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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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Event Venue Business Plan Template
Business Plan Outline
- Event Venue Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
Start Your Event Venue Plan Here
Event Venue Business Plan
You’ve come to the right place to create your business plan.
We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event venues.
Event Venue Business Plan Sample & Template
Below are links to each section of a sample plan that can be used as a template for your own plan:
Next Section: Executive Summary >
Event Space Business Plan FAQs
What is an event venue business plan.
A business plan is used to start and/or grow your venue. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.
You can easily complete your event venue business plan using our Event Venue Business Plan Template here .
What Are the Main Types of Event Venues?
There are many types of event venues. Some own one venue and rent it out for wedding receptions, corporate events, and other parties. Others have relationships with and rent out hotels, sports arenas, restaurants, and other venues which are desirable to their clientele.
What Are the Main Sources of Revenues and Expenses for an Event Space?
The primary source of revenue for event venues is booking fees paid by clients. Sometimes event spaces also generate revenue from catering events and providing entertainment at them.
The key expenses for event venues are the cost of leasing the venue(s) and staffing costs, particularly if they provide services during the events.
Read more about how to get funding: Seeking Funding from Angel Investors vs Venture Capitalists .
How Do You Get Funding for Your Event Venue Business Plan?
Event venues are most likely to receive funding from banks. Typically you will find a local bank and present your plan to them. Angel investors and credit card financing are other common funding sources.
What are the Steps To Start an Event Venue Business?
Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event venue business is in compliance with local laws.
3. Register Your Event Venue Business - Once you have chosen a legal structure, the next step is to register your event venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your event venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Event Venue Equipment & Supplies - In order to start your event venue business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful event venue business:
- How to Start an Event Venue Business
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Here’s How to Make an Event Venue Business Plan
- Date : March 1, 2022
- Topic : Hosting
- By : Peerspace
Source: Peerspace
Having an event venue business plan is crucial to running a successful event space. Perhaps you own a fabulous space of one kind or another, and you believe it has the potential to be a moneymaker as an event venue for short-term rentals. Or, perhaps you’ve got an ultra-cool loft with lots of sunlight that you’d like to outfit as a space for high-profile meetings. Maybe you own a distinctive gallery filled with gorgeous art, and you’d like to add a source of income by hosting photoshoots. Or, you own it’s a stunning mansion that would be perfect for wedding receptions and parties.
Either way, you probably won’t want to jump right into renting your venue. It’s wisest to begin by creating a realistic, structured roadmap for yourself. That’s why your first step should be to create an event venue business plan. And we have exactly how to do so right here. Since Peerspace is the largest online marketplace for hourly event venue rentals, we know what makes a venue stand out from the crowd. Read on to learn how to make an event venue business plan.
Then, list your venue on Peerspace , and watch your bookings grow. Plus, to simplify rentals even further, Peerspace also offers an accompanying Concierge service that can help renters coordinate catering, furniture, A/V rentals, and other essential event logistics. We’ll explain ahead how putting your venue on the Peerspace platform complements a successful business plan while helping you generate lasting income.
What is a business plan?
First, let’s establish what a business plan actually means. At its most basic, a business plan is a description of what you envision for your business. They typically look forward to the next three to five years.
You can use your business plans to:
- As a guide for yourself, the entrepreneur
- As a way to demonstrate your ideas to possible investors
- To draw in new employees
- And really, anytime you need to clearly summarize your business and its goals
The average business plan is about 15 to 20 pages long (but some are much longer for more complex ideas). In the case of an event venue, your plan will probably run on the shorter side, especially if it’s just for your own planning purposes.
Whatever the length, a business plan is typically made up of three central sections, each addressing its own category:
- Description of the business itself — what will your business be like?
- Description of the market — who will your customers be?
- Financials — this is where quantitative stuff like income, cash flow, balance sheet, etc. will go
Ahead, we’ll share how to create an event venue business plan that works for your business needs.
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How to create an effective event venue business plan
Now that you know what a business plan is, how does this apply to the particular situation of an event venue business plan? Below, we share a list of five key steps that you can adapt to your specific needs and goals. After all, if you’re writing this plan intending to attract investors, it’ll probably be different from a document just for internal purposes.
Here’s our guide to creating an event venue business plan:
1. Do some initial research
This is one of the most crucial steps to writing an event venue business plan. Before you list your event space, you need to envision how its potential uses as well as the neighborhood, your target market, etc. Overall, you should be spending lots of time understanding your product, how it fits into the larger market, and the nature of your competition.
2. Brainstorm possibilities for your space
Now that you understand your product, market, etc., it’s time to think outside the box! It’s a total cliche, but it’s helpful to remember that there really are no bad ideas in brainstorming. Just go ahead and generate an extensive list of thoughts about what the space could do. Remember, consider who might be interested in it, how to redesign or redecorate to optimize its value to renters, and more. This is so individual that we can’t really give any specific suggestions. But, we’d recommend that you start by checking out this guide to mind-blowing brainstorming techniques .
3. Define the purpose of your event venue business plan
Decide whether you’re trying to attract investors or just funding the establishment of your event venue yourself. This makes a massive difference in what kind of information you’ll need to include in the final document — for instance, targeting investors means you’ll want to be exceptionally concise while being explicit about every detail that might concern investors (especially the financial aspects).
4. Gain a general understanding of the structure of a business plan
According to the U.S. Small Business Administration , the most well-known form of “lean startup” plan is the Business Model Canvas , created by Alex Osterwalder.
This form of a business plan should include the following elements:
- Key partnerships : Other businesses you’ll work with — this might include suppliers, cleaning companies, caterers, and so forth
- Key activities : How your business will achieve a competitive advantage, such as technological strategies (this might include use of Peerspace , which we’ve highlighted below); revenue streams, distribution channels, etc.
- Key resources : Significant resources and assets like capital, staff, etc.
- Value proposition : What it is, in a nutshell, that sets your business apart and allows it to make a distinctive contribution to the market
- Customer relationships : How your business will connect and interact with customers — the “customer experience”
- Customer segments : A defined target market or set of target markets for your venue
- Channels : The most significant modes of communication to customers
- Cost structure : Whether your business is more cost driven (with the leanest possible cost structure) or value-driven (more premium offerings); includes the most important costs (e.g. what key resources and key activities will be the costliest?)
Check out this helpful visual overview of the nine key business model building blocks listed above. And, of course, as you adapt this structure to your event venue business plan, you may or may not need all these sections. Feel free to omit whatever you decide is irrelevant to your goals or add more whenever you think some aspects of your plan require greater detail.
5. Plug it all into the business plan structure
So you’ve done your research, you’ve brainstormed a list of innovative possibilities that will set your venue apart in its market niche, and you understand how your business plan needs to be structured and what it should include.
Now it’s time for the nitty-gritty: you’ve reached the point of actually creating the event venue business plan itself! Good luck! We believe in you.
The best way to list your space for rent
Once you’ve got a business plan to be proud of and your vision for your event venue feels concrete, you can move on to listing it for rent on a revenue-generating platform.
Try Peerspace to draw in as many potential customers as possible. It’s the largest online marketplace for hourly rentals and will be most people’s go-to when they’re seeking out a location for their meeting, wedding, photoshoot, or other important events. This is because Peerspace is not only easy to use, but also includes the services of the Peerspace Concierge . The Concierge helps renters enhance their rentals with handy add-ons, such as catering and equipment.
