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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
Executive Summary
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
Company Description
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
Market Analysis
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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Wedding Consultant Business Plan
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TLC Wedding Consultants
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
TLC Wedding Consultants is a full service company that provides complete consulting services for weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. TLC is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients’ wishes become our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers, musicians, etc.
1.1 Mission
TLC Wedding Consultants is a full service company that provides complete consulting services for weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. TLC is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients’ wishes become our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding or anniversary party, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers, musicians, etc.
1.2 Objectives
Whether this is our client’s first wedding, a renewal of their vows or their anniversary, we want every detail of their event to be both a pleasurable and a memorable experience. Therefore we offer a host of packages and services specifically tailored to the needs of each couple. We are confident that this business venture will be a success and we estimate that our net income will increase modestly by the second year.
1.3 Keys to Success
The keys to our success are as follows:
- Maintain a professional image at all times.
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What Needs to Be Done to Start a Wedding Decor Company
- Small Business
- Setting Up a New Business
- Starting a Company
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If you are artistic, creative, have a background in decorating and love weddings, you might find a lucrative and rewarding career as wedding decorator. An average of 2.4 million weddings take place in the United States each year, according to the National Mail Order Association. However, an eye for decor and liking for weddings isn't enough for a small business to flourish. It takes intense planning to launch a successful wedding decor start-up.
Training and Experience
A wedding is one of the most important days in most people's lives, and few are willing to hire inexperienced help. Acquire the proper training and experience to function efficiently within the wedding industry. Having a significant amount of hands-on experience adds to your credibility as a professional. If you have previous experience in decorating or event planning, you're ready. Novice wedding decorators should complete an apprenticeship with an established wedding planner or participate in decorating classes at a local community college to gain experience.
Competitor Evaluation
It's crucial that you evaluate your competition before opening a wedding decor company. You need to have a good idea of what other wedding businesses in your demographic are offering, and at what price. Review websites, pamphlets, brochures and testimonials of your competitors to establish a reasonable pricing schedule and get an idea of what types of decorating services are in demand locally. Find a way to differentiate your services and stand out among competitors.
Create a comfortable and functional workspace from which to conduct your business. The type of work facility you choose depends on the volume of business you expect to generate and the services you'll offer. Smaller wedding decor companies may operate from a home-based workspace, while larger, high-volume businesses often require a separate facility.
In either scenario, you'll need an office to receive and consult with clients, and a work area for storing and assembling wedding decorations.
Shop around to find the most cost-effective materials and supplies to create your wedding decorations. Such items generally include fresh and artificial flowers, floral supplies, ribbons, linens, party favors, balloons and streamers, as well as numerous craft-making supplies. Locate distributors of these items and build solid business relationships with wholesale dealers of wedding supplies.
Business and Marketing Planning
Business and marketing plans are the road maps to success. Create a business plan that includes detailed information about all facets of your start-up. Include all financial information regarding loans, investors and capital, estimated overhead expenses and future profit projections. Also include an outline of your operational procedures and target demographic. Write up a summary of how you plan to market your business. This might include social network advertising, fliers, TV or radio ads and word of mouth.
Licensing and Tax ID
Depending on your location and the type of workspace you choose, certain business licenses and zoning permissions may be required. Check with your state, city or county governing agencies to find out what's required in your area. Regardless of the license requirements, you must choose a legal business structure, such as a sole proprietorship, partnership or limited liability company. Also obtain an employer identification number (EIN) from the IRS to operate legally, report your income and pay your taxes. Choose a business name related to wedding decor and apply for an EIN at IRS.gov.
Before taking on your first client, be certain that all business insurance policies are active. Bonding insurance is not always necessary, but it can protect you against allegations of theft or damage to a client's property when working weddings in residential homes and rented banquet facilities. Obtain liability insurance to cover instances of breached contracts and dissatisfied customers. Personal auto insurance will not cover any damages or accidents incurred while on company time. You'll need commercial auto insurance for traveling to and from wedding sites and for the transport of flowers and decorations.
- PowerHomeBiz: Start a Wedding Plannin/Coordination Business
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- Apply for an Employer Identification Number (EIN) Online
- Weddingstar: Wedding Decorations, Wedding Supplies and Part Favors
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Michelle Renee is a professional trainer and quality assurance consultant in the career, education and customer service industries, with two decades of experience in food/beverage and event coordinating management. Renee has been published by Lumino and Career Flight as well as various food, education and business publications.
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Wedding Planner Business Plan Template
Written by Dave Lavinsky
Wedding Planning Business Plan
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their wedding planning companies.
If you’re unfamiliar with creating a wedding planning business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a wedding planning business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your wedding planning business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a wedding planning business or grow your existing wedding planning company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your wedding planning business to improve your chances of success. Your wedding planning business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Wedding Planning Businesses
With regard to funding, the main sources of funding for a wedding planning business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for wedding planning companies.
How to Write a Business Plan for a Wedding Planning Business
If you want to start a wedding planning business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your wedding planning business plan.
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of wedding planning business you are running and the status. For example, are you a startup, do you have a wedding planning business that you would like to grow, or are you operating a chain of wedding planning businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overview of the wedding planning industry.
- Discuss the type of wedding planning business you are operating.
- Detail your direct competitors. Give an overview of your target customers.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
Company Overview
In your company overview, you will detail the type of wedding planning business you are operating.
For example, you might specialize in one of the following types of wedding planning businesses:
- Traditional wedding planning : Wedding planners in this type of business utilize a wide array of skills to plan and execute the wedding rehearsal, the wedding ceremony, the reception, and the after-party. In many cases, the wedding planners will also plan and oversee the bridal shower, the bachelorette party, and the bachelor party, as well.
- Wedding ceremony planning: Wedding planners are often contracted to plan exclusive or small wedding ceremonies without receptions that follow. In this type of wedding planning business, the details of the ceremony and the rehearsal prior to it are the components that require artful design and a composed execution. Wedding planners will often oversee the entire wedding party before the wedding ceremony and direct the flow of the wedding itself, as well.
- Extreme wedding planning: With the growing popularity of unique and over-the-top weddings, extreme wedding planners are called upon to create detailed plans and highly-complex preparations for successful weddings and receptions. A bride who wants to get married in a hot air balloon, a groom who desires to get married on a professional football field, or a couple who desire to get married during an opera onstage all require the highest level of attention for a wedding planning business.
- Destination wedding planning: Wedding planners who specialize in destination weddings have become significantly more popular in recent years. Part travel agent and part wedding planner, the skills required in this type of wedding planning business are extensive. Wedding planners will often accompany the wedding party to the destination, as well as take care of all the details.
- Luxury wedding planning: Wedding planners are often called upon to demonstrate the highest level of luxury for a wedding and reception. This may mean a weekend wedding with guests at multiple events: pre-wedding cocktail parties, pre-wedding golf games, rehearsal dinners, wedding ceremonies, receptions and morning-after buffets are all part of the top-shelf luxuries offered by wedding planners in this type of wedding planning business.
- Budget-saving wedding planning: In addition to brides who want the most exclusive and expensive weddings, there are those who are more practical and resourceful in their wedding plans. Wedding planners in this type of business offer reasonable rates, artful compositions, sustainable features and memorable receptions without breaking the bank for their clients.
In addition to explaining the type of wedding planning business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of clients served, the number of destination weddings with highly-positive outcomes, reaching X number of clients served, etc.
- Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry or market analysis, you need to provide an overview of the wedding planning industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the wedding planning industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your wedding planning business plan:
- How big is the wedding planning industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential target market for your wedding planning business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your wedding planning business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: individuals, bridal couples, families of bridal couples, and friends of bridal couples.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of wedding planning business you operate. Clearly, the mother-of-the-bride would respond to different marketing promotions than young friends of the couple, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other wedding planning businesses.
Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes church wedding hosts, personal friends of the bride or groom, retail department stores that offer wedding attire.
For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But, you should be able to find out key things about them such as
- What types of weddings are their specialty?
- Which wedding locations and settings do they frequent?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide optional amenities for the reception?
- Will you offer wedding-related products that your competition doesn’t?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a wedding planning business plan, your marketing strategy should include the following:
Product : In the product section, you should reiterate the type of wedding planning company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide 3-4 pre-wedding planning sessions with your client, will you offer a full traditional wedding and reception package, or will you offer to arrange child care for babies and children during the reception?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your wedding planning company. Document where your company is situated and mention how the site will impact your success. For example, is your wedding planning business located in a busy retail shopping district, is it attached to a major event center, or is it near an exceptional wedding venue? Discuss how your site might be the ideal location for your customers.
Promotions : The final part of your wedding planning marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in local papers, radio stations and/or magazines
- Reach out to websites
- Distribute flyers
- Engage in email marketing
- Advertise on social media platforms
- Improve the SEO (search engine optimization) on your website for targeted keywords
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your wedding planning business, including answering calls, planning and providing wedding planner services, billing clients and maintaining records, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth wedding, or when you hope to reach $X in revenue. It could also be when you expect to expand your wedding planning business to a new city.
Management Team
To demonstrate your wedding planning business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing wedding planning businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a wedding planning business or successfully running an event planning business.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
Income Statement
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you meet with prospective clients three times each day, and/or offer a few, small wedding planner services as a gift to the bride? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your wedding planning business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a wedding planning business:
- Cost of furnishings, decor items and office supplies
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of contracted clients on a 6-month planning calendar.
Writing a business plan for your wedding planning business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the wedding planning industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful wedding planning business.
Wedding Planning Business Plan FAQs
What is the easiest way to complete my wedding planning business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily write your wedding planning business plan.
How Do You Start a Wedding Planning Business?
Starting a Wedding Planning business is easy with these 14 steps:
- Choose the Name for Your Wedding Planning Business
- Create Your Wedding Planning Business Plan
- Choose the Legal Structure for Your Wedding Planning Business
- Secure Startup Funding for Your Wedding Planning Business (If Needed)
- Secure a Location for Your Business
- Register Your Wedding Planning Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Wedding Planning Business
- Buy or Lease the Right Wedding Planning Business Equipment
- Develop Your Wedding Planning Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Wedding Planning Business
- Open for Business
Learn more about how to start your own wedding planning business .
Where Can I Download a Free Business Plan Template PDF?
Click here to download the pdf version of our basic business plan template.
Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.
We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.
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How to Start a Wedding Planning Business: A Step-by-Step Guide
Do you love all things romance, follow the wedding trends, and pay attention to detail?
Starting a wedding planning business could be just the thing for you.
The event and wedding planning market’s having a moment right now, and roughly 66% of millennials are willing to employ wedding planners for their special day.
Need help to get you on the right track?
Get your budding wedding planning business in full bloom with our comprehensive 9-step guide.
Zyro – the easiest way to build a website
How to start a wedding planning business in 9 steps 💒
How to start a wedding planning business is all about detailed planning, the right training, and good people skills.
You want to make sure you’re doing the right things to help your new business stand out from other successful wedding planners, right?
By not taking shortcuts you will be able to talk to your potential clients confidently and plan stunning weddings of the century.
1. Get the necessary training
For starters, if you don’t have prior experience in wedding planning, you should take the time to learn the necessary skills of a wedding planner.
There are many platforms to help you out. Search for online courses or enroll in educational programs hosted by professionals in the field. Consider joining organizations that offer certifications, e.g. the American Association of Certified Wedding Planners.
Pro tip 💁 – Look for internships to gain some experience in event coordination. Contact your local wedding planners and let them know you want to assist with upcoming events and bridal shows (those are never stress-free, so it’s likely that most wedding planners will appreciate the extra pair of hands).
Since you’ll be running an event planning business, consider learning about marketing, finance management, customer service, and other relevant topics as well.
Consider joining networking events for wedding professionals and event planners to meet with other business owners and learn from them first-hand. This might require you to travel to big nearby cities (think New York City, San Francisco, Miami, and so on), but if you plan ahead, you can save on travel costs.
2. Draft a solid business plan
Once you’re confident with your skills in the wedding planning business, it’s time to create a business plan and start building your own business from the ground up.
A business plan will help you determine your goals, target audience, and financial plans. It will also help you understand your business structure, whether you need a business license.
And if you’re looking to open a business bank account, or use a business credit card, chances are that your bank will require you to have a business plan in the first place.
But how do you start?
First and foremost, you should come up with a business name.
If you’re stuck, try using the Zyro Business Name Generator to help you out. After entering your keywords (related to terms such as a wedding, events, planner, and so on), memorable business name suggestions will be presented to you.
When you pick the right name, make sure it’s available as a domain and business name in your region. This way you’re able to build a strong brand that’s easier for your clients to remember.
Your business plan should cover your business information, services, marketing plans, and financial strategy. Use a free template if you don’t know what business accounts and aspects to include.
3. Define your wedding planning services
We get it – you want to become a successful wedding planner.
In order to differentiate yourself from the other small business owners in the market, you can offer one, a selection, or all of the following services:
- Full wedding planning. You’ll plan the entire wedding from the first consultation to the day of, including designing the concept and coordinating with the vendors.
- Partial wedding planning. Typically, the paying client will only hire you to help with their timeline and manage the wedding day.
- Wedding consultation. You’ll only give recommendations on engaged couples’ event plans.
The service fee usually gets higher as you get more involved in planning the event. This means that full wedding planning is the most expensive of all options. Be sure to include your services and pricing in your plan.
As your wedding business grows, so will your business plan and the services you offer. In the early stages, it’s better to set out realistic expectations for your small business. After all, you don’t want to be working all the hours of the day simply because you didn’t realize the workload.
Once your business has expanded, adjust your future goals and ideal clientele accordingly.
4. Take care of legal documents
Next, it’s time to become a legal entity and sort out the legal documents to run your business.
For this, consider hiring an attorney to consult on a suitable business structure . The structure you choose determines your taxes and the protection of your personal assets.
In the US, small companies like wedding and event planners are recommended to go with a limited liability company, an LLC .
This way, you’re personally not at big financial risk if your wedding planning business venture goes under for any reason.
When you’ve decided on a structure, register your business name with your state and local governments.
If you’re a US citizen, make sure to sign up for an Employer Identification Number as well. This will enable you to file taxes, open a bank account, and hire assistants for your business.
Also, remember to get business insurance in case of disasters, accidents, or any other risks.
Don’t forget to take care of your client contracts for when you get hired. Generally, the contract includes terms for services, payment, cancellation, and termination, among other things.
5. Understand your finances
On average, you can expect to make an average of $49,370 per year in the U.S. when you’re starting a wedding planning business.
But in order to get to those figures, you need to be sure you have enough cash available to cover your initial costs.
While it’s possible to get your wedding and events planning business started for less than $1,000, you might want to play it safe and have a few thousand dollars available for your startup costs.
At the very least, you will need a computer, a phone, some software licenses, business cards, and office supplies to get your event planning business up and running.
Make sure to network and build a strong, marketable brand to turn your business profitable in the long run.
6. Create your own wedding planning brand
A successful wedding planning business is based on a unique brand.
With so many wedding planners constantly appearing on the scene, having a particular niche and a brand help you to catch the engaged couples’ eye.
You could focus on working with clients who want a big wedding with hundreds of guests or cater to people who want to get married in a nature reserve.
