Mindtrack Event Management (Business Plan)
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Presentation
AI Summary
Mindtrack Event Management is a unique event management company that organizes Bollywood related events throughout the UK. The company aims to become a recognized brand in the industry and increase Bollywood concerts in the UK. The presentation provides information about the company's vision, mission, objectives, unique selling point, management team, market analysis, target market, competitor analysis, funding requirements, SWOT analysis, PESTEL analysis, and financial analysis.
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MINDTRACK EVENT
MANAGEMENT (BUSINESS
PLAN)
MANAGEMENT (BUSINESS
PLAN)
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Vision
Mindtrack Event Management will be a unique event management
company which will organize and run Bollywood related events throughout
the UK.
The main purpose of entrepreneurs is to make the event company a
recognized brand that will be at the forefront of every major Bollywood
related entertainment event.
Mindtrack Event Management vision is to become leading organisation by
marketing its events in India through its existing network and will increase
Bollywood concerts in the UK.
Mindtrack Event Management will be a unique event management
company which will organize and run Bollywood related events throughout
the UK.
The main purpose of entrepreneurs is to make the event company a
recognized brand that will be at the forefront of every major Bollywood
related entertainment event.
Mindtrack Event Management vision is to become leading organisation by
marketing its events in India through its existing network and will increase
Bollywood concerts in the UK.
Mission
Mindtrack Event Management is to offer quality of event
management services by organising superior quality of
Bollywood concerts for the entertainment of people.
Mission of the cited event firm consist of following points:
Offering information related to latest trends in event
management sector
Organize entertaining Bollywood concerts that enhances the
level entertainment experience of people.
Mindtrack Event Management is to offer quality of event
management services by organising superior quality of
Bollywood concerts for the entertainment of people.
Mission of the cited event firm consist of following points:
Offering information related to latest trends in event
management sector
Organize entertaining Bollywood concerts that enhances the
level entertainment experience of people.
Contd…
To create value for stakeholders
To maintain excellent working relationship
with vendors and suppliers
To render unforgettable service experience
to clients.
To create value for stakeholders
To maintain excellent working relationship
with vendors and suppliers
To render unforgettable service experience
to clients.
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Objectives
On the basis of vision, there are certain
objectives of entrepreneurs of MEM which
are as follows:
The Leader in corporate hospitality
organization in Bollywood Entertainment
events
The Leader in sponsorship management in
entertainment events
On the basis of vision, there are certain
objectives of entrepreneurs of MEM which
are as follows:
The Leader in corporate hospitality
organization in Bollywood Entertainment
events
The Leader in sponsorship management in
entertainment events
Contd…
The Leader in celebrity endorsements at entertainment events
The Leader in Bollywood related events with exclusive media
rights in the UK
To become an extremely lucrative company with several
revenue streams
The Leader in celebrity endorsements at entertainment events
The Leader in Bollywood related events with exclusive media
rights in the UK
To become an extremely lucrative company with several
revenue streams
Unique Selling Point
The unique selling point of Mindtrack Event Management
Limited is to organize quality of Bollywood concerts at
popular places of UK for the local crowd.
Unique themes and 3D effects will be used as compare to
competitors.
In addition to it, cited firm will provide Bollywood and
Hollywood celebrities for the functions like birthday,
wedding or festival.
The unique selling point of Mindtrack Event Management
Limited is to organize quality of Bollywood concerts at
popular places of UK for the local crowd.
Unique themes and 3D effects will be used as compare to
competitors.
In addition to it, cited firm will provide Bollywood and
Hollywood celebrities for the functions like birthday,
wedding or festival.
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Management Team
The team will be headed by the founder Miss Aiman Ali
Syed who has direct and significant experience in running
many large scale national and international events.
She possesses a very strong background in running her
own businesses and companies and has extensive
experience in the event management industry in Pakistan.
There will be an Operations Manager who has already
been identified and who has significant experience in
event management.
