Business Description: The Company will be a full service event venue that will provide an outstanding experience for private and corporate events. The Principal is a dedicated professional with many years of industry experience. The Company is unique as it will strive to give clients undivided attention, unlimited options to meet their needs; with the end result being the event of their dreams. The Company's target market will include weddings, receptions, anniversary parties, graduation parties, community events, baby and bridal showers, corporate training or social functions, and other events as requested. The Principal has an extensive network of vendors to provide any service the client may request. Through a combination of outstanding customer service, sophisticated software, and an elegant, upscale venue, the Company will quickly achieve market penetration and recognition.
Sales/Marketing: The event industry is many small segments that operate as a whole. One of those segments is offering a beautiful, elegant, place in which to hold individual and corporate events. In addition, with the proposed renovations and future plans for the property, it will appeal to a very wide market. With this proposed venue facility, the Company will have the ability to meet client needs and offer a unique location within the desirable DFW area.
The Company will be aggressively courting companies to win future contracts by offering superior service coupled with a multitude of event planning options. The Company will increase company visibility through its website, local Chamber of Commerce networking, and participation in trade shows. The website will be quite detailed and provide a visitor in-depth information about the services to be offered, the corresponding high level of quality, and the cost savings that can be achieved by using the Company’s services and location.
Research indicates that the average wedding booking was in excess of $26,000 in 2015 and the figures for 2016 look to be an average of over $28,500. For corporate events in both years, the average booking was a minimum of $15,000. The Company expects to book a minimum of three events on a weekend with an average of two additional events throughout the week (Tues-Thurs). The Company will pursue an advertising campaign, maintain a current website, and allocate funds for membership at area professional organizations to further the facility's presence. Finally, the company intends to market to area corporations to secure entertaining and hosting events for their clients and employees.
Key Success Factors:
• With the principal’s experience, the proposed beautiful facility, an outstanding custom food selection, and exclusive all-inclusive packages, the Company will be set apart from any other upscale event venue.
• The Event Planning/Hosting industry has rebounded from the recession as it is expected to grow by 20% going forward
• The Principal has over 29 years in the corporate business world, has planned and/or coordinated various projects and events.
• Experienced staff
• Specialized offerings
• Strong relationships with complementary service providers
Key Risk Factors:
• Copycat competitors
• A slump in the economy that could have a ripple effect on service providers
• Future competition from existing service providers competing in different but complimentary market spaces.
Exit Strategy: The Company is seeking funding of $6,000,000 of which $900,000 will be used to purchase the existing property and $3.5 million will be used to make renovations and to construct additional venue spaces. The Company is projecting to be in position to repay all investors and operate debt free by the end of year 5.
Year 1: $2,384,000
Year 2: $2,573,500
Year 3: $2,813,000
Use of Proceeds
Real estate purchase and venue construction
Additional Documents Available