Do you want to start an event center and need to write a plan? If YES, here is a sample event center business plan template & FREE feasibility report.
Event centers are in existence and thriving due to the fact that there are always various events for people – individual and businesses – to throw, from weddings, graduation parties, reunions, anniversaries, business meetings, fundraisers, dinner party and so on.
These events are usually conducted in halls that provide convenient facilities for guests than would have been achieved in a home or office. These days there are more events being thrown, which requires the use of event centers, this is why this is the best business to start for any entrepreneur. Below is one of such, a sample event center business plan;
A Sample Event Center Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
The event center business is becoming a popular one as new event centers are opened everyday somewhere in the world. Most businesses in the hospitality industry are also leaning towards this trend by constructing multi-purpose halls or renovating existing facilities so as to be able to tap into the trend of hosting parties and conferences.
Globally according to reports, the hotel industry has also recognized the importance of having centers to host and service meetings to its revenue base and has started expanding its offer to cover these areas. This has helped to boost the bottom line for most of these hotels.
Asides hotels, educational institutions such as colleges and Universities have started focusing on increasing the number of conferences centers available to clients. Other unusual institutions such as museums, theatres, cinemas, zoos, castles, theme parks, aquaria, football stadia and racecourses, have also started making centers available to host meetings and other events.
There are new categories of venues that are now being added which create diversity to the other services in the market. These venues are unusual and are also growing in popularity as they are regarded as funky and edgy and are preferred by the younger generation, especially as they do not require overnight accommodation.
Companies are now picking brands that identify with their corporate values and brands, as this is seen as being appreciated by their customers and other stakeholders. Also, guests to these meetings are likely to see the venue as a reflection of the company’s goals.
Venues have also begun to shift towards smarter designs that not only make them accessible but smart as well which mean accommodating all kinds of transportation in order to save attendees added stress.
Venues have also seen the need to ensure that those attending events can connect with the outside world, by ensuring that connectivity is being provided for at events. This has become a priority for event centers and is one detail that clients appreciate.
Event centers are no more focusing on just providing halls for use but also adding other services as well such as catering, event coordination, wait staff, bartending, décor and rentals of several of equipment not included in contract.
2. Executive Summary
Sheldon Event Center, a leading event center is based in 3900 NW 120 St, in Urbandale – Iowa, USA. We offer unique and personalized services to all our clients domestic and corporate. We provide event coordination and offer our clients planning expertise as well as an extraordinary wait staff service, in addition to our core service which is the provision of a conducive hall to host all kinds of events.
As any other business, we have established our business not only to offer our customers an unforgettable experience but to also make profit whilst ensuring that we can favorably compete with other competitors in the same industry.
Our halls are not only conducive but also offer modern amenities that will make the guests of our clients turn into our clients. We have the best facilities and also the right people to handle these amenities. Our staffs are not only professionals with the added touch of competence but have the experience to anticipate the needs of our clients.
Our strong business structure has led us into deploying the best means of sourcing for and recruiting the best staffs for our business. We not only believe in recruiting the best but in ensuring that they are in tune with our vision and objectives and are committed to seeing us achieve our goals as a company.
We believe in ensuring that our employees are not only productive but that they remain happy whilst carrying out their tasks, it is for this reason that we have created a unique welfare package for them that is the best in the industry amongst our category. Also, we have put in place polices that will allow for the continuous trainings of our employees in order to enhance their skills.
Our customer care service is excellent as we have those who not only have a thorough knowledge of the industry but keep informed on current trends to handle this position and therefore help inquiring clients better understand what they are seeking for.
Because we know how important our clients are, we have strategies in place that will ensure that our loyal clients get incentives which comes in form of a discount for every client they refer to us. This has made most of our clients turn into active marketers on our behalf and has grown our revenue base tremendously.
Finally, our Chief Executive Officer, Ms. Lori Sheldon has over 15 years of experience in event coordination as well as in catering. This experience in addition to several certifications in event planning will help take our business to the desired level it intends to attain.
3. Our Products and Services
Sheldon Event Center is the one stop event center that intends to offer our various customers a beautiful experience while also exceeding their expectations with the various services that we intend to offer them at our event center.
Our intention of establishing Sheldon Event Center is to make profit just like any other business and so in addition to our core service, we intend to offer other services as well so as to create multiple sources of income for our business. All our services will be offered within the permissible laws of the service industry as well as the laws of the united states of America.
