Are you about starting a banquet hall rental business? If YES, here is a complete sample banquet hall rental business plan template & feasibility study you can use for FREE.
Okay, so we have considered all the requirements for starting a banquet hall rental business. We also took it further by analyzing and drafting a sample banquet hall rental marketing plan template backed up by actionable guerrilla marketing ideas for banquet hall rental companies. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Banquet Hall Rental Business?
- 2 Banquet Hall Rental Business Plan Executive Summary
- 3 Our Product and Services
- 4 Our Mission and Vision Statement
- 5 Banquet Hall Job Roles and Responsibilities
- 6 Banquet Hall Rental SWOT Analysis
- 7 MARKET ANALYSIS
- 8 Our Target Market
- 9 Our Competitive Advantage
- 10 SALES AND MARKETING STRATEGY
- 11 Sales Forecast
- 12 Publicity and Advertising Strategy
- 13 Financial Projections and Costing
- 14 BUSINESS GROWTH: Sustainability and Expansion Strategy
Why Start a Banquet Hall Rental Business?
One good thing about banquet hall rental business is that more often than not, your presence may not be needed, as long as you have competent team handling the business for you. Besides a good percent of events such as wedding ceremonies, parties et al are done during weekends and if you are lucky not to be working during weekends, you can successfully test run a banquet hall rental business.
The truth is that, most of the basic skills needed to effectively run a banquet hall rental business are some of the soft skills you are likely going to acquire in your work place.
On the average, it is the practice for most standard banquet hall rental companies to also engage in other forms of rental business as it relates to party and events. Some even go as far as engaging in event planning and catering services.
However, if you do not have the capacity to start big, you can decide to just build a banquet hall, equip the hall with sound system / public address system and then put it up for rentals. Over and above, the service delivery for a banquet hall rental company is simple and straight forward, especially if they are not involved in other complimentary services within the scope of their business.
A Sample Banquet Hall Rental Business Plan Template
- Industry Overview
Starting a banquet hall rental business is indeed a capital intensive business, reason being that the cost of securing or building a standard and well equipped banquet hall is on the high side and it is not what an aspiring entrepreneur with low financial strength can venture into. It is a business that investors with huge cash base can easily start, not just in any part of the city, but in choice areas that can attract high profile corporate and individual clients.
Banquet halls are halls that are rented for the purpose of hosting events such as professional seminars, corporate award ceremonies, weddings, family reunions, church benefits, association fund-raisers and any other events. Aside from the fact that the owners of banquet halls rent their halls and make money, most of them as also engaged in other complimentary services such as party rental services and event planning services.
The Banquet Hall Rental / Party Rental Industry is indeed a large and vibrant industry not only in the United States of America and in most countries of the world. Statistics has it that the Banquet Hall Rental / Party Rental industry in the United States of America, is worth $5 billion, with an estimated growth rate of 2.3 percent.
There are about 9,645 registered and licensed party rental / banquet hall rental businesses in the United States and they are responsible for employing about 50,470 people. Only Classic Party Rental Company can boast of having a lion market share in the industry. Despite that, the industry is still very much open for competitions from aspiring investors.
In the United States, the regions that have the greatest concentration of banquet hall rental / party supply rental companies are the Southeast, the West, the Great Lakes and the Mid-Atlantic. The distribution of companies is based mainly on the number of households and median income levels by region.
Besides, banquet hall rental / party rental companies tend to locate near major metropolitan areas, which generate a steady stream of demand for corporate and social events. The Southeast region has the greatest concentration of industry establishments, estimated at 31.9% of the total in 2015.
The Southeast is the most populated region of the United States; therefore, given the high proportion of households, there is a greater demand for rental supplies for social events and corporate events.
No doubt the banquet hall rental / party rental industry is indeed a profitable venture despite the fact that that the entry bar for starting a banquet hall rental business is on the high side. The truth is that, if a banquet hall is well positioned and equipped, they will sure attract regular clients and the hall can be well booked all through the year.
Some of the factors that encourage entrepreneurs to start their own banquet hall rental / party rental business could be that the business is easy to set up despite the fact that the start – up capital is not affordable and the running cost can be put at the minimum level.