Think about:
- Your niche. What sets you apart from the other wedding service providers and makes you the wedding planning business someone should choose?
- Your logo. A good logo is simple, easy to remember, and unique.
- The overall visual look of your wedding planning business. This includes other web design elements like the color palette and typography you will be using.
- The tone and voice of your brand. How does your business sound like when you talk to potential clients or the people visiting your website?
7. Find trusted vendors
Since you’ll be coordinating with various vendors (think florist, catering company, furniture rental, and so on) for your events, you should establish a professional relationship with these service providers, especially reputable ones.
As a new business, you might not have an existing pool of business partners to tap into.
Look for vendors at online directories like Wedding Wire . The wedding website features a review system so you know which suppliers are trusted. Contact them to set up a meeting and get to know each other’s business.
Cooperating with trusted vendors can help you along the way. If you hire the right people, your clients will acknowledge that you’re knowledgeable in your field.
Additionally, when you maintain a good relationship with these suppliers, they can recommend you to their customers if they need a wedding planner.
8. Create wedding concepts
As a novice wedding planner, you probably don’t have enough content for your portfolio. That’s OK – many wedding planners start their careers by creating mock-up wedding plans to use as marketing material.
First, research current wedding trends . Find out what the most popular themes and decorations are, and what kind of locations and venues are hot among successful wedding planners.
For example, if your business focuses on cultural weddings, look for such decorations. Gather what you’ve found and design several wedding concepts.
Next, contact vendors. Ask if they’re willing to work with you in creating the concepts. You’ll probably need a vendor for flowers, food, decoration, and lighting. Also, get a professional photographer to capture the entire setup.
To make your own mockup designs, get inspiration from Pinterest and similar sites – feel free to set them up in your own home.
Try making several mock wedding timelines for different occasions. This will help potential clients visualize their wedding day when they are deciding whether to hire you.
9. Promote your wedding planning business
To attract new customers, you should advertise your wedding planning business online.
Focus on creating a website to show off the previous weddings you’ve organized, as well as include testimonials of your services. You should also make use of word of mouth and social media platforms when you’re starting out.
How to start a wedding planning business is just as much about marketing as it is about the wedding planning itself.
Create a professional website
Since most people use search engines and Facebook pages to find services , it’s important that your business has an online presence. Make sure to add your business to platforms like Google My Business to maximize the probability of potential customers finding out about your wedding business.
A website can also provide business information to users. When you put up online ads on search engines or wedding marketplaces, link them to your small business website where visitors can learn more about your business.
Unsure how to start a business website?
The Zyro wedding website builder makes the process easy for any business owner. With its AI customizations and ready-to-use templates, you won’t need any technical knowledge to design a stunning wedding planner website.
Promote to friends and family
Another way to market your business is by telling your family and friends. And tell them to tell their friends and family, and so on.
Send them an email about your business information or promote your services during a hangout or gathering.
If some of them or their friends are getting married, offer to plan their wedding day at a discount.
Use this opportunity to build your portfolio and gather testimonials. These will come in handy later on in your wedding planner career.
Share on social media
Lastly, it’s important to create social media accounts for your planning business on platforms like Facebook and Instagram . These sites can help with marketing your services to the right people – without you needing to whip out your business credit card to pay for ad space.
For instance, Facebook’s Audience Insights provides some key information about your target market, so that you can create better advertising and content overall.
Instagram can also offer analytics about your audience to help you with your small business marketing strategy.
Why you should start your own wedding planning business
Starting your own wedding planning business can be both exciting and profitable. Today, the wedding industry is a lucrative business.
In the US, about 2.4 million weddings happen each year. Furthermore, the “wedding planner” remains the top wedding-related search term .
Regarding startup costs, starting this business is quite affordable . You can basically work from anywhere on your computer and smartphone.
If you’re passionate and multi-skilled, this job could be for you. As a wedding planner, you need to be good at customer service, event coordination, management, and design.
Risks wedding planners should be aware of
Before starting a wedding planning business, you need to know the risks of becoming a wedding planner.
Since most weddings happen during weekends, event planners do sacrifice some of their free time for work. Consider scheduling some days off during the week to minimize burnout.
Furthermore, you can’t build a loyal clientele from a wedding planning business. Your past customers might recommend you to their friends, but it’s not likely that those who have worked with you will hire you again.
As a wedding planner, you also need to market your business more during low seasons when your business bank account might look grim. Craft a strategy that encourages more people to wed in other seasons. Otherwise, you might risk losing income during idle times.
Becoming a wedding planner
The wedding industry remains a profitable business – but it takes a dedicated and multi-skilled person to become a wedding planner.
Before you start a wedding planning business, consider the time and money needed to invest in being a wedding planner and running your own business. You will have to work weekends and holidays, and market harder during the off-seasons.
Remember that as a wedding planner you will also need to have great people skills and be able to pay attention to detail, no matter how tiny they may seem. Since weddings are a once-in-a-lifetime event for many, your customers will expect to be able to have a say in everything.
If you think you can easily handle a bridezilla, and want to help create real fairytale weddings, starting a wedding planning business could be just the right career move for you.
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Matleena is a seasoned eCommerce writer, with a particular interest in emerging digital marketing trends, dropshipping, and growth hacking. She’s addicted to coming up with new eCommerce business ideas and making them a reality; she deserves her nickname of ‘print on demand business mogul.' In her free time, she enjoys cups of good coffee, tends to her balcony garden, and studies Japanese.
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Home » Business ideas » Entertainment Industry » Event Planning Business
How to Write a Wedding Planning Business Plan [Sample Template]
Are you about starting a wedding planning company? If YES, here is a complete sample wedding planning business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a wedding planning company .
We also took it further by analyzing and drafting a sample wedding planning service marketing plan template backed up by actionable guerrilla marketing ideas for wedding planning companies. So let’s proceed to the business planning section.
Why Start a Wedding Planning Business?
Wedding planning is a business that anyone with the necessary soft skills (i.e. organizing skills) can venture into. Wedding planning requires that you take off the burden of planning a wedding off the shoulders of your clients. Therefore, you would need an eye for details in addition to the eye you have got. Confused? Do not be, that was on a lighter note.
Now, the truth is that you would need to be extremely detailed. You do not want to come across your clients as one who leaves some kills important details out. If you do not possess this skill now, you may consider building it up.
Starting a wedding planning company is not too expensive except for the money required to rent and furnish an office space. The key to a successful wedding event is to ensure that all that is listed in your wedding event planning checklists is ticked. As a matter of fact, if you undergo wedding cum event planning training, you are going to be taught how to draft event planning checklists for various events and key components that must be listed in your checklists.
One good thing about wedding planning is that most often than not, weddings are done during weekends and if you are lucky not to be working during weekends, you can successfully test run a wedding planning business. The truth is that, most of the basic skills needed to effectively run a wedding planning business are some of the soft skills you are likely going to acquire in your work place.
If you are truly convinced that starting a wedding planning company is the right business for you to do, then you need to write your own business plan. Below is a sample wedding planning company business plan template that will help you successfully write yours with little or no stress;
A Sample Wedding Planning Business Plan Template
1. industry overview.
Wedding planners organize and design marriage ceremonies and receptions. A wedding planner ensures that they work with the stipulated budget of their clients and ensure that they deliver a successful wedding event as agreed. In some cases, it is the responsibility of the wedding planner to draw – up a budget for the client once they get a brief of the nature of the wedding event to be hosted.
A close study of happenings in the Wedding Planners industry in the united states shows that the industry has experienced remarkable growth and this is due to stronger economic conditions. It is normal that with increase in disposable incomes, there will be encouragement for more couples to marry, and to spend more on wedding planning or services related to their weddings.