Therefore some of the services we intend to offer are;
- An event center for weddings, business meetings, rehearsal dinners, holiday parties, corporate parties, and fundraisers
- Tables, chairs, China and linens rentals
- Audio/visual equipment rentals
- Event hosts and wait staff
- Consultancy services
4. Our Mission and Vision Statement
- Our vision as an event center is to exceed the expectations of our clients by giving them a beautiful experience as well as event space for all their types of special events.
- In order to achieve our vision we have the required coordination and planning expertise for all types of events, with professional and competent staff that would help make the events of our clients a memorable one.
Our Business Structure
Having the right business structure is very important to us as at Sheldon event center and so we have laid the right plans that will ensure that our foundation is not only right but stays true to our core values and vision as a company. This is why we sourced for and have hired competent professionals who are diligent and true to work ethics into the various positions we have in our company.
Our vision as a company is to ensure that all our clients’ expectations are not only met but exceeded as well. This is why all the staff which we have hired are ones that have not only identified with our vision but know what it takes to take our company from where we are at present to where we intend to and should be in future.
Our staff also have the expertise required to work in this industry and bring it to an enviable standard compared to that of our competitors.
Due to the fact that we intend to run several services in addition to our core service, we have ensured that we have the required number of staff to handle the various services which we intend to offer at Sheldon Event Center. Below is the business structure that will be built at Sheldon Event Center;
- Chief Executive Officer
- Facility Manager
- Human Resources and Admin Manager
- Marketing Executives
- Customer Service Executives
- Event Coordinator
- Security Guard
5. Job Roles and Responsibilities
Chief Executive Officer
- In charge of drafting strategic policies on behalf of the organization and ensuring that it is implemented
- Drafts the budget in collaboration with the accountant on behalf of the organization
- Sources for high deals on behalf of the organization
- In charge of ensuring that the facility is ready for events whenever the needs arises
- Inspects the facilities to ensure that everything is up to standard and effects repairs when need be
- Sources for clients on behalf of the event center
Human Resources and Admin Manager
- Sources for and recruits the right staff either permanent or temporary on behalf of the event center
- In charge of staff welfare and training as well as other incentives due to staff
- Ensures that all the administrative functions are conducted smoothly
- Prepares all the financial statements on behalf of Sheldon Event Center
- Ensures that balances between banks and the event center are reconciled each month
- Prepares and submit correct tax reports to tax officials on behalf of the organization
- Conducts market research on behalf of the organization in order to determine new markets
- Drafts and reviews marketing strategies to ensure that they are more effective on behalf of the organization
- Empowered to conduct direct marketing to clients on behalf of the organization
Customer Service Executives
- Handles all inquiries of clients as well as bookings
- Creates and maintains an accurate customer database on behalf of Sheldon event Center
- Ensures that clients complaints are promptly attended to and resolved
- Ensures that events are coordinated according to the requirements of the clients
- Ensures that clients expectations are not only met but exceeded positively
- Coordinates with other staff to ensure that event is a success
- Ensure that the premises is kept secure especially during events
- Monitors the security cameras during events to prevent security mishap
- Provides security tips to all staff so as to enable them carry out their jobs better
- Ensures that they deliver our supplies and also pick up same as at when due
- Carry out light maintenance on the vehicle and ensure that it is in good condition
- Carry out other duties as might be assigned by the administrative manager
- Ensure that the premises are kept clean before and after an event
- Ensure that the convenience for staff, clients and their guests is kept clean at all times
- Ensures that cleaning supplies are adequately stocked and replaced as at when due
6. SWOT Analysis
Like every successful business out there, we intend to ensure that our event center is of the required standard whilst also offering the best services and so to ensure that we attain this, we hired a reputable business consultant here in Urbandale _ Iowa, to help us critically look through our business concept and determine if we had what it takes to become a standard company.
Due to our request, the hired business consultant had to use the SWOT analysis in taking stock of our strengths, weaknesses, opportunities and threats to determine how we were likely to fare in the industry fare in the industry here in Iowa and in the whole of the United States of America as a whole. Below is the result of the critical analysis conducted on behalf of Sheldon Event Center;
Our strength lies in the fact that we offer diverse services that will meet any requirements by our clients, which allows us stand apart from our competitors. Also, we have professional and competent staffs at hand to ensure that every event no matter the kind is conducted smoothly.