Banquet Hall Rental Business Plan Executive Summary
T & T Banquet Hall Rentals, LLC is a first – class and licensed banquet hall rental and event planning company that will be based in Las Vegas – Nevada. Aside from running a banquet hall rental business, the company will also handle all aspect of event planning such as wedding planning, children’s party, sports tournaments / competitions, annual general meetings (AGM), to corporate events, trade fairs and exhibitions, end of year party, party rental services, event planning trainings and event planning consulting and advisory services et al.
We are aware that to run a banquet hall rental business and an all – round event planning outfit can be demanding which is why we are well trained and equipped to perform excellently well. T & T Banquet Hall Rentals, LLC is a client-focused and result driven banquet hall rentals and event planning outfit that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will offer a standard and professional event planning services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they contract their events to our organization.
At T & T Banquet Hall Rentals, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in a wide variety of rental services and event planning et al.
T & T Banquet Hall Rentals, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position the business to become the leading brand in the banquet hall rental cum event planning line of business in the whole of Nevada, and also to be amongst the top 20 banquet hall rental outfits in the United States of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our banquet hall rental cum event planning business before spreading to other parts of The United States.
T & T Banquet Hall Rentals, LLC is founded by Mr. Tony Angelo and his wife Tammy Angelo. The organization will be managed by both of them since they both have tangible experience working at various capacities within the real estate and event planning industry in the United States.
As a matter of fact, Mr. Tony Angelo who is the Chief Executive Officer of the organization was part of the team that organized Atlanta 96® Olympics and the wife in time past has worked with the team responsible for organizing Grammy Awards. Mr. Tony Angelo graduated from both The University of California – Berkley (First Degree), and University of Harvard (MSc.).
Our Product and Services
T & T Banquet Hall Rentals, LLC is going to offer varieties of services within the scope of banquet hall rental services and the event planning industry in the United States of America. Our intention of starting our banquet hall rental and event planning outfit is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.
Our business offering are listed below;
- Wedding Planning
- Corporate Event Planning
- Outdoor Party Planning
- Annual General Meetings
- Sports Tournaments / Competitions Planning
- Children’s Party and Birthdays Party Planning
- Party supply rental
- Corporate party and banquet equipment rental
- Wedding supply rental
- Birthday rentals
- Corporate event rentals
- Other event rentals
Our Mission and Vision Statement
- Our vision is to build a banquet hall rental and event planning brand that will become the number one choice for both individual clients and corporate clients in the whole of Las Vegas – Nevada. Our vision reflects our values: integrity, service, excellence and teamwork.
- Our mission is to rent a well – equipped and standard banquet hall, and to provide professional and trusted event planning services that assist individuals, businesses and non-profit organizations in organizing all of their events.
- We are to position the business to become the leading brand in the banquet hall rental and event planning line of business in the whole of Nevada, and also to be amongst the top 20 banquet hall rental and event planning outfits in the United States of America within the first 10 years of operations.
Our Business Structure
T & T Banquet Hall Rentals, LLC is a banquet hall rental and event planning outfit that intend starting small in Las – Vegas, Nevada, but hope to grow big in order to compete favorably with leading banquet hall rental and event planning outfits both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.
At T & T Banquet Hall Rentals, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Banquet Manager
- Event Planning Consultant
- Admin and HR Manager
- Business Developer
- Customer Services Executive
Banquet Hall Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Achieves maximum profitability and over-all success by controlling costs and quality of service.
- Controls of Banquet china, cutlery, glassware, linen and equipment.
- Completion of forecast and actual budget function sheets, Function Summary Sheets and weekly payroll input.
- Completion of weekly schedules. Schedule staff as necessary to ensure adequate and consistent levels of service.
- Follow-up each function by completing a Function Critique and submit to the Sales & Food and Beverage Manager.
- Supervision of weekly schedules. Schedule staff as necessary to ensure adequate and consistent levels of service
- Supervision of Banquet Bar Requisitions.16.Responsible for Hotel Bar control policies and completion of necessary forms.
- Following of proper purchasing and requisitioning procedures.
- Liaise on an on-going basis with the Food and Beverage Manager to ensure all client needs and requirements will be met.