Peerspace has learned that no matter the type of event space you own, there is a teeming marketplace just waiting to discover it! And by listing it on Peerspace , you open up the possibilities of having thousands and thousands of people across the globe see it. You set the price, upload incredible photos, and list the information and rules. And the simple and precise search features work to ensure that your target renters find you !
On top of that, there is a special Peerspace Host insurance policy to give you added peace of mind.
Having your listing on Peerspace will help considerably raise its profile, giving your new business its best shot at success. All on one safe and handy platform.
How do I list my event venue on Peerspace ?
It’s fast and easy to list your space on Peerspace ! Simply follow the link, click the “List Your Space” button, and follow the simple directions. The most crucial part of adding your event venue to the Peerspace platform is the listing you’ll create. This is where your potential guests will see your venue for the first time and examine all there is to know about it.
To prepare your listing, be sure to take about a dozen high-quality photos. We recommend hiring a professional photographer to do so, but if you’re taking the photos yourself with your photo, be sure to hold your phone horizontally. Aside from the photos that highlight your venue’s stunning features, you also need to craft an honest and thorough description and list all the amenities your guests-to-be can utilize when they book your space. This is about the time we encourage you to check out several other Peerpace event venue listings and see what other hosts list and use that to your advantage.
The final step is to set your hourly price, which is also where examining similar listings will help! It’s understandable if you’re not 100% certain what your venue’s rate should be. Factor in your business needs first and foremost and then compare prices with similar spaces near you. Once you’re ready to list, you can start accepting bookings. You can also contact Peerspace every step of the way with any questions you have.
Before you know it, booking requests will start flowing in and you’ll be enjoying some sweet, sweet revenue.
List your space and reach your target audience on Peerspace
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How to Start an Event Venue Business
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
If you’ve got a knack for hosting great parties, you may be considering opening your own event space. But you’re likely weighing the pros and cons of owning your own venue. While you would have the ability to choose the types of events you host, you’d also assume responsibility for financing the business, obtaining the proper licenses and promoting your event space to build your customer base.
Before you begin
Starting an event venue business in 6 steps, how much will it all cost, marketing your event space.
Starting an event venue business requires much more than the key skills you may already have — being super organized, a problem-solver, a people person with great communication skills and a great vision, in addition to an eye for detail. It’s a good idea to ask yourself some important business-related questions before you start:
- Will I be able to weather the challenges of owning a business?
- Am I ready to accept the risks and sacrifices of starting my own business?
- Do I have (or can I develop) the business acumen necessary to start and run a business?
Owning an events business takes guts and dedication. If you’re convinced you have what it takes to start your own event space, you’ll need to prepare an action plan to guide you through the journey of turning this dream into a reality.
Do your research
Research is a critical step, as you’ll need to determine the viability and requirements of starting an event space in your desired location. The information you gather will also help you develop a business plan , a must if you’ll be seeking financing. You also need an understanding of the economics of starting your event space.
As a first step, reach out to professional trade associations, such as the National Association for Catering and Events and the Wedding International Professionals Association . These professional groups can provide data on the industry, information on becoming a certified planner, mentoring programs and the opportunity to network with other professionals that have started their own event spaces. There are other associations out there, but most are geared more toward large conventions, so they might not be best for entrepreneurs who are starting small.
Next, start finding the best location for your event space. It’s important to understand the potential of your market and your competitors. Is there enough business available to support another venue? What are your competitors offering? Will you be able to stand out from the competition? The last thing you want to do is start a business in an area that can’t support it.
Create your event venue business plan
As you do your research, develop a business plan for your event venue. Your business plan should act as a road map for your startup, and it’ll be a crucial tool to secure investments and outside financing. An event venue business plan should include:
- Executive summary
- Company overview
- Industry analysis and competitive analysis
- Customer analysis
- Operations plan
- Marketing plan
- Funding request
- Financial plan with detailed expenditures and a three- to five-year revenue forecast
After conducting your research, it’s time to put your event venue business in motion. There are a lot of steps — some creative, others administrative — but this is the first step toward achieving your goals.
1. Define your offerings.
What types of services do you want to offer? Do you want to own a wedding venue or focus on corporate events? Think about what your competitors are providing and how your offerings can set you apart.
Consider starting with a particular niche, then expand your offerings over time. Think through what’s manageable, but don’t limit things so much that your event space is unused five days a week.
2. identify your target audience?
In conjunction with defining your offerings, it’s a good idea to think about the people you’ll be serving. Make sure you design your services, location and customer experience based on who these customers will be and what they’ll need. For example, you don’t want to build a luxury events business in an area where residents are looking for middle-of-the-road prices.
3. Take care of the business legalities.
There are various legal business structures to consider that will determine your taxes, personal liability and how much paperwork you’ll need to complete. A sole proprietorship is a popular business structure because it gives the owner complete control over the business — and it’s easy to form. However, as sole proprietor, you’ll be personally liable for your company’s debts.
You could also choose to form a limited liability company if you are interested in liability protection. An LLC structure would separate you from the business, protecting your personal assets and allowing you to avoid personal responsibility for business debts.
4. Find a location.
This will probably be the most important and expensive decision you will make. Your location needs to fit with your business model. For example, if you’re focused on weddings, you might want a space where there’s ample indoor and outdoor ceremony areas and rooms where bridal parties can get ready. There are a lot of things to consider, such as:
- Buying or leasing a building
- The amount of money it will take to get the space in good condition
- The amount of square footage you need
- The type of kitchen space you need
- Adequate parking for guests
Consider all of these variables carefully — they’ll determine your initial capital expenses and your ongoing operational expenses.
5. Obtain permits and licenses.
When you register your business with your state, you’ll have to get business permits and licenses, such as permits for construction and a license to sell liquor . You’ll also have to meet laws and requirements regarding maximum capacity, noise levels and inspections to ensure the building is up to code and not a fire hazard.
6. Purchase operational assets.
Although your building will likely be your biggest expense, there are other things you’ll need to purchase or rent to be able to open the doors — these may include furniture, computers, a stage, dance floor, audio-visual equipment, podiums, dishes, glasses and silverware.
Make an exhaustive list and determine what you need to purchase and what you might want to rent or outsource to other vendors. In the beginning, it might not be feasible to buy everything, so you’ll need to find cost-effective solutions like leasing to keep what you need on hand to operate the venue.
Your costs are going to vary widely, based on your location and type of venue. Opening a venue in Chicago, for example, would be a lot more expensive than opening one in a small town a few hours outside the Windy City. As you go through the steps for creating your business, keep a running list of all the things you’re going to need so you can research costs specific to your location.
Operating expenses
There will be ongoing expenses that you’ll need to account for when you’re running your day-to-day business. These will include things such as office supplies, utilities, maintenance, cleaning services, taxes, insurance, professional fees if you need an attorney or accountant, marketing costs and, most important, your team. All of these types of expenses will make up the monthly budget that you’ll need to run the business.
Event venue business financing
Starting an event space is a capital expense, so you’ll most likely need financing to get started — and potentially for operations — for a period of time.
There are various types of small business loans you should research to determine what might work best for your situation. LendingTree is a valuable resource from which you can learn about different types of loans and what you need to apply — then compare loan offers from multiple lenders.
As you get close to opening your doors, market your business early so you can start booking events. Use your social networks to get the word out. You might also want to consider hosting an event at your new venue and inviting potential clients to see your space. You have to get creative to keep your marketing budget down while getting as many bookings as possible.