Our halls are not only well designed but also convenient as well as we also have the grounds for customers who want an outdoor ceremony. Finally, the expertise of our Chief Executive Officer, Ms. Lori Sheldon who not only has amassed several years of experience but also has several qualifications, is another of our strength at Sheldon Event Center.
This industry is saturated with these kinds of businesses; however, we intend to stand apart from our competitors by offering unique services that will attract the customers and offering excellent customer care that will retain most of our customers.
There are various opportunities that abound for us because the halls can be converted to any kind of event that intends to be hosted by our clients. We also can cater to religious bodies who intend to use our halls for regular meetings.
There are various threats that exist to every business in general, and so the probability of facing threats is not alarming to us. The threats we are likely to face in the course of starting and running the business are the off-peak periods, where there are less likely events to be thrown.
We however have come up with other services that will generate income for us during these periods. Another threat is having a major competitor offering same services in the same location. We have proactive measures in place that will ensure that we remain unique and different in all the services that we would be offering.
7. MARKET ANALYSIS
- Market Trends
Every month there is an event of some sort that is being thrown, which makes having an event center one of the best businesses for any entrepreneur to go into. It should however be noted that this industry have peak periods such as during the middle and end of the year where more events are thrown than during any other times in the year.
Therefore any entrepreneur going into this business must be conversant with the peak and off peak periods in the industry so as to be able to accordingly make proactive plans that would be strategic for the growth of the business.
What most event centers have started incorporating into their core services is the addition of other services – such as catering, bartending, professional wait staff, event coordinator – that will make it easier for their clients who are planning for an event; this would ensure that clients do not have to bother about contracting others for these services, therefore creating more income for these event centers, whilst also allowing them to gain a huge share of the market.
Event centers that do not offer such services are now few but they however are in contact with professionals that run such services thereby making it easy for clients, who do not wish to have to source for these extra services themselves.
Finally, the advent of technology especially the internet has upped competition amongst event centers and also caused most to review the services offered so as to be amongst the industry leaders.
Every event center now has a website that not only point to all the services they offer but also show the clients attractive pictures of the center so as to attract more clients to patronize their services. Also, social media platforms such as Instagram and Facebook are being used to effectively market to clients.
8. Our Target Market
The target market for this industry is quite huge as there are events that are being thrown every now and then consisting of different types of crowd, which makes for a huge customer base for event centers.
Therefore, our event center cannot be restricted to just hosting weddings, parties, fundraising and business meetings but it can host any event that our client deems worthy to celebrate or carry out. Our strategic location in Iowa has offered us ample opportunity to be able to tap into the target market.
However, we intend to conduct a market research in order to fully understand our target market and know what they expect from us, this will help us properly draft the strategies that would be needed to attract more customers to our business.
From the result of our market research, we have found that we are in business to offer our wide range of services to the following groups of people;
- Business organizations
- Government agencies
- Non-profit organizations
- Religious bodies
- Educational institutions
- Financial institutions
Whilst starting Sheldon Event Center, we intend to ensure that our business is not only established to make profit but is also able to compete favorably with our competitors in the industry. Our vision is to ensure that we not only meet but exceed the expectations of all the clients that make use of our event center and our services, and this is one of our competitive advantages against our competitors.
Our event centers have modern and conducive facilities such as 4 room options that have various capacities of 30 to 500 guests, thereby giving our clients varied options in terms of picking something suitable for their event.
Another competitive advantage we have is the fact that we have an individual event coordinator that will help coordinate the events of clients’ throughout the duration of the event, thereby allowing our client have a stress-free event.
Asides, the event coordinator, we also have a professional wait staff that have the experience of handling different kinds of occasions that will crop up at our event center. All our staff project and communicate our brand all the time by giving excellent customer service to our clients regardless of events or packages.
Another competitive advantage we have is our décor service which is also part of the services we offer. We go beyond the average décor and give our clients a wonderful experience that is best experienced.
Finally, we are the best at caring for our employees as we offer the best salaries and welfare packages in the whole of Iowa within our category as a start-up event center in the industry. We also ensure that our employees undergo training that will enable them become better and more productive for our business.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Sheldon Event Center has been established to offer our clients a full range of services for their events with the aim of maximizing profits for our business in the service and hospitality industry in the United States of America. We have different other services that are not only intended to generate income but also to be able to cater to all the needs of our different clients.
