
10,000
15,000
20,000
25,000
25,000
1 100000
900,000
700,000
500,000
300,000
Electricity Bills
170,000
178,500
187,425
196,796
206,636
Water Charges
120 000
123 600
127 308
131 127
135 061
Contingent and other Expenses
122 000
125 660
129 429
133 312
137 312
Finance costs(tax,permit,auditor,ant)
969 480
866 981
764 478
661 979
559 480
14,240,520
15,358,859
16,904,790
19,160,507
22,759,633
Revenue Sales Direct Cost of Goods Sold Operating profit Expenses Payroll Marketing Expenses Depreciation
Profit
8.0 Conclusion We can note that the payback period hints us about taking up the project as the recovery period is of approx.. 2.4 years. In short,we can go further with the project.
Page 7 of 7
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