event management business plan

EVENT MANAGEMENT BUSINESS PLAN

Write a Summary

Write a description for your event planning idea. This should be the overview of your firm and should include all the aspects from crop to cup.

Explain the key features of your businessWrite about the overview of the market you are going to coverHave a study about the market players dominating in the event industryLearn about the marketing strategies you are going to implement You must have a clear idea about the funds you need to seek from your investors(ongoing research and development, working capital, market expenses etc.)Your mission and vision should be clearYou should focus on the core values and that should be exceptionally better than the rests.

Your Business OfferingsEvent management is a vast industry; special events occur for the following purposes:

Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries)

Education (conferences, meetings, graduations)

Promotions (product launches, political rallies, fashion shows)

Commemorations (memorials, civic events)

You must have a clear idea what you will offer. Either you can choose an individual purpose or you can serve for all.

Market AnalysisWhen it comes to analyzing the market for a business like event management you need to consider every possible aspect. Market analyses is not an easy task, it has been bifurcated into three- Market Overview- It is where you need to understand the event industry and must be aware of all its pros and cons.Target Market- Here you need to understand where you are starting your business and what is the scope there.Market Opportunities- You require to have an idea about where and how you are going to stand in the near future.

Competitive AnalysisYou must be aware of all your competitors and their key aspects. You must even have a detailed analysis of the products and services they cater.

You should employ powerful and innovative services like no one else. There must be some unique services offered by you.

For example: You may have a provision of renting clothes for a theme party.

Marketing PlansThere is an enormous growth in the event management industry in the past decade. Hence, there are a lot of competitors prevailing here.

In order to stand among these dominating competitors you must follow tenacious marketing strategies.

You must outline your pricing strategies, what services will you offer, what would be price per service and what benefits you will if one cater your service.

Some of the prominent examples are-Augment on-line and social media marketing with off-line marketing.Connect with hotels, resorts, event venues, and catering firms to identify special packages to market to clients.Contact relatives, friends and former colleagues and remind them that referrals are welcome.Advertising and Promotion- Several forms of advertising and promotion will be used including a website, partnerships/ networking with the Chambers of Commerce, and participation at various tradeshows.

SWOT Analysis

Strength Team of expertise

members Exceptional customer

service

Mention the strengths of your firm

WeaknessLow budgetLess experience

Mention your weakness so that you can overcome them in the future

OpportunitiesHigh potential marketCustomers with growing trends

Give the external opportunities for the event management business

ThreatsExisting dominating competitorsNew entrants with low pricing strategyProvide the external threats of the event management business of yours.

Expansion PlanGive the details about the expansion of your Event Management business which should include the following details-

At what location you will expand your business in the near future?Who would be your competitors in the target market?What new services will you implement in the near future?

Financial ProjectionMake the financial projection of your event management business highlighting the goals for sales and profits.

All the costs such as rent supplies, utilities expenses, travelling charges, employee salaries and other overheads, must be considered.

Project your revenue, profits and losses, breakeven analysis etc must be calculated for at least five years to step on a safer path.

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