Crown Banqueting Suite Business Plan

This project is a business plan for Crown Banqueting Suite, a banquet hall rental and event planning business. It analyzes the business's key partners, customer relationships, customer segments, key activities, value propositions, key resources, channels, cost structure, and revenue streams. The plan also includes a peer group reflection and a discussion of the entrepreneur's motivations and future plans.

Enterprise
CROWN BANQUETING SUITE
EXECUTIVE SUMMARY
Crown Banqueting Suite is an running hall rental business ,the company will also handle all aspect
of event planning such as wedding planning ,children’s party ,sport tournaments /competitions,
annual general meetings (AGM),to corporate events, trade fairs and exhibitions, end of year party,
event planning consulting and advisory services. We are aware that to run a banquet hall rental
business can be demanding which is way we are well trained and equipped to perform excellently.
Crown Banqueting Suite will offer a standard and professional event planning services to all our
individual clients and corporate clients as local, national and international customers with different
culture. Location will be in Ilford, Redbridge council, opposite valentine’s park. Having a park on
the left and a parking space behind the hall is an advantage for guest because they can easily park
the car and for any kind of special day of our life our professional photograph can make a very nice
photo album or video recording that special day.
One and a very important aspect of event planning is to be able to offer full package and
exclusives services for customers ,this way we work close with all company from and around Ilford
aria by providing the best prices and high qualities on our services.
Crown Banqueting Suite can accommodate up to 350 people. The hall have a very modern
kitchen ,facility for disable people which include a disable toilet, disable access and a changing
place for people with special needs and children .
Our team is have people fully qualify for cooking and serving different cuisine food ,we are fully
licentiates for selling and serving alcohol, we have equipment for DJ and life music, big screen on
the hall where we provide movie or karaoke night.
CROWN BANQUETING SUITES’S BUSINESS CANVAS MODEL
Key Partners Key Activities Value
Propositions
Customer
relationships
Customer segments
-Local catering
suppliers
-Food suppliers
-Restaurant
-Wholesalers
-wedding planning
-outdoors event
planning
-annual general
meetings
-children’s party
-corporate party
-varieties of
services
-satisfy
customer
needs by
culture and
religion
-Establish long-term
relations
-build a good name in the
industry
-an excellent team work
to build a solid business
-children and their
families
-Corporate houses
-teenagers
-religious events
-ceremonies
-event management

-Advertisement
agency
-Hotels
-Event planning
consultants
-Marketing
consultant
-Taxi drivers
-catering services
-other events
-achieves
maximum
profitability
-health seminars
Key resources Channels
-an excellent
location
-a venue to high
standard
- Latest
technology
-Brochure
-Advertisement -
commercial fairs
Cost structure
-employees
-training costs
-cost of leasehold property
-fixture and fitting
-legal fee
-installation of equipment
-licensing other permits
-marketing
-equipment
-deposit
-maintenance
KEY PARTENERS
It is the first and foremost element of business canvas model. It clearly states that every
new business requires effective and supporting Key partners who helps them in executing business
activities in effective manner. For current business that is Crown Banqueting Suite, feasible key
partners are Local catering suppliers, Food suppliers, Restaurant, Wholesalers, Advertisement
agency, Hotels, Event planning consultants, Marketing consultant and Taxi drivers. A very
important role will be supported by the local catering supplies, having good quality products and
delivered on time is one of the main reasons for our customers to come back. The company will
also require support from local shops not only for our place to be know but this will increase the
customers traffic on the hole aerie ,a close communication with taxi offices and even small shops
around . A very important detail is about accommodation in these days, sometimes is hard to find a
hotel room in the last moment so this is why we have partners some hotels which we offer a nice
commission for bring in customers and we can provide one small or big surprise in case they need
for some regulars customers in the last minute find out. In ilford aria are schools so we collaborate
on monthly out trips or picnic days by providing soft drinks and food for kids.
CUSTOMER RELATIONSHIP
This element of business canvas model is about customers relationships and how this
relation can be built and provide better customer support to company. With reference to,
Crown Banqueting Suite, the company will firstly analyses its customers group and then place its
efforts to influence them in effective manner.

