Detailed Business Plan: Mindtrack Event Management (MEM) - UK

This document is a comprehensive business plan for Mindtrack Event Management (MEM), a UK-based company. It details MEM's vision to be a leading event management firm specializing in Small entertainment, sponsorship, and celebrity endorsements, with a mission to offer quality event management services. The plan includes a thorough market analysis, identifying gaps in the UK event industry, particularly in the Small entertainment and celebrity endorsement sectors. It outlines the target market, business model, revenue streams, and competitive analysis. The plan also covers the management team, critical success factors, SWOT and PESTEL analyses, expansion and marketing strategies, and detailed financial projections including sales forecasts, funding requirements, and income statements. The unique selling point of MEM is its focus on organizing quality Small concerts and providing celebrities for events. The plan includes strategies for aggressive marketing and leveraging existing corporate connections to establish a strong presence in the market. Overall, the plan aims to establish MEM as a lucrative company with multiple revenue streams in the UK event management sector.

MINDTRACK EVENT MANAGEMENT
(BUSINESS PLAN)

TABLE OF CONTENTS
Executive Summary.........................................................................................................................4
Business Plan...................................................................................................................................4
Vision...........................................................................................................................................4
Mission.........................................................................................................................................4
Objectives....................................................................................................................................5
Business Summary.......................................................................................................................5
Unique Selling Point....................................................................................................................5
Business Profile...........................................................................................................................6
Management Team.......................................................................................................................6
Market Analysis...........................................................................................................................7
Target market...............................................................................................................................8
Premises.......................................................................................................................................8
Business Model..........................................................................................................................10
Revenue Model..........................................................................................................................11
Competitor Analysis...................................................................................................................11
Funding requirements................................................................................................................12
Business Description......................................................................................................................13
Mindtrack Event Management: The Idea..................................................................................13
Business description and Ownership.........................................................................................13
Management Team.....................................................................................................................13
Critical Success Factors.............................................................................................................15
Exit Strategy...............................................................................................................................16
SWOT Analysis.........................................................................................................................16

PESTEL Analysis.......................................................................................................................17
Expansion and Marketing strategy.............................................................................................18
Financial Analysis..........................................................................................................................20
Sales Forecast.............................................................................................................................20
Sources of Funds........................................................................................................................21
Salary.........................................................................................................................................21
Income statement.......................................................................................................................21
Cash flow statement...................................................................................................................22
Conclusion.....................................................................................................................................23
References......................................................................................................................................24