So also, increased internet usage has made wedding planners more accessible to clients, decreasing the industry’s marketing costs and boosting profit margins. These trends will offset the impact on the industry of changing social norms that have led couples to postpone marriage longer. No doubt, as the economy continues to strengthen, the growth in the wedding planners industry is expected to accelerate.
The Wedding Planners Industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Holland, Nigeria, Switzerland, Australia and Canada et al.
Statistics has it that in the United States of America alone, there are about 39,643 registered and licensed wedding planning company scattered all across the United States responsible for employing about 41,714 and the industry rakes in a whooping sum of $1 billion annually. The industry is projected to grow at -1.9 percent annual growth within 2011 and 2016. It is important to state that there is no establishment in this industry that has a lion market share.
A recent report published by IBISWORLD shows that the Wedding Planners industry is highly fragmented and largely distributed proportionally with population in the United States. The report stated that in 2015, the Southeast held the most industry establishments of any region, at 29.7 percent of the total. New England and the Rocky Mountains are expected to hold the least, at 4.4 percent each.
The Southeast region is expected to have 29.7 percent of industry establishments. This region also includes the state with the most establishments, Florida, which has an estimated 13.7 percent of industry establishments. The report further stated that States like Florida are population destination wedding locations. Locations such as Disney World are very popular for weddings, which is why the number of establishment outpaces the proportion of population located in the region.
Lastly, one thing is certain about starting a wedding planner company, if you are able to conduct your market research and feasibility studies, you are more likely not going to struggle to secure clients because there are always individuals (bachelors and spinsters) who would want to hire your services when they are about getting married. Just ensure that the business is properly located and you have the right business network.
2. Executive Summary
Cloe Davenport Wedding Planners®, LLC is a standard and licensed professional wedding planning company that will be based in Panama City – Florida. We have been able to secure a standard and well – positioned office facility in a business district in the heart of the city.
Cloe Davenport Wedding Planners®, LLC will handle all aspect of wedding planning such as wedding coordination, wedding shower / Bachelor’s eve, manage client’s time constraints, manage client’s budget, day-of-coordination services, conceptualization and design, full coordination services, and month of direction et al. We are aware that to run a standard wedding planner company can be demanding which is why we are well trained, licensed and equipped to perform excellently well.
Cloe Davenport Wedding Planners®, LLC is a client-focused and result driven wedding planner company that provides broad-based services at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will offer a standard wedding planner services to all to our clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they contract their wedding planning to us.
Our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the Wedding Planners industry cum event planning industry.
Cloe Davenport Wedding Planners®, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position the business to become the leading brand in the professional wedding planners’ line of business in the whole of Panama City – Florida, and also to be amongst the top 20 professional wedding planner companies in the United States of America within the first 10 years of launching the business.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our market research and feasibility studies and we are enthusiastic and confident that Panama City – Florida is the right place to launch our wedding planner company before spreading to other parts of The United States.
Cloe Davenport Wedding Planners®, LLC is a private registered business that is owned by Mrs. Cloe Davenport and her immediate family members. Mrs. Cloe Davenport has well over 10 years of experience working at various capacities within the wedding planners cum Event Planners industry in the United States of America. She will work with a team of other core professionals to help build Cloe Davenport Wedding Planners®, LLC to become a top brand in the Event Planners industry.
3. Our Products and Services
Cloe Davenport Wedding Planners®, LLC is going to offer varieties of services within the scope of the Wedding Planners industry in the United States of America. Our intention of starting our wedding planner company is to favorably compete with leading players in the Wedding Planners industry both in the United States of America and in the world at large.
We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below;
- Wedding coordination
- Wedding shower / Bachelor’s eve
- Manage client’s time constraints
- Manage client’s budget
- Day-of-coordination services
- Conceptualization and design
- Full coordination services
- Month of direction
- Wedding planning consulting and advisory services
4. Our Mission and Vision Statement
- Our vision is to build a professional wedding planner company brand that will become one of the preferred choices for about to wed couples in the whole of Panama City – Florida and every other city where our services will be advertised. Our vision reflects our values: integrity, service, excellence and teamwork.
- Our mission is to provide professional and trusted wedding planners services that assist our clients in achieving their personal goals as it relates to their wedding event. We are going to position the business to become one of the leading brands in the wedding planner line of business in the whole of Panama City – Florida, and also to be amongst the top 20 professional wedding planner companies in the United States of America within the first 10 years of launching the business.
Our Business Structure
Normally we would have settled for two or three full – time staff members, but as part of our plan to build a standard professional wedding planner company in Panama City – Florida, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our organization.
The picture of the kind of professional wedding planner company we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Panama City – Florida.
We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer / Principal Partner
Wedding / Event Planning Consultant
Admin and HR Manager
- Business Developer / Marketing and Sales Executive
- Customer Care Executives
5. Job Roles and Responsibilities
Chief Executive Office / Principal Partner:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Organizes wedding and other events from start to finish
- Responsible for interviewing and hiring vendors, selecting and ordering materials, negotiating rates, coordinating the sequence of wedding events, following up with guests and vendors and producing full-scale events.
- Plans, designs and produces wedding events while managing all project delivery elements within time limits
- Liaises with clients to identify their needs and to ensure customer satisfaction
- Conduct market research, gather information and negotiate contracts prior to closing any deals
- Provides feedback and periodic reports to stakeholders
- Propose ideas to improve provided services and wedding event quality
- Organizes facilities and manages all wedding event’s details such as decor, catering, entertainment, transportation, location, invitee list, special guests, equipment, promotional material etc.
- Ensures compliance with insurance, legal, health and safety obligations
- Specify staff requirements and coordinate their activities
- Cooperate with marketing and PR to promote and publicize wedding event as requested by our client
- Proactively handle any arising issues and troubleshoot any emerging problems on the wedding event day
- Conducts pre- and post – wedding event evaluations and report on outcomes
- Research market, identify wedding event opportunities and generate interes
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily office activities.
Marketing Executive / Business Developers
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- create reports from the information concerning the financial transactions recorded by the bookkeeper
- Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the organization
Client Service Executive
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
- Handles any other duties as assigned by the line manager
6. SWOT Analysis
Going by our vision, our mission and the kind of business we want to set – up, we don’t have any other option than to follow due process. Following due process involves hiring business consultant to help us conduct SWOT analysis for our business. Cloe Davenport Wedding Planners®, LLC hired the services of a seasoned business consultant with bias in start – ups in the United States to help us conduct a thorough SWOT analysis and to guide us in formulating other business strategies that will help us grow our business and favorable compete in the Wedding Planners industry.
As a company, we look forward to maximizing our strength and opportunities and also to work around our weaknesses and threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Cloe Davenport Wedding Planners®, LLC.
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in the Wedding Planners industry.
Aside from the synergy that exist in our carefully selected team members and our strong online presence, Cloe Davenport Wedding Planners®, LLC is well positioned in a city with the right demography and we know we will attract loads of corporate and individual clients from the first day we open our doors for business.
As a new professional wedding planner company in Panama City – Florida, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated Wedding Planners industry; that is perhaps our major weakness. So also, we may not have the required money to give the business the kind of publicity that we would love to give the business.
- Opportunities:
The opportunities available in the Wedding Planners industry is massive considering the number of wedding and other events that takes places on a daily basis in the United States. As a standard and licensed professional wedding planner company, 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 a professional wedding planner company operating in the United States of America 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 these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
The Wedding Planners industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.
The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning wedding events, and of course increases in demands from wedding event sponsors.
Although operators in the Wedding Planners industry are increasingly investing in computers and software to engage members and market their organizations online, the industry remains highly labor intensive. The research further states that wedding planner companies rely much more heavily on labor than technology to conduct their operations.
