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Sample Business Plan: Weddings With Panache
1.0 Executive Summary 2.0 Company Summary 3.0 Services 4.0 Market Analysis Summary 5.0 Strategy and Implementation Summary 6.0 Management Summary 7.0 Financial Plan 8.0 Summary / Conclusions
Weddings With Panache (WWP) is a full service company that provides consulting services for weddings, commitment ceremonies and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. WWP is unique because we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams; consequently, our clients' wishes become our commands. Whether our client wants a western, tropical, Las Vegas or more traditional type of wedding, we can help. We arrange weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers and musicians. 1.1 Objectives Whether this is our client's first wedding, a renewal of their vows or an anniversary celebration, we want their event to be both a pleasurable and a memorable experience. Therefore, we offer a host of packages and services specifically tailored to the needs of each couple. We are confident that this business venture will be a success. By our second year, we estimate that our net income will increase more than 10%. 1.2 Mission Weddings With Panache (WWP) is a full service company that provides consulting services for weddings, commitment ceremonies and anniversaries. Our consultants are experienced and dedicated professionals with many years of event planning experience. WWP is unique because we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams; consequently, our clients' wishes become our commands. Whether our client wants a western, tropical, Las Vegas or more traditional type of wedding, we can help. We arrange weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists, entertainers and musicians. 1.3 Keys to Success Our keys to success: 1. We will service our clients' needs promptly and efficiently. 2.0 Company Summary Weddings With Panache is a start-up company that provides wedding, commitment
ceremony, and anniversary consulting services to brides, grooms and other
family members. We are a full-service bridal consulting group whose goal
is to put the "fun" back into planning a wedding. From our experience,
too many people become overly stressed and frustrated when planning these
wonderful events. We are experienced consultants who will use our expertise
to help create memorable and stress-free events for our clients. By doing
this, our clients can sit back and enjoy their event. The result? We create
weddings that are suited to the couple's unique style: a true expression
of their relationship and individuality as a couple. This business will start out as a simple proprietorship, owned by its founders, Angelina and Aidan Hyatt. As the operation grows, the owners will consider re-registering as a limited liability company or as a corporation, whichever will better suit the future business needs. 2.2 Start-up Summary Legal $200 Total Start-up Expenses $3,000 Cash Balance on Starting Date $5,000 Total Requirements $8,000 Total Investment $8,000 Accounts Payable $0 Total Capital and Liabilities $5,000
2.3 Company Locations and Facilities Initially this will be a home-based business; however, by 2005, we intend to expand our facilities into a well-equipped and operational office. 3.0 Services We are a full-service wedding consultant group and provide the following services: etiquette advice, event scheduling, discounted invitations and products, vendor confirmation, rehearsal attendance, supervision of both ceremony and reception setup and budget planning. 4.0 Market Analysis Summary Nearly $35 billion are spent every year on weddings and receptions in the United States, making professional wedding consultants an essential commodity. Weddings With Panache hopes to tap into all aspects of that market by offering a variety of packages to suit every client's needs (whether large and small, upscale or low-key). Considering the size of the industry, just about everyone we meet is a potential client. However, we mostly advertise to prospective brides, grooms and their family members. 4.1 Market Segmentation Although the flash and excitement of impending nuptials can be intoxicating, it can also be overwhelming. Therefore, we primarily market our services to the people who need them most--brides and grooms. In 1997, 2.4 million marriages took place in the United States. According to the Encarta Encyclopedia, the current US marriage rate of nine marriages per 1,000 people is still the highest rate among the industrialized countries and is expected to remain at the same level in the near future. In the Madison, WI area, where Weddings With Panache plans to operate their business, over 1,500 marriages are registered each year, which creates a sizable market potential. Besides the wedding arrangements, which Weddings With Panache believe to be their major client assignments, other events the company will provide services to include corporate retreats, etiquette training, etc. This customer segment is estimated to have the annual volume of 1,000 orders in the Madison, WI area. Market Analysis
4.2 Target Market Segment Strategy Weddings With Panache will offer its services mostly to the brides and grooms, as well as to their family members. The company will position itself as an experienced provider of wedding planning services. Unlike most of its competitors, WWP will offer a full range of services and thus provide the convenience of one-stop shopping for its clients. This will significantly reduce the customers' time and efforts preparing for such an important event as a wedding. Moreover, by utilizing numerous supplier contacts that the company owners have established, Weddings With Panache will be able to pass on its sizable cost savings to its customers. 4.2.1 Market Needs The market needs for wedding planning services are strongly shaped by the customers' desire to have a perfectly planned and executed wedding ceremony. Although both major customer segments (brides and grooms and family members) plan and budget for the wedding ceremony a year or more in advance, they often realize that they cannot make all the necessary preparations by themselves in a cost effective manner. Strongly affected by the established social values, such customers seek professional advice to ensure that all the important aspects of the wedding ceremony meet or exceed perceived expectations. 4.3 Competitive Analysis 4.3.1 Local Competitors Competitive analysis conducted by the company owners has shown that 20 companies currently offer some sort of wedding planning services in the Madison area. However, the majority of the incumbent competitors offer only a limited line of services like catering, flower arrangements or gifts. In fact, of these 25 competitors, only three offered a range of services comparable with what Weddings With Panache plans to offer. The following is the list of the major competitors with a brief description of their services: Gracious Moments offers ceremony preparation, rehearsing and execution services. Miraculous Memories, Inc. provides flower and catering arrangements and wedding consulting services. Myers Wedding Consultants offers its clients entertaining, catering, floral design and hair styling services. Our market research shows that customers anticipate the complete wedding consulting services to be expensive and they budget accordingly. In fact, lower prices are very often associated with poor service quality. By aggregating a complete range of wedding services under one roof, Weddings With Panache will offer its customers the ease of one-stop shopping. 5.0 Strategy and Implementation Summary Our strategy is simple; we intend to provide our customers with a wide range of services that are custom-tailored to their individual needs. Therefore, whether they require a complete package, or simply consulting on a particular service, we can help. 5.1 Competitive Edge By aggregating a complete range of wedding services under one roof, Weddings With Panache will offer its customers the ease of one-stop shopping. The company will leverage its owners' expertise in planning such events to competitively position itself as a premier provider of wedding services. Both owners have very strong communication skills that will help develop the 'buzz' about the high quality of the services offered by Weddings With Panache. 5.2 Sales Strategy The company's sales strategy will be based on the following elements: 1. Advertising in the Yellow Pages - two inch by three inch ads describing the services will be placed in the local Yellow Pages. 2. Placing advertisements in the local press, including the Chicago Sun Times, the Madison Weekly, the Wisconsin Daily News. 3. Developing affiliate relationships with other service providers (florists, hair stylists, caterers) who will receive a percentage of sales to the referred customers. 4. Word-of-mouth referrals - generating sales leads in the local community through customer referrals.
6.0 Management Summary Our wedding consultants are Angelina and Aidan Hyatt, who have collaboratively planned and serviced over 200 weddings and receptions. Both in theory and in practice, they are knowledgeable about all areas of planning, decorating and budgeting. Angelina has a BS in Communications and has been a wedding consultant for eight years. Like many in her field, she became interested in providing consultant services when she successfully planned her first five weddings for family and friends. Since then, Angelina has received extensive training in wedding planning, including her certification from the National Association of Wedding Consultants and Professional Wedding Planners. Aidan has a Bachelor's Degree in Business Administration, and, like Angelina, he became interested in becoming a consultant when he successfully planned a large family wedding. Aidan received his certification from the National Association of Wedding Consultants and has been a wedding planner for three years. Aidan enjoys all aspects of planning traditional and nontraditional weddings. 6.1 Personnel Plan Initially, Weddings By Panache's personnel will include only the two owners, both of whom will be working full-time. As the personnel plan shows, we expect to hire an additional wedding consultant in the next year This person will work full time, but will not be included in the management decisions.
7.0 Financial Plan The following subtopics represent the financial plan of Weddings By Panache.
7.1 Break-even Analysis
7.2 Projected Profit and Loss Our projected profit and loss is shown in the following table.
7.3 Projected Cash Flow The following chart and table show our cash flow projections.
With our extensive experience in the field and our commitment to providing
one-stop shopping for harried brides and grooms, we are certain that we
will capture the necessary market share to achieve our financial goals.
Armed with a competitive spirit and a genuine love for our work, we are
eager to serve the Madison, WI bridal market for many years to come. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||