Event planning business plan

causa mean line plan community Summary make testament be a sm on the whole business designed to meet the unavoidably of the ever changing social world. Jalandhar, Punjab is the current home with plans to expand to separate meanss within four years. make staffs of four, with numerous flinch sellers, plans subjects, write upshot- cooking harvests, and trains line of business students in the art of event planning. occasion pass on be invested in the community it resides in. make ar, in part, the answer to fills of the social world, on the work family, heavily-burdened office, erupt-of-town business, or extra occasion in need of special recognition. As a business, we netherstand the needs of cosmos and private agreements. As p arnts and family constituents, we understand the needs of setting special time apart from otherwise events in our lives. make strives to accomplish these goals, in Jalandhar and eventually other aras of Punjab.Comp all OwnershipOccasions i s established as a sole proprietorship with the intention of selling the business when it is established to ane of the employees invested in the heap of event planning. All aspects of the business fork up be documented to visit clients whoremaster count on the equal results every time. It is these documents that leave behind call on the basis of ownership. The sole proprietor leave behind enjoyment his or her predict as the guarantor of each everyplacehaul. Therefore, the sole proprietor must realize the vision and mission of Occasions.Company Locations and FacilitiesOccasions exit be placed inside the metropolis limits of Jalandhar, Punjab. It entrust be a home-based business. to a greater extent or less meetings with clients leave behind be conducted in social settings, much(prenominal) as restaurants, coffee houses, the clients home, facilities need to be utilise for the event, or over the ph ace. Although the demand has not besides reached its peak, Occa sions allow for eventually move from its home base into a small office complex, also within the city limits of Jalandhar, Punjab. When the fol utter has reached its absolute point, Occasions bequeath induce branch offices in Amritsar, and Ludhiana also.The company bequeath maintain a gamy degree of professionalism. All offices go forth be equipped with the latest in business technology, much(prenominal) as recollect systems, computers, fax machines, email, duplicators, printers, and softw be. Each fix ordain have a unafraid stor mature area for supplies and equipment used in events, much(prenominal) as walkie-talkies, cellular ph mavins, portable fax machines, and laptops.MARKETING PLANSituation compendOccasions is entering their initial year of business. merc make itising go forth be unfavorable to develop sufficient business to achieve profitability. The company extends noble timber event planning for family functions. The basic marketplace need is for a s ufficient proceeds tolerater offering lofty quality event planning at a price that is come near emergenceive relative to a company trying to plan the events themselves.Market SummaryOccasions possesses entire information regarding its typical node. This intromits client needs, the general circumstances from which the needs arise, and the difficulties the customer would face if they tried to satisfy these needs themselves. This information give be leveraged to better understand who is served, individual customers specific needs, better communication channels, and how Occasions can satisfy those needs.Market DemographicsThe profile for Occasions typical customer consists of the adjacent geographic, demographic, and behaviour factorsGeographic The immediate geographic tar tie is the city of Jalandar. The entire area is in need of event planning proceeds. The fundamental targeted population is middle class and upper middle class families, couples and individuals.Demographic s nuclear as well as Joint Families. Typically the company has one main office however some of the customers pass on have offices spread out into several locations. For corporate event plannings, 95% of the customers ordain be manufacturers and designers. demeanour Factors The potential customers are trying to decrease their workload by outsourcing activities that are not imperative to the day-to-day busy schedule. Such families wish to get the events planned from some professionals because of the lack of knowledge about the market exchangeable availability of caterers, etc.Market NeedsOccasions is providing its customers with a high quality event planning operate. Occasions seeks to fulfil the following benefits that are of import to their customers Competitive pricing the pricing plot must be competitive to offer an incentive for the customer to outsource these services. Customer service the customer must get the sense that all of their needs are universe met, regardless how small or inconsequential it may seem. wonk AnalysisThe following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats.Strengths Superior, vary service offerings. Well-trained, enthusiastic employees. Strong relationships with complementary service providers.Weaknesses The concentration of a small niche of the market that will limit the potential size of the market. The difficulty of generating awareness and visibility of the company in its first some years of operation. The inability to rapidly scale to meet large, unexpected sum ups in demand.Opportunities Growing markets of families that outsource event planning activities. Being a elevated service provider concentrating on this specific niche. Relatively low overhead.Threats A slump in the economy that could have a ripple effect on service providers. Future competition from existing service providers competing in different scarcely complimentary market s footfalls. The inability to find qualified, high quality employees.COMPETITORSThe competitors of our business in Jalandhar are Pho Com Net Pvt. Ltd This Company is basically based in Kolkata and provides event planning activities in Jalandhar as well. The company is only popular among the upper class families because of high costs that it charges and does not target the segments