Business Plan for Party Organizer

This business plan outlines the concept of starting a new event management venture in the UK. It focuses on providing superior quality event management services to individual and corporate clients. The plan includes market analysis, target customers, competitor analysis, and marketing strategy.

BUSINESS PLAN
Party Organizer

TABLE OF CONTENTS
Outline of business plan.......................................................................................................................
Written report on a start-up business plan............................................................................................
References..........................................................................................................................................

OUTLINE OF BUSINESS PLAN
Business Idea / concept
The projected business plan is based upon the concept of initiating a new event
management venture in the UK industry. The main purpose of this venture will be to provide
superior quality of event management services to individual as well as corporate clients.
Considering the present condition of UK’s event management industry it has been identified that
there are several small and medium sized party organizing company that offers wide range of
services to the people (Jones, 2014). However, entrepreneur of new event management venture
are focusing on assessing the needs and wants of clients and accordingly work in as team to
organise the event. Further, he/she will constantly make efforts to achieve the expectations level
of clients as well as to provide them quality of services for retaining them for long term. There
are several services that business will sell in the market such as planning for social event,
corporate meetings, party organising, wedding planning, birthdays, anniversary, brand
promotion, product launch etc (Pride and Ferrell, 2008). All these services will be provided at
reasonable prices with a creative unique style and approaches so as to enhance the level of
customer’s expectations. The main concept of this business plan is to offer reliable and suitable
services to the clients by carrying out their events in the best possible manner.
Rationale of the concept
Looking at the present condition of UK’s event management industry it can be said that
people are hiring such companies to carry out their event in attractive and creative way. Due to
this, event industry has worth of billions of pound and growing at a quick rate. This has led to
increase the level of competition available in the market as more and more companies are
entering into it (Business vibes, 2014).
Business location
The location of the business is placed in East London. The location is very climate
friendly and people likes to visit the place quite frequently. The place is also suitable for
organizing events such as weddings, business meetings, conferences, etc.
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Business Opportunity
However, with low investment entrepreneur can enter into the market and execute
operations in efficient way. Further, it has been evaluated that, the income raised through festival
and cultural event is around £1.3billion which will increase to £1.4 by 2020. In terms of
corporate and meetings events UK event management industry has generated revenue of £21.8
billion in 2015 which will reach to £25.5 billion in coming five years (Fletcher, 2015).
Thereafter, music and sports events contribute huge to the sector i.e. around £1.7 and £2.2 billion
in 2015 (Parry, 2014). Thus, this provides clear idea of what the selected industry will offer to
the new event management venture. Henceforth it can be said that, event management industry
of UK have a lot to offer for the new ventures with minimal investment of £10000 to £15000 at
the initial stage (House, 2012).
Physical outlook
Figure 1: Sample of event services
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Products and Services Details
There are various products and services that entrepreneur is planning to offer within the
target market which are as follows:
Table 1: Products and Services
Corporate Events:
Selection of venue
Conference halls
Technical Accessories
Projectors
Mikes and sounds
Note pads/ Diaries
Production (table, chairs, stage)
Food and beverages
First aid Kit
Music and Cultural Events:
Catering & Banqueting
Venue Selection
Venue Decor
Marquee Hire
Entertainment
Media Photography & Videography
Mikes and sounds
Production (table, chairs, stage)
Food and beverages
Artist management and Sports events:
Rock band
Musical nights as per the requirements of
clients
Indoor and outdoor sport events will be
organized
Wedding, Anniversaries and Birthday parties:
Catering & Banqueting
Bespoke Stage Design
Venue Decor
Table Dressing & Centrepieces
Venue Selection & Marquee Hire
Brand Promotion and Film Entertainment:
Marketing
Digital and traditional methods
Product launch
Public events
Venue management
Permits and City Liaison
Linen Hire
Uniformed Waiting Staff
Crockery, Cutlery, Glassware Hire
Entertainment
Luxury Car Hire
Bridal Studio
Media ¬ Photography & Videography
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Aim and Objectives
The major aim of the new event management venture is to offer superior quality of creative
and innovative services to the people of Manchester for establishing position in the marketplace.