As a matter of fact, social media has now become one of the most important tools wedding event planners leverage on to disseminate information about their wedding events, interact with attendees, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for wedding planners to gather all the needed data and information that will help them plan and project for the future.
In recent time, mobile event apps are becoming more popular; wedding cum event planner can now successfully market their services via social media platforms / online platforms. In the United States for example, there several vendors providing mobile apps with more wedding cum event planners patronizing the apps.
Over and above, increased internet usage has made wedding planners more accessible to clients, decreasing the industry’s marketing costs and boosting profit margins. These trends will offset the impact on the industry of changing social norms that have led couples to postpone marriage longer. No doubt, as the economy continues to strengthen, the growth in the Wedding Planners industry is expected to accelerate.
8. Our Target Market
Even though Cloe Davenport Wedding Planners®, LLC will initially serve clients within the location where our business is, but that does not in any way stop us from growing to be able to compete with the leading professional wedding planner companies in the United States.
As a standard and licensed professional wedding planner company, Cloe Davenport Wedding Planners®, LLC offers a wide range of services as it relates to wedding planning hence we are well trained and equipped to services a wide range of clientele base.
Our target market cuts across people of different class and people from all walks of life, local and international clients as well. We are coming into the industry with a business concept that will enable us work with the highly – placed people (celebrities and public figures et al) and at the same with the lowly placed people.
Below is a list of the people that we have specifically design our products and services for;
- About to wed couples
- Religious organizations
- Celebrities and public figures who are still singles and are getting set to wed
Our competitive advantage
No doubt, the Wedding Planners industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them organize their wedding events and take away the stress from them.
We are quite aware that to be highly competitive in the Wedding Planners industry means that you should be able to deliver consistent quality service, your clients should be fell less stress or no stress at all and you should be able to meet the expectations of your clients at all times.
Cloe Davenport Wedding Planners®, LLC might be a new professional wedding planner company in the Wedding Planners industry, but the management team and the owner of the business are considered gurus in the industry, professional who have what it takes to grow a business from scratch to become a top brand within the shortest time possible.
They are people who are core professionals; licensed and highly qualified, people that can successfully help their clients organize successful wedding events. These are part of what will count as a competitive advantage for us. Aside from our robust experience and expertise of our team of experts, we have a very strong online presence that will enable us attract clients from any part of the world
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups wedding planner companies in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. We will also engage freelance marketing agents on a commission level to help us market our services.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Cloe Davenport Wedding Planners®, LLC is established with the aim of maximizing profits in the Wedding Planners industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis. Cloe Davenport Wedding Planners®, LLC will generate income by offering the following services to individual clients and for corporate organizations;
10. Sales Forecast
One thing is certain, there would always be about to wed couples who would always need the services for professional wedding planners and also there would always be parties and events in the United States of America and as such the services of professional wedding planners cum event planners companies will always be needed.
We are well positioned to take on the available market in Panama City – Florida and of course throughout out the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Panama City to other cities in Florida and other states in the U.S.
We have been able to critically examine the professional wedding planner market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Panama City – Florida.
Below are the sales projections for Cloe Davenport Wedding Planners®, LLC, it is based on the location of our business and the wide range of wedding planning services that we will be offering;
- First Fiscal Year-: $150,000
- Second Fiscal Year-: $350,000
- Third Fiscal Year-: $750,000
N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales strategy
We are mindful of the fact that there are stiffer competitions amongst professional wedding planner 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 Wedding Planners 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 professional wedding planner business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow our professional wedding planner company to become one of the top 20 professional wedding planner 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 Panama City – Florida, but also in other cities in the United States of America.
Cloe Davenport Wedding Planners®, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, religious organizations, households and key stake holders in Panama City and other cities in Florida.
- Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver quality wedding planning services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
- Join local chambers of commerce and industries with the aim of networking and marketing our services
11. Publicity and Advertising Strategy
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 Wedding Planners industry by storm which is why we have made provisions for effective publicity and advertisement of our company.
Below are the platforms we intend to leverage on to promote and advertise Cloe Davenport Wedding Planners®, LLC;
- Place adverts on both print (community based newspapers and events related magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Panama City – Florida
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations and religious organizations by calling them up and informing them of Cloe Davenport Wedding Planners®, LLC and the services we offer
- List our professional wedding planning firm in local directories / yellow pages
- Advertise our professional wedding planning company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our schools’ logo et al.
12. Our Pricing Strategy
Just like in consulting business, hourly billing for wedding planning / event management / training services is also a long – time tradition in the industry. However, for some types of professional wedding planning services flat fees make more sense because they allow clients to better predict the overall service charges. As a result of this, Cloe Davenport Wedding Planners®, LLC will charge our clients both flat fee and hourly billing as long as it favors both parties.
At Cloe Davenport Wedding Planners®, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to our clients from time to time especially when they recommend clients to us.
We are aware that there are some clients that would need regular access to professional wedding planning consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
The payment policy adopted by Cloe Davenport Wedding Planners®, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Cloe Davenport Wedding Planners®, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines (POS Machines)
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for our professional wedding planning services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our professional wedding planning services.
13. Startup Expenditure (Budget)
Starting a professional wedding planner 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.
However, this is what it would cost us to start our own standard and world class professional wedding planner company in the United States of America;
- Equipping the office (computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- The budget for liability insurance, permits and license will cost – $3,500
- Business incorporating fees in the United States of America will cost – $750.
- The cost for accounting software, event planning apps, CRM software and Payroll Software – $3,000
- Other start-up expenses including stationery – $1000
- Phone and Utilities (gas, sewer, water and electric) deposits – ( $3,500 ).
- Launching an official website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a medium scale but standard professional wedding planner company in the United States of America. Please note that the salary for the payment of staff members for the first 3 months is included.
Generating Funds / Startup Capital for Cloe Davenport Wedding Planners®, LLC
Cloe Davenport Wedding Planners®, LLC is a partnership business that will be owned by Mrs. Cloe Davenport and her immediate family members. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $50,000 ( Personal savings $35,000 and soft loan from family members $15,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. 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.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Cloe Davenport Wedding Planners®, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our professional wedding planning services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Cloe Davenport Wedding Planners®, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Leasing a standard office facility in a good location plus reconstruction: In progress
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating awareness for the business in Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress
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Wedding Planning Business Plan
JAN.30, 2018
Do you want to start wedding planning business?
Do you want to start a wedding planning business ? Well, if you have a passion to plan events along with good management skills, you can certainly enter into this venture. The biggest benefit of starting this business is that it requires the least capital investment as compared to many other businesses. You can start this business in a small office with a small team and a little inventory comprising of mostly office and stationery products. Secondly, this business starts yielding a profit as soon as it is launched. Finally, this business never gets down since 2.3 million couples wed every year in the US and nearly $72 billion dollars are spent annually on these weddings. Considering these stats, it is evident that this business can prove immensely profitable provided that you plan it successfully. So, before you move on to starting this venture, you will have to prepare a comprehensive business plan which will establish the basis of your company’s future operations and decisions. If you are wondering how to write an effective business plan then here we are providing you the business plan of a wedding planning business startup named ‘Kelly Weddings’.
Executive Summary
2.1 the business.
Kelly Weddings will be a bonded, insured and licensed wedding planning business, located in the Manhattan borough of the New York City. We aim to serve the nearby residential community of the city by proving them the highest quality wedding planning services so as to make their weddings the best events of their lives. Kelly Weddings will be owned and operated by Kelly Rin who has been associated with the wedding planning industry for more than 10 years and is best known for her creative ideas, innovative décor accents and exquisite attention to details. Having a decade-long experience in this industry and tons of social connections, she is undoubtedly the most suitable person for this venture and knows how to start wedding planning business.