of middle class families. Deep Wedding Planner And occurrence Management Com This company basically deals in wedding planning rig in Jalandhar. Shamsheer Communications Pvt. Ltd This Company is an event focussing company and it deals in media consultants services. Canvas This Company is an event planning as well as magazine advertising agency.Marketing strategyoccasion will offer a superior service at a lower cost due to specialization. By concentrating on a few specific services, OCCASIONS will become proficient at these services and perform the services better than someone without the same train of expertise.OCCASIONS will increase company visibility done a web position, ne devilrking, and participation in portion out shows. The website will be quite detailed and provide a visitant in-depth information about the services OCCASIONS offers, the corresponding high level of quality, and the cost savings that can be achieved by using OCCASIONS.Marketing Objectives Increase repeat customers by 10% per quarter. Decrease customer attainment costs by 8% per year. Generate increased awareness of services offered, quantified by a 2% quarterly increase of unsolicited service requests.Financial Objectives Profitability by year three. Maintain steady, monthly growth.The following sections describe the market segmentation, strategies, and industry analysis.Market SegmentationThe break mint of the market for event planning falls in a wide, very various(a) classing. Individuals as well as organizations demand the services we provide. In consecrate to provide the greatest depth of infor mation, the market segments have been broken down into private and public organizations, and age groups.Private Organizations and BusinessesPrivate organizations make up the single largest portion of Occasions client base. Private organizations such as businesses, corporations, and political parties host the well-nigh events on the largest scales therefore, these events generate larger revenues per event. The majority of larger scale holiday functions will fall under this segment. creation OrganizationsGovernment agencies host many events every year. Occasions hopes to alleviate the wedge of event planning for public employees. The second single largest segment, the public sector, can save money and give back to its community at the same time. These events are moderate in scale with middle to low revenues generated. emphasis is placed on the visibility of the event for public viewing. The majority of organizational family functions will fall under this segment.Age BreakdownsUnd er 24 Persons under the age of twenty-four (24) using an event planner are ancient at best. We hope to tap the early college graduates who have begun their professional careers only when have not yet started their families. These events will focus mainly on themes with moderate to high energy appeal. The revenues generated will range from moderate to high, depending on the event. The majority of weddings will fall into this segment.Ages 25-55 The persons that fall into this age group are employed, middle to upper-middle class families. The reason they choose event planners is they are analogouswise busy to do it themselves. Therefore, Occasions will be on hand for questions, contact will be moderate in length further occur regularly so as not to disturb the mundane life of the families. These events will generate moderate revenues, with a few generating low revenues. The majority of special occasion planning will occur in this market segment.Ages 56 and above Persons over the age of 55 have reached the turning point of life. Many are retiring, others are celebrating anniversaries of significant years, and notwithstanding others are seeing that their childrens special events are taken care of. These events will generate moderate to high revenues depending upon the income level of the family (direct correlation to social status). Most holiday parties, and other special occasions, such as wedding receptions and reunions, will occur in this market segment.Target Market Segment schemeOur target markets are middle to upper-middle class families, couples, individuals, or private and public organizations. We chose these groups because they are most able to afford event planners, and have the least(prenominal) amount of time to spare for event planning in general. Families demand attention, employees are overburdened, and overwhelming detail needed to plan large events are too large a constraint to place on pot not trained in the area of event planning.The fa st pace of the world we live in leaves little time for extra things we would like to do, like plan events, parties, and social get-togethers. Occasions fills the need by being operable to take on the burden of planning so that mountain can dribble time on more important things, like family and friends. The demand for this service can only increase considering the rise in incomes, population, and need for interpersonal relations in the workplace.Marketing MixOCCCASIONS selling jumble is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service. Pricing the pricing scheme will be based on a per project count tailored to each customer. Distribution Occasions services can be performed throughout the Jalandhar regional area, determined by the needs of the customer. Advertising and promotional material several forms of advertising and promotion will be used including a website, and participation at various stackshows. Customer Service the Company goes about the day-to-day operations with the belief that 100% customer satisfaction is unavoidable in order to make the business a success. All levels of the organization will be taught this and practice it.Sales ForecastOCCASIONS will, for the most part, be using the sale strategy of personal selling. The members of the company will be building additional relationships with their network of friends generated through social groups and trade shows.The cost savings can be quantified and shown to the customer while the higher(prenominal) level of service can be promised as well as communicated through testimonials from satisfied clients. The website will be utilized as a powerful