Greek Wedding Agency: BS7710 Business Feasibility Plan

The provided document is a comprehensive business feasibility plan for a Greek Wedding Agency, designed to cater to couples, particularly those from Russia, seeking to have their weddings in Greece. The plan outlines the agency's mission to realize clients' dreams of romantic ceremonies, emphasizing convenient event planning and high-quality services. The agency will offer church weddings, official marriage registration, symbolic beach ceremonies, and honeymoon trips. The plan addresses market problems, such as the lack of direct agents and standard packages offered by competitors, proposing solutions like personalized services and direct communication. The business targets a niche market of event planning in Greece, with a focus on the wedding industry, aiming to capture a significant market share by offering superior services. The plan includes market segmentation, a detailed market strategy, competitive advantages, a financial model with sales forecasts, and an analysis of challenges and business feasibility, demonstrating the agency's potential for profitability and sustainability. The agency aims to leverage strategic relationships and specialization to provide high-quality services and cost reductions for clients.

GREEK WEDDING AGENCY
Greek Wedding Agency
Students Name
Institutional Affiliations

GREEK WEDDING AGENCY
Greek Wedding Agency
Your Insider in Greece
1.0 EXECUTIVE SUMMARY
The Greek Wedding Agency (GWA) is a business that would want to actualize and fulfill
couples' dreams, which has always been perceived as difficult since it is difficult to have a
wedding in a far country. We want to make them appreciate and enjoy the fruits of being so
patient waiting for ages for one's proposals and the others 'yes'. On this day, we make them feel
special by having their romantic ceremony done in a beautiful place.
GWA will soon be located in Greece. It will be specializing in church weddings, official
registration of marriages, including marriage certificates, symbolic beach wedding ceremony,
and honeymoon trips. GWA will start realizing profits after month 12 of implementation and
will grow steadily every consecutive month.
1.1 Mission
The mission of the Greek Wedding Agency is to actualize our clients' dream of having a
romantic ceremony in a beautiful place and provide them with the highest level of convenient
event planning. We are always there for our customers, maintain them, and still attract more. If
we strictly align ourselves to this maxim, everything else will be in order. Our services will also
supersede the expectations of our clients.
1.2 Goals
1. To put the customers at the core of our business by having quality services at pocket-friendly
rates.

GREEK WEDDING AGENCY
2. To steadily increase the number of served clients every year by 20%.
3. To have a profitable and sustainable start-up business
1.3Company Ownership
It will consist of two personnel who will kick start the business. After the market has begun
realizing profits, they will consider bringing a secretary and auditor on board on a full-time basis
2.0 PROBLEM STATEMENT
According to https://wordstat.yandex.ru, it is clear that clients from Russia have a high demand
to have their weddings done in Greece comparatively to countries like Italy, Spain, and the
Maldives, but the supply is relatively low in Greece. (Lailatul and Melinda 2018). It is also
costly to have wedding organized abroad than in Greece. Some of the significant problems that
clients raise include;
Wedding agencies in Russia lack direct agents. Clients, therefore, do not have direct
communication with the organizers forcing them to wait for 2-3 days, which is the Greek culture.
They can't get proper details of the organization of weddings, including advice, time, décor, and
many other inquiries. (McLean 2019)
Greek agencies have a hundred percent economy offer prepayment. Clients, therefore, risk
prepayment transactions without a complete contract or not even registered services.
Those travel agencies only have standard offer packages. There are no resale services.
3.0 PROPOSED SOLUTION AND SERVICE DESCRIPTION

GREEK WEDDING AGENCY
After a lot of analysis of the stated problems, GWA will offer full lucrative wedding packages to
its clients, majorly from Russia. Our crucial value prepositions to our customers include;
individual package solution, personal manager, and every detail matters since it is the client's
dream. It will have an official representative from Russia who will be in charge of wedding
organizations in Greece. It will major on four services namely;
1. Wedding in the church- this will be specifically for clients who prefer their wedding to be
done in a church gathering.
2. Symbolic beach wedding – for couples who want to appreciate the period they have been
together and have it remembered throughout their lifetime.
3. Official registration of marriages- this includes formal issuance of marriage certificates.
4. Honeymoon trips – this is for newly wedded couples who would like to enjoy their free time
together for some time before getting to a regular life routine.
3.1 Market Competition
Currently, few competitors are in the wedding and event planning industry. The key competitors
include Russian wedding and travel agencies and the Greek agencies. They tend to give their
services more comprehensively, and by so doing, they engage in price dumping, which includes
discounts and promotions, to attract more customers. They also have large network agencies.
(Turner and Endres 2017)
However, some Russian agencies do not understand Greek culture since they have never been to
Greece. They have no creativity for the wedding process, there is a hundred percent prepayment,