The team will be headed by the founder Miss Aiman Ali
Syed who has direct and significant experience in running
many large scale national and international events.
She possesses a very strong background in running her
own businesses and companies and has extensive
experience in the event management industry in Pakistan.
There will be an Operations Manager who has already
been identified and who has significant experience in
event management.
Contd…
Designation Staff member
Director 1
Operations Manager 1
Marketing Manager 1
Business development Manager 1
Sponsorship Manager 1
Finance Manager 1
Executives 2
Other staff 5
Designation Staff member
Director 1
Operations Manager 1
Marketing Manager 1
Business development Manager 1
Sponsorship Manager 1
Finance Manager 1
Executives 2
Other staff 5
Market Analysis
Looking at the present economic condition of UK, event
management industry is one of leading contributor towards the
economy of the country.
There are several companies operating in this industry which are
making valiant efforts to provide quality of event management
services in regards to generate higher revenues.
Furthermore, event industry of UK is almost the worth of £48 billion
in the present years. There several large events with the likes of
exhibitions and trade shows, music events etc (Coultry, 2008).
Looking at the present economic condition of UK, event
management industry is one of leading contributor towards the
economy of the country.
There are several companies operating in this industry which are
making valiant efforts to provide quality of event management
services in regards to generate higher revenues.
Furthermore, event industry of UK is almost the worth of £48 billion
in the present years. There several large events with the likes of
exhibitions and trade shows, music events etc (Coultry, 2008).
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Contd…
(Source: Opportunities for Growth in
the UK Events Industry Roles &
responsibilities, 2015)
(Source: Opportunities for Growth in
the UK Events Industry Roles &
responsibilities, 2015)
Contd…
There are very few competitors that are looking at this
market as very few concerts or musical events of the
Bollywood celebrities are organized this indeed provides
one of the major market gap that entrepreneur can utilize.
With connections in the world’s largest film industry,
MEM has an existing platform of connections to utilize in
order to make the company very lucrative and to attract
the biggest of names to the events.
A reader would probably assume this is a plan for a new
business, but if you genuinely have this experience then
could leave in.
There are very few competitors that are looking at this
market as very few concerts or musical events of the
Bollywood celebrities are organized this indeed provides
one of the major market gap that entrepreneur can utilize.
With connections in the world’s largest film industry,
MEM has an existing platform of connections to utilize in
order to make the company very lucrative and to attract
the biggest of names to the events.
A reader would probably assume this is a plan for a new
business, but if you genuinely have this experience then
could leave in.
Target market
The main focus on owners of Mindtrack Event
Management Company is to organize Bollywood
concerts in popular places of UKAlong with this,
provide celebrity for the birthday parties or other family
functions or festivals.
It is because of the fact that, bargaining power of people
of UK is relatively high as they are ready to pay high
money for better services, food or entertainment.
The main focus on owners of Mindtrack Event
Management Company is to organize Bollywood
concerts in popular places of UKAlong with this,
provide celebrity for the birthday parties or other family
functions or festivals.
It is because of the fact that, bargaining power of people
of UK is relatively high as they are ready to pay high
money for better services, food or entertainment.
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Contd…
In addition to this, MEM will also be facilitating the use of UK locations for the
Bollywood Film Industry.
There is a large level of deals presently being negotiated with Hollywood for filming
locations here in the UK. This brings revenue into the UK economy as well as
tourism.
MEM will do the same with the Bollywood Industry which is considered as one of the
largest entertainment industry around the globe.
MEM has existing connections in the Industry so this can happen in what is otherwise
a very difficult industry to deal with.
This will result in the development of Entertainment tourism market which will then
be marketed through MEM’s connected companies in Pakistan and India (Proctor,
2012).
In addition to this, MEM will also be facilitating the use of UK locations for the
Bollywood Film Industry.
There is a large level of deals presently being negotiated with Hollywood for filming
locations here in the UK. This brings revenue into the UK economy as well as
tourism.