 To provide quality of services in different portfolios of event management for the clients.
 To develop value of money for the stakeholders.
 To serve the customer’s need efficiently.
 Developing and maintaining better working relationship with vendors and suppliers.
 To develop professional image within the minds of people.
 To deliver creative and innovative services for enhancing the experience of the clients
Vision
The vision of new event management venture is to offer superior quality of creative and
innovative services to the people of Manchester for establishing position in the marketplace.
Mission
The main purpose of new event management venture is to provide services in different
portfolios such as corporate, social, musical events as well as parties such as birthdays,
anniversary, weeding etc. Further, the company will be committed to offer highest level of
quality services to its clients at affordable charges.
Market Segmentation and target customers
Looking at the concept of the new event management venture target market will be
divided into two major sectors i.e. corporate and social clients. However, the term social
illustrates the individual or society who want to plan events which are based on festivals,
occasions and etc. Whereas, corporate clients can be illustrates as the one who wants to organize
events that consists of trade fairs, conferences, seminars, trade exhibitions, business meetings
etc. Therefore, people and corporate houses of Manchester will be considered as the target
market for the new venture.
Profits
Profit of 15000 will be incurred in the first year through estimated demand of customers
for specified events. The events can be trade fairs, conferences, seminars, trade exhibitions,
business meetings, etc. High amount of profits are expected from the events such as weddings or
business meetings.
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Market strategy
In order to create the market awareness, traditional as well as modern methods of
marketing will be used. Under the traditional methods, things such as pamphlets, paper
advertising, hoardings etc will be used. While under the modern methods, social media
marketing will be adopted. The business will be promoted on different social media channels.
SWOT ANALYSIS
SWOT analysis is performed to identify the potential of the new investment. It will
reflect the information related to the internal and external environment of the business. Things
like strengths, weakness, opportunities and threats are examined. The model is very useful in
identifying the current position of the company in the marketplace.
Competitor analysis
Competitor analysis is performed to evaluate the market competition. With regard to the
existing business idea, the level of competition will be examined for the new event business will
be examined. This section will include the information related to the rivals and competitors. This
part is important because it states how the differentiation is achieved in terms of business and
services.
Personnel Plan
The personnel plan include the details about the people who will be involved for the new
venture. It disclose their roles and job responsibilities along with the salary structures.
Pestle and Five Forces Analysis
This model is used for performing the analysis of external environment of the new
business. It will discuss different political, social, environmental, legal and economic factors
affecting the new business.
Marketing mix
Marketing mix states what is the company is offering for its customers. The decisions
related to price, product, promotion and place are taken under this mix. It will give the
information about the price, promotion and distribution channels.
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Financial plan
Formation of an appropriate financial plan is very essential. This section will include the
information about the sources of finance and the possible income and expenses. Further all the
three projected financial statements will also be attached.
WRITTEN REPORT ON A START-UP BUSINESS PLAN
Business Idea / concept
The projected business plan is based upon the concept of starting a new event management
venture. The main purpose of this venture will be to provide superior quality of event
management services to individual as well as corporate clients. All these services will be
provided at reasonable prices with a creative unique style and approaches. This will enhance the
level of customer’s expectations. The company offer very reliable and suitable services by
carrying out their events in the best possible manner.
USP (Unique Selling Prepositions)
Every business has its USP that is called Unique Selling Prepositions. The city of
Manchester is filled with many competitive event management companies. They are offering
their best every time. In such situation, the USP for the new venture will be as follows:
 Competitive pricing - Firm will offer event services such as business meetings,
conferences, wedding, occasional events etc at very competitive prices. This will
definitely attract the attention of the customers.
 Discounts at the initial stage – In order to capture the target customer segment, discount
approach will be used. For instance, discounts can be given in conditions under which the
orders have come on referrals.
