Business Plan for Wedding Planning Company

This assignment involves creating a business plan for a company called 'Wedding Bells' that specializes in wedding planning, styling, and organizing parties. The plan should include details on the company's mission, target market, services offered, marketing strategies, financial projections, and operational plans. It is expected to follow a standard business plan format and provide a clear understanding of the company's goals and objectives.

BUSINESS
PLAN

EXECUTIVE SUMMARY
The name of the business Wedding bells and it is private limited company. There is
owner of the company John D'Souza and Richard Barton and address of the company Thames
Court, 1 Queenhithe, London. The company has provide different services to their customers like
wedding planning, wedding styling, mentoring and organising parties. They are selling services
through target to customer top adopt different promotion channel which are working in effective
way. The summary of target market in London where is mostly people comes and shopping with
their partners. There is huge competition in the market where many event planner company who
provide innovative ideas. The amount of finance needed approx £5000000 and the purpose is
hiring people take place to open company and the term is arrange different products to show
customers. There is money investing by company about £4500000.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
A. Description of business and aims...........................................................................................2
B. Products/Services...................................................................................................................3
C. Market Analysis......................................................................................................................4
D. Marketing Plan.......................................................................................................................4
E. Location..................................................................................................................................6
F. Competition.............................................................................................................................6
G. Management and Operations..................................................................................................7
H. Personnel................................................................................................................................7
TASK 2............................................................................................................................................8
A. Projected Financial Statements..............................................................................................8
B. Break Even Analysis..............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
A written document defining in the detail the nature of the business, the sales and
marketing strategy and the financial background and include a projected profit and loss statement
(Okolocha and Ile, 2012). the business plan provide help to conduct all market activities in
effective way. A perfect business plan can provide right direction to get success and growth in
future and helps it avoid to risks and barriers in business plan. In the presented report develop a
business plan and start a new business of wedding bell which will provide services related with
marriage and parties. The particular report focused on description of a business and aims,
products/services, market analysis, marketing plan, location, competition, management and
operation, personnel. In addition prepare projected financial statements of a company such as
income statement, cash flow, balance sheets and also break even analysis.
TASK 1
A. Description of business and aims
The name of the company wedding bells which is the type of event management. Event
management companies are managing and controlling all events related to parties and marriages.
The business exactly do wedding planning, wedding styling, brand styling and mentoring. They
will provide all types service to their customers like catering, Beverages such as cocktail, alcohol
and decoration. They are mainly arrange all parties and marriage according to theme as per
requirement of customer. The status of the business is start up. The business get success in event
management because people wants to celebrate small occasion on large scale like birthday,
retirement and any other type of parties. As wedding is a lavish affair, weddings are highly
popular these days. For get popularity people can celebrate their happiness on big level and come
to in lime light. The experience of this type of business that owner of a company work with
another event management company so there are getting positive experience. It will be special or
unique because of it can coordinated with upper middle, middle and high class people and
provide very attractive resource which can different from other event management company like
different theme, customer services and food & beverages. The business will be successful
because of company can follow business canvas model which is related to start up. It is a
strategic management and lean start up for developing new or documenting business models. It is
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a visual chart with different elements to describing a firm's product's value proposition,
infrastructure, finance and customers (Vitale, 2014) .
There are form of the business as a limited company and the legal status mentioned that it
is based on separate legal entity concept. According to this concept A legal entity separated from
another business or individual with respect to accountability. A separate legal entity may be set
up in the case of a limited company, to separate the actions of the entity from those of the
individual or other company. For starting new event management company they need to different
license like food businesses, child care businesses and businesses that involve animals, among
others, need to obtain license from other local authority. The cost of starting of the business is
£550,000. The personal budget of
B. Products/Services
The company wedding bells will be selling different products and services to their
customers like wedding planning, wedding styling, food & beverage, venue planning, gifts &
cards etc. The products and services different from competitors because they are always
providing same theme but wedding bell can provide different and new. Wedding bell can set
balance between styling an event to perfection and allowing it to look effortless. The company
have owned private caterer, photographer, wine shop owner and chocolatier. The feature of the
selling products such as provide products in personalised way, experienced in the particular
industry so know about the innovative products, budget flexibility and the benefits of selling
products that provide consolidated services, fulfil demand as per customer requirement, in
flexible budget provide all suitable option and make perfect communication with clients
(Doppelt, 2017).
The position wants to have in particular UK market become as a leading company of
wedding planner in event management. They can also celebrate parties of people in different way
because off people can remember as happiness memories. The products and services different
from competition because of the company is providing flexible budget so according to that they
are providing ,any options in their budget. They can fulfil demand of customers and provide
personalization in their products. When any client communicate with them so they can provide a
catalogue according to their requirement which can helpful to understand need to customer. The
customization process makes products of wedding bells unique and desirable (Healey And et.al
2015).