communications tool, supplying introductory information to prospective customers, providing an pass for questions and answers, as well as presenting more specialized information such as cost estimates and event proposals.The first month will be spent setting up the office. It is unlikel y that there will be any gross revenue activity within the first two months. During the first and second month, the company will be developing some systems to provide a template for future event planning. Once this is set up Occasions will be able to process customer service requests rather easily.The third month will see some sales activity trickle. It will not be until the fifth month that things will really kick in. During months six through 12 sales will steadily increase, and this increase should continue well into year two.Sales StrategyOccasions will deal with a diverse market of clients. inwardly each market segment, closing of sales will differ. Each approach is described as followsPrivate and Public OrganizationsSales will be concluded one to two days after the end of the event. A follow-up phone call will be placed making known the client of the total cost, matter of attendees, and information about the billing computer software that will arrive at their offices. Feed back forms will be included in these packets to ensure the client is being served as they deem appropriate. Form letter thank-you will be sent following each event.IndividualsSales will be concluded with a follow-up phone call one to two days after the event. The phone call will justify the total cost of the event, number of attendees, and information concerning the billing. Individual parties of any age group are placed on a billing cycle. Invoices will be sent out the 25th of the month and will be due the 10th of the following month. Feedback forms will be included in these packets to ensure the client is being served as they deem appropriate. Thank-you cards will follow each individual event.Products and serviceAlthough Occasions is primarily a service business, we also offer products to aid our customers in planning the event themselves. The following products are tools used inside our operation for the best attainable results companionship PackThe Party Pack is a complete tu rnout for any party. It includes decorations, lighting effects guide, disposable theme cameras, cutlery, plates, napkins, cups, punch mix (or recipe), chomp supplies (or recipe), tablecloths, theme music (where applicable), invitations, thank-you cards, and a bit-by-bit guide to planning, place together, and hosting the event. gradually GuidesThese booklets include a calendar to map out the event, a step-by-step guide on what is needed for and how to put together a successful, worry-free event, mental imagery information, popular refreshments with recipes, games, and tips to put their event in the record books. The events available include birthdays for all ages, meetings, retreats, parties, vacations, and special occasion celebrations such as graduations, holidays, showers, weddings, and receptions.Resources manual of armsThis blue-chip guide acts as a review for all the resources placed in the surrounding area. A ranking is given to the various services, such as caterers, de corators, disc jockeys, bands, and facilities. This manual gives the client the freedom of making a survival based on experience.OPERATIONAL PLANCompany Locations and FacilitiesOccasions will be located inside the city limits of Jalandhar, Punjab. It will be a home-based business. Most meetings with clients will be conducted in social settings, such as restaurants, coffee houses, the clients home, facilities wishing to be used for the event, or over the phone. Occasions will eventually move from its home base into a small office complex, also within the city limits of Jalandhar, Punjab. When the company will have reached its finished point, Occasions will have branch offices in Jalandhar, Ludhiana, and Amritsar, and then the operations will be extended to other states in the country as well.The company will maintain a high degree of professionalism. All offices will be equipped with the latest in business technology, such as telephone systems, computers, fax machines, email, duplic ators, printers, and software. Each location will have a secure storage area for supplies and equipment used in events, such as walkie-talkies, cellular phones, portable fax machines, and laptops.Services provided by the companyAlthough Occasions is primarily a service business, we will offer products to aid our customers in planning the event themselves. The following products will be the tools used inside our operation for the best possible resultsParty PackThe Party Pack is a complete kit for any party. It includes decorations, lighting effects guide, disposable theme cameras, cutlery, plates, napkins, cups, punch mix (or recipe), snack supplies (or recipe), tablecloths, theme music (where applicable), invitations, thank-you cards, and a step-by-step guide to planning, putting together, and hosting the event.Step-by-Step GuidesThese booklets include a calendar to map out the event, a step-by-step guide on what is needed for and how to put together a successful, worry-free event, resource information, popular refreshments with recipes, games, and tips to put their event in the record books. The events available include birthdays for all ages, meetings, retreats, parties, vacations, and special occasion celebrations such as graduations, holidays, showers, weddings, and receptions.Event think SoftwareThis eluding-edge tool will allow the client all the resources and visual aids for their event planning. They will be able to fulfil with decoration themes, listen to theme music, design invitations, thank-you cards, and RSVP cards, use the interactive planning calendar, and much more. This software will bring their event into the millennium with cutting edge technology that is designed to save time and money.Resources ManualThis valuable guide acts as a review for all the resources located in the surrounding area. A ranking is given to the various services, such as caterers, decorators, disc jockeys, bands, and facilities. This manual gives the client the free dom of making a choice based on experience.Free Event Planners Training for High give instruction and College StudentsIt will be our mission to support our community. Ten hours each month will be devoted to training area students in event planning. This will aid them in planning proms, graduation parties, river clean-ups, homecoming, and other important events. This will be a priority of Occasions. It will not be cut back as the business grows.Occasions will provide event planning in a wide range of applications. We guarantee satisfaction in the areas of turn outance, performance, and taste. The following is a sampling of the types of events we plan every year* Meetings, Trainings, and Retreats.