GREEK WEDDING AGENCY
but it is not a guarantee that it is legal. They have no tailor-made proposals but only standard
offers.( Afzalan, and Sanchez 2017.)
Some of the competitive advantages that we enjoy over them include; excellent knowledge of
Greek culture, 24/7 free advice to our clients from our team in Russia and Greece, and our clients
become their managers. (Teece 2018)
Some of the reasons why most couples will choose Greece over Russia include cost advantages
since it is relatively cheaper in Russia. Marriage in Greece is legal in Russia; we don't use
orthodox churches, shot flights from Russia, and also to spend their long season in Greece, which
is from March to October. Currently, we are working on our patent name, and all our documents
will contain our copyright.
4.0 MARKET OPPORTUNITY
GWA will go for one crucial niche, which is event planning in Greece and significant on the
wedding industry. We are majorly targeting clients from Russia who would want their wedding
done in Greece. With its uniqueness in terms of packages offered, it will manage to maneuver
into the higher ends of the industry and command a significant share of the market. There is a
significant gap in the wedding industry since most clients are dissatisfied with the current
scenario of uncertainty and poor quality service that turns them away. If done our way,
customers would reconsider and make us command a larger market share. (Shelton 2017)
4.1 Market Segmentation
GWA will be providing services to wedding and event planners clients only. We will not stretch
to the "social market," which is a lucrative alternative market in the niche. (Mesly 2017)

GREEK WEDDING AGENCY
Customer segmentation will be according to their age and behavior. It will majorly go for
customers who are at their prime age of marriage that is between 24-34 years old. Also, couples
who help up for long but not officially married. Behaviorally, it will go for smart customers who
go for quality over price.
4.2 Target Market
Our primary target market is young couples who are at their prime age of marriage. That is
between 24-34 years old. It is believed that twenty percent of this population craves for
cheapness and they are majorly students and misers. Fifty percent of them are smart customers
who still weigh price and quality on a beam balance while the remaining thirty percent are hot
customers who will go for any budget but for the wedding to be planned and done within a few
days. (Mukherjee and Roy 2017)
We also target families and held up couples who are together for many years but not officially
married, who wishes to have their romantic ceremony done in a beautiful place. Our target
markets are speculated to have a wedding abroad mentality which comes with a wide range of
services. (Lu, Wang and Xu 2019)
5.0 MARKET STRATEGY
GWA will be aggressively courting couples to win over prospect contracts. It will be offering
superior services at a relatively lower cost due to customer-centricity. By majoring in a few
particular functions, it will be more proficient in these services. By doing so, it will also be in a
position to attract more customers as possible for the season April-October. ( Kepczynski,
Jandhyala, Sankaran and Dimofte 2018)

GREEK WEDDING AGENCY
GWA will magnify company visibility by creating a website with a few landing pages and
contextual advertisements. Our website will be so detailed, providing client- in-depth
information about the services we offer. Some other market entry channels for GWA will be
SMM and partnering with market leaders in the wedding industry. (Sukoco, Setiawan, Dhaniarti
and Hasyim 2017)
5.1 Competitive Edge
GWA's competitive edge will rely on two factors, which are strategic relationship and
specialization. It will be specializing in two specific areas of the wedding industry. While this
substantially will preclude it from very many different sectors, it will allow for its excelling in
the sectors that it has decided to participate in. (Leu and Lee 2017)
Improvements that GWA yearn for are cost reduction to the client and an increase in the level of
quality of services offered.
Second is a strategic relationship. GWA understands that they can never be perfect in everything.
Therefore we believe it is better to draw our focus on a few things, prosper in those areas, and
make strategic partnerships with other persons that do well in the service areas in the wedding
industry. (Ibidunni, Peter and Ogbari 2017) Applying this, it will collaborate with photographers,
video operators, florists, and 'makeups'. These coupled services would bring value addition to
our packages. It would also be more cost-friendly to form a strategic relationship with experts in
this field instead of trying to become proficient. GWA will, therefore, in a position to offer top-
notch services.
6.0 business financial model

