Wedding Venue Business Plan
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Below is a template to help you create each section of your Wedding Venue business plan.
Executive Summary
Business Overview
LV Wedding Hall is a startup wedding venue located in Las Vegas, Nevada. The company is founded by Brittany Anderson, an event planner with over 15 years of experience planning and hosting special events, parties, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise. Now that Brittany has established herself as a leader in the event planning industry, she is ready to open her own wedding venue. Brittany plans on recruiting a team of highly qualified professionals to help manage the day to day complexities of running a wedding hall including marketing, budgeting, event planning, and scheduling.
LV Wedding Hall will be an all-inclusive wedding and special event venue, handling everything from the food and decorations to the entertainment and logistics. LV Wedding Hall will make any wedding or special event even more special by removing the headaches involved in planning and working with each client on every detail big and small to ensure their special day is perfect. LV Wedding Hall will be the ultimate choice in Las Vegas for wedding receptions for the company’s focus on extraordinary service and attention to detail.
Product Offering
The following are the services that LV Wedding Hall will provide:
- Wedding and event planning
- Design consultation and coordination
- Catering services
- Booking of live entertainment
- Photography and videography services
- Rentals (decor, linens, sound system, etc.)
- Event hosting and cleanup services
Customer Focus
LV Wedding Hall will target local Las Vegas residents and tourists who are looking for a hassle-free, all-inclusive wedding hall for their wedding reception or other special events such as birthday parties, anniversary parties, and corporate events. No event is too large or too small for LV Wedding Hall.
Management Team
LV Wedding Hall will be owned and operated by Brittany Anderson, an event planner with over 15 years of experience in planning and hosting special events such as parties, ceremonies, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise. Brittany is confident that her skills in communication, event management, and problem solving will help her successfully propel her new business forward to achieve a healthy profit. Brittany has recruited fellow University of Nevada graduate, Stephanie Smith to be the venue manager and run the day-to-day operations of the hall.
Stephanie Smith has a bachelor’s degree in business and is an experienced venue coordinator. Brittany relies strongly on Stephanie’s organizational skills and ability to supervise a large staff, coordinating people and logistics in a fast-paced environment. Stephanie has worked in the wedding venue industry for so long, she understands all aspects required in running a successful wedding hall.
Success Factors
LV Wedding Hall will be able to achieve success by offering the following competitive advantages:
- A friendly and knowledgeable staff available every step of the way to ensure all details big and small are handled with care.
- Comprehensive, all-inclusive services encompassing every aspect of the event from the food to the entertainment and more, making it easy for clients to have the entire event coordinated through just one company rather than having to go through several vendors.
- LV Wedding Hall offers the best pricing in town. With multiple packages and a la carte services to choose from, their pricing structure is the most cost effective compared to the competition.
Download the wedding venue business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
LV Wedding Hall is seeking $500,000 in debt financing to launch its wedding venue business. The funding will be dedicated towards securing and renovating the hall and purchasing equipment. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and initial online marketing campaign. The breakout of the funding is below:
- Wedding hall build-out: $100,000
- Equipment, supplies, and materials: $50,000
- Three months of overhead expenses (payroll, rent, utilities): $200,000
- Marketing costs: $30,000
- Working capital: $20,000
The following graph below outlines the pro forma financial projections for LV Wedding Hall.
Company Overview
Who is LV Wedding Hall?
LV Wedding Hall is a new wedding and special event venue located in Las Vegas, Nevada. The company is founded by Brittany Anderson, an experienced event planner with expertise in planning and hosting special events, parties, and wedding receptions.
LV Wedding Hall will be an all-inclusive wedding and special event venue, handling everything from the food and decorations to the entertainment and logistics. LV Wedding Hall will make any wedding or special event even more special by removing the headaches involved in planning and working with each client on every detail big and small to ensure their special day is perfect. LV Wedding Hall will be the ultimate choice in Las Vegas for wedding receptions for the company’s focus on extraordinary service and attention to detail.