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Recommended Reading
Thinking about starting your own event venue business? Find out the pros and cons of owning an event space as well as the steps to take when starting.
How to Start an Event Venue Business
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How To Start an Event Venue Business
How to start an event venue business faqs.
- Helpful Slideshows, Videos & Images
Additional Resources in the Event Venue Industry
Starting a event venue business can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn how to open an event space successfully.
Importantly, a critical step in starting an event venue is to complete your business plan. To help you out, you should download Growthink’s Ultimate Event Venue Business Plan Template here .
Download our Ultimate Event Venue Business Plan Template here
15 Steps To Start an Event Venue Business
- Choose the Name for Your Event Venue Business
- Develop Your Event Venue Business Plan
- Choose the Legal Structure for Your Event Venue Business
- Secure Startup Funding for Your Event Venue Business (If Needed)
- Secure a Location for Your Business
- Register Your Event Venue 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 Event Venue Business
- Buy or Lease the Right Event Venue Business Equipment
- Develop Your Event Venue Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Event Venue Business
- Hire a Team
- Open for Business
1. Choose the Name for Your Event Venue Business
The first step to starting a event venue business is to choose your business’ name.
This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your event space business:
- Make sure the name is available. Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
- Keep it simple. The best names are usually ones that are easy to remember, pronounce and spell.
- Think about marketing. Come up with a name that reflects the desired brand and/or focus of your event space.
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2. Develop Your Event Venue Business Plan
One of the most important steps in starting an event venue business is to develop your business plan. The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.
Your business plan should include the following sections:
- Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your event venue business.
- Company Overview – this section tells the reader about the history of your event venue business and what type of event venue business you operate. For example, are you exclusively a wedding venue or do you host all sorts of private events? Is your space a large banquet hall or another type of event space?
- Industry Analysis – here you will document key information about the event venue industry. Conduct market research and document how big the industry is and what trends are affecting it.
- Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, are they in a particular income bracket? Where do they live? What do they look for in an event venue?
- Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
- Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
- Product : Determine and document what products/services you will offer
- Prices : Document the prices of your products/services
- Place : Where will your business be located and how will that location help you increase sales?
- Promotions : What promotional methods will you use to attract customers to your event venue business? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing. You might also attend networking events to promote your business.
- Operations Plan – here you will determine the key processes you will need to run your business operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
- Management Team – this section details the background of your company’s management team.
- Financial Plan – finally, the financial plan answers questions including the following:
- What startup costs will you incur?
- How will your event venue business make money?
- What are your projected sales and expenses for the next five years?
- Do you need to raise funding to launch your business?
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3. choose the legal structure for your event venue business.
Next you need to choose a legal structure for your event venue business and register it and your business name with the Secretary of State in each state where you operate your business.
Below are the five most common legal structures:
1) Sole Proprietorship
A sole proprietorship is a business entity in which the owner of the event venue business and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.
2) Partnerships
A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start a event venue business together. The partners share in the profits and losses of the business.
The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.
3) Limited Liability Company (LLC)
A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for an event venue business include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.
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4) c corporation.
A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a event venue business is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.
5) S Corporation
An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.
Once you register your event venue business, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.
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★★★★ ★ inc authority, ★★★★ ★ zen business, 4. secure startup funding for your event venue business (if needed).
In developing your event venue business plan, you might have determined that you need to raise funding to launch your business.
If so, the main sources of funding for an event venue business to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in an event venue business that they believe has high potential for growth.
5. Secure a Location for Your Business
A major step to starting your event venue business is to find and secure a location. Many event venues rely on beauty, historical significance, or unique features to bring in customers, which can all be challenging characteristics to find or create on a budget. Just remember that even a simple space can be made into something elegant and photo-worthy with a bit of work.
You’ll also need to find a space that is large enough to accommodate your guests and has all the necessary amenities, such as restrooms, a catering kitchen, and parking. If you’re on a tight budget, you may need to get creative with your space. For example, you could rent a large warehouse and turn it into an event venue with the help of some DIY decor.
Once you’ve found the perfect location for your business, be sure to sign a lease or purchase agreement. This will protect you from any legal issues that could arise down the road.
To find the right space, consider:
- Driving around to find the right areas while looking for “for lease” signs
- Contacting a commercial real estate agent
- Doing commercial real estate searches online
- Telling others about your needs and seeing if someone in your network has a connection that can help you find the right space
6. Register Your Event Venue Business With the IRS
Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).
Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.
Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.
7. Open a Business Bank Account
It is important to establish a bank account in your event venue business’ name. This process is fairly simple and involves the following steps:
- Identify and contact the bank you want to use
- Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
- Complete the bank’s application form and provide all relevant information
- Meet with a banker to discuss your business needs and establish a relationship with them
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8. get a business credit card.
You should get a business credit card for your event venue business to help you separate personal and business expenses.
You can either apply for a business credit card through your bank or apply for one through a credit card company.
When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.
Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.
Find the right credit card for your business today here
9. get the required business licenses and permits.
Every state, county and city has different business license and permit requirements.
Nearly all states, counties and/or cities have license requirements including:
- General Business License – You will need to apply for a general business license in the city or county where your event venue will be located. Business license applications are usually very simple, but fees vary by location.
- Occupancy Permit – An occupancy permit is also required in order to operate an event venue. This permit is issued by the local fire department and ensures that your venue meets all the fire safety guidelines.
- Beer or Liquor License – If you plan to serve alcohol at your events, you will need to apply for a liquor or beer license. The application process and fees vary by state, so you’ll need to check with your local government office to find out what’s required.
Depending on your location and the type of event venue you launch, you will have to obtain the necessary state, county and/or city licenses.
10. Get Business Insurance for Your Event Venue Business
Business insurance policies that you should consider for your event venue business include:
- General Liability Insurance – General liability insurance will protect your event venue from any third-party bodily injury or property damage claims that might arise.
- Property Insurance – This will protect your event venue from any physical damage or theft.
- Workers’ Compensation Insurance – If you have employees, you will need this insurance to protect them in case they are injured while working at your event venue.
- Business Interruption Insurance – This insurance will protect your venue from lost income if your business is forced to close due to a covered event, like a fire or severe weather.
- Liquor Liability Insurance – If you serve or sell alcohol at your event venue, you will need this insurance to protect yourself from any liability claims that might arise from someone becoming intoxicated and injuring themselves or others.
Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs.
Business Insurance is the Best Way to Protect Your Business
11. buy or lease the right event venue business equipment.
To get your event venue business off on the right foot, you’ll need to invest in some essential equipment. This includes items like chairs, tables, linens, dishware, decorative items, and audio-visual equipment.
You may be able to find some of these items used, but it’s important to also have some replacement items on hand in case of breakage or damage. You’ll also need to factor in the cost of renting items like tents, stages, and dance floors if you don’t plan on purchasing them outright. Some events may also require specialty items that you can consider leasing.
From the business side, you will need a phone, computer, printer, reliable internet connection, and basic office supplies. You might also consider looking into security systems.
12. Develop Your Event Venue Marketing Materials
Marketing materials will be required to attract and retain customers to your event venue business.
The key marketing materials you will need are as follows:
- Logo – Spend some time developing a good logo for your event venue business. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
Quickly and easily create a memorable business logo
- Website – Likewise, a professional event venue business website provides potential customers with information about the products and/or services you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
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- Social Media Accounts – Establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your new event venue business. Events like weddings get lots of local social media attention and can help generate new customers for an event space.