Therefore, Sheldon Event Center will generate income by offering the following services;
- An event center for weddings, business meetings, rehearsal dinners, holiday parties, corporate parties, and fundraisers
- Tables, chairs, China and linens rentals
- Audio/visual equipment rentals
- Event hosts and wait staff
- Consultancy services
10. Sales Forecast
This industry is one that will never dip as there are always events that are usually conducted every now and then, thereby resulting in the booking of event centers.
Our location in Urbandale – Iowa has us quite optimistic in that we will not only met our set revenue generating target in the first year but that we will make marginal profit that will allow us grow our business and eventually expand it during the second year.
However, to be able to make a factual sales projection, we have been able to take a critical look at the industry in order to analyze our chances and come up with a sales forecast that we can use to adequately plan and draft strategies for our business.
The sales projection was however gathered based on information and assumptions that were peculiar to event center start-ups here in Urbandale – Iowa. Therefore below are an accurate sales projection for Sheldon Event Center based on the location of our business and several other assumptions;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $500,000
- Third Fiscal Year-: $900,000
N.B: The above projection was done based on what is obtainable in the industry, and also on several assumptions such as an arrival of a major competitor in same location, as well as a continuous and steady economic growth, within the period of the above projections. Should there be any change in the assumptions either positively or negatively, it is likely to affect the above stated figures, causing an increase or a decrease.
- Marketing Strategy and Sales Strategy
The event center business just like any business will require marketing in order to not only create awareness for the business but to also ensure that revenue is generated to keep the business going. To draft effective marketing strategies that will bring the best results for Sheldon event Center, we conducted a market survey that allowed us privy to information that will enable us to not only penetrate the market and attract the right customers but also compete favorably with other top event centers here in Urbandale – Iowa.
We have also hired the services of a reputable marketing consultant, who understands the business and industry well to help us achieve our intended marketing goals and objectives. The marketing consultant will look at what strategies will be more effective for us in the short and long run.
Our marketing teams have been empowered to look through the strategies and ensure that they align with the company’s core values and will communicate our brand positively to customers. Our marketing teams have also been empowered to review, tweak and remove strategies that are considered ineffective on behalf of the company.
We know how important the internet especially as regards improving the effectiveness of marketing. We intend to build an interactive website that will show our attractive halls and other services to clients, especially potential ones. Our social media platforms will also be used to target our customers online and generate interest about our event center.
Therefore the following are the strategic measures we will adopt at Sheldon Event Center to market our various services;
- Visit corporations and government agencies to formally introduce our event center and all the services we offer
- Throw a unique themed party when we open our business in order to generate interest and create awareness about our vent center
- Advertise our event center in local newspapers, magazines as well as on radio and television stations
- Engage in direct marketing
- Ensure that our business is listed in online and offline directories
- Use social media platforms such as Instagram, Facebook and Twitter as well as our website to market our event center
11. Publicity and Advertising Strategy
Publicity is a very important process for any business that intends to create awareness in the industry. Even though we offer the best and unrivaled services here at Sheldon Event Center, we intend to continue to publicize this so that our customers – existing and potential as well as our competitors can be aware of what we are offering. In publicizing our event center, we intend to explore all means that will allow us gain the awareness we seek.
Publicity and advertising is a two edge sword because not only does it make a business gets noticed, it also serves as a means of generating revenue for the company. This is why our publicity and advertising strategies will be drafted with a publicity consultant so that we not only advertise and increase our awareness but also effectively communicate our brand.
Therefore, below are the various platforms, we intend to use in publicizing and advertising Sheldon Event Center;
- Ensuring that we place adverts in local newspapers, magazines as well as on radio and on television stations
- Writing free columns for the local newspapers that are focused on event centers
- Allowing one non-profit organization have a free slot every quarter of the year
- Ensure that we use social media platforms like Instagram, Facebook and Twitter to vigorously promote our business
- Distribute our handbills and paste our fliers in target and conspicuous areas
- Install our bill boards on strategic locations all around Urbandale – Iowa
12. Our Pricing Strategy
When it comes to the rates we intend to charge for our services, we have come up with a pricing strategy that will meet with the budget of our clients here in Iowa. There are different packages and categories with varying rates available for all our different clients and we have ensured that each package is not only affordable but will meet and exceed the needs of all our different clients.