LV Wedding Hall History
LV Wedding Hall is owned and operated by Brittany Anderson, an event planner with over 15 years of experience planning and hosting special events, parties, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise.
Since incorporation, LV Wedding Hall has achieved the following milestones:
- Registered LV Wedding Hall, LLC to transact business in the state of Nevada.
- Has a contract in place for a two-year lease on a 5,000 square foot facility.
- Reached out to numerous contacts to include vendors and suppliers to advise them on their upcoming wedding venue in order to start getting contracts.
- Began recruiting a staff of event coordinators, hosts, and kitchen staff to work at LV Wedding Hall.
LV Wedding Hall Services
The following will be the services LV Wedding Hall will provide:
- Wedding and event planning
- Design consultation and coordination
- Catering services
- Booking of live entertainment
- Photography and videography services
- Rentals (decor, linens, sound system, etc.)
- Event hosting and cleanup services
Industry Analysis
The wedding industry in the United States is an estimated $57B. There are approximately 330,000 wedding service providers in the United States, with over 900,000 employees. Worldwide, the wedding planning industry is booming and is expected to grow by 6% over the next six years.
Industry trends include an increase in small customized receptions, outdoor ceremonies, and destination weddings. The industry is heavily saturated, especially in Las Vegas. For this reason, it’s important for industry operators to differentiate themselves from the competition by providing unique service offerings, locations, or better pricing. Additionally, industry operators that provide flexible and customized services have a competitive advantage over those who do not.
Download the wedding venue business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
LV Wedding Hall will target local Las Vegas residents and tourists who are looking for a hassle-free, all-inclusive wedding hall for their wedding reception or other special events such as birthdays, anniversary parties, and corporate events. No event is too large or too small for LV Wedding Hall.
The precise demographics for Las Vegas, Nevada are:
Total Percent
Total population 1,680,988 100%
Male 838,675 49.9%
Female 842,313 50.1%
20 to 24 years 114,872 6.8%
25 to 34 years 273,588 16.3%
35 to 44 years 235,946 14.0%
45 to 54 years 210,256 12.5%
55 to 59 years 105,057 6.2%
60 to 64 years 87,484 5.2%
65 to 74 years 116,878 7.0%
75 to 84 years 52,524 3.1%
Customer Segmentation
LV Wedding Hall will primarily target the following customer profiles:
- Local couples looking to get married in town
- Tourists looking to get married in town
- People looking for a unique place for their special event such as a birthday party, anniversary party, or corporate event
Competitive Analysis
Direct and Indirect Competitors
LV Wedding Hall will face competition from other companies with similar business profiles. A description of each competitor company is below.
Unique Weddings, LLC
Unique Weddings, LLC is a wedding reception hall located in Las Vegas. Unique Weddings provides wedding planning services, catering, and hosting services. Unique Weddings is able to provide a wide variety of services for their clients. Their list of services includes planning, decor and event consultation, catering, party rentals, and event hosting.
Unique Weddings, LLC’s promise is to deliver a one of a kind reception hall for its clients so their special event is a memorable experience for all guests. Unique Weddings, LLC’s team of experienced wedding planning professionals assures all receptions run smoothly, freeing the clients to enjoy their special day.
Desert Weddings, Inc.
Desert Weddings, Inc. is a Las Vegas, Nevada-based wedding venue that provides outstanding wedding reception services for couples looking for a desert wedding. Desert Weddings, Inc. takes the hassel out of wedding planning. They provide comprehensive wedding planning and venue services including planning, decor, consultation, catering, and live entertainment. The ownership of Desert Weddings, Inc. are former event coordinators so they understand how an event should be planned, executed, and managed. Clients can depend on their unique wedding planning processes to ensure the whole event runs smoothly. Desert Weddings, Inc. takes the stress out of the planning process and are able to provide exceptional service every step of the way.