13. Purchase and Setup the Software Needed to Run Your Event Venue Business
There are a few different types of software that can make running an event venue business easier.
A good booking system can help you keep track of reservations and ensure that your events are properly staffed. Some popular booking systems for event venues are HoneyBook, Tripleseat, and iVvy Venue Management.
If your booking software does not include a way to accept payments, you should also look into a point of sale (POS) system like Square, or something to help you manage all your finances like Quickbooks.
Finally, a good customer relationship management (CRM) tool such as ActiveCampaign can help you stay in touch with your existing mailing list and generate new bookings. Some booking systems may also include CRM tools, so make sure to explore all their features before buying new software.
Research the software that best suits your needs, purchase it, and set it up.
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14. hire a team.
You might find yourself filling many roles as you launch a small event venue, but will likely need to build a team of event professionals to be successful in the long term. Your employees might include an event planner, catering manager, and marketing specialist. Together, these individuals will be able to help you create a successful event venue business.
When hiring employees for an event venue business, it is important to find individuals who have the necessary skills and experience. One way to do this is to post job openings online and review resumes. It is also important to interview potential employees and ask them questions about their experience and what they can bring to the business.
15. Open for Business
You are now ready to open your new event venue business. Start promoting your venue in as many places as you can and reaching out to potential clients to make bookings. You might also host a grand opening event to let prospective clients check out the new event space.
If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.
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Is It Hard To Start an Event Venue?
It is not easy to start an event venue, but it is definitely doable with the right planning and execution. Starting an event venue requires a lot of coordination, from finding the perfect location to getting all the necessary permits and licenses. However, with careful planning and execution, opening an event venue can be a very rewarding experience. Following the steps outlined above will help you get started.
How Can I Start an Event Venue Business With No Experience?
You can absolutely start an event venue business with no experience. In fact, many event venue businesses are started by first-time entrepreneurs. The key is to have a clear vision for your business and to be willing to put in the hard work to make it a reality. The most important thing you can do to get started is research the industry and your local market. You might also consider looking into online courses or training events for event venue managers.
How Much Does It Cost To Start an Event Venue Business?
Event venues and related businesses, such as catering and photography, require a significant investment.
The average startup costs for an event space range from $200,000 to $500,000.
Here are a few key costs that are associated with launching a venue:
Rent/Mortgage
This is the number one cost associated with launching a venue business.
Depending on where you get your real estate, your rent will vary quite a bit. Depending on how large of a space you need to buy or build and its location, this cost could be thousands upon thousands of dollars.
Luckily, there are many different types of commercial loans and other ways to finance this expense so it’s not impossible to get started without all the cash upfront.
Operating Expenses
These expenses are ongoing throughout the life of your business, so you need to make sure you plan accordingly to not go broke over time. You’ll have things like insurance, equipment replacement or rental (if you choose), employee wages/benefits, taxes, etc.
All these ongoing expenses add up very quickly if you’re not managing them well.
Employee Costs
You need to have the right staff members on your team to be successful. You can pick and choose who you hire for each position, but don’t forget that there’s a cost associated with every employee on your team.
Build-Out/Renovations
You’ll probably need to renovate or build out your facility to turn it into the type of space you want it to be. This is an ongoing expense, but you’ll see a large spike here during the initial buildout of the business.
Can You Start Your Own Venue Business On A Budget?
Like with most businesses, if you are investing in starting a venue business on a shoestring, it may be difficult to get things off the ground. It's not impossible if you're creative (a garage sale can be used to help raise funds), but the risk is that you won't have enough money to cover monthly expenses throughout the first year of operation.
There are several ways to obtain the funding you need to start a successful venue business. You can apply for a loan, utilize your local SBA office for guidance on writing a business plan and obtaining funding from the government.
In this tough economic climate, it's important to be creative if you want to launch a new idea or venture with very little money involved. If you have a great concept paired with a well-written business plan, your chances of obtaining a loan to help you get started are greatly increased.
How Does an Event Venue Make Money?
Venue operations vary greatly depending on the size of the event facility and its target audience.
For example, some event venues may charge a flat fee for hosting an event which allows them to focus on catering to individuals or companies that host events regularly (such as universities). Other venues may choose to work with outside caterers and allow them to take care of the day-to-day operations.
There's no foolproof way to ensure that you'll earn a profit as a venue, but it's important that you understand the needs and wants of your target market so that your business can be profitable.
Is Owning an Event Venue Profitable?
Businesses in this space can be highly profitable, but profits vary depending on several factors. Location, size of the venue, and type of events hosted are just a few of the many things that influence how much revenue the owner will bring in.
What Type of Event Venue Business Is Most Profitable?
There are many different types of event venues, and each has its own unique set of profitability factors. To maximize profits, it is important to choose a venue type that is well suited to the target market and location. Wedding venues are usually profitable when managed correctly, but the type of venue that will bring in the most profit really depends on demand in your area.
What Are the Ongoing Expenses for an Event Venue Business?
There are some costs that you will need to pay on a regular basis in order to keep your business up and running. Some of the most common ongoing expenses for an event venue business include rent, utilities, insurance, wages, and marketing.
Rent is likely going to be your biggest expense, as you will need to find a suitable location for your venue. The amount of rent you pay will depend on the size and location of your venue.
Utilities, such as electricity and water, will also need to be paid on a regular basis. The amount you pay will again depend on the size of your venue and the number of events you host.
Insurance is another important expense, as it will protect your business in case of any accidents or damages that occur on your property. You will need to get both general liability insurance and property insurance.
Paying your employees is also an ongoing expense. If you have any staff working for you, you will need to pay them a salary or hourly wage.
Finally, you will need to spend money on marketing in order to attract clients to your venue. There are many different marketing strategies you can use, such as print ads, online advertising, and word-of-mouth marketing.
How Much Do Event Venue Owners Make?
It is hard to estimate how much venue owners make because the amount of money that a venue owner can make varies depending on a few different factors.
One of the biggest factors that affect how much a venue owner can make is their location. Venues located in larger metropolitan areas will typically bring in more revenue than those located in smaller towns.
Size of Venue
The size or square footage of the venue is also a major factor. Venues that can accommodate a lot of people will generally bring in more revenue than those that are on the smaller side.
Type of Events
The type of events that a venue hosts also has a big impact on how much money the owner can make. Venues that host a wide variety of events will typically have higher revenue than those that specialize in hosting one type.
Generally, owners of professional, full-service banquet halls and meeting facilities can expect to make $45,000 to $100,000. Those that do not have banquet facilities can expect to make significantly less revenue.
What Are Some Important Questions To Ask Yourself When Starting an Event Venue Business?
Where will the venue be located.
The location of your venue is the most important factor when it comes to determining if you will make any money or not.
You can choose to open in a high-traffic, well-known area along with the great potential for growth in your local market. The other option is to find an underused space that may not have much foot traffic but offers great rates on rent might just be right for you.
The downside to this strategy is that you will need to put together marketing campaigns and advertising methods to reel people in which always costs more than renting low and selling high.
Your rent will also determine how much profit you take home so be sure to do your research before signing anything.
What Types of Events Will You Host?
Depending on the type of events you host will determine how many employees you need, what equipment is needed, and how much money you will make.
