Are you about writing an event planning business plan? If YES, here is a sample SWOT analysis for an event planning company to help you form a competitive strategy.
Event Planning Business Plan – Economic Analysis
If you are looking for a business that requires less stress to set – up and perhaps minimal start – up capital to start, then you can consider starting an event planning business. The cost of running an event planning business when compared to the turnover you get annually can be poles apart (this is applicable only when you have been able to establish your feet in the industry and secure retainer – ship with big corporations and even government agencies).
On the average, most people who start event planning business start the business from a small office space / shared office space or virtual office and still make headway in the business. One thing is certain when it comes to event planning business, most of your meetings prior to winning the contract and planning for the event will be in the office or home of your client.
The truth is that, the cost of running an event planning business can be kept to the barest minimum because there are always ways you can cut operational and overhead cost. As a matter of fact, most people that runs event planning business choose to run the business alone or at most with a handful of full – time employees just for the sole aim of reducing overhead, and maximizing profits.
A Sample Event Planning Business Plan SWOT Analysis
Tony & Tammy House of Events, 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 event planning outfit that can favorably compete in the highly competitive event planning and entertainment 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 Tony & Tammy House of Events, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Tony & Tammy House of Events, LLC;
Our core strength lies in the power of our team; our workforce. 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 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 entertainment industry; that is perhaps our major weakness.
The opportunities in the event planning and entertainment industry is massive considering the number of weddings, parties and other events that takes places on a daily basis in the united states. As an all – round 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 an 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 this threat other than to be optimistic that things will continue to work for our good.