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EVENTS PLANNING BUSINESS

1. BUSINESS OVERVIEW
My Business (Value) Proposition

The business will be an Events Planning and it will be abbreviated as EP. The business will rely on online platforms to transact its
business hence ease the burden of clients traveling to the organization's physical offices. Clients will be able to contact the business
using platforms like their mobile application and website and give exact details on how they would wish their events to be held. The
events to be planned will be weddings, holiday vacations for families and children parties.
I settled on the idea after being disappointed to form a service I had earlier received. I had to make several trips to the business
premises that was offering the service and where the events were to be hosted to be sure of what was available before coming to an
agreement. After all these hustles, the business did not work within their stipulated to ascertain that they delivered the event they
had promised. I was forced to supplement the budget for the event to be a success. EP will ensure that customers are served to their
satisfaction and everything planned will be accommodated within the set budget. Customers can be served from any place within
the city hence reducing the several unnecessary trips made to the business. From the businesses websites and applications, various
samples of previous events that were planned by EP can be accessed which will make it easier for customers to choose one that will
best suit them. With such in place, the cost of planning events will be customer friendly and no supplementary budget will be
required. In case of any budget deficits, EP will be accountable for coming up an unrealistic budget.

Need for an Events Planner for Weddings, Children Parties, and Families Holidays Vacations
Events planning business has not yet been saturated despite its initial capital being considerable low. With hardworking and
creativity, one can be able to create a steady market. The industry is still expanding with the introduction of new social platforms.
Children parties, weddings and family’s holiday’s events usually require special attention for instance security should be assured.
Because of that, one should be sure of the location where such events should be hosted because clients like children are vulnerable.
The location should be secured and no possible cause of injury should be eliminated.
EVENTS PLANNING BUSINESS PLAN 2

The current trends in the business have been caused by the advent of new social platforms and advanced technological tools. Social
media is now playing a vital role where businesses are now sharing their information concerning events, interact with clients, solicit
for feedback and also create engagement with potential clients. Technology has also been key in collecting information. An
example is that mobile phones can be used to collect data of events like weddings making it simpler to plan current and future
events (El Kadiri et al, 2016, p.19). Conversely, because of events applications, all events venues should have internet connection
since clients will hardly rent venues without internet connections like Wi-Fi.
Before commencing the idea of implementing this business idea, I carried out focused research using sample testing and
interviewing clients. Sample testing was achieved with the application and website piloting programme where clients made requests
through it. Also,
interviews were carried out to help obtain the customer's feedback on how they anticipated being served.
EVENTS PLANNING BUSINESS PLAN 2

MARKETING

1. WHO WILL BE THE BUSINESS CUSTOMERS AND HOW THEY WILL BE REACHED
Customers profile Reasons why How the How potential How the outlined Estimated costs
the groups are customer's customers will be intentions will be
targeted attention will be convinced to achieved.
obtained purchase from EP

1. Potential People within Past events I will clearly Publicity events will ££ 400 will be incurred
couples and wedding the ages covered will be present what EP be carried out in the since the process will
couples. This is the between 20-30 used to convince can be capable of city where the run for six months.
main clients of EP. years are clients. providing. This can business will be
Most of them will be mostly in Conversely, be done by located to help create
between the age relationships different events showcasing both awareness to clients.
bracket of 0 to 30 and maybe hosting locations functional and Radio, television and
years old and without planning to photos that EP will visual features. the internet will be
kids. This means that conduct be in collaboration Also, the exact used to reach people
EVENTS PLANNING BUSINESS PLAN 2

they will have fewer marriages. This will be used. The price of offering who do not resid in
responsibilities in will be publication will be the service will be the city. For resident’s
taking care of potential placed on social and the payment f the city, the publicity
families. Their customers since platforms like options accepted. events will be carried
income is that of the business is Instagram and Lastly, all clients’ out in public grounds
middle-income tailored Facebook and questions will be and entertainment
earners since they towards other print media answered to help places. Invitations will
may have been providing publication like eliminate any be produced and early
recently employed. planning for newspapers. doubts. bookings made to
2. Families. This is wedding avoid any
the second-ranked events. inconveniences.
category of Services they
customers. Most of may require
them are middle- include
income earners while transport
a small percentage of services, places
approximately 20 of hosting
percent are very rich. events,
Most families usually decorations and
have an average of 2 catering
to 3 kids. services.
3. Children. They
usually depend on Families will
their parents, schools also be targeted
or other sponsors to since most of
finance their them usually
activities. goes on
vacations
together
especially
during holidays
and summer
season. During
EVENTS PLANNING BUSINESS PLAN 2

such occasions,
the families
may
enquireservices
like organizing
for transport,
accommodation
and touring
sites.