GREEK WEDDING AGENCY
Sales Strategy
GWA will focus majorly on personal contact and interaction with the clients. With his five years
of experience in consultancy in Russia, victoria has made good relationships with the business
community there. She will first leverage these relationships to get our first clients. Once things
are set, and growth is inevitable in GWA, the satisfied clients will be the bridge between the new
prospective customers who are looking for a better place in Greece to have their romantic
ceremony and us. This will be based on the cost advantage given to our clients and the high
quality of services.
The website will not only be used for communication with our prospective customers but also a
platform where our customers can get critical information like cost estimates and answering
questions online. (Hwang, Zhu, and Tan 2017)
Some of the packages that will be offered include;
1. Symbolic beach ceremony @2000 Euro.
2. Official registration, including wedding certificates @3000 Euros.
3. Wedding in church @ 3500 Euros
Sales Forecast
The first few months will be for setting up the office. We plan to plow 20,000 Euros for concept
creation. It is unlikely that there will be sales in these months, as this will be the period of
establishing contacts in Greece, selecting a team, and developing our marketing strategy. Once
this is done, the business will be able to process the service requests more efficiently. ( Haanstra,
Toxopeus, and Van Gerrevink 2017)

GREEK WEDDING AGENCY
The months after that will be the onset of sales activities. By the fifth month, things should have
kicked on. Our target is to access the market, and by the end of the first year, we would have
reached our break-even point. (Blank 2017,p.16)
Financial projection.
SUMMARY OF SALES PROJECTION
Sales
projection
2019 2020 2021 2022 2023
Sales (units) 30 50 50 50 50
Unit price
RUB
200, 000 200,000 200, 000 200, 000 200,000
Sales amount
kRUB
6,000 10, 000 10, 000 10, 000 10, 000
Gross margin
ratio in the
country
80.0 % 80.0% 80.0% 80.0% 80.0%
Gross margin 4,800 8, 000 8, 000 8, 000 8, 000
SUMMARRY OF THE PROFIT AND LOSS ACCOUNT
Profit & loss sheet
(unit;k)
2019 2020 2021 2022 2023
Sales 6, 000 10, 000 10, 000 10,000 10,000
Gross margin 4,800 8, 000 8, 000 8, 000 8, 000

GREEK WEDDING AGENCY
(-)SG&A 4, 350 5600 5, 600 5, 600 5, 600
Labor cost 4, 000 5, 000 5, 000 5, 000 5, 000
Travel expense
Marketing costs 350 600 600 600 600
(-)
depreciation/Amortization
200 200 200
Operating profit 250 2,200 2,200 2,200 2,200
SUMMARY OF CASH FLOW
Free cash flow 2019 2020 2021 2022 2023
NOPAT 0 1760 1760 1920 1920
Depreciation/Amortization -200 -200 -200 0 0
Fixed asset investment
Increased working capital
Total free cash flow 50 1560 1560 1920 1920
Terminal value
Investment
Total 50 1560 1560 1920 1920
NPV 5,599

GREEK WEDDING AGENCY
0 20 40 60 80
-800000
-600000
-400000
-200000
0
200000
400000
600000
BREAK EVEN POINT
sales production (units)
sales and costs in RUB
7.0 Challenges and business feasibility
Some of the business constraints in this industry include low-grade competition. Since there are
few barriers for venturing into the wedding business, the niche is flooded with untrained and
inexperienced persons who provide inferior charges and services. But what we shall do is to take
them under our wings and prove that being professional and ethical is an asset. (Ferreira, Loiola
and Gondim 2017) Another constraint is terrible vendors. Most of them miss uniform standards
since there are no regulations. Most of them lack accountability. But what they don't know is that
the business will throw you out if you require quality service. Another problem is unrealistic
wedding day expectations. Visual media has made many clients have unrealistic expectations.

GREEK WEDDING AGENCY
For example, the idea of expecting thirteen cake tastings free of charge. The client's budget is
also one of the main problems. (Chen and Lin 2017)
Some of the assumptions that will steer this business include;
1. That Greece is the best country to tie the knot since it has grown significantly and it is
one the countries Russians crave for having their wedding in
2. Hundreds of jobs revolve around serving the wedding market. Not just venues and hotels
but also service providing like photography, music, makeup, hair salons.
3. The ripple effect is always in play all the time.
4. That about ninety percent of our wedding clients are from Russia.
5. That we will consider technology to be one of our crucial expansion tools.
8.0 Team
GWA will consist of two personnel who will kick start the business. After the company has
begun realizing profits, they will consider bringing a secretary and auditor on board on a full-
time basis.
Varvara Oglezneva, Russian, who has a strong financial background and has vast experience in
analytics and marketing, will be handling the financial accountant, analytics, and market
development part.
Victoria Vlasova, Greek, with great experience in organizational, sales, and marketing in Greece,
will be in charge of sales and marketing, operations management, and development.
9.0 Reflection

GREEK WEDDING AGENCY
This is one of the lucrative businesses an investor should consider. Having in mind that the
industry is not flooded, GWA will be the market leader within a short period. Despite all the
business constraints, the assumptions that are put in place will still propel the business. I believe
everything will work out as planned. We are also flexible to the external market forces. (Graham
2018, p.14)

GREEK WEDDING AGENCY
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