For example, if you are hosting concerts at your venue then you will want to hire security for the safety of the attendees. If it is a smaller event with fewer guests expected, then maybe just one or two security guards should be good enough.
The amount of money you will make also depends on the cost of hosting the event. If it is a business meeting, you might not charge as much in fees as if it was hosted at your venue.
How Big is Your Venue?
The size of your venue will affect your bottom line in more ways than one when it comes to hosting events.
For example, if your venue is too small you will not be able to fit many guests so, therefore, charge less for the space and attendance fees. If it is too big, then you will need more staff to accommodate every guest promptly.
How Will You Be Different?
Before opening, you need to know the things that make you different from other venues.
This can be anything from competitive pricing, customer service, or the location itself. Think about how you will attract potential clients and what happens once they walk through the front door.
Will you have a restaurant with great food? Will you have an outdoor area for patrons to mingle and enjoy themselves? Many questions need to be asked before opening your doors.
The more, the better since it will set you apart from other venues which can only help your business succeed.
What Is The Price for Your Services?
When it comes to the price you charge for your services, this all depends on what type of venue you are running.
For example, if you are hosting a wedding at your place, make sure to check out different venues in your area that will host that specific event since their prices might be better than yours.
Start by looking at different venues in your area that offer similar services. Once you have a list of potential competitors, study their pricing model and come up with something comparable.
What Is Your Budget?
The budget you have set aside is the fourth factor for opening your business.
This includes everything from advertising costs, equipment and staff salaries to rent and taxes. Without a proper budget in place, you will not succeed.
To calculate how much money you need to get started, add up all of your expenses then subtract that number from your income. This will help you fine-tune your venue and make it more profitable for the success of your business.
Before starting a venue, you need to know what type of events you want to host, how big your place is, the different types of people who will be attending your events, and so on and so forth. Knowing all the information before you even start thinking about your business is important to its success.
When it comes to figuring out what types of events, just make a list of all the possible things that can be done at your venue and narrow down the type of clients you want attending each event. Your budget also plays a huge role in starting a venue, so make sure to get the right number of customers.
Overall, just be marketable and study your competitors to find out their prices and what is successful for them to get your business
How Can I Make an Event Venue Business Successful?
There are a few keys to making a new event venue business successful.
This is a big one and takes time. You need to have some sort of business plan as far as how long things will take for each step of your own business. You need to know how much things will cost you in terms of rent, utilities, equipment, insurance – everything that your operation will require.
You also have to think about what you’re going to do differently from everyone else in this space so figure out where your target audience is and how you can fit into it with a great product or service offering. Be sure to make comparisons based on similar businesses in different markets when doing this market research.
There’s a lot of competition out there, but if you do something better than the others, people will come to your venue. Have a great idea for a venue that is different from what is currently available in the market. This can be something like a unique theme, location, or type of event that you plan to host.
You don’t necessarily need to invest a huge amount upfront. Think about how much revenue you can bring in and then think about whether that justifies the investment down the road. Be open to this growth and start small, but to grow and scale your business over time (and hire help as needed).
Determine Your Marget Market
You can create marketing materials that cater to different types of customers (like brides, corporations, festivals) but it’s not enough just to know your target audience – you need to understand their wants and needs so you can communicate these effectively in everything from sales calls to venue website copy. Find out what’s most persuasive when marketing to customers with this type of business.
How Can Venue Owners Stay Ahead Of Their Key Competitors?
One way that venue owners can maintain a competitive edge is by offering discounts for customers who are willing to book events well in advance of the date they want the event held. This idea might help venue managers compete with hotels, convention centers, and exhibition halls that offer business travelers rooms at discounted rates if they book well in advance.
Using social media accounts, such as Facebook and Twitter, also helps customers find out about upcoming bookings. Keeping customers informed is good customer service, but it also builds loyalty for those customers who have never used a venue before. Reach out to satisfied clients to obtain positive reviews for your website and social media profiles.
How Do I Advertise My Venue?
Many businesses making the transition to hosting their events don't advertise because they are unsure of the best way to go about it. There are many different options available when advertising, so use your creativity and brainstorming abilities to figure out which ones will work for you.
A few options that can be considered to find customers are hosting open houses, sending out flyers to local businesses, listing your event space on business directories and social media websites, and visiting popular spots in your area to leave fliers.
How Big Is the Event Industry?
The event industry is a massive market that does not stop growing. The market is currently about $3 billion with continued growth each year. This number includes all aspects of party and event planning including event venues, arenas, amphitheaters, clubs, bars/pubs/restaurants, etc.
What Are the Key Segments of the Event Venue Industry?
The events industry can be segmented into these categories: music concerts, festivals, sports, exhibitions & conferences, corporate events & seminars, and others.
Music Concerts
Music concert venues are the biggest segment in the industry due to their massive popularity throughout the world, especially in live music venues.
Music festivals are where people go to see a variety of different genres all at once and then party hard with other people who enjoy similar musical tastes.
Sport Venues
These events allow people to see their favorite players and teams compete against each other in a stadium or arena.
Exhibitions & Conferences
They provide a chance for companies to showcase their products and services to potential clients and customers.
Corporate Events & Seminars
These events allow companies to hold large meetings or conferences in an attempt to spread the word about their brand, products, and services.
Other Venues
Other venues include everything from restaurants and bars to nightclubs and hotels. These types of venues can be found in any major city and allow customers to do a variety of different things such as view sports games, listen to live music, or dance the night away with friends.
What External Factors Affect the Event Venue Industry?
As new event venues are created, there are new external factors that affect the industry. Taking a closer look at the external factors allows for accurate data from the industry to be produced. External factors include the following:
As with all industries, economic factors heavily affect event venues. The success or failure of an industry depends upon the state of the economy. If the economy is in a recession, then businesses are less likely to spend money on extravagant events, which means there will probably be fewer events at venues.
The population of a certain area also affects the industry. If there are very few people in a certain area, then that can limit the number of events held at a venue.
Another external factor is the number of competitors within a specific area. This directly affects prices and what kind of special events will be hosted as well as how often they are hosted. If there are fewer competitors, then this means higher demand and prices for customers.
Social media is another external factor that affects the industry. Event venues need to be aware of what their clients are saying about them on social media. There should not be any negative comments because it could cause potential customers to think negatively about the venue as well.
The last of the major external factors is the weather. Bad weather can cause people to have less of an urge to attend events at outdoor venues, which means there will probably be fewer people attending these types of events during unfavorable conditions.
Who Are the Key Competitors in the Event Venue Industry?
The key competitors in the event industry are primarily hotels, convention centers, and exhibition halls.
In the event industry, hotels serve as a primary competitor for event venues. Hotels typically offer similar services to that of an event space, such as catering and transportation.
In addition, convention centers work closely with hotels in promoting their facility through advertising and marketing opportunities. The hotel-convention center industry is a close-knit one, with many large hotel corporations also owning a convention center.
However, when it comes to developing relationships with potential clients, it is important to note that clients perceive hotels and exhibition halls to be more convenient than convention centers when planning meetings.
Convention Centers
The main competitor in this space is convention centers, which are generally larger venues that have more capacity for hosting gatherings. Convention centers are seen as a valuable marketing tool by many businesses for holding trade shows and attracting new customers.