- Works with the Chef and Head Server to ensure all arrangements and details are dealt with.
- Inspection of Meeting Room prior to guest arrival ensuring that client specifications have been met.
- Co-ordinates the general housekeeping of the Ballroom, Lower Lobby, Lower public washrooms, kitchen, storage areas, entrance areas, etc.
Event Planning Consultant
- Responsible for interviewing and hiring vendors, selecting and ordering materials, negotiating rates, coordinating the sequence of events, following up with guests and vendors and producing full-scale events.
- Plans, designs and produces events while managing all project delivery elements within time limits
- Liaises with clients to identify their needs and to ensure customer satisfaction
- Conduct market research, gather information and negotiate contracts prior to closing any deals
- Provides feedback and periodic reports to stakeholders
- Proposes ideas to improve provided services and event quality
- Organizes facilities and manage all event’s details such as decor, catering, entertainment, transportation, location, invitee list, special guests, equipment, promotional material etc
- Ensures compliance with insurance, legal, health and safety obligations
- Specifies staff requirements and coordinate their activities
- Cooperates with marketing and PR to promote and publicize event
- Proactively handle any arising issues and troubleshoot any emerging problems on the event day
- Conducts pre- and post – event evaluations and report on outcomes
- Researches market, identify event opportunities and generate interest
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defining job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily office activities.
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
Banquet Hall Rental SWOT Analysis
T & T Banquet Hall Rentals, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured banquet hall and event planning outfit that can favorably compete in the highly competitive party rental and event planning industry.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for T & T Banquet Hall Rentals, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of T & T Banquet Hall Rentals, LLC;
Aside from the fact that our banquet hall is well positioned and well – equipped to meet the 21st century demand of both high profile corporate and individual clients, we have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new banquet hall rental and event planning outfit, it might take some time for our organization to break into the market and gain acceptance in the already saturated event planning and party rental industry; that is perhaps our major weakness.
The opportunities in the event planning and party rental industry is massive considering the number of corporate events, weddings, parties and other events that takes places on a daily basis in the United States. As an all – round banquet hall rental and event planning outfit, we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a banquet hall rental and event planning outfit operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
- Market Trends
One thing is certain; it is difficult to find a business that is strictly into just banquet hall rentals. This is so because such business will find it difficult to maintain its overhead and operational cost or generate enough income needed for business expansion.
In recent time, it is common to find banquet hall rental companies engage in other complimentary services such as party rentals and event planning services et al.
The event planning and party rental industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.
The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning events, and of course increase in demands from event sponsors.
As a matter of fact, social media has now become one of the most important tools event planners leverage on to disseminate information about their events, interact with attendees, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for event and wedding planners to gather all the needed data and information that will help them plan and project for the future.
In recent time, mobile event apps are becoming more popular; event planner can now successfully host events via social media platforms / online platforms. In the United States for example, there several vendors providing mobile apps with more event planners patronizing the apps.
Over and above, with the invention of event apps, it is now compulsory for event planners and venue owners (banquet halls) to offer Wi-Fi throughout the event, in all meeting rooms. The truth is that it will no longer be acceptable to not have Wi-Fi accessible at events; people will hardly rent halls without Wi-Fi facility.
Our Target Market
Although T & T Banquet Hall Rentals, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading event planning and banquet hall / party rental companies in the United States.
As an all – round event planning and banquet hall rental outfits, T & T Banquet Hall Rentals, LLC offers a wide range of services hence we are well trained and equipped to services a wide range of clientele base.
Our target market cuts across people of different class and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses.
Below is a list of the people and organizations that we have specifically design our products and services for;
- Potential Couples / Young Adults
- Blue Chips Companies
- Corporate Organizations
- Religious Organizations
- Political Parties / Politicians
- Households / Families
- The Government (Public Sector)
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Start – Ups
Our Competitive Advantage
We are quite aware that to be highly competitive in the event planning and party rental industry means that your banquet hall must be well – positioned and well – equipped with enough parking space and security, you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference cum improvement and you should be able to meet the expectations of both participants and organizers of events.
T & T Banquet Hall Rentals, LLC might be a new entrant into the event planning and party rental industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified event planners / managers and wedding planners in the United States.