2.2 Management
Kelly will manage the overall operations of the company while she will be assisted by some of her friends for the startup. Initially, she will hire a small team for managing and operating the company. The team will primarily comprise of decorators, photographers, inventory managers and sales executives along with other necessary personnel.
2.3 Customers & Services
Our target market will be the residential community of the New York City. The community comprises of well-established residents who can easily spend extravagantly on their weddings. We will offer various services to our esteemed customers like menu planning, venue planning, accommodation planning, budget planning, event decorating, etc. Our customers can either avail any of our individual services or they can avail all services as a wedding package. As per the theme of weddings, customers can either choose from our set of pre-defined themes or may get a customized theme created specifically for them. Wedding planning industry is really a competitive one since there are more than 39,000 registered wedding planning businesses in the United States, as of 2017. Our two biggest competitive advantages will be offering of the individual wedding services and our unparalleled customer service. Considering these two aspects, we hope that we can excel all of our competitors.
2.4 Target of the Company
The target of the company is to become the best wedding planner business in the New York City within the next five years and to balance the initial cost of the startup with earned profits by the end of the first year.
Company Summary
3.1 company owner.
Kelly Weddings will be owned and operated by Kelly Rin. Kelly has been associated with the wedding planning industry for more than 10 years. She has been working at executive positions in various event planning companies throughout the United States for creating memorable and unique weddings. Kelly is best known for her creative ideas, innovative décor accents and exquisite attention to even the tiniest bit of details. She is capable of planning everything from a party of two to a party for thousands. Kelly is expert in planning stylish, personalized, unique and unforgettable weddings irrespective of the number of the guests.
3.2 Why the Business is being started
Kelly has been planning, organizing and executing school events since her high school days. She is extremely passionate about planning events and parties, especially weddings. That’s why she became associated with some of the biggest event organizers of the United States and has planned the weddings of many celebrities and high-profile clients. Ultimately, her clients recognized her creativity and at their urging, she decided to start a wedding consultants business.
3.3 How the Business will be started
You have to consider many aspects before you think about how to start a wedding planning business . Being associated with this industry, Kelly successfully planned everything about her business including the required personnel and inventory. The office of Kelly Weddings will be located in Manhattan borough of the New York City. A 300 square feet office, which was previously used by an IT firm, has already been procured on lease in the center of the main commercial district of Manhattan. In addition to renovation works, the company will procure office furniture including four filing cabinets, five work desks, couch and chairs for customer waiting area, and a round table with chairs for the meeting area. The financial experts have forecasted following costs for expenses, assets, investment, and loans for the start-up.
The detailed start-up requirements, start-up funding, start-up expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities as forecasted by experts, is given below:
Services for customers
At Kelly Weddings, we will make sure to create a unique, personal wedding that will be beautifully managed as well as artfully designed. Kelly Weddings will primarily be a wedding consulting company but we will also provide following services:
- Contract review & negotiation
- Venue & vendor selection/ management
- Menu & caterer selection/ management
- Accommodations & travel coordination
- Budget & timeline development/ management
- Event design including ceremony, room décor & tabletop
Customers can avail any of the abovementioned services or a complete wedding package including all of them. Our weddings will be completely customized to reflect the personality of every couple.
Marketing Analysis of wedding planning business
The most important component of an effective wedding planning business plan is its accurate marketing analysis that’s why Kelly acquired the services of marketing experts to help her through this phase. It is only after this stage that a good wedding consultant business plan could have been developed. After identifying the local market trends in the New York City, the marketing experts and analysts also helped her to select the best site for establishing the main office of the company. The success or failure of a business totally depends upon its marketing strategy which can only be developed on the basis of accurate marketing analysis. Marketing analysis is a must-do thing before you even think about how to start a wedding planner business . Therefore, it must be considered before developing a wedding planning business plan sample . There are four main steps to carry out an accurate marketing analysis which are to identify the current market trends, identify your target audience and potential customers, set out the business targets to achieve, and finally set the prices of your products and services.
5.1 Market Trends
Wedding planning industry is one of the biggest industries of the United States. Its market can be estimated by considering the fact that more than 2.3 million weddings take place each year in the United States. In other words, more than 6,200 weddings take place daily in the United States. Another important factor behind the vast market of this industry is that people don’t mind to spend extravagantly on their weddings. For instance, the citizens of the United States spend more than $72 billion each year on their weddings. Considering these figures, it is clearly evident that the wedding planning industry can be immensely profitable provided that you plan your business successfully.
5.2 Marketing Segmentation
Kelly Weddings will be a Manhattan-based wedding planning business and will target the community living in the residential zone of the city located at 10 minutes’ drive from our office. Before starting a wedding planning business it was crucial to analyze the market segmentation of the future customers of our services. A successful and efficient marketing strategy business plan can only be developed after we completely know our potential customers. The community consists of all types of people from varying backgrounds. As per the financial position, nearly half of the community has a monthly income ranging from $40k to $50k while nearly 10% people have incomes even around $100,000. Our experts have identified the following type of target audience which can become our future consumers:
The detailed marketing segmentation of our target audience is as follows:
5.2.1 Couples aged 20-35 years:
The first target group will be the couples lying in the range of 20-35 years. These couples are usually getting married for the first time and hence are even willing to go to lengths in order to make their wedding day the best day of their lives. These people often like modern party-style weddings with glamorous lights and latest music. Since most of the people get married while they are in between 20-35 years of their age, this target group will be the biggest consumer of our services and our marketing strategy will be specifically built to target them.
5.2.2 Couples aged 35-45 years:
The second target group will be the couples lying in the range of 35-45 years. These couples have a sober nature as compared to the first group and hence the themes of their wedding are more decent and classical. In addition to that, these couples are usually getting married for the second or third time of their lives hence they don’t spend extravagantly on their weddings. Considering the needs of this customer group, we have developed economy packages so as to target them.
5.2.3 Couples aged 45+ years:
The third category includes senior people with ages more than 45 years. Since the number of such weddings is negligible as compared to the previous two groups, this target group does not play any significant role in defining our marketing strategy. The detailed market analysis of our potential customers is given in the following table:
5.3 Business Target
We aim to become the best wedding planners of the New York City within next five years of our startup. Our main business targets to be achieved as milestones over the course of next three years are as follows:
- To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
- To open up a second company office by the end of three years in San Francisco, and a third office by the end of five years in Los Angeles
5.4 Product Pricing
Product and service pricing is one of the most important factors in deciding the strategy for an event planning business. Selecting the price for the services is a difficult task, especially for the startups, because one has to attract customers while yielding a profit at the same time. After considering the market demands, we have priced all our services in the similar ranges as of our competitors. The reason behind our pricing policy is to achieve the minimum attractive rate of return which would not be possible in case of offering our services at low prices. Customers can avail any of our individual services or they can avail all services as a wedding package. Currently, we are offering the following two packages:
- Economy Package: Starting from $5,000
- Luxury Package: Starting from $20,000
The exact price of our services and packages depends on the number of guests. As per the theme of weddings, customers can either choose from our set of pre-defined themes or may get a customized theme created specifically for them.
Like marketing analysis, sales strategy is also an important component of your business plan so make sure to plan it before you even think about how to start your own wedding planning business . The key to develop an effective sales strategy is to conduct a thorough competitive analysis so as to know what business aspects are missed by your competitors.
6.1 Competitive Analysis:
As of 2017, there were more than 39,000 registered wedding planners in the United States and the numbers are still on rise. Likewise, there are hundreds of established wedding planners in the New York City that’s why we have a really tough competition ahead of us. Considering the immense competition in this field, one has to provide highest quality services so as to survive in this competitive industry. Our biggest competitive advantage will be the offering of individual wedding services. As of now, all wedding planners in the New York City offer complete wedding packages but we will allow our clients to choose any of service/s they want. Secondly, we will treat every client with utmost respect and make sure that they get more than what they had expected from us.