However, there is often little incentive to hold smaller-scale events at convention centers due to their relatively high cost. Most convention centers are tied to cities or states that help pay for their upkeep. They are used not only by exhibitors but also by individuals looking for venues for wedding receptions, parties, family gatherings, etc. Convention centers also can host concerts and provide audio-visual equipment.
Exhibition Halls & Event Centers
Most of these large halls are considered “public assembly facilities” where people can gather together to listen to political or commercial speakers or watch performances. The type of event held depends on the size of the hall and its amenities. The more amenities provided in connection with an exhibition hall, the more expensive it will be to hold an event there.
What Are the Key Customer Segments in the Event Venue Market?
The key customer segments in the venue market are businesses and individual consumers.
Businesses use event venues for a variety of purposes, including meetings, conferences, trade shows, and product launches. Businesses account for the majority of event venues’ revenues. Many corporations, especially larger ones, have a dedicated meeting department that typically oversees their needs in this area.
Individuals
Individual consumers also rely on event venues. They use venues to host weddings, engagements, birthday parties, fundraisers, showers, and family events such as reunions or holiday gatherings. Individual consumers account for the second-largest source of revenue for event venues. In recent years, there has been an emphasis on attracting individual potential clients because they spend more money than businesses do per event.
Helpful Videos & Images
How to start and operate an event venue qith bonnie hawthorne (atlanta, georgia).
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- Event Manager Blog: www.eventmanagerblog.com
- Cvent: www.meetingminds.cvent.com
- Professional Assoications for Event Venue Owners: www.corporateeventnew.com/top-22-professional-associations-event-planners
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Event Venue Business Plan Template
Event venue business plan.
If you want to start a successful event venue business or expand your existing business, you need a business plan.
The following event venue business plan template gives you the key elements to include in a winning event venue business plan.
You can download our Event Venue Business Plan Template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of a sample business plan for an event space.
- Executive Summary – One of the most important sections of your event venue business plan, the Executive Summary should provide a high-level overview of the event venue business. If you are seeking funding such as a business loan, this section will also include a brief description of the financial status of your business and any use of funds.
- Company Overview – The Company Overview will provide more details about the mission, vision, and overall structure of your event venue business. This section should include your company’s history, ownership structure, and key personnel.
- Industry Analysis – In this section, you will provide an overview of the event venue industry and how your business fits into the current market. This includes a review of your competitors, pricing strategies, and customer demographics.
- Customer Analysis – In this section, you will analyze your current and prospective customer base. You’ll also include a description of the type of events that you host at your venue such as corporate events, wedding receptions, etc.
- Competitive Analysis – The Competitive Analysis will identify your competitors and discuss how you plan to position your event venue business within the marketplace. You’ll also analyze your competitor’s strengths and weaknesses to identify your competitive advantage.
- Marketing Plan – In this section, you will outline your marketing strategy and initiatives. This includes how you plan to promote your event venue business, target customers, attend networking events, and build relationships with clients.
- Operations Plan – The Operations Plan will provide a detailed overview of the day-to-day operations of your event venue business. This includes staffing, scheduling, event planning, and vendor management.
- Management Team – In this section, you will discuss the background and qualifications of your management team. This includes an overview of each member’s relevant experience.
- Financial Plan – Finally, the Financial Plan will provide a review of the key financial reports for your event venue business. This includes a profit and loss statement, a cash flow analysis, and a balance sheet.
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Event Venue Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
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Event Venue Business Plan
Are you thinking of starting a event venue We have prepared a solid event venue business plan sample that guides you on every stage of your business plan writing
If you are planning to start a new event venue business, the first thing you will need is a business plan. Use our sample Divine Space – Event Venue Business Plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new event venue business, spend as much time as you can reading through some examples of services-related business plans .
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Divine Space – Event Venue Business Plan for you to get a good idea about how perfect an event venue business plan should look like and what details you will need to include in your stunning business plan.
Event Venue Business Plan Outline
This is the standard event venue business plan outline which will cover all important sections that you should include in your business plan.
- Mission Statement
- Vision Statement
- Products Served
- Customer Focus
- Success Factors
- 3 Year profit forecast
- Business Structure
- Startup cost
- Products and Services
- Industry Analysis
- Market Trends
- Target Market
- SWOT Analysis
- Phone Prospecting
- Public Relations
- Ongoing Customer Communications
- Pre-Opening Events
- Pricing Strategy
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your event venue business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.
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Back to All Business Ideas
How to Start an Event Venue Business
Written by: Carolyn Young
Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Updated on March 2, 2023
Investment range
$50,000 - $135,000
Revenue potential
$195,000 - $325,000 p.a.
Time to build
1 – 3 months
Profit potential
$58,000 - $97,000 p.a.
Industry trend
- Decide if the Business Is Right for You
- Hone Your Idea
- Brainstorm a Business Name
- Create a Business Plan
- Register Your Business
- Register for Taxes
- Fund your Business
- Apply for Licenses/Permits
- Open a Business Bank Account
- Get Business Insurance
- Prepare to Launch
- Build Your Team
- Start Making Money!
Events are happening again, and people are anxious to get out and have fun! Event venues suffered during the pandemic, but now the events industry is poised to expand more than 35% by 2028 to reach an astounding $1.5 trillion. Event venues rake in a large part of that total, so starting your own event venue could be very lucrative. It takes an investment and hard work to get started, but you can bring in some good money.
But before you start hunting for that perfect venue, you’ll need to prepare yourself by learning some business skills. Fortunately, this step-by-step guide details everything you need to know about starting an event venue business.
Looking to form an LLC? Check out the Best LLC Formation Services .
Step 1: Decide if the Business Is Right for You
Pros and cons.
Starting an event venue has pros and cons to consider before deciding if it’s right for you.
- People Pleasing – Meet and entertain people for a living
- Good Money – Make thousands per event
- High Demand – People love to celebrate
- High Startup Costs – Space and furnishings are pricey
- Location-Dependent – Finding the right location can be a challenge
Event venue industry trends
Industry size and growth.
- Industry size and past growth – The global events industry was worth $1.14 trillion in 2019.(( https://www.alliedmarketresearch.com/events-industry-market ))
- Growth forecast – The global events industry is projected to expand by nearly 37% by 2028 to reach $1.55 trillion.
Trends and challenges
Trends in the event venue industry include:
- In the wake of the pandemic, hybrid events in which some attend in-person and some attend virtually are popular, and seem to be a trend that will continue. This means that event venues need to have up-to-date technology.
- Corporate events are becoming smaller but more frequent, which is an opportunity for event venues to get repeat business.
Challenges in the event venue industry include:
- Wedding receptions are tending toward the smaller side, which means lower revenue for those events since venues often charge per person.
- Labor shortages are making it difficult for event venues to find and retain employees.
Demand hotspots
- Most popular states – The most popular states for event planners are New York, Massachusetts, and Connecticut . (( https://www.zippia.com/event-planner-jobs/best-states/ ))
- Least popular states – The least popular states for event planners are Montana, New Mexico, and Wyoming.
What kind of people work in event venues?
- Gender – 71.2% of event planners are female, while 23.3% are male . (( https://www.zippia.com/event-planner-jobs/demographics/ ))
- Average level of education -The average event planner has a bachelor’s degree.
- Average age – The average event planner in the US is 37.6 years old.
How much does it cost to start an event venue business?
Startup costs for an event venue range from $50,000 to $135,000. The largest expense is for the down payment on the event space.
You’ll need a handful of items to successfully launch your event venue business, including:
- Tables and chairs
- Various décor items
- Tents for outdoor events
How much can you earn from an event venue business?