To create a strong relation between you like a business and customers is a long walk with
up and down but we will make the best of that and our system is very update on cultural,
traditional and modern way.
Different event will apply a set of rules and regulations so ones we have all this in place
and the law is on our site then our customers will appreciate and Crown Banqueting Suite
will attract that type of customers which we want to have it on a regulate base.
Based on customer’s feedback, sometimes, the business grows or goes down, this way a
very good communication system it will make a big impact on evolution of the place.
To establish a long term relation our target is to build a good name on the industry and
to reach there we need to create an excellent team for a solid business .We all know that
sometimes the problem outside start from inside this is the main reason why we need a
good training inside the team ,good communication skills ,a multicultural team ,weekly
meetings to update with new ideas and everyone to feel part of the business because in
the end of the day before to invest money in the business we need to spend some money
with the people who will take care of your investment.
CUSTOMER SEGMENT
Our vision is to build a banquet hall rental and event planning brand that will become the number
one choice for both individual and corporate clients in the whole of London, to reflects the values:
integrity, service, excellence and teamwork. We are aware of the importance of building a solid
business structure that can support the picture of the kind of world class business we want to own.
This way we are committed to only hire the best hands within our area of operations. Qualified,
hardworking, creative, customer centric and ready to work to help building a prosperous business
that will benefit all the stakeholders (owners, workforce and customers).Our customers will be
dividing in groups based on common characteristics ,this is the way to market each group at
appropriately and to fulfill the targets. Targeted customer group for Crown Banqueting Suite will be
corporate houses, college going students, children and ceremonies. All of this targeted section will
provide business company as these targeted zone are attending many events and they can also
refer other people for the company for its better services. Along with this, main target of company
is to satisfy customers effectively as Customer satisfaction will directly indulge into automated
promotions that is mouth to mouth advertising.

Ones we understand the customer’s needs then it will be easy to provide and we can aspect from
them to appreciate. To reach there we must identify and to deliver the best products and services.
n
KEY ACTIVITIES
The major key activities which will be followed by Crown Banqueting Suite includes wedding
planning, outdoors event planning, annual general meetings, children’s party, corporate party,
catering services and other party events. All these activities will be performed by our best and
experienced employees who are aware about customers requirements and expectation from event
company. For this, it is the company will best employees who could easily execute business
activities in effective manner. Our plan is to increases effectiveness by recruiting, selecting,
orienting, training, coaching, counseling and disciplining stuff communicating values,
strategies and objectives. To achieve profitability and overall success we must control
cost and quality of service. We are quite aware that we have to be well positioned and
well equipped (parking space, security, quality service). Working with people and
different culture is a complicated environment which required knowledge and experience
special because the competition is coming every day with new ideas and prices our goal
is to accomplice and stay on top of the line by coming up with new package of prices and
services in a regularly base. Having a good team for marketing our services and our
place is the main priority special because is a long term business.
VALUE PROPOSITIONS
Just like in rental and consulting business, hourly billing for event planning/event management and
rental services is also a long-time tradition in the industry. For some types of event
planning/management services flat fees make more sense because they allow clients to better
predict the overall service charge.
As a result of this, Crown Banqueting Suite will charge our clients both flat fee and hourly billing as

long as it favors both parties.
Renting a place for a special occasion or just for a birthday party can be complicate or easy
depending on what exactly the expectations are ,this way we come up with different package for
different budget .Customers have they idea but we have to expand it in that way to sell the most of
the services what we can offer .
Customers comes with a problem and looking for an solution so all we have to do is to come up
with the best value for them .Our products or service already exists so our one has to be the
bigger, the faster and the better. Because we have a different value proposition for different types
of customers to not make it complicated we need to focus on them with a modern and update
market.
KEY RESOURCES
Key resources it is the building block describing the most important asset needed to make a
business model work. Every business model required them and it is only through them that
companies generate value propositions and revenues.
Key resources can be physical, intellectual or human.
Our place is fully equipped with music system, equipped kitchen and disability access, very modern
room for kids where they can play or to be change, parking space reception and CCTV cameras.
For our customers we use the best brand of drink or food which is a very important detail, we use
professional stuff to deal with every customer separate and in a very unique way. Our customers
database is secret and we always ask for permission to send them update regarding new event or
to collaborate with them in a future again.
CHANNELS
Crown Banqueting Suite will use various medium of channels to promote its products among
customers by spreading awareness of product. These mediums will include Brochure,
advertisements and commercial fair. It can be said that all of these mediums are helpful for
company to effectively share information about their product in effective manner. All of these
chosen medium will allow company to interact with maximum number of people.
Our main business is inside the hall that we have where we can accommodate very easy 300
people but is not stopping hear only because we can travel to different locations by doing special
decorations by choosing from our photo album ,we can also provide catering service for different
type of cuisine ,we can rent our musical system for different event like birthday party on someone
house or pub, bar, karaoke nights .We help our customers to chose what is the best for them .
Advertising in Social Media, Newspaper, Word of Mouth is easy to reach the customer’s needs but
they must feel safe to contact us so we allowed them to evaluate our organization value with
surveys or reviews or just going online in to the website and book the services wanted .Customers
sometimes need more explanations or details so we can offer that through call center or customer
assistance. We have contracts on place with refund policy and terms and
conditions this way customer assistance is very important. Since a number of our team members
had experience in the restaurant industry ,we assumed very early on that Word of Mouth
advertising will be the best way to create awareness for our business .
COST STRUCTURE

Every business must have a system on place for controlling the costs and trying to reduce them
for a better return on profit .Employees , training costs, fixture , fitting, legal fee, transport,
equipment, installation of equipment ,licensing other permits ,marketing, maintenance ,etc.
Having a good team is the key to success ,motivating employees and make them to feel part of the
team all this involve money and time so our target to have a full professional team will take us to
training cost and sometimes spending extra time by make them to understand different mentality
of customers ,age or requirements.
Different event will have a fitting style with more or less people, with more or less equipment so
this will be on the customer’s bill depending on what they exactly want but we need to provide
them so some costs will be on our side .Some of the event we will need to provide security on
place, we will need to pay for extra cost in case we need an late license for the premise , alcohol
license, food safety license and more.
For transporting what we need from our location to a different one and back we need to have our
vans which is an extra cost but on time this will be deducted from our return because if we rent in
a regular base will be more expensed so the best way is to buy all this. The place will have to be
licensed for standards and regulations so from safety fire and consul will be every six month a
payment. The monthly payment is one of major fixed outlays. Related fixed costs
include local taxes, insurance and sometimes rental space may increase in price over time but this
it will be by notice of a rent increase .Certain utilities as water, phone and computer lines,
electricity. Some other cost will be for décor –related items, such candles, flowers or plants, light
bulbs or consumables, including napkins. Food and beverage costs are among the greatest
variable expenses, these costs fall under the category ,,Cost of Goods Sold,,. Personnel expenses
are variable costs by managing the number of shifts or overtime.
REVENUE STREAMS
Every business has to grow on time so our target is to expand on different location and open more
venues with different activity, offering percent to employees, to attract investors to the business in
new development areas. Having a good understanding about growing your own business is the way
to start learning by connecting with new activity and new development. Revenues come from
sales, and the various categories of sales, in time we must determining new sources or streams of
revenue. Because product and service, business must be constantly planning strategy to ensure
financial success and longevity. Our business is variable and it is essential to know how to impact
the bottom –line and what factors have the best effect. In addition to this, our company will also
offer customized services to customers as they best source of revenue stream which brings
additional income for Company.
2. PEER GROUP REFLECTION
After submitting this Business canvas model to my peer members I have received feedback
from them on my overall work. My peer members have told me that some of elements of Business
Canvas Model requires changes as they are not prepared effectively. Whereas, in some cases they
have appreciated me for my work as they believes that I have done them in best manner. My batch
mates have told me that I have represented all the key partners for business effectively as they
were feasible for my business. On the other hand, one among them have told me that I should add
some more points in Channels as it is the main source through which I have can approach
maximum number of customers. In addition to this, another peer mate have given me feedback
that for maintaining customer relationship the company can provide training to its employees for
keeping positive attitude towards customers in every case. This will automatically develop strong
relationship of company with customers.
3.NEW BUSINESS VENUE

As per the above specified feedback from my peer mates, I have placed required changes in
business canvas model. In this, I have added Television advertisement in the channel element 9i
order to approach maximum number of customers. In addition to this, I have also added positive
attitude learning for employees so that they can themselves develop effectively.
CONCLUSION
Because of my business idea on Crown Banqueting Suite and compare with my
colleagues feedback I reach the conclusion that the location what we have and the venue
it will be a successful. I will need a bit more work on advertisement methods and
reducing cost system but all this will be controlled by professional team and employees
with experience in this industry. My future plans are to concentrate in make the venue to
be known on the market on a high level of good feedback from customers and local
business ,my team will have access to take direct decision on event planning and this is
to give a good impression to customer and to not feel confuse and wait for a call back .
Crown is a modern place, located in a aerie with more other business opportunity and
good communication with public transport and places to be visiting by people who need
a chill out time. Ilford is in a continuously developing aria with more modern shops, a
diverse shopping centre ,is where you can have everything what you looking for and no
need to travel to far in case you want a late restaurant or a late pub, club, pharmacy
and more others . For me to become an entrepreneur is not only about money motivation
is about opportunity ,autonomy ,freedom to be in charge of my destiny, responsibility to
allowing me to improve society in some meaningful way , impact , family ,change ,legacy
,accomplishment ,full control of my work. If I can provide my team with opportunities in
these areas then I don’t have to deal with workers who are motivated only by money.