6.2 Sales Strategy
After carrying out a detailed analysis, our experts came up with the following brilliant ideas to advertise and sell ourselves.
- We will advertise our business in relevant business magazines, newspapers, TV stations, and social media.
- We will introduce our company to corporate organizations and key stakeholders by sending introductory letters alongside our brochures.
- We will offer a 25% discount on our services for the first three months of our launch.
- We will offer a 40% discount on all of our services on client’s referral.
6.3 Sales Forecast
Considering the quality of our services and our unparalleled customer service, our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the column charts:
The detailed information about sales forecast, total unit sales, total sales is given in the following table:
6.4 Sales Monthly
Our monthly sales, as forecasted by our experts, are as follows:
6.5 Sales Yearly
Our yearly sales, as forecasted by our experts, are as follows:
Personnel plan
Kelly has been associated with event planning industry for about a decade. During her career, she developed a lot of business and personal friends, many of which will join her in this venture. She has been thinking about starting a wedding planner business for the last couple of years and now she is fully prepared and all set to enter this industry along with her team of friends. Having a decade long experience in this industry and tons of social connections, she is undoubtedly the most suitable person to know how to start wedding planning business.
7.1 Company Staff
Kelly will act as the General Manager of the company and will initially hire the following people for the startup:
- 1 Accountant to maintain financial records
- 2 Sales Executives responsible for marketing and discovering new ventures
- 4 Decorators to decorate the venues
- 2 Photographers to capture the beautiful moments of the memorable events of our customers
- 1 Inventory Manager to manage the merchandise needed for events
- 2 Drivers for moving the team between different places
- 1 Front Desk Officer to act as a receptionist
- 1 Security Officer
To ensure the best quality service, all employees will be selected through vigorous testing and will be trained for a month before starting their jobs.
7.2 Average Salary of Employees
The following table shows the forecasted data about employees and their salaries for next three years.
Financial Plan
After deciding the strategy and personnel plan of the company, the next step is to develop a financial plan which covers the cost of startup, inventory, payroll, equipment, rent, utilities and describes how these costs will be covered by the earned profits. Financial plan is also an important component of a wedding planner business plan template , so make sure to pay a lot of attention to it. The Kelly Weddings’ financial plan outlines the development of the company over the next three years and is specifically developed to achieve both the company’s short-term and long-term objectives.
8.1 Important Assumptions
The company’s financial projections are forecasted on the basis of following assumptions.
8.2 Brake-even Analysis
The following graph shows the company’s Brake-even Analysis.
The following table shows the company’s Brake-even Analysis.
8.3 Projected Profit and Loss
The following charts show the company’s expected Profit and Loss situation on the monthly and yearly basis.
8.3.1 Profit Monthly
The following graph shows the monthly profit, as forecasted by the company’s financial experts.
8.3.2 Profit Yearly
The following graph shows the yearly profit, as forecasted by the company’s financial experts.
8.3.3 Gross Margin Monthly
The following graph shows the monthly gross margin, as forecasted by the company’s financial experts.
8.3.4 Gross Margin Yearly
The following graph shows the yearly gross margin, as forecasted by the company’s financial experts.
The following table shows detailed information about profit and loss, and total cost of sales.
8.4 Projected Cash Flow
The following column diagram shows the projected cash flow.
8.5 Projected Balance Sheet
The following table shows detailed data about pro forma cash flow, subtotal cash from operations, subtotal cash received, sub-total spent on operations, subtotal cash spent. The following projected balance sheet shows data about total current assets, total long-term assets, total assets, subtotal current liabilities, total liabilities, total capital, total liabilities and capital.
8.6 Business Ratios
The following table shows data about business ratios, ratio analysis, total assets, net worth.
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Before I sold my company in October of 2019, my team and I worked with hundreds of clients all over the world, from New York City to Fiji, Vermont to Costa Rica, celebrating moments that matter in our clients' lives. I've worked with high-end clients since I started my business, producing events in excess of $1,000,000. I know what it takes to run a successful wedding industry business. I also know how hard it is to be profitable in this industry. I've experienced many of the aches, pains and challenges you're facing right now. I want you to succeed in your business. In fact, I teach wedding industry entrepreneurs because I want others to have the same level of success I've been so fortunate to have. My passion for this industry is rooted in helping business owners, like you, build a profitable business with purpose.
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Zuhura Wedding Planners Business Plan Essay
Executive summary.
Zuhura Wedding Planners is company that will be providing wedding planning services in Kenya and will be launched in year 2012. The company will position itself as a wedding planner that offers professional services that have a personal touch according to customers’ preferences and desires.
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The business management anticipates to create an awareness in the market secure strategic partnerships with ancillary service providers that will enable the to have inputs at relatively lower prices hence cut on cost while also providing professional touch to its services.
Our Mission statement will be:
To provide customers with high quality professional wedding services, by offering over-whelming hospitality to our customers and using innovation to provide unique wedding experience that make our customers’ wedding to be the most treasured memory for life.
Background and business concept
For many years Kenyan couples intending to have weddings formed committees comprising family and friends from both sides of the couple, and the committee was mandated with the task of raising funds and to run the wedding. However the economy has experienced increase in income for both the middle and upper class coupled with lack time due career commitments which has led the society to embrace the idea of professional weddings.
In addition, weddings are used as opportunities for families to show off their financial might as well as declare their social class; therefore the couples and their families have been spending large budgets to ensure that their dream weddings come to pass. Though the market has seen an increase in service providers most of them do not focus on strict professionalism and also they lack personal touch in their offerings (Covello & Hazelgren, 2005).
Therefore Zuhura wedding planners have identified a need that it can satisfy and hence have a cutting edge above the rest. The company’s target market will basically be the upper class and lower class economy which will be determined according to their financial incomes. The target was chosen due to their willingness to spend to achieve their dream weddings (Covello & Hazelgren, 2005).
The company has short term objectives which include; becoming a market leader in terms of brand strength and market share 3 years after introduction, attaining 90% customer satisfaction as a strategy for differentiation and capitalizing on referrals and word of mouth marketing. The long term objectives include launching branches in the neighboring East African countries within five years.
Market strategy
In the first year the company will focus on aggressive marketing to create awareness of its brand and unique services. At the same time the company will heavily invest in employees to have dedicated and effective professionals who will provide meticulous services in momentous wedding events hence ensure that services offered by Zuhura are clearly distinctive and surpass customer expectation.
In addition the company will offer a variety of accompanying products that as opposed to other competitors hence enhancing differentiation of its services. These products will include transport, floral décor, video and still photography, catering and securing of venue. The business will ensure that its partners offer up to standard qualities which are in line with the company’s strategy.
The business will be owned as a partnership and management also done with the three partners who will share responsibilities of running the firm as well employing other professionals to work under them.
The partners have relevant qualifications which are appropriate for that nature of business which include event organization, eco-tourism and business management. Capital to start the business will be contributed equally by partners to a total $200,000 and the remaining $50,000 will loaned from a bank and the business will repay within three years (Covello & Hazelgren, 2005).
Business Description
This business plan is for wedding planning business in Kenya which is a country in East Africa. The business will concern itself with all activities and events that are associated with a successful wedding and they include budgeting for the wedding, grooming the groom his bride and their entourage. The business will be a partnership of three, an event organizer, an eco-tourism professional and a management graduate.
Situation Analysis
Market characteristics and trends.
The Kenyan wedding market is steadily growing whereby the cost of a wedding of a middle-class or upper class is $18,750 and a research carried out in 2009 by Samantha Bridal, a wedding planning company showed that there are an average of 28,000 couples in that category who get married every year.