Rationale of business concept
The main purpose behind launching such kind of business is to give the people of
Manchester innovative and effective event management services. The demand for these services
have increased because the number of events like weddings, parties, corporate meetings etc have
also increased. Business companies prefer to take the services of event management firms in
order to organize all their affairs in best manner possible. Regular customers are also there who
likes to hire these kind of agents in order to successfully organize events such as birthday parties,
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weddings, etc. So taking into consideration the increasing demand, this business option has been
selected for investment.
Market Analysis
Table 2: The Value of Britain’s Events Sector
Services Value
Conferences and meetings £19.9 billion
Exhibitions and trade fairs £11.0 billion
Incentive travel and performance
improvement
£1.2 billion
Corporate hospitality and corporate events £1.2 billion
Outdoor events £1.1 billion
Festivals and cultural events – £1.1 billion
Music events £1.3 billion
Sporting events £2.3 billion
The event sector of UK is of worth £39.1 billion. There are more than 25,000 businesses
operating within the industry. It has been identified that there are several small and medium sized
party organizing company that offers wide range of services to the people.
These include event organizers, venues, destinations, marketing companies, exhibition
contractors, event production firms etc. It is estimated that every year 1.3 million business events
are held in UK on annual basis. With regard to corporate meetings, UK event management
industry has generated revenue of £21.8 billion in 2015 which will reach to £25.5 billion in
coming five years (Fletcher, 2015). The industry has welcomed the new entrepreneurs and it is
giving many fruitful opportunities. Further it can be said that industry is a major contributor
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towards the economic development of UK. It is helping in generating adequate amount of
revenue which can be utilized for growth and progress.
Market Segmentation and target customers
This section depicts customers and market segment which will be targeted by the event
company. There are various ways through which organizations can perform the task of market
segmentation. This includes dividing market on the basis of geographical location, income age,
etc. It can be stated that for the present business, target customer is going to be corporate
organizations along with small medium enterprise. Furthermore, focus of the business will be on
arranging corporate events on big scale. In addition to this, it will also provide event related
services to small businesses as per their need and demand. The services will be also offered to
working people and youngsters of UK. Target market segment and customers will provide the
business with new opportunities related to growth and development. Other than this, it will help
in developing more effective strategies which will based on the specific needs of people in target
market.
Competitor analysis
The new business is going to face intense and very high degree of competition in the market.
Furthermore, it won’t be easy for the business to attract customers and gain market share. One of
the main reason behind this is that there are various kind of large and small market players
already operating in the country. Some key competitors are mentioned below as:
Name Corporate office Services
Story Events London, UK Unique and creative event agency
Wonderland Events London, UK Best in class service
Time-based events
Ltd.
London, UK Experienced driven services
Therefore, it can be stated that the competition for new business is really going to be very
difficult. It won’t be easy to gain competitive advantage over other market player. New business
will be required to provide innovative services at the convenient prices in order to attract
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customers. Furthermore, it will also need to make changes or modify its services on the basis of
changes in need and demand of its target customers. This will help the brand in earning adequate
profits and sustain in highly competitive marketplace.
Marketing strategy
The marketing strategy will be develop by taking market trends and customer preference
into consideration. Advertiser and promotional of the new businesses will be carried out on
newspapers and business magazines. In addition to this, hoardings and pamphlets will be also
used to create more awareness among the people in country. On the other side of this, modern
marketing tools such as social media, internet and email marketing will be also used. This will
support new businesses in attracting more customers by reaching target market in more cost
effective manner. Official page on social networking sites such as Facebook will be develop by
thee new business. Furthermore, range of services and their characteristic is going to be
communicated by social networking sites. It can be also stated that more emphasis will be
provided to modern marketing tools as they are cost effective and result oriented.
Resource requirement
An event business requires different types of resources for successfully managing all kinds
of events. These resources are as follows:
 Team – First of all a talented and efficient team is needed. The team members are
required to be highly skilled and capable of handling all the tough situations. An event is
made successful due to the hard efforts and team work of all the individuals.