EXECUTIVE SUMMARY
Looking at the present economic condition of UK, event management industry is one of
leading contributor towards the economy of the country around 42.2 billion in 2015. On the basis
of market analysis, market gap has been identified that, there are several event management
companies in the UK that focus on specific types of events. There is a significant untapped
market and that is the lucrative sponsorship and endorsement market that exists when large scale
events are combined with celebrity endorsement and appearances. At the initial stage, owners are
planning to make use the hot desk facility in London provided via the Business Incubation
Support Package by Google Campus for atleast 12 months of the business. 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.
BUSINESS PLAN
Vision
Mindtrack Event Management will be a unique event management company which will
organize and run Small 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 Small
related entertainment event. In addition to it, Mindtrack Event Management vision is to become
leading organisation by marketing its events in India through its existing network and will
increase Small concerts in the UK.
Mission
The mission of Mindtrack Event Management is to offer quality of event management
services by organising superior quality of Small 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 Small concerts that enhances the level entertainment experience of
people.
 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 Small Entertainment events
 The Leader in sponsorship management in entertainment events
 The Leader in celebrity endorsements at entertainment events
 The Leader in Small related events with exclusive media rights in the UK
 To become an extremely lucrative company with several revenue streams
Business Summary
Mindtrack Event Management Limited is a UK based organisation which has been set up
by its principal, Miss Aiman Syed Ali. Miss Syed is of Pakistan origin and has significant
experience in organising and running large scale national and international events in Pakistan
(including but not limited to the most recent Pakistan Premier League in Pakistan) the largest
sporting event watched throughout the world (Booker, 2015). The business is aimed to be
financed by a financing company from Pakistan who are in this business very successfully for
over 30 years and has provided his wisdom and guidance to Miss Syed, together with years of
direct hands on experience which is invaluable. Miss Syed identifies a huge gap in the market
and a real opportunity in offering her expertise, her connections and most of all her passion to
bring the concept into the UK and having recently completed her BA in Business Management
from BPP, she has all the right ingredients to ensure her business venture is a success.
Unique Selling Point
The unique selling point of Mindtrack Event Management Limited is to organize quality
of Small concerts at popular places of UK for the local crowd. In addition to it, cited firm will
provide Small and Hollywood celebrities for the functions like birthday, wedding or festival. In
addition to this, MEM will also be facilitating the use of UK locations for the Small 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.
Following are the points which differs the new business from the existing ones:
 Aggressive marketing campaign - The business will follow an aggressive approach
towards marketing. The services will be promoted on different channels of social media
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such as Facebook, Twitter, and YouTube etc. It is one of the unique selling point for the
new business.
 Established Connections – It is another plus point for the MindTrack. It is having well
established corporate connections within the industry. This will provide great strength to
the initial set up of the new business.
Business Profile
Corporate Structure UK Limited Company (to be incorporated)
Company Name Mindtrack Event Management Limited
Trading Name MEM – Mindtrack Event Management
Industry 2 (Initially with direct assistance of advisers
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.
Other key members of the team will over time grow to consist of a Marketing Manager
who will have experience of UK event marketing as well as a Business Development and
Sponsorship Manager. Various people have been shortlisted for these roles and only the best will
succeed in securing confirmed positions. Miss. Syed will also work very closely with his
professional advisers who will be consulted in all Management Matters and who themselves
possess significant national and international business and enterprise experience. The
Management Advisors are directly appointed by the financers of this venture.
Designation Staff member
Director 1
Operations Manager 1
Sales and Marketing Manager 1
Finance Manager 1
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Executives 1
Other staff (event workers) 4
The role of the other staff is to complete all the assigned duties and responsibilities during
the course of the events effectively. They will be the backup support behind the happening of all
the events.
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.
(Source: Opportunities for Growth in the UK Events Industry Roles & responsibilities, 2015)
On the basis of above analysis, market gap has been identified that, there are several
event management companies in the UK that focus on specific types of events. There is a
significant untapped market and that is the lucrative sponsorship and endorsement market that
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exists when large scale events are combined with celebrity endorsement and appearances
(Coultry, 2008). There is no one looking at this market as no one is organising concerts or
musical events of the Small celebrities this indeed provides one of the major market gap that
entrepreneur can utilize. However, 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. Many companies that exist do not have the
experience of managing international events. MEM can proudly say that it has the experience at
the highest of levels in Pakistan which is not only a significant growing economy in the world
but a country with a large population. There is also no company in the UK focusing on sports and
tourism from Pakistan to neither the UK, nor indeed any company focusing on celebrity led
tourism and the gap is to incorporate these into the one organization (Office for National
Statistics 2015). This is an amazing yet untapped market and one which MEM will explore and
monetize due to its event management experience. These are therefore the gaps in this market
which presents itself as an opportunity.
Target market
The main focus on owners of Mindtrack Event Management Company is to organize
Small concerts in popular places of UK Along with this, provide celebrity for the birthday parties
or other family functions or festivals and 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 (Porter, 1985). Therefore, providing them what they need is the main purpose of
MEM to enter into the new market of UK. In this regard, company’s target market is divided into
two different categories i.e. high profile families that can afford celebrity endorsement in their
functions and on the other hand, sponsorship events like concerts for the local people to enhance
their experience in Small entertainment.
In addition to this, MEM will also be facilitating the use of UK locations for the Small
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 Small 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
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development of Entertainment tourism market which will then be marketed through MEM’s
connected companies in Pakistan and India (Proctor, 2012).
Premises
At the initial stage, owners are planning to make use the hot desk facility in London
provided via the Business Incubation Support Package by Google Campus for atleast 12 months
of the business. Following this period, a small serviced office will be used in London as London
will be the most suited hub to develop this business.
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Business Model
Key partners Key Activities Value
Propositions
Customer
Relationships
Customer
Segments
Key
Resources
Channels
Cost Structure Revenue Streams
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Production
Houses
Sponsorship
of events
Venue
booking
Fixed Assets Legal and Registration
Charges
Market
Research Marketing and Promotion
Logistics
Service
Providers
Photographer
Small concerts
Extensive
range of
event
planning
services
Celebrity
endorsement
in family
functions
Personal
Assistance
Pre and post
event
services
Affordable
and
budgeted
event plan
Memorable
services
experience
Creative &
innovative
services
High Profile
families
Human
resource for
planning and
management
Concerts
Maintaining
existing
connections
Direct
services
Brands for
endorsement
Government
and Public
sector
Indirect
services
Security
Companies
Sound
Systems
Corporate hospitality

Revenue Model
Owners of the Mindtrack Event Management Company is projected to be a high turnover
business and is predicted to make net profits in first year of its functioning. Further, making
efforts to rise the profitability to over £50,000 in year 3. By Year 4, it is expected that MEM will
have a well-established place in the market and as such will be aiming for a net profit of in
excess of £150,000.
The figures will continue to grow as other spin off concepts are added, including but not
limited to the management in the UK of Small Film celebrities and sporting personalities which
Miss Syed and their Financing partners already does to a large extent within Pakistan. With a
following of over 1 Billion people, the Small actors draw enormous crowds and their
appearances at events make the events hugely lucrative as everyone wants a piece of it.
Following are the major revenue streams for the cited event management firm:
 Sponsorship of events: MEM will act as agent and generate commissions from all deals
 Venue Booking: MEM will generate commissions from all venue bookings
 Corporate Hospitality: Several possible revenue streams from this
 Promotion of Small actors at events in the UK: a hugely lucrative industry
 Promotion of the UK to Pakistani companies wishing to tap into this market place
 Consultancy fees for the management of events on behalf of Sporting bodies
 Exclusive Media Rights in the UK to Small Celebrities and Sporting Personalities
 Ticket Sales and commissions.
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 (Jonshon,
and et.al, 2014). On the basis of market there are two event planner who organize Small concert
events in UK can be considered as the art rival for the cited firm. In order to establish within the
market it is important for the Mindtrack Event Management Company to organize quality of
concerts or entertainment events as well as provide on demand celebrity for the clients.
Competitors Services offered Price Specific Features
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Star UK Awards/gala dinner
Small 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
Entertainmen
t
Small concert High Organize concerts with high profile Indian
Musicians like Ankit Tiwari, Mohd. Irfan,
Shipla Rao.
Business is better in terms of following points:
 Established Connections
 UK education of Founder
 Significant business set up experience
 Well established Advisors part of team
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 (Ieyar, 2015). Thus, this
model will be incorporated for making entry into UK market for attracting high number of
vendors, supplier as well as clients and sponsors. With the help of founder’s significant business
experience will help the course in attaining desired outcomes. Further, it will be working in the
business from the outset. The business will be funded by a financer in return of 41% equity so
there will be no burden of finance payments which are usual with many businesses from the
outset (Godson, 2009).
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