Wedding Company Strategy - Business Plan Example

Running Head: Business Plan s and In the 1980s, a wedding coordinator handled mostly the "booking" of professionals-- venues, caterers, florists, musicians, etc. Over the years, it seems that many of the most successful "consultants" have included other services or duties to their repertoire. Style, coordination and etiquette advice, custom decorating, and wedding day assistance are among the most common. Combining consulting with another wedding-related business, like floral arranging, retail sales (wedding dress, accessories, invitations, etc.), photography or catering makes your involvement more intense and diverse. Introduction to the market The need for professional wedding consultants has grown exponentially. One Primary reason for investing so much money on lavish weddings, is due to the presence of six wage earners putting money in the event. These include the bridal couple, the bride’s parents and the groom’s parents. Wedding planners have to have a very keen sense for fashion. They should be well aware of the color, the music, and the flower decorations. Having some religious knowledge and know how about cultural traditions would be the icing on the cake. (McKeever Wedding planners are not just restricted to planning weddings but can also use their expertise in planning anniversaries, engagement parties, graduation and various other functions. This leaves them with other options and markets to tap into as well. Introduction of the company Our company, Amour, is a service sector company and the service that we provide is planning weddings. Our company helps families plan upcoming weddings; the whole organization of the venue, caterers, decorations, security, parking and the guests is done by us. We outsource some of the work but take all the responsibility for any work done on the wedding. We provide multiple options to the customers and help them choose and decide upon the best one; also the budget that is put forward by the customer for the wedding is adhered to by us. Amour is an event management company, but specializes in the management of weddings. This market is a niche in our country and is expanding as more and more people hire wedding planners. Nowadays, people don’t have the time to arrange the whole wedding as they are usually busy with their work, thus they hire companies like ours to do it for them. Amour is an incorporated business with four shareholders; all of them hold an equal share in the business. Any profit or loss made by the company will be divided amongst them. The company is willing to sell some shares to the employees; if and only if the directors agree that the employee has shown potential to become a shareholder. The company will include, a decorations committee, catering service and photographers. . Suppliers Major Suppliers: Our major suppliers would be: Reception halls and banquet sites Caterers Florists Entertainment consultants and DJs Photographers and videographers Business Strategy The target market for to whom the business should be specifically advertised to be people in their 20’s, as both men and women in the 20’s get married more often than people above or below this age group. Another marketing strategy that could be used is to target their parents instead and corporate executives. They don’t have enough time in their hand and would be willing to avail these services. Because they dont have time to plan their own weddings, theyre more likely to favor full-service packages that make it possible for them to turn all the details over to an experienced planner. There’s one more very important factor to consider in your market research efforts. Thats the economic base in your prospective market area. Advertising will be on the basis of the business cards that we would hand out at weddings that we have planned. Brochures will be printed and distributed at different places such as the locations that we hold our weddings at. These brochures will contain information about the services we provide, testimonials from satisfied customers and our contact information. These brochures can also be mailed to people in our geographical area in their 20’s. One major source of advertising will be the Internet; here the prospective customers will be able to see a portfolio of all the weddings that have been planned by the company and the list of services provided by us. They can also contact us online for any advice that they require and billing here can be done through a credit card. Finance As we will also be providing advisory services as well, here the charges will be per hour and that will be calculated by the formula: (Amount you want to net annually) ÷ 50 weeks ÷ 5 days a week x (factor of 2.5 for expenses) = per diem ÷ 8 hours = hourly rate The startup costs will be Office Equipment: Computer, printer $.4000 Scanner $3000 Microsoft Office $.6000 Wedding Software $.3000 Surge protector/UPS $.10, 000 Digital Camera $.10, 000 Fax Machine $.2000 Copy Machine $.8000 Phone/answering machine $.1000 Office Furniture: Desk, chair, file cabinet(s), bookcase $20, 000 Office Supplies: Letterhead, envelopes, business card $.10, 000 Miscellaneous supplies (pens, folders, etc.) $.3000 Computer/copier paper $.3000 Printer cartridges $.1600 Fax cartridge $.800 Total $ 85, 400 Risks / Challenges The obstacles to this sort of business are the same as for all small businesses, especially ones in creative fields. Finding clientele, creating a reputation, charging sufficient fees to make a profit, and withstanding slow business periods are a few of the most common and difficult, because of the on-again-off-again nature of this sort of business, it can be tough to start consulting full-time, and still be able to pay your bills. Initial capital requirements arent necessarily high, but it may take a while for you to establish any consistent clientele-- or income. Some of the most common frustrations and drawbacks to wedding consulting work include: Differentiating your services from other consultants in your area, if any. Creating a perceived need and developing a reputation. Learning to communicate and work effectively with a lot of different personalities, expectations, temperaments and stress levels. Making and keeping deadlines, managing your time, and coping with the stress that sometimes accompanies deadlines and responsibilities. (Since most consultants work alone, there is no one else to blame if you do not work efficiently.) Making enough money to keep going in the business. Being flexible in your thinking, overcoming obstacles, and needing to be constantly "creative on call". Dealing with family members who sometimes try to bully the bride and groom and get their own way. (I have come up with effective ways to reduce this, but I know other bridal professionals that struggle with it constantly.) Handling the lack of cash flow during slow business periods, if consulting is your sole means of support. Weathering fluctuations in the national economy. Works Cited Catherine Goulet, Jan Riddell. FabJob Guide to Become a Wedding Planner. 2008. McKeever, Mike P. How to write a business plan. San Francisco: Nolo, 2008. Read More