Conversely
children are
potential
customers who
engage
themselves in
various like
sports, birthday
celebrations
and new born
parties which
requires
planning.
EVENTS PLANNING BUSINESS PLAN 2

2. HOW TO BEAT EP COMPETITORS


Competitors What will EP Reasons why Reasons why Specific activities to Approximated costs
profile compete with customers customers would be carried out
competitors purchase from shift to EP
them
1. Best EP will work on the Customers lack EP will solve the The business should ££1300
planners. It’s quality, convenience, alternative service customer’s pain adopt a customer's
involved in and efficiency of providers hence points. This centric culture. This
planning offering services. forcing rely on the includes offering will the business to be
companies Customers will be available the right quality, well informed on
events example able to be served businesses. standard pricing client expectations
from any place. and having and also analyze the
is meetings. It
Consequently EP ill efficient budgeting business. Conversely,
has not compete on the techniques. The the business should
specialized in pricing. Its set price business will sell also adopt new
planning certain for services will be services to clients innovations for it to be
events. Most of standard and will that fulfill their successful.
its customers have a competitive needs. This will be
have been advantage. Lastly, different from other
complaining customer services similar businesses
about the costs will be efficient that are selling
of offering hence making royal what they want.
services. customers to refer
2. Ajax new clients.
planes.
Specializes in
planning a
wedding. It has
faced
complains of
not delivering
services exactly
EVENTS PLANNING BUSINESS PLAN 2

the same way it


promises and
also asks for
supplementary
budgets on
most occasions.
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OPERATIONS

1. HOW EP WILL CARRY OUT ITS DAY TO DAY ACTIVITIES


EP will offer both services and products to its clients. The services will include offering planning guidance for instance where to
hold events, transport services, accommodation, and catering. The business will an office which will host all its assets. Services will
be provided from the online platform, office premises or clients chosen the location as long the clients will be satisfied with the
chosen venue. EP will be tasked for finding the best venue for hosting the events before any other plans commence. This will be
essential in estimating the budget requirements. If clients may wish the EP to cover the entire planning i.e. conduct an entire event,
the business will then contract other business for instance for weddings, other firms will be subcontracted by EP which will include
businesses offering catering services, photography services, transport services, and decoration services.
Also, various suppliers will be required to supply the business with various office stationery materials and also help in maintaining
the businesses online platform. After main events, EP will do a follow to ascertain that clients after party products are delivered for
instance photos, photos portraits, and videos. The delivery of such products will be done by EPs transport department that will
involve external carrier services.
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COST DETAILS ESTIMATED COSTS


Consultations and planning for each event
Services and products will be delivered to clients depending on their preferences. will cost ££150 while transport services
Certain services will be delivered online, others at the office's premises. Products will will averagely cost ££2 per mileage
be delivered at events venues and at customer’s premises. (transport cost may vary depending on the
mode of transport adopted for instance
road or air). Also, catering will be provided
at ££4 per person.
Quality
EP will have a quality assurance department whose role will be to carry out research ££ 42 per month
concerning the quality of goods and services by other business that EP will be
thinking of subcontracting. Also, before delivering any products to customers, they
will be counter checked if they are of the right standards.
Averagely ££ 90 per month
Payment processing
Inclusive payment options will be used since various customers will prefer different
payment methods. The following options will be accepted, payment via bank
transfers, cash payment, cheque payment, online bank transfers and payment using
bank drafts.

