The potential competitors are those companies that would enter the market after our introduction. The firm will have to keep an eye on these new competitions to see what kind of value addition they are capable of, in order to stay one step ahead of the competition.
The low or non-existent obstacles to entry and exit compound the competition condition further. The lack of effective barriers to entry and exit may present crucial danger to the growth of our business as the industry matures. In future more and more organizations will look for professional event management services to manage their events effectively.
Friends Event Management intends to take full advantage of this opportunity. The business plan provides pros and cons of establishing a profitable business venture. The report went to great details in recognizing the potential risks and threats, is simply because the entrepreneur wants to stay a step ahead of the problems that can hinder the progress of this venture.
In identifying the potential risks, the author was as thorough as she could, simply because using such foresight Friends Event Management will be able to stay away from all sorts of trouble.
As government event are difficult to get and it has lot of option. On the other hand corporate and individual events will take place all over the year moreover it will generate a handsome amount of revenue in favor of Friends Event management. Individual event are also a great source of revenue generation as weeding take place each month more or less and also other events too.
Margin is also crucial element in any business. As event management will provide service in order to generate revenue. The fixed cost of a service business is lesser than other business. The variable amount will be different according to event requirement. Operating leverage is highest in companies that have a high proportion of fixed costs relative to their variable costs. In contrast, operating leverage is lowest in companies that have a low proportion of fixed costs relative to variable costs.
As Friends Event management have its fixed cost lower its variable cost and the portion is very little so that we can expect Friends Event Management operating leverage will be way lower and hence it will recover its investment in its first year of business operation.
The start-up cost investment funds were provided by each of owners to establish this business. It is the wish of the founders to remain a debt-free establishment.
However, recognizing that in reality not all variables are controllable, outside financing is a viable option.
If fund needed in near future Friends event management will choice this option to finance their activities. In that way firm will recover its investment within first year.
So break even sales will amount to Tk. Fortunately, Friends Event management will be able to achieve this target in the first year of operation. Break even Total Cost Sales 0 0 PART-V 5 Marketing Plan The marketing plan focuses on how the business will market and sell its product or service. It deals with the nuts and bolts of marketing in terms of price, promotion, distribution, and sales.
Friends Event Management will offer a superior service at a lower cost due to specialization. By concentrating specific services in specifically, Friends Event Management will become capable at these services and perform the services better than other similar organization as passage of time.
Friends Event Management will increase company visibility through a website, local Chamber of Commerce networking, and participation in fair, print and electronic media and mostly in different social site like twitter, Facebook etc The website will be quite detailed and provide a visitor in-depth information about the services Friends Event Management offers, the corresponding high level of quality, and the cost savings that can be achieved by using Friends Event Management.
Lastly, Friends Event Management will be active in the many trade shows. The use of trade shows allows potential client of Friends Event Management to make initial contacts with us for a wide range of businesses events that would otherwise be difficult to approach.
Government events To organize above events we will try our best and categorized them into 4 category. They are- 1. Customized Corporate Events 2. Creative Corporate Events 3. Government Events In order to provide better services to its customers than the competitors, Friends Event Management will maintain a number of databases and use all available technology to keep up to date with our service and always in search of provide our client something new. Once set at a level, it is hard for any firm to change it.
As a new comer in the market, Friends Event management has to be cautious in pricing its services. After bearing in mind a number of elements, Friends Event management has decided to offer its customers a number of packages — all based on markup pricing.
This is a strategy that Friends Event management will use to lure clients from the competitors. It will also attract small corporations, who at present are unwilling to hire event management services due to high costs associated with it. For example, a company wants to sponsor a concert to raise funds for children suffering from cancer. The purpose is sending a message that Friends Event management is not interested in small events and also to communicate to the market that the firm is providing quality services at a premium price.
Friends Event management is claiming that the firm is looking for prestige and professionalism — and someone looking to cut cost in a birthday party is not the person the firm is looking for.
In sometime customers may want to reduce the price. Our sales people will go to corporate offices to find potential clients, to induce them to use our service. This is a process that is not yet followed in our country. This online service will include ordering for the event, reviewing and complimentary the budget and monitoring the progress.
This will save both time and money of both parties. However Friends Event Management also decide to adopt every promotional activity to promote our business. Networking can help our business in two ways. If people have met us and know what services we offer, they may refer business to us or use our service themselves.
Furthermore, networking with hotels, caterers and so on will give us a chance to meet some of the people whose services we may need as we plan events.
The Ad on first four days will try to create public awareness about the event management organization. Friends Event Management will also advertise in online portal to reach attention of every possible viewer. Friends Event Management will also advertise in Different weekly or monthly magazine to promote our business.
We will choice TV channel to promote our business primarily. We also advertise through mobile operator. In this way we open our official page which will be linked with our official site. In this way we can capture young people who has very much interest in event management business and also want to organize event will pay their attention toward us.
We also can get feedback from them to improve our service. Within each market segment, closing of deals will differ. Each approach is described as follows: 1. Private and Public Organizations Sales will be settled one to two days after the end of the event. A follow-up phone call will be placed notifying the client of the total cost, number of attendees, and information about the billing packet that will arrive at their offices.
Feedback forms will be included in these packets to ensure the client is being served as they deem appropriate. Form letter thank-you card will be sent following each event. Individuals Sales will be concluded with a follow-up phone call one to two days after the event. The phone call will explain the total cost of the event, number of attendees, and information concerning the billing. Invoices will be sent out the 25th of the month and will be due the 10th of the following month.
Thank-you cards will follow each individual event. Many seemingly promising start-ups never get off the ground because their product development efforts stall or the actual development of the product or service turns out to be more difficult than expected. For that we provide great emphasis on our development work. We will use event planning software to present a visualize event as per client requirement which will help our event planning more easily.
A risk management plan and a business impact analysis are important parts of your business continuity plan. By understanding potential risks to your business and finding ways to minimise their impacts, you will help your business recover quickly if an incident occurs. Types of risk vary from business to business.
If you do weddings or events, you already know how important planning is. The same applies to your business. Check out these sample business plans for event planning, wedding consultants, special event planners, and other event management businesses. A management plan describes how an organization or business is run.
Writing a management plan allows you to formalize your management structure and operations. It also ensures that everyone is on the same page and that your goals will be accomplished. You can easily write your own management plan with a few simple steps. Review your emergency management plan. Regularly review your emergency management and recovery plan.
It's also important to update your plan each time your staff change, or if you move to a new business location. Practice your emergency action plan with your staff. You may find there are things missing or steps you need to change. Jira Work Management. We are quite aware that to be highly competitive in the event planning and entertainment industry means that 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.
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 event management 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.
We are well positioned to take on the available market in the U. We have been able to critically examine the event planning and entertainment 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. Please note that the above projection might be lower and at the same time it might be higher. We are mindful of the fact that there is stiffer competition amongst event planning 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 base 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 speak for us in the market place; we want to build a standard 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 event planning company to become one of the top 20 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.
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 entertainment industry by storm which is why we have made provisions for effective publicity and advertisement of our event planning outfit.
In addition, we will also offer special discounted rates to start — ups, nonprofits, cooperatives, and small social enterprises. Here are the payment options that we will make available to our clients;. In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches. Starting an event planning business can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.
Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications. Going by the report from the market research and feasibility studies conducted, we will need over two hundred and fifty thousand , U.
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. 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.
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, 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, as well as become a household name.
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