MEM will do the same with the Bollywood Industry which is considered as one of the
largest entertainment industry around the globe.
MEM has existing connections in the Industry so this can happen in what is otherwise
a very difficult industry to deal with.
This will result in the development of Entertainment tourism market which will then
be marketed through MEM’s connected companies in Pakistan and India (Proctor,
2012).
Competitor Analysis
Operating in such a competitive environment operating
in the event industry of UK. However, taking into
consideration only the entertainment events there are no
companies solely focusing upon it.
This provides MEM with a unique opportunity to use its
expertise and overtake the others in this particular field
which is growing.
MEM has truly found a gap in the market place and
already coming from this background, MEM will make
this a true success.
Operating in such a competitive environment operating
in the event industry of UK. However, taking into
consideration only the entertainment events there are no
companies solely focusing upon it.
This provides MEM with a unique opportunity to use its
expertise and overtake the others in this particular field
which is growing.
MEM has truly found a gap in the market place and
already coming from this background, MEM will make
this a true success.
Contd…
Competitors Services offered Price Specific Features
Star UK Awards/gala dinner
Bollywood concert
High Main feature of company is to offer live events by
organising concerts like “Celebrate 100 Years of
Indian Cinema” and interlinked it with future and
beyond.
Jay’s
Entertainment
Bollywood concert High Organize concerts with high profile Indian
Musicians like Ankit Tiwari, Mohd. Irfan, Shipla
Rao.
Competitors Services offered Price Specific Features
Star UK Awards/gala dinner
Bollywood concert
High Main feature of company is to offer live events by
organising concerts like “Celebrate 100 Years of
Indian Cinema” and interlinked it with future and
beyond.
Jay’s
Entertainment
Bollywood concert High Organize concerts with high profile Indian
Musicians like Ankit Tiwari, Mohd. Irfan, Shipla
Rao.
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Contd….
Entering into such a competitive environment it is important
for the owners of Mindtrack Event Management Limited to
offer superior quality of services so that competitive advantage
can be achieved and maintained.
The uniqueness offered by Mindtrack Event Company is that,
it will be the first Event Management firm focussing
specifically on Entertainment Events and corporate hospitality.
Through the means of this, entrepreneurs are aiming to attract
large number of audience. However, cited firm brings with it
the expertise and confidence of saying that it has a tried and
tested combination that will lead to long term sustainability.
Entering into such a competitive environment it is important
for the owners of Mindtrack Event Management Limited to
offer superior quality of services so that competitive advantage
can be achieved and maintained.
The uniqueness offered by Mindtrack Event Company is that,
it will be the first Event Management firm focussing
specifically on Entertainment Events and corporate hospitality.
Through the means of this, entrepreneurs are aiming to attract
large number of audience. However, cited firm brings with it
the expertise and confidence of saying that it has a tried and
tested combination that will lead to long term sustainability.
Funding requirements
The Founders of MEM does not require any external funding than
the Financers.
The Business Incubation Service from Google Campus will be
used at the cost of £5000 for the first 12 months.
The Founder has sufficient funds to support her and does not
require a salary at this stage from MEM.
In addition to this, fund required for marketing and promotional
campaign will be raised from the owner’s capital because carrying
out business at initial stage is one of the major challenge that
entrepreneurs have to overcome.
The Founders of MEM does not require any external funding than
the Financers.
The Business Incubation Service from Google Campus will be
used at the cost of £5000 for the first 12 months.
The Founder has sufficient funds to support her and does not
require a salary at this stage from MEM.
In addition to this, fund required for marketing and promotional
campaign will be raised from the owner’s capital because carrying
out business at initial stage is one of the major challenge that
entrepreneurs have to overcome.
SWOT Analysis
Strength Weaknesses
No loan payments meaning overheads will
be low. Significant business experience.
Established Connections
UK education of Founder
Significant business set up experience will
provide better learning about the event that
will enhance key functioning capability.