 Funds – It is the most essential requirement. An appropriate source of finance is also
required from which the money can be raised on regular intervals. For this business two
options bank and personal savings are being selected.
 Infrastructure - The new event company will hold a brand new office in the Manchester.
The office will be established in the middle of the town. The clients can contact with the
company with ease and comfort.
 Official website – The new venture will also maintain an official business website. People
can also contact for the services through this medium. It will be easier to target the online
customers
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SWOT Analysis
STRENGTHS WEAKNESS
 High demand in the market
 Efficient manpower
 Good brand image
 Inconsistency in the returns
 Lack of awareness
 High costs within business
OPPORTUNITIES THREATS
 Good utilization of the market demand
 Efficient use of manpower
 Number of increasing event customers
 Increasing competition
 Loss in the business
 Lack of financial resources
Pestle and Five Forces Analysis Political – Changes in democracy can influence the business decisions of new venture.
Democratic parties can bring changes within the rules and regulations of the industry. Economical – Economic factors such as recession, inflation, stagflation etc can affect the
new business. This will impact the purchasing power of the customers.
 Social - Consumer behavior changes from time to time. Situations such as inflation or
recession can affect the purchasing power of the customers. Technological – The event firm is required to be remain updated with all the
technological advancements. For instance use of smart phones for the purpose of
marketing the services can be an effective option for the company Legal – Every industry is comprised with certain legal rules and implications. These
norms are to be followed in appropriate manner by the company.
Marketing mix
 Product- New business will make sure that unique and innovative services are provided
to customers. Some key services will include planning, organizing of events on the basis
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of clients requirement. Furthermore, the services will be special as well as tailor made for
the customers. Market research will be carried out by new business at regular intervals
and modifications in services will be done on the basis of same.
 Price- The new business will be offering its services by using low prices strategy at initial
level. This will help the brand to attract customers and penetrate the market. As soon as
business will become successful, it will adopt competitive pricing strategy.
 Place- People in the market will be able to purchase services of new business through its
corporate office which will be established in Manchester. Along with this, individuals
will also have opportunity to buy event services via online.
 Promotion- Promotion of services of new business will be done by using both online and
offline sources. This means that it will promote itself over internet as well as by using
pamphlets. In addition to this, events will be carried out near corporate offices and public
places. The main objective behind promotion will be to create brand awareness and
increase sales.
Financial plan
Income statement
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Cash flow statement
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Balance sheet
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Time scale
ACTIVITY/WEEK 1 2 3 4 5 6 7 8 9 10 11 12
 Identifying the problem
 Systematic analysis to choose
the topic for the study
 Choosing the research
 Conducting literature review
for secondary data collection
 Setting the objectives
 Primary data collection from
customers
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 Identifying research approach
 Designing research
methodology
 Preparation of structured
questionnaire
 Make Fill up the questionnaire
from customers
 Organizing collected data in
excel sheets
 Applying suitable technique to
analyse data
 Interpretation of the data
 Evaluation and finding of the
research
 Recommendation and
suggestions for further study
 Outlining the findings chapter
 Creating report in a
presentable manner
 Submission to instructor and
awaiting for feedback
 Revising the final draft
 Submitting report
 Presenting report to the
audience
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REFERENCES
Business vibes. 2014. [Online]. Available through:
<https://www.businessvibes.com/content/event-management-overview>. [Accessed on
9th March 2016].
Fletcher, M., 2015. Valuing the event's industry for economic growth. [Online]. Available
through: <http://raconteur.net/business/valuing-the-events-industry-for-economic-
growth>.[Accessed on 9th March 2016].
House, G., 2012. The Royal Wedding Bank holiday and Bad Weather, 2010-The Effects of Two
Special Events on UK Economic Time Series. Routledge.
Jones, M., 2014. Sustainable event management: A practical guide. Routledge.
Parry, B., 2014. "Key Concepts in Event Management." International Journal of Contemporary
Hospitality Management. 26(2). pp.326-327.
Pride, W. and Ferrell, O., 2008. Marketing. Boston: Houghton Mifflin Co.
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