Business Proposal Idea
Business plan is an essential part of any successful business. The aim of this paper is to propose and to describe the idea of opening banquet facility, which will offer services for the average population. The work will contain all sections of a traditional business plan.
The main service of the following business is providing banquet halls and food for different occasions. In addition, the facility provides equipment for conferences. The target customers of the business are people getting married. Therefore, the additional services are the possibility to order florists, photographers, video-operators, cake-designers, DJs, and other entertainment specialists.
My targeted customers are students, young couples, and companies. They range in age from 18 to 60. Students may be interested in renting banquet hall for bachelor parties, birthday celebrations, and Christmas feasts. As for the young couples, they may organize wedding reception. However, the peculiarity of these two groups of clients is that they are not permanent customers, because they usually do not have enough income for booking frequent events. Therefore, companies can potentially give more profits, as they have bigger budgets.
Competition is very strong in this kind of business due to the presence of many competitors. Therefore, my banquet facility will try to provide qualitative services for affordable prices. In addition, I will pay much attention to promotion and creation of the sustainable brand.
As for marketing my service, I will use different methods. First, I will create official website with all necessary information about the facility, and ability for the customers to subscribe for the newsletters. Second, I am going to use social media, particularly Twitter and Facebook. Third, students will be also reached with a help of brochures spread in colleges. Besides, young couple will be able to get information about the facility from the wedding magazines. In addition, companies will also get brochures by e-mail and post. Apart from that, permanent clients will get discount cards.
Choosing comfortable place is important for this kind of business, especially in terms of wedding receptions. First, the banquet facility must be in a beautiful place on the nature (e.g. near the river or in the park). On the other hand, it should be close to the busy areas of the city, because banquet facility can be also used from Monday to Friday as a restaurant. Second, it is better to choose the location not very far from colleges, in order to attract bigger amount of students. As for the way of producing this service, it includes finding comfortable and spacious building, creating menus for different occasions, hiring experienced staff, and developing additional services that would satisfy all possible needs of clients. In addition, it is important to make a good plan for promotion of the service, especially at the beginning of the facility’s functioning.
Apart from that, every business requires a skillful manager. I do not have experience in this sphere, so I will hire a manager, who has already opened at least few banquet facilities that now continue to compete successfully in the market. In addition, I will pay attention to keeping strong discipline and teambuilding. Besides, I will demand from my workers to respect all our customers and to be friendly.
I do not have enough money to open such kind of business, so I will search for investors. I prefer to find two or three persons that would not only give me money, but would also have some experience in business. I will suggest them to divide profits equally, because the business idea is mine.
To sum up, I think this business can be profitable because offered services are always popular among customers. In addition, variety of menus, additional services, friendly and well-trained staff, convenient location, and loyalty programs are able to create a strong brand and recognition in the city. Moreover, my business will continue to develop all the time, so five years from now, it will become the most popular banquet facility in the area with many permanent customers, who will have to book our services in advance.