Well established Advisors part of team
No direct experience in UK market
New concept focused on specific market
Opportunities Threats
Corporate hospitality and brands awareness
increasing at events.
Entertainment Tourism from India to the UK
an untapped market to explore and monetize.
Increasing competition
Strength Weaknesses
No loan payments meaning overheads will
be low. Significant business experience.
Established Connections
UK education of Founder
Significant business set up experience will
provide better learning about the event that
will enhance key functioning capability.
Well established Advisors part of team
No direct experience in UK market
New concept focused on specific market
Opportunities Threats
Corporate hospitality and brands awareness
increasing at events.
Entertainment Tourism from India to the UK
an untapped market to explore and monetize.
Increasing competition
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PESTEL Analysis
Political:
Hospitality is recognised as one of the five big industries in
the UK by the prime minister. It is the 5th largest industry in
the UK and employ more than 2.4m (Euromonitor, 2015).
The total revenue hospitality industry contributed towards
the UK economy is £34bn and employs around 2.5 million
people (British Hospitality Assc, 2015).
According to government sources the Government is
encouraging growth of the industry and it is expected to
grow with generation of 236,000 jobs by the end of 2016.
Political:
Hospitality is recognised as one of the five big industries in
the UK by the prime minister. It is the 5th largest industry in
the UK and employ more than 2.4m (Euromonitor, 2015).
The total revenue hospitality industry contributed towards
the UK economy is £34bn and employs around 2.5 million
people (British Hospitality Assc, 2015).
According to government sources the Government is
encouraging growth of the industry and it is expected to
grow with generation of 236,000 jobs by the end of 2016.
Contd…
Economic:
Economy in the UK is quite volatile at the moment with
Britain referendum for EU exit.
This will change the scenario of the current system as the
free borders will be restricted.
This is highly likely to effect the event industry as the
currency values may vary in near future which may affect
the customer perception.
Economic:
Economy in the UK is quite volatile at the moment with
Britain referendum for EU exit.
This will change the scenario of the current system as the
free borders will be restricted.
This is highly likely to effect the event industry as the
currency values may vary in near future which may affect
the customer perception.
Contd…
Social:
The society in UK has changed drastically in the past few years; the
living cost has increased in the UK and people are looking for highest
standard at minimal prices (Event Industry News, 2016). The main
social attributes are:
a. Strong and high end brands
b. Value for money spent will have impact on the tickets of the event.
c. Customer demand reciprocation
d. Variability in prices or available avenues will also have influence on
event because program can not be conducted without availability of
venue.
e. Standard and quality demand amongst all classes of people.
Social:
The society in UK has changed drastically in the past few years; the
living cost has increased in the UK and people are looking for highest
standard at minimal prices (Event Industry News, 2016). The main
social attributes are:
a. Strong and high end brands
b. Value for money spent will have impact on the tickets of the event.
c. Customer demand reciprocation
d. Variability in prices or available avenues will also have influence on
event because program can not be conducted without availability of
venue.
e. Standard and quality demand amongst all classes of people.
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Contd….
Technological:
Technology affects the marketing and promotion of the
product.
Though the operations in the company do not need a lot of
technological inferences but the marketing of this business will
need technological advances.
The world is moving towards more of a mobile platform and
MEM also wants to deploy mobile technology towards its
business in marketing.
MEM will also maintain a database of ticket sales during their
event will be enabling to record returning guests in their
events.
Technological:
Technology affects the marketing and promotion of the
product.
Though the operations in the company do not need a lot of
technological inferences but the marketing of this business will
need technological advances.
The world is moving towards more of a mobile platform and
MEM also wants to deploy mobile technology towards its
business in marketing.
MEM will also maintain a database of ticket sales during their
event will be enabling to record returning guests in their
events.