* Conferences and Workshops.* Birthdays, Anniversaries, Graduations and Holidays.* Weddings, Receptions, and Showers.* Company picnics, banquets, and award ceremonies.Employees in the companyThe management group within Occasions will be small in the beginning. The chief(a) employees will be the founders i.e our group members, who will plan events, then contract with caterers, decorators, disc jockeys, and bands to fill out the event. One of the group member will act as a contract labor site carriage to work the events as a liaison and vendor coordinator. Thus, there will be four main employees as we are four number of people in the group..When Occasions will reach its expansion goals, each office will have one to two event planners, an office assistant, two to three site managers for the events, and a product and marketing specialist. This team will function as one with incessant communication through weekly staff meetings, email, and message boards. All jobs are interrelated. The performance of one effects the performance of the others therefore, each team member expects nothing but the best from each other.As it functions currently, we see no gaps in the management of this organization. Should Occasions grow beyond its estimated size, more positions in specializ ed areas will need to be added as well as additional site support and office assistance. To fill these positions, Occasions will look for energetic, teachable, detail-oriented persons who trust the potential to grow and improve their skills within the organization. Occasions want to be the best therefore, they will hire those who want to succeed.MANAGEMENT SUMMARY organizational StructureThe management team within Occasions will be small in the beginning. The primary employees will be the founders, i.e four members of our group who will plan events, then contract with caterers, decorators, disc jockeys, and bands to fill out the event. A contract labor site manager will be on hand to work the events as a liaison and vendor coordinator. Thus, there will be five main employees with various levels of vendors.When Occasions reaches its expansion goals, each office will have one to two event planners, an office assistant, two to three site managers for the events, and a product and mark eting specialist. This team will function as one with constant communication through weekly staff meetings, email, and message boards. All jobs are interrelated. The performance of one effects the performance of the others therefore, each team member expects nothing but the best from each other.As it functions currently, we see no gaps in the management of this organization. Should Occasions grow beyond its estimated size, more positions in specialized areas will need to be added as well as additional site support and office assistance. To fill these positions, Occasions is facial expression for energetic, teachable, detail-oriented persons who want the potential to grow and improve their skills within the organization. Occasions wants to be the best therefore, we will hire those who want to succeed.Financial PlanService-based business requires cash to start up and, as they grow and expand, less cash in hand to maintain. The charts and graphs that follow will show that investment up front allows Occasions to function debt-free with little overhead. This gives Occasions aquickerbreak-even point and increased profit margins from the start. As Occasions grows, the debt-free philosophy will be maintained until it is impossible to function during growth periods without financial assistance.OCCASIONSWEAKMONTHYEARMARRIAGES1448BIRTHDAYS, ANNINERSARIES, ETC2896BUSINESS MEETINGS1448SALES OR tax income FOR THE YEARMARRIAGES = 1*50000*48=RS.2400000/-BIRTHDAYS = 1*25000*96=RS.2400000/-MEETINGS = 1*15000*48=RS.720000/-TOTAL REVENUE/SALES = RS.5520000/-CAPITAL INTRODUCED = 4*150000=RS.600000/-LANDOWNEDRENOVATIONRS. 300000/-EXPENSESelectrical energy CHARGESRS. 60000/-TELEPHONE CHARGESRS. 14400/-REFRESHMENT CHARGESRS. 36000/-TRAVELLING CHARGESRS. 60000/-STAFF2*6000=12000*12=RS.144000/-2*12000=24000*12=RS.288000/-MIS. CHARGESRS. 54000/-ASSETS PURCHASEDCOMPUTER2*20000=RS.40000/-AIR CONDITIONER2*25000=RS.50000/-FURNITURE AND FITTINGSRS.50000/- linchpin Financial IndicatorsThe break-even point for Occasions is based on the assumption that we will produce 16 events per month and average approximately RS.15000/- per event. Currently, we average more than this assumption for our public and private organization events. The break-even point will appear more rapidly for Occasions than for other types of home-based businesses.Break even AnalysisBreak even unit 2monthly Units16Monthly SalesRS.46000/-AssumptionsPer-Unit Revenue28750Monthly Variable Cost45200Monthly obstinate Cost14500Leading the industry in event planning requires the use of the resources available at the lowest cost. As noted in the table, we spend less money on overhead than other event planners with an international office or office space in their own facility. This savings allows us to market in creative ways and spend funds on expansion into other areas, when the time is right.PROJECTED PROFIT AND qualifying ACCOUNTSALES5520000EXPENSESELECTRICITY CHARGES60000TELEPHONE CHARGES14400REFRESHME NT CHARGES36000STAFF net profit432000ADVERTISE MENT60000TRAVELLING CHARGES60000MISCELLANEOUS54000TOTAL OPERATING EXP.RS.716400/-PROFIT originally INT. AND TAX5520000-716400=RS. 4803600/-INTERESTNILTAX (40%)1921440NET PROFITRS.2882160/-