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C. Market Analysis
The purchaser of the products based on demographic characteristics where is purchaser
divided into education, age, nationality and religion. The customers are related to high, upper
middle and middle class which is related to mass market segments. The Size of the market on
big level where is many shops and event planner who provide their services on big level. Yes it
is growing because it is popular area of London where all richest people coming and contact to
wedding planner for their wedding as well as party. The share will be in the market profit is
approx 3% and the share will change over time when business expand on big level and gain
much more profit. Yes, wedding bells have different segments which are under served by
competition like a delight to work with customer, unobtrusive, beyond lovely for their customer,
truly Epic and Knowledge and skills. There are many underserved segments which will present
opportunities such as communication with customer in continuity, create and design catalogue as
per demand of customer and innovative ideas etc (Wegelin and Jacobs, 2013).
D. Marketing Plan
The company wedding bells can provide services in event management and the benefits
provide by company such as flexibility in the budget, experience, dynamic, incredible effortless
and sheer professionalism. The position have company as start up so they are building effective
image in particular target market. The services mainly provided to all type ages people because
every one enjoy parties and wedding so services provided to every generation. So there is sell
services to divorcee, married, singles, old and widow persons. For reach target market provide
services in effective way so it will present as unique way and there is provide different service
line like food & beverage, wedding planning, wedding styling and parties planning. The new
service introduce by company augmented reality. The price strategies adopted by the company
will include premium pricing model and frequent sales prices. It will compare on the basis of
succession rate of company in the market and as well as their competitors. For this respond as
focus on market trends and know customer perception about different products and princes
according to that set price and compare wit competitors (DaSilva and Trkman, 2014) . The
customer will pay price for services because the company set prices according to customer
perception and they are provided unique and different ideas for part as compare to other event
planner. The credit policies will be of company that according to budget the company will
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provide instalment service and time period to pay money as per interest rate. There is set time
limit as week like in a week 1.5% after that it will increase according to .5%.
The target markets in London to different age people who are eligible for wedding,
divorcee, married, widow and each type age of people who want to organise party to celebrate
their happiness. For reach target market adopted different social media which can help to easily
connect to people in different ways. To motivate them provide special messages which can
attract them to visit their company and wish to contact. For the marketing plan there is prepare
market budget -
Venue £ 50000
AV £89000
Decor £24000
Food & beverage £30000
Entertainment £5000
Event Documentation £3000
Guest Services £1500
Registration £500
Communication £0
Marketing/Advertising £2000
Logistics £0
Operations £2500
Total £207500
£5 million 7-8% in sales and activities
£2 to £ 3 million Basic initiation model
£1 million Staffing and structure of marketing campaign
After the preparing market plan there is calculate total cost and it is helping to know
expenses related to market. It is implement in the business and there is getting total cost
£207500. The implement plan to know success and growth of the organisation.
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The target customer of the company to different age people who can interest to organise
party and celebrate their happiness (Pretorius and Rosslyn-Smith, W., 2014). There is including
married people, divorcees, widow and single person etc. There is prepare list of competitors and
about their products and services -
Company name Products & services
Premier UK events Ltd  Food & beverages
 Decoration
 Planning
Papillon events (UK) limited  Event planning
 Cocktail
Pocketful of dreams  Wedding planning
 Wedding styling
Scarlet events  Parties organisation
 Food & beverages
Amore weddings & events planners  Wedding management
 Wedding preparation
E. Location
The address of the business Thames Court, 1 Queenhithe, London and it is owned by the
company in £700,000. There is need to renovation of particular place which is owned by the
owner of a company because it is designing according to event management and customer attract
by shop to visit there and the costs of the renovations are £10000. The property of the wedding
bells that fixed assets, different decoration items, equipments to set decoration, lightings and the
surrounding area of company is Posh area which is popular of shopping and mostly people will
come there for shopping (Alexander, 2012). The surrounding area need to good which is helping
to know market activities and help to handle business activities.
F. Competition
The largest competitors of Wedding bells that Premier UK events Ltd, Papillon events
(UK) limited, Payal events, Scarlet events and amore weddings & events planners and royal
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event wedding decorations UK. They are already working in particular market so they have how
to handle customer and they know about market activities. The operations be better than of
competitors because of every operations is the department responsible for co-ordinating and
integrating all other operations with in an event and its associate venues. The manager operation
event provide to job to assist event organiser, host cities and organising committee to plan and
deliver successful event. It is required to knowledge, expertise and a sound understanding of all
functional areas of the event. After the enter into the event management, market the company has
face many competition because there is already many wedding planner who can work on big
level and have much more experience in the society. So company need to promotion of their
business and competition respond as create innovative from others and contact to people in
different way (Driscoll, Comm and Mathaisel, 2013) .