Contd…
Environmental:
Corporate Social Responsibility is one of the major
attributes any business can perform towards
environment. The main priorities of the business towards
csr will be:
1. Take care of the environment through plantation
2. Helping out people in communities
3. Health benefits and fitness related campaign for people
4. Creating fair trade and environment friendly setups
during conducted events.
Environmental:
Corporate Social Responsibility is one of the major
attributes any business can perform towards
environment. The main priorities of the business towards
csr will be:
1. Take care of the environment through plantation
2. Helping out people in communities
3. Health benefits and fitness related campaign for people
4. Creating fair trade and environment friendly setups
during conducted events.
Contd…
Legal:
The cited company will maintain high standards such
as health and safety act for customer’s comfortability,
employment act for employees working for the
company etc. as responsible sourcing policy, which
means maintain cordial relations with their suppliers,
customers and partners.
Legal:
The cited company will maintain high standards such
as health and safety act for customer’s comfortability,
employment act for employees working for the
company etc. as responsible sourcing policy, which
means maintain cordial relations with their suppliers,
customers and partners.
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Financial Analysis
Assumptions:
20% of increase has been assumed in the number of event after
one year of establishment in the market.
Interest on bank loan is assumed at 7.63% on the basis of
standard rate in UK financial institutions.
Insurance of fixed assets is being assumed at 2000 in pre-
operating year.
Utilities expenditure is expected to increase by 5% PA.
Promotion and advertisement expenditure estimated at 10%
increase PA.
Employees will increase by 10% on yearly basis.
Miscellaneous Expenses are assumed to increase by 10% PA.
COGS is expected at 10% of revenue generated.
Rent on different venues is expected to increase by 10% every
year. (Millennium Stadium, Wembley Stadium).
Assumptions:
20% of increase has been assumed in the number of event after
one year of establishment in the market.
Interest on bank loan is assumed at 7.63% on the basis of
standard rate in UK financial institutions.
Insurance of fixed assets is being assumed at 2000 in pre-
operating year.
Utilities expenditure is expected to increase by 5% PA.
Promotion and advertisement expenditure estimated at 10%
increase PA.
Employees will increase by 10% on yearly basis.
Miscellaneous Expenses are assumed to increase by 10% PA.
COGS is expected at 10% of revenue generated.
Rent on different venues is expected to increase by 10% every
year. (Millennium Stadium, Wembley Stadium).
Sales Forecast
Year 1 Year 2 Year 3
Number of events
(estimated increase
by 20%)
10 12 14
Avg. spend 5000 5000 5000
Sales 50000 60000 69000
Year 1 Year 2 Year 3
Number of events
(estimated increase
by 20%)
10 12 14
Avg. spend 5000 5000 5000
Sales 50000 60000 69000
Sources of Funds
Sources of Fund Amount (£)
Owner's capital 15000
Total Sources of Fund 15000
Sources of Fund Amount (£)
Owner's capital 15000
Total Sources of Fund 15000
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Salary
Salary Pay (£) No. of Employees Months Amount
Event managers 200 2 12 4800
accountant 150 1 12 1800
office staff 100 5 12 6000
logistic executive 120 2 12 2880
Total 15480
Salary Pay (£) No. of Employees Months Amount
Event managers 200 2 12 4800
accountant 150 1 12 1800
office staff 100 5 12 6000
logistic executive 120 2 12 2880
Total 15480
Income statement
Income Statement Year 1 (£) Year 2 (£) year 3 (£)