2. STAKEHOLDERS
List of the stakeholders Problems that may arise and their Associated costs
possible solution (s)
1. Chief executive officer (self) Failure to implement the business May make EP not to expand, fail to
mission, vision, and overall objectives implement new technology hence find it
difficult to be competitive in the market.
2.Events planning consultant Failure of Planning, designing and May make events to be delayed and
producing events while ascertaining compromise the quality of services offered.
that events preparations deadlines are
EVENTS PLANNING BUSINESS PLAN 2

met. Also, he/she fails to subcontract


other firms.
3.Marketing executive Failure of identifying, prioritizing and May reduce the business's customer base
reaching out for new business and income
opportunities and partners.
4.Front desk officer Failure to welcome clients well and May impact customers satisfaction
respond to inquiries negatively

3. PRICING
Products or Services – list Cost for services and Reason for setting the price at Comparison of this price to
products in ££ this rate that of the competitors
1.Consultation and planning 150 Includes budgeting The price is the same as that of
for each event approximations of the entire competitors but they do not
event provide budget approximations
of the event.
2.Average road transport per 2 Private vehicles will be used Its lower by ££ 0.5
mileage
3. Catering services for a 4 Standard buffet meal Competitors charges ££ 1 more
single individual

4. SALES – QUANTITY
Product/Service Predicted Timeframe
sales in ££ (months) The estimates are based on
1. Consultation and planning 17,850 6 the current market trend and
for events an assumption that no major
2. Transport 16,200 6 economic meltdown will be
experienced and natural
3.Catering 37700 6 calamities within the six
months. With the current
market, that no business is
EVENTS PLANNING BUSINESS PLAN 2

offering the same services as


EP, then the projected
income may be achieved. EP
service delivery will
occasionally be on seasonal
basis especially on weekends
and during holidays hence
projecting the income after
six months will bear a clear
picture of the business's
income.
EVENTS PLANNING BUSINESS PLAN 2

INSURANCE MATTERS/LEGAL/ REGULATORY

The following are the legal obligations that EP should meet before being allowed to legally carry outs its operations:

Needs Associated
costs?
A business permit issued by the local authorities will be a requirement ££165 per year
before commencing the business.
Permits for zoning, health safety, and fire safety will be required since ££ 220 per year
EP will be having office premises
When carrying out business activities, uncertainties usually occurs which ££ 450 per year
includes injury to staff and fire calamities. To help reduce the impact of
this uncertainties, the employees and the entire business should be
insured. The insurance policies to be used in this case includes property
insurance, workers compensation, health insurance, and excessive
causality insurance.

Other legal regulations include trademark regulations ££ 12 per year


EVENTS PLANNING BUSINESS PLAN 2

FINANCIAL SUMMARY

The financial summary will be analyzed for a duration of six months and it will be categorized in three parts i.e. operational costs,
projected turnover, and set-up expenses.
1. SET-UP – ACTIVITIES MONTHLY EXPENSES TOTAL
COSTS
OVER 6
MONTHS IN
££
1 2 3 4 5 6
1. Stationery 210 0 0 0 0 75 285
2. Consultants 100 50 0 0 0 0 150
3.Softwares and website 1000 150 0 100 0 0 1250
4. Computers 300 0 150 0 0 160 610
5.Communications platform 250 0 0 0 0 0 250
TOTAL SET UP COST 2545

2. OPERATIONAL 1 2 3 4 5 TOTAL6
ACTIVITIES COSTS
OVER 6
MONTHS
1.Rent 160 160 160 160 160 160 960
2.Transport 165 100 200 145 187 321 1118
3.Insurance 847 0 0 0 0 0 847
4.Quality 142 42 42 42 42 42 310
5.Salaries 4000 4000 4000 4000 4000 4000 24000
6.Advertisement 120 120 120 120 120 120 720
7.Suppliers 500 645 345 480 510 567 3047
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8.Miscellaneous 180 180 205 225 265 135 1190


TOTAL FOR OPERATIONAL COSTS 32,192
GRAND TOTAL SET-UP + OPERATIONAL OVER 6 MONTHS 34,737

3. PROJECTED 1 2 3 4 5 6
TOTAL
TURNOVER – LIST TURNOVER
ACTIVITIES BELOW OVER 6
MONTHS
1. Consultation and planning 2800 2350 3100 3400 2500 3700 17,850
for events
2Transport 2800 2300 2800 3000 2000 3300 16,200
3.Catering 6000 6200 6400 6600 5500 7000 37700
TOTAL PROJECTED TURNOVER 71,750
GRAND TOTAL: PROJECTED TURNOVER - (OPERATIONAL +SET- 37,013
UP) =
Beginning events planning business is a little bit cheap since at the start no expensive
equipment’s and machines are required. The financial projections of EP relied on the
average expenses used by every household for events for every month. The amount was
subdivided between firms offering the service including EP. But EP was given the lowest
percentage since it was still new in the market hence it may face uncertainties.