Our banquet hall must be well – positioned and well – equipped with enough parking space and security. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups event planning and party rental companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
SALES AND MARKETING STRATEGY
We are mindful of the fact that there is stiffer competition amongst event planning and party rental companies in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speaks for us in the market place; we want to build a standard banquet hall rental and event planning business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow our banquet hall rental and event planning company to become one of the top 20 banquet hall rental and event planning companies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.
T & T Banquet Hall Rentals, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
- Promptness in bidding for event planning / event management contracts from the government and other cooperate organizations
- Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver quality event planning services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
Sources of Income
T & T Banquet Hall Rentals, LLC is established with the aim of maximizing profits in the event planning and party rental 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 and sign retainer – ship with most of our clients.
T & T Banquet Hall Rentals, LLC will generate income by offering the following event planning / rental services for individuals and for corporate organizations;
- Wedding Planning
- Corporate Event Planning
- Outdoor Party Planning
- Annual General Meetings
- Sports Tournaments / Competitions Planning
- Children’s Party and Birthdays Party Planning
- Party supply rental
- Corporate party and banquet equipment rental
- Wedding supply rental
- Birthday rentals
- Corporate event rentals
- Other event rentals
One thing is certain, there would always be parties and events in the United States of America and as such the services of event planning and banquet hall / party rental companies will always be needed.
We are well positioned to take on the available market in Las Vegas – Nevada and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.
We have been able to critically examine the event planning and party rental market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.
Below is the sales projection for T & T Banquet Hall Rentals, LLC, it is based on the location of our business consulting firm and the wide range of consulting services that we will be offering;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $600,000
- Third Fiscal Year-: $900,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Our Pricing Strategy
Just like in rental and consulting business, hourly billing for event planning / event management and rental services is also a long – time tradition in the industry. However, for some types of event planning / management services, flat fees make more sense because they allow clients to better predict the overall service charges. As a result of this, T & T Banquet Hall Rentals, LLC will charge our clients both flat fee and hourly billing as long as it favors both parties.
At T & T Banquet Hall Rentals, Lice 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. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.
We are aware that there are some clients that would need regular access to event planning consultancy and party / banquet hall rental services, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At T & T Banquet Hall Rentals, LLC, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the event planning and party rental industry by storm which is why we have made provisions for effective publicity and advertisement of our event planning outfit.
Below are the platforms we intend to leverage on to promote and advertise T & T Banquet Hall Rentals, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
- Engage in road show from time to time in target neighborhoods
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
Financial Projections and Costing
Starting a banquet hall and event planning business can be capital intensive; this is so because on the average, you would need enough capital to build a well – positioned and well – equipped banquet hall. When it comes to starting a medium scale but standard banquet hall and event planning company, the following expenditure should guide you;
- The Total Fee for incorporating the Business – $750.
- The budget for basic insurance policy covers, permits and business license – $2,500
- The Amount needed to acquire a suitable facility that will accommodate a well – equipped and well – positioned banquet hall in a good location (Re – Construction of the facility inclusive) – $500,000.
- The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
- The Cost of Launching an official Website – $600
- Budget for paying at least 4 employees for 2 months plus utility bills – $200,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous: $1,000
Going by the report from the market research and feasibility studies conducted, we will need about seven hundred and fifty thousand (750,000) U.S. dollars to successfully set – up a medium scale but standard event planning business firm in the United States of America.
Generating Funding / Startup Capital for T & T Banquet Hall Rentals, LLC
T & T Banquet Hall Rentals, LLC is a family business that will be owned by Mr. Tony Angelo and his wife Tammy Angelo. They are the sole financial of the firm, but may likely welcome partners later 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
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
BUSINESS GROWTH: Sustainability and Expansion Strategy
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of event planning and other related services to both individual and corporate clients.
We know that if we continue to deliver excellent event planning services, and our banquet hall is always in tip – top shape and highly secured, there will be steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.
In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Las Vegas – Nevada to other major cities in the United States of America. We know that if we implement our business strategies, we will achieve our business goals and objectives in record time.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Securing a standard facility and construction of a standard banquet hall: In Progress
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry: In Progress
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