Revenue
Sales from Products and services sold 50000 60000 69000
Less: COGS (10%) 5000 6000 6900
Gross Profit 45000 54000 62100
Operating Expenses
Market Research 2000 0 0
Utilities (Electricity/water/telephone) 3000 3150 3307.5
Promotion and advertisement 5000 5500 6050
Insurance 1000 1000 1000
Salary 15480 17028 18730.8
Rent on premises(Exact data regarding the venues is not available
in the case 5000 for the 1st has been assumed and there are after it
has been increased as per the increase in number of events
organized). (Music Venues for Hire in London, 2015)
5000 5500 6050
Miscellaneous Expenses 3000 3300 3630
Depreciation 500 500 500
Less: Total Operating Expenses 34980 35978 39268.3
Operating Profit 10020 18022 22831.7
Less: Interest 11445 7630 3815
PBT -1425 10392 19016.7
Less: Tax -285 1559 2853
Net Profit -1140 8833 16164
Income Statement Year 1 (£) Year 2 (£) year 3 (£)
Revenue
Sales from Products and services sold 50000 60000 69000
Less: COGS (10%) 5000 6000 6900
Gross Profit 45000 54000 62100
Operating Expenses
Market Research 2000 0 0
Utilities (Electricity/water/telephone) 3000 3150 3307.5
Promotion and advertisement 5000 5500 6050
Insurance 1000 1000 1000
Salary 15480 17028 18730.8
Rent on premises(Exact data regarding the venues is not available
in the case 5000 for the 1st has been assumed and there are after it
has been increased as per the increase in number of events
organized). (Music Venues for Hire in London, 2015)
5000 5500 6050
Miscellaneous Expenses 3000 3300 3630
Depreciation 500 500 500
Less: Total Operating Expenses 34980 35978 39268.3
Operating Profit 10020 18022 22831.7
Less: Interest 11445 7630 3815
PBT -1425 10392 19016.7
Less: Tax -285 1559 2853
Net Profit -1140 8833 16164
Cash flow statement
Cash flow statement Pre-Operating Year Year 1 (£) Year 2 (£) year 3 (£)
Cash Inflow
Opening Balance 0 145500 240200 379120
Cash Sales 0 50000 60000 69000
Owner's capital 15000 0 0 0
Bank Loan 150000 0 0 0
Total Cash Inflow 165000 195500 300200 448120
Cash Outflow
Fixed Assets 5000 0 0 0
Market Research 2000 0 0 0
Utilities (Electricity/water/telephone) 0 3000 3150 3307.5
legal registration charges 500 0 0 0
Rent (Exact data regarding the venues is
not available in the case 5000 for the 1st
has been assumed and there are after it
has been increased as per the increase in
number of events organized) 0 5000 5500 6050
Promotion and advertisement 8000 5000 5500 6050
Working Capital 2000 0 0 0
Interest 0 11445 7630 3815
Insurance 0 1000 1000 1000
Tax 0 -285 1558.8 2852.505
Salary 0 15480 17028 18730.8
Miscellaneous Expenses 2000 3000 3300 3630
Loan Repayment 0 50000 50000 50000
Total Cash Outflow 19500 93640 94667 95436
Closing Balance 145500 101860 205533 352684
Cash flow statement Pre-Operating Year Year 1 (£) Year 2 (£) year 3 (£)
Cash Inflow
Opening Balance 0 145500 240200 379120
Cash Sales 0 50000 60000 69000
Owner's capital 15000 0 0 0
Bank Loan 150000 0 0 0
Total Cash Inflow 165000 195500 300200 448120
Cash Outflow
Fixed Assets 5000 0 0 0
Market Research 2000 0 0 0
Utilities (Electricity/water/telephone) 0 3000 3150 3307.5
legal registration charges 500 0 0 0
Rent (Exact data regarding the venues is
not available in the case 5000 for the 1st
has been assumed and there are after it
has been increased as per the increase in
number of events organized) 0 5000 5500 6050
Promotion and advertisement 8000 5000 5500 6050
Working Capital 2000 0 0 0
Interest 0 11445 7630 3815
Insurance 0 1000 1000 1000
Tax 0 -285 1558.8 2852.505
Salary 0 15480 17028 18730.8
Miscellaneous Expenses 2000 3000 3300 3630
Loan Repayment 0 50000 50000 50000
Total Cash Outflow 19500 93640 94667 95436
Closing Balance 145500 101860 205533 352684
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