In a bid to raise awareness and also attract customers to our business, we intend to offer our customers a discount for the first three months of business. We have ensured that the discounted rates we will offer our clients will in no way allow us run at a loss even though we might be operating on a low profit margin for the duration of the discounted prices.
- Payment Options
Due to evolving technologies, we at Sheldon Event Center understand that there are varied payment options that our clients would prefer, and we have come up with different payment platforms that will be suitable for our different clients;
Below are the payment options that will be made available to our clients;
- Payment by check
- Payment via credit card
- Payment via online payment portal
- Payment via Point of Sale (POS) Machine
The above payment options were careful chosen by us and will run without any form of hitches or inconvenience to our clients.
13. Startup Expenditure (Budget)
Starting an event center can be quite demanding especially at the initial stage, where one is expected to spend the bulk of capital on certain on certain aspects in order to ensure that the event center is up to standard. Most of the bulk of the capital usually goes to securing a hall and then equipping the hall to certain standards for clients.
Also, start-up capital is usually used to sustain the business by paying salaries of employees and certain bills until the business is able to generate the revenue that will allow it sustain itself. Therefore the key areas where we intend to spend our start-up capital are;
- Total business incorporation fees in the United States of America – $750
- Other legal expenses as well as obtaining of accounting software and licenses – $1,250
- Cost of hiring a business consultant – $1,500
- Insurance coverage (property insurance, general liability and workers’ compensation) – $2,000
- Cost of leasing a facility for a year and carrying out renovations – $70,000
- Operational cost for the first 3 months (salaries of employees, bill payments) – $100,000
- Marketing promotion expenses (for grand opening as well as general marketing expenses) – $3,000
- Other start-up expenses (stationery, furniture, computers, printers, and phones) – $10,000
- Cost of start-up inventory (cutleries, linens, napkins, china and glassware) – $10,000
- Cost of purchasing a van – $20,000
- Cost of launching a website – $500
- Cost of throwing a grand opening party – $3,000
- Miscellaneous – $8,000
From the above analysis, we would need the sum of at least $230,000 in order to successfully start and run our event center business in Urbandale – Iowa. The amount above includes leasing of the facility for use as well as paying the salaries of employees for at least 3 months.
Generating Funding / Startup Capital for Sheldon Event Center Business
Sheldon Event Center is a local business owned and financed by Ms. Lori Sheldon. Ms. Sheldon does not intend to seek for external investors in running or financing her business, hence her reason for restricting the sources of income to just 3 sources;
The three areas where the start-up capital will be generated from are;
- From personal savings and sale of stock
- Soft loan from family members and friends
- Loan from commercial bank
N.B: Sheldon Event Center has been able to generate $30,000 from the personal savings of Ms. Sheldon. $15,000 was gotten from family members and friends and the business is at its final stage of obtaining the sum of $185,000 from the bank. As it stands all the necessary documents have been signed and the amount will likely be credited to the business account any moment from now.
14. Sustainability and Expansion Strategy
Every business that is established to make profit intends to use such profit in sustaining itself and possibly expanding based on the vision and objective of the company. Our sustainability and expansion strategy at Sheldon Event Center is drafted in such a way as to ensure that we continue in the business for a long time to come.
Firstly, we intend to ensure that we hire only competent and professional staffs that fully understand our core values as a company as well as the industry. Also, our staffs have the required expertise to ensure that our business is taken to the level it should be.
To keep our employees happy and productive, we intend to ensure that we provide a conducive working environment, have great welfare packages for them and also ensure that they undergo training every now and then that will not only enhance their skills but make them more productive for the company.
We intend to offer various services at our event center so as to be able to build a revenue base that will sustain us and ensure that we do not constantly go to seek for loans to be able to run the business. Our various services will also make us stand out from our competitors whilst ensuring that we have a healthy bottom line.
Finally, we intend to retain a high percentage of our clients by ensuring that we offer them the best customer service by our trained customer executives. Asides offering excellent customer care, we also intend to ensure that clients that refer us get an incentive and that repeat clients get a discount. These are the strategies we intend to apply in sustaining and expanding our event center business.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting feasibility studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress
- Purchase of trucks: Completed