This therefore translates to $525 million a year. In addition, the market is experiencing rapid growth based on the number of service providers and landmark expenditures that clients are willing to spend. Though in the past weddings in Kenya used to be planned and run by committees whose membership was drawn from families and friends of both couples, most people especially the upper and middle class are currently embracing the professional touch at a fee (Jambonewspot, 2010).
Market Needs and Potential
The market needs of wedding services are largely driven by the desire to have an efficiently planned as well as a perfectly executed wedding ceremony. Most Kenyans value marriage as a sanctified institution and a very important stage in life, therefore people always work round the clock to ensure that that day is a success. In addition the current generation of couples have large access to television and internet hence most couples want to have wedding ceremonies like those they see with celebrities.
The market also has a lot of potential as both the upper and middle class members seek to outdo each other by taking the wedding as an ample opportunity to show off their financial might and clout of wealth. In fact wealthy families are willing to spend as much as over $625,000 to make a statement whereby they can treat their guests by taking them to a cruise before they are flown to some exotic location for their honeymoon (Njung’e, 2009).
Competitive analysis
Competition has been growing steadily in the Kenyan market with the entry of more wedding planning service providers and other related services whereby the last five years has seen an increase of the service providers to 150.
There are key players in this industry who include Samantha Bridal and WaridiKenya wedding planners. Some of the strengths of wedding planners in the market are that they have been in the market long enough and so are established and have secured a client base. However they have a shortcoming in that much of their services are not personalized and are also quite high.
Competition can also come from the people, who choose to run their own weddings, and their strength is that they will incorporate some personal touch that is liked by the couple and their families and friends. However their weakness is that due to lack of expertise much of time that would otherwise be committed to other things will be spent and comparatively more costs will be incurred due to lack of information on better prices.
SWOT Analysis
– strong potential of customer base
-Huge profit margin
-Strong funding
-outstanding communication systems and infrastructure
– Lack of experience in the business
– Demand that is seasonal.
Opportunities
– Gradually improving business
– Increasing income amongst middle and upper class
-Increasing competition from already established providers.
Marketing Objectives
Short term objectives.
Creating and increasing brand awareness particularly because our company will be introducing new services into the market and in order to differentiate ourselves. It will also be essential to be able to have an awareness of 50% by the following year after introduction. We also intend to have attained a market share of 30% by the same year and strive to achieve 90% customer satisfaction which will help in referrals and word of mouth marketing.
Long Term Objectives
To be the market leader within four years of launching in market share as well as strength of brand. To be able to enter into profitable partnerships within three years with major ventures offering ancillary services like car hire, hotels and jewelers.
Launch our services in at least one neighboring East African country.
Marketing Strategies
Segmentation.
The market will be divided into two basic categories based on economic status; that is upper and middle class. Particularly because we will be a flexible market provider whereby some services will be common across the segments such as providing the venue, invitation cards among others.
That means that there will be some optional offerings available to some segments according to their choice. For example, organizing for honeymoon, grooming the bride, his groom and their families and arranging for the bachelors’ party. Religion will also be a key factor in serving our customers for Muslims will receive different offerings from Christians as well as traditional weddings will also be different.
Target Market
On our introduction we will put our main operations in three cities, which are Nairobi, Mombasa and Kisumu, particularly because most of our target customers who are upper and middle class live in urban areas and mostly the cities. This group represents the category that is ready to splash out cash in order to state their status. At the same time they mainly consist of professionals who are held up in their careers and therefore have no adequate time to plan for such events.
Another reason is that services of our business partners are easily accessible in cities and also the population of these cities is dense hence a larger potential clientele base is available.
The age to be targeted will be singles who are 25 years and above because the Kenyan working class makes plans of settling down in their thirties because most of them want to first accumulate wealth to cater for the expenses of their dream wedding. Married couples of any age will also be in our target because they also do celebrate anniversaries for their marriages (Mercer, 1998).
Product Development
Weddings in Kenya are a glamorous event with picturesque wedding venues financed by grand budgets. Everyone aspires to have a momentous occasion and our wedding planners will help couples achieve that dream. Therefore Zuhura wedding planners will offer the overwhelming hospitality and any necessary support required during and before the wedding to its clientele.
We will also invest in our work force to ensure that they are efficient and dedicated professionals who will work painstakingly to ensure customer satisfaction. Innovation will be part and parcel of our routine whereby new ideas will be developed to provide exclusive wedding experience while giving priority to customer inputs and desires. Therefore the services to be provided will include:
Wedding Venue: This is important because it offers the base for an authentic theme of a wedding. Factors to be put into consideration when choosing a venue include the customer’s budget, practicability of guest reaching the venue, how secure the place is, conformation with the theme, and availability of parking space. The various choices that will be made available for selection include: the picturesque beaches of Mombasa, Game reserves such as the Maasai Mara and marriage halls.
Wedding Theme: To add flavor to a wedding, developing a theme is a way of having an illustrious event, therefore a perfect theme can be picked in line with the client’s preferences after consultation. For instance, a royal theme which will be accompanied by specific colors that gives it a unique touch will be available.
Transportation: Zuhura shall provide transport for the wedding couples, their guests which include family and friends, to the venue and all through their stay. This will include royal rides used during the grand entrance where our company will avail horses and high class vehicle like limousines.
Catering: A variety of sumptuous delicacies will be made available consisting of exotic meals blended with Kenyan and foreign cuisines. The client will be required to decide the contents of the menu and hence the caterers will take it upon themselves to provide the clients’ selection based on the budget and preference and guests served as agreed.
Cultural Programmes: Kenyan marriages of all cultures and religions are characterized with song and dance. This forms an integral part hence those without are always viewed as incomplete. Therefore with the customer’s consent we shall organize for native/folk dancers or even bands to perform.
Floral Décor, Video and Still Photography
To enhance the overall appearance and promote the wedding theme, fresh flowers shall be provided such as roses and marigold (Mercer, 1998).
Organization and Management descriptions
The ownership of the business will be in partnership of three who will also double as the management. There is an eco-tourism professional, Event organizer and a management graduate. The eco-tourism professional will deal with organizing for wedding venues, honeymoon destinations and catering services. The event organizer will be concerned with availing any materials required like flowers wedding gowns photographer and organizing for entertainment.
The management graduate will deal with all office matters like keeping financial records and ensuring the comfort of the couple and their guests. The three will have employees assigned to work under them who will help in ensuring that our key objective of providing a high level of satisfaction to 90% of our clients is attained. Two of the partners, that is the event organizer and the eco-tourism partner are natives of Kenya and hence this would help in easing the legal process of registering the business.
Financial Management
Each of the three of us will contribute a third of the budget needed to kick start the business, estimated at $250,000. However because we will collectively get $200,000 members agreed to get a loan of $50,000 from bank to top up on the amount incase it is necessary and the loan will be repaid within three years. Members will share profit equally after deducting all the expenses.
The Kenyan market has experienced rapid growth in demand which has seen increase in providers of wedding services. However from our research we found out that most of the providers offer replicated services or even unprofessional services. In addition, those offering professional services have no objective of customer satisfaction but prioritize on profit objective. In view of these facts coupled with the moneys splashed in this market, Zuhura Wedding Planners is sure of meeting their objectives and surpassing their targets.
Covello, J. A. and Hazelgren, B. J. (2005). Your first business plan: a simple question-and-answer format designed to help you write your own plan. Naperville, Illinois: Sourcebooks Inc.
Jambonewspot, (2010). Wedding planners back on growth path. Web.
Mercer, D (1998). Marketing strategy: the challenge of the external environment . London: SAGE.
Njung’e, C. (2009). Wealthy citizens sink sh40 billion into weddings . Daily Nation . Web.
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