Prices for an event venue depend on the size of the event but average about $13,000. Your profit margin after labor and overhead should be about 30%.
In your first year or two, you might host 15 events per year, bringing in $195,000 in annual revenue. This would mean $58,000 in profit, assuming that 30% margin. As you ramp up your marketing and get repeat business, that number could grow to 25 events a year. With annual revenue of $325,000, you’d make a tidy profit of $97,000.
What barriers to entry are there?
There are a few barriers to entry for an event venue. Your biggest challenges will be:
- The cost of the venue and its preparation
- Finding an ideal location for your venue
Related Business Ideas
How to Start an Event Planning Business
How to Open a Wedding Venue
How to Start a Wedding Planning Business
Step 2: hone your idea.
Now that you know what’s involved in starting an event venue, it’s a good idea to hone your concept in preparation to enter a competitive market.
Why? Identify an opportunity
Research event venues in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing an event venue that hosts networking events or corporate cocktail receptions.
You might consider targeting a niche market by specializing in a certain aspect of your industry, such as corporate events or family reunions.
This could jumpstart your word-of-mouth marketing and attract clients right away.
What? Determine your products or services
You can host any number of types of events including:
- Networking events, such as for the local chamber of commerce
- Wedding receptions
- Corporate events
- Cocktail receptions
- Birthday parties
You could also offer your venue as a meeting space. For additional revenue, you could also provide event coordinator services.
How much should you charge for event venue rentals?
Your prices will depend on the size of the event and the scope of preparations involved. Check other event venues in your area to make sure that your prices are competitive.
Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.
Who? Identify your target market
Your target market will depend on the type of events you host. If you want to specialize in corporate events, you can find business owners on LinkedIn. If you want to specialize in wedding receptions, you should spread out your marketing to include TikTok, Instagram, and Facebook.
Where? Choose your business premises
You’ll need to find a large space to purchase for your event venue.
When choosing a commercial space, you may want to follow these rules of thumb:
- Central location accessible via public transport
- Ventilated and spacious, with good natural light
- Ready-to-use space with no major renovations or repairs needed
Step 3: Brainstorm a Business Name
Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.
Here are some ideas for brainstorming your business name:
- Short, unique, and catchy names tend to stand out
- Names that are easy to say and spell tend to do better
- Name should be relevant to your product or service offerings
- Ask around — family, friends, colleagues, social media — for suggestions
- Including keywords, such as “event venue” or “event space”, boosts SEO
- Name should allow for expansion, for ex: “Jim’s Bakery” over “Jim’s Cookies”
- Avoid location-based names that might hinder future expansion
- Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.
Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.
Find a Domain
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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.
Step 4: Create a Business Plan
Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:
- Executive Summary : Brief overview of the entire business plan; should be written after the plan is complete.
- Business Overview : Overview of the company, vision, mission, ownership, and corporate goals.
- Product and Services : Describe your offerings in detail.
- Market Analysis : Assess market trends such as variations in demand and prospects for growth, and do a SWOT analysis .
- Competitive Analysis : Analyze main competitors, assessing their strengths and weaknesses, and create a list of the advantages of your services.
- Sales and Marketing : Examine your companies’ unique selling propositions (USPs) and develop sales, marketing, and promotional strategies.
- Management Team : Overview of management team, detailing their roles and professional background, along with a corporate hierarchy.
- Operations Plan : Your company’s operational plan includes procurement, office location, key assets and equipment, and other logistical details.
- Financial Plan : Three years of financial planning, including startup costs, break-even analysis, profit and loss estimates, cash flow, and balance sheet.
- Appendix : Include any additional financial or business-related documents.
If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.
Step 5: Register Your Business
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!
Choose where to register your company
Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to event venues.
If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.
Choose your business structure
Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your event venue will shape your taxes, personal liability, and business registration requirements, so choose wisely.
Here are the main options:
- Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
- General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
- Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
- C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
- S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using Northwest Registered Agent’s online LLC formation service . They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.
Form Your LLC
Choose Your State
We recommend ZenBusiness as the Best LLC Service for 2023
Step 6: Register for Taxes
The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.
Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.
The IRS website also offers a tax-payers checklist , and taxes can be filed online.
It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.
Step 7: Fund your Business
Securing financing is your next step and there are plenty of ways to raise capital:
- Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
- SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
- Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
- Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
- Crowdfunding : Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
- Personal : Self-fund your business via your savings or the sale of property or other assets.
Bank and SBA loans are probably the best option, other than friends and family, for funding an event venue business. You might also try crowdfunding if you have an innovative concept.
Step 8: Apply for Licenses/Permits
Starting an event venue business requires obtaining a number of licenses and permits from local, state, and federal governments. For starters, you’ll need a liquor license if you’re going to serve alcohol.
Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.
You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.
You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.
This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.
If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.
Step 9: Open a Business Bank Account
Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .
Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your event venue business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.
Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.
Step 10: Get Business Insurance
Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.
Here are some types of insurance to consider:
- General liability : The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
- Business Property : Provides coverage for your equipment and supplies.
- Equipment Breakdown Insurance : Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
- Worker’s compensation : Provides compensation to employees injured on the job.
- Property : Covers your physical space, whether it is a cart, storefront, or office.
- Commercial auto : Protection for your company-owned vehicle.
- Professional liability : Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
- Business owner’s policy (BOP) : This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.
Step 11: Prepare to Launch
As opening day nears, prepare for launch by reviewing and improving some key elements of your business.
Essential software and tools
Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.
You may want to use industry-specific software, such as Curate , HoneyBook , or bloom , to manage your planning, bookings, invoicing, and payments.
- Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero .
- If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.
Some of your business will come from the casual passerby or online visitors, but you should still invest in digital marketing! Getting the word out is especially important for new businesses, as it’ll boost customer and brand awareness.
Once your website is up and running, link it to your social media accounts and vice versa. Social media is a great tool for promoting your business because you can create engaging posts that advertise your products:
- Facebook : Great platform for paid advertising, allows you to target specific demographics, like men under age 50 in the Cleveland area.
- Instagram : Same benefits as Facebook but with different target audiences.
- Website : SEO will help your website appear closer to the top in relevant search results, a crucial element for increasing sales. Make sure that you optimize calls to action on your website. Experiment with text, color, size, and position of calls to action such as “Book Now”. This can sharply increase purchases.
- Google and Yelp : For businesses that rely on local clientele, getting listed on Yelp and Google My Business can be crucial to generating awareness and customers.
Kickstart Marketing
Take advantage of your website, social media presence and real-life activities to increase awareness of your offerings and build your brand. Some suggestions include:
- Signage – Put up eye-catching signage at your venue and website
- In-Person Sales – Offer your event venue to local businesses
- Email marketing/newsletter – Send regular emails to customers and prospects. Make them personal.
- Start a blog – Start a blog and post regularly. Change up your content and share on multiple sites.
- Paid ads on social media – Choose sites that will reach your target market and do targeted ads.
- Pay–per-click marketing – Use Google AdWords to perform better in searches. Research your keywords first.
- Influencer marketing – Pay people with large social media followings to promote your event venue. You can find micro-influencers with smaller followings and lower rates.
- Testimonials – Share customer testimonials about how your event venue helped them
Develop your website
Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism. They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.
You can create your own website using services like WordPress , Wix , or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.
Focus on USPs
Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your event venue meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.
Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your event venue business could be:
- Host your corporate events in a luxury space
- The perfect space for your networking events
- Event planning and hosting in a unique, rustic setting
You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running an event venue, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in event venues for years and can offer invaluable insight and industry connections.
The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in event venues. You’ll probably generate new customers or find companies with which you could establish a partnership.
Step 12: Build Your Team
If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for an event venue business include:
- Event Workers – coordinate, set up events
- Cleaners – clean up after events
- General Manager – scheduling, accounting
- Marketing Lead – SEO strategies, social media
At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.
Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.
Step 13: Start Making Money!
Who isn’t ready to get back out there and enjoy some good times again? Events of all types are coming back strong, which is why the events industry is booming. With your own event venue, you can help people get back to having fun. It will take an investment to get started, but clearly, you can bring in good money and make a nice living.
You’ve honed your business skills, so now you’re ready to go find that perfect space and get your event venue started!
Event Venue Business FAQs
An event venue can be very profitable, bringing in thousands per event. The key is to find a great location and make it comfortable and inviting for attendees.
You should check similar event venues in your area to see what they charge. Prices will depend on the size of the event and the extent of the event preparations.
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How to Write an Event Business Plan: A Complete Guide
Events need to prove their worth to get funding. Without an event business plan, your idea may not find support. An event business plan helps you focus on the purpose and goals of the event. In your plan, illustrate your event’s financial potential and plan the resources and operating structure you’ll need to deliver. Whether you’re brand new or an established event planner, think of your business plan as the strategic vision for where your event can be three to five years from now.
Table of contents
Why do i need an event business plan, executive summary, section 1: background and history.
Section 3: Development plan
Section 4: Event requirements
Section 5: Marketing and communications plan
Section 6: Financial plan and considerations
Section 7: Appendices
If you’re hoping for long-term financial returns on your event planning, you’ll need a reliable event business plan. Even if you’re used to winging most of your event planning, having your strategic vision down on paper will save you time and resources, and minimize stress in the long run. Here’s how:
- It’ll help you keep track of your budget, so you don’t have to worry about overspending.
- It doubles as a calendar for key dates and deadlines, such as venue selection, invitation mailing windows, etc.
- The plan is a handy checklist — it’s easy to track what’s already been taken care of and what still belongs on your to-do list.
- You’ll have a reliable way to track metrics for what actions are being taken to meet your event goals.
- It’s a one-stop shop for all your logistical needs.
Read on to discover what to include in your event business plan and how to structure it.
Your front cover should detail your event name, the document’s title (for example, [Event Name] Business Plan 2022-2024), the date created, and your contact details. If you already have a logo, include that as well.
Your table of contents should be a way for someone to understand your business plan quickly. Use numbers and titles to clarify the main sections and include subheads within those sections.
The executive summary should contain a comprehensive overview of the event. It’s essentially an elevator pitch you’ve had time to edit to perfection. It introduces you and your event and lets your reader know why they should care enough about your event to read the rest of the document.
Your summary should be at least one page long but no longer than 10% of the total length of the plan. Although it’s at the beginning of the plan, edit it after writing the rest of your content to ensure it accurately summarizes your whole strategy.
Your executive summary should contain the following:
- Basic information: What the event is; when and where it will take place
- Your mission: The event’s purpose; how will it benefit the stakeholders
- Your background: Information about you (the event creator) and anyone else involved
- Budget: An estimated event income and expenditure
- Business plan reviews: Time set aside to monitor progress
This section allows you to showcase who you are and how you’re different. Share your background, history, and past success.
- Who you are: Provide background information about you and the team
- behind the event. Add details about relevant experience. What events have you worked on in the past? What’s your track record?
- Event history: If it’s the first year of your event, detail where the idea for the event came from and any historic information about the event category and audience. For existing events, detail when your event was launched, why it was founded, where it’s been held, who it attracts, and how it has developed.
Remember to include any milestones that would impress readers.
Section 2: Development plan
Your development plan is the place for you to think big. Identify your long-term vision. Then, showcase your strengths and clarify how you’ll overcome your weaknesses.
- Vision: Describe the long-term vision for the event and any specific goals — for example, to launch internationally or franchise your event series.
- Strategic development: Outline your plan
- for the event three to five years from now. How will you achieve key objectives? What’s the timeline, and who’s responsible for driving strategy and implementation?
- SWOT (strengths, weaknesses, opportunities, and threats) analysis: Identify strengths and weaknesses of your event, as well as opportunities and threats it faces.
- Risk factors: Provide an initial risk assessment covering key areas such as program, finances, operations, reputation, legal, audience, and health and safety. Show how you’ll manage and mitigate these risks.
Section 3: Event requirements
Once you know your vision, lay out the details. Determine what’s needed for putting on this type of event in terms of venue, services, and permits.
- Facilities: List the facilities required for the event — venue
- , accommodation, catering, and technical support.
- Services: List the services required — staffing, traffic management, health and safety, security, and medical support.
- Production: Detail the production equipment required — power, fencing, staging, sound, and lighting.
- Legal and insurance: Detail the necessary insurance and licenses required to cover all aspects of the event.
- Technology: List the technology you’ll need to make your event successful — think audio/visual needs and ticket scanners.
Section 4: Marketing and communications plan
Your marketing and communications plan will be your roadmap for getting the word out about your event. At this point, your business plan is getting long — but don’t quit now. It doesn’t matter how compelling the rest of your plan is if this portion of your event business plan isn’t built out. No one will attend an incredible event if they don’t know it’s happening!
- Positioning : What’s the message you want to relay to your audience? This is what makes your brand different. What do you want future attendees to think of when they hear about your event?
- Product : Detail what the event offers attendees.
- Price : Explain your pricing strategy
- and different ticket options.
- Convenience: Explain how you use technology to drive attendance.
- Promotion : Detail the promotional tactics
- you’ll use to reach your audience — social media, paid advertising, direct mail, print media, or influencers.
- Budget plan : Provide a breakdown of your event marketing budget. Not sure where to start? Check out this event budget guide
Section 5: Financial plan and considerations
No event business plan is complete without an analysis of financials. Explain the expected value of your event — your revenue streams and losses.
- Income and expenditure projections : Demonstrate that your event is financially viable and achievable. How will the event be paid for? Identify income streams such as ticket and exhibition space sales, funding, grants, and sponsorship. Present detailed event budgets and cash flow projections for the period of the plan. Use this event budget template
- to help with calculations.
- Economic impact estimation: If your event is large, what benefit will it have for the local area? For example, you might attract out-of-town attendees that benefit hotels, restaurants, and other businesses. If it’s a smaller pop-up, how will you partner with other local businesses? Show that your pop-up is an economic investment in the community.
Section 6: Appendices
Include any additional materials such as third-party reports, research documents, codes of practice/policies, and site/venue maps. Not sure if you should include something in the appendix? Include the material if you think it would help answer a reader’s question.
Turn your plan into reality
Writing a comprehensive event business plan is the best way to validate your event and focus your team and other stakeholders on your goals. Once everyone has signed off on your event business plan, stay on track to make your goals a reality with this event planning Gantt chart .
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about the author
Andrea Tang
Andrea Tang has built a diverse portfolio of content, covering a range of topics that include international affairs, business, and sports. She loves storytelling in all forms, and regularly collects new hobbies - such as martial arts, aerial circus, and theater, to name just a few - in the guise of “research”.
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