G. Management and Operations
For the management of the wedding bells need to management team who can arrange all
business activities in systematic manner and help to increase profitability of a company. For the
manage team there is hiring 1 manager who can manage all business activities which is related to
all departments, 10 employees in customer relationship management to communicate with
customers to arrange their problems and sort out on time and 4 peoples in marking research who
can conduct all market research and know market trends in current time and who have skills and
knowledge about the market. All are working for company and manage all business activities to
provide profitability and get success in short time (Halme, Lindeman and Linna, 2012). The
functional areas of them marketing, customer relationship management and manger who can
manage all business activities. For each functional areas responsible of head of particular section
because of the work happen in the under of leaders. There is all subordinates can report to team
leader of a company for any problem and issues. Because the work arrange under the leader who
can responsible for their activities and manage according to business. The salaries deciding to
them as a manager salary £15000 and marketing team per member salary £12000 and customer
relationship management team member salary £10000 according to their skills.
H. Personnel
The current personal needs of employees who can hire in the company to salary on time,
flexibility in working hours and fulfil desire according to job. In the future the need will be
increase of employee according to company's profit like increase their salary, get flexible
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working hours according to requirement, sometime take work from home and provide basis
allowance for survive life according to London. The skills must have that communication skills,
establish effective relation with customer, focus on market research, knowledge of market and
contact to many people which is beneficial for a company. Manager have skill to manage and
control all business activities of all business departments. There will need to training to these
people who can understand business objectives and work according to as per requirement. Yes,
in the business need to these people because they are helping to business to conduct business
activities and operations in effective way (Baliga and Rodrigues, 2015). They are helping to
maintain customer relation and communicate with them time to time. They are collecting
information from market and provide to company. On the basis of these information company
can design different catalogues and present to customer that will attract them to do business with
them.
TASK 2
A. Projected Financial Statements
Total required capital = Six Months of Fixed Expenses + Asset Purchases + Start-up Expenses
Monthly Fixed Expenses Sub total
Salaries (include owner) Payroll Taxes at 12% Rent Marketing and Advertising
Supplies £4000
Telephone & Utilities £1000
Insurance Maintenance Legal and Accounting £1500
Miscellaneous £800
Other £1000
Monthly Fixed Expense Sub-total £8300
Asset Purchases
Purchase of Land and Building £800000
Decorating and Remodelling Fixtures and Equipment (plus installation) £1000000
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Deposits on Rental Property and Utilities Beginning Inventory £500000
Asset Purchase Sub-Total £2300000
Start-up Expense You Pay Once
Legal and Accounting Organization Costs £50000
Licenses and Permits £80000
Initial Advertising and Promotion £25000
Other £10000
Start-up Expense Sub-total £48000
TOTAL £2356300
From the above report it has been analysed that there is prepare table on the basis of
assumption and calculate monthly fixed expenses, assets purchase and start up expenses. After
that there is getting total required capital.
B. Break Even Analysis
(1) Contribution Margin = Sales - Variable expenses
CM% = CM / Sales
(2) List of total fixed expenses
All fixed expenses On the basis of one month
Rent £2000
Insurance £3000
Utilities £1000
Salary £3000
(3) Break even sales
Units Sales Price £10
Less - Cost of Goods Sold
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Material & labour
Less - Other Variable Expenses
Commissions
Unit Contribution margin (£10 – £3 –
£1) £6
CM % (£6 / £10) = 60%
Monthly fixed expenses
Rent £2000
Utilities £1000
Salary £3000
Other £4000
Total Fixed Expenses £10000
B/E = Fixed expenses / CM%
B/E = £10000 / £6
Monthly basis B/E sales £16667
From the above table calculate unit sales price for this less cost of goods sold, material &
labour, other variable expenses and commissions. After that there is getting unit contribution
margin which is £6. After then calculate contribution margin which is getting after unit
contribution margin divided by unit sales price. After than calculate all monthly fixed assets
which is categorised in rent, utilities, salary and others. Then fixed expenses 10000, these are
divided by contribution margin and getting monthly basis B/E sales.
CONCLUSION
As per the above discussion it has been concluded that a business plan is important
document which can prepare in written to show all planning and designing of the document.
There is create a plan on wedding planning and the company name is wedding bells which is
planning wedding, wedding styling and organising parties for different age people who can
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interest to organise parties and celebrate their happiness. The company provide their services to
target market to target customer. With the help of business plan know about growth and success
in particular market segment. With the help of this estimate profit and expenses to control
business activities.
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