Taylor’s Weddings, LLC
Taylor’s Weddings, LLC is a trusted Las Vegas wedding hall that provides superior service to locals and tourists looking to get married in Las Vegas and the surrounding areas. They are able to provide a one-stop shop for couples looking for an all-inclusive wedding planner. Taylor’s Weddings, LLC eases the stress of clients who are overwhelmed by the hassles and complexities that come with planning a wedding. The venue’s pricing structure is simple and straightforward. Taylor’s Weddings, LLC offers three tiers for their services – the Silver Package (venue rental, minimum services included), the Gold Package (venue rental, essential services included), and the Platinum Package (venue rental and all services included).
Download the wedding venue business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
LV Wedding Hall will be able to offer the following advantages over their competition:
- Friendly, knowledgeable, and highly qualified team of event coordinators who are ready to handle all details of the event no matter how large or small.
- Comprehensive menu of services that allows for clients to get everything they need for their event in one place rather than having to deal with multiple vendors.
- LV Wedding Hall offers the best pricing in town. With customizable packages and a la carte options, their pricing structure is the most cost effective compared to the competition.
Marketing Plan
Brand & Value Proposition
LV Wedding Hall will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees that is able to provide a comprehensive set of wedding venue services (planning, consultation, catering, hosting, live entertainment, etc.).
- Unbeatable pricing to its clients – LV Wedding Hall’s customizable service offerings allows clients to choose the services that work best for them and their budget.
Promotions Strategy
The promotions strategy for LV Wedding Hall is as follows:
Word of Mouth/Referrals
Brittany Anderson has built up an extensive list of contacts over the years by providing exceptional service and expertise to her clients. Once Brittany advised them she was leaving her current position to open her own wedding venue business, they agreed to help spread the word of LV Wedding Hall.
Print Advertising
LV Wedding Hall will invest in professionally designed print ads to display in wedding magazines, local newspapers, and direct mailers.
Industry Events – Expos and Conventions
LV Wedding Hall will attend industry events such as wedding and bridal expos and conventions around the county to build a solid network of industry contacts and promote the venue.
Website
LV Wedding Hall will utilize an in-house marketing director to design and maintain their website. The website will be well organized, informative, and list all their services that LV Wedding Hall is able to provide.
SEO Marketing
The marketing director will also manage LV Wedding Hall’s online presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Las Vegas wedding venue” or “wedding venue near me”, LV Wedding Hall will be listed at the top of the search results.
Social Media Marketing
The marketing director will create LV Wedding Hall’s social media accounts and maintain an active presence on various platforms such as Facebook, Instagram, YouTube, TikTok, and Twitter.
Pricing
The pricing of LV Wedding Hall will be on par with competitors so customers feel they receive value when purchasing their services.
Operations Plan
The following will be the operations plan for LV Wedding Hall.
Operation Functions:
- Brittany Anderson will be the owner and president of the company. She will oversee all vendor and client relationships. Brittany has spent the past year recruiting the following staff:
- Stephanie Smith – Venue Manager who will supervise the event coordinators, manage logistics, and schedule all staff.
- Mike Miller – Staff Accountant who will provide all client accounting, tax payments, and monthly financial reporting.
- Sam Hernandez – Marketing Director who will provide all marketing campaigns and materials for LV Wedding Hall.
- Mark Johnson – Head Chef who will provide all catering services for the venue.
Download the wedding venue business plan template (including a customizable financial model) to your computer here <–
Milestones:
LV Wedding Hall will have the following milestones complete in the next six months.
7/1/202X – Finalize contract to lease the wedding hall
7/15/202X – Finalize personnel and staff employment contracts for the LV Wedding Hall team
8/1/202X – Finalize contracts for vendors and suppliers
8/15/202X – Begin networking at industry events
8/22/202X – Begin build out of LV Wedding Hall
11/1/202X – LV Wedding Hall opens for business
Management Team
LV Wedding Hall will be owned and operated by Brittany Anderson, an event planner with over 15 years of experience in planning and hosting special events such as parties, ceremonies, and wedding receptions. Brittany has a bachelor’s degree in Hospitality Management from the University of Nevada and has been recognized by various organizations for her top notch event management expertise. Brittany is confident that her skills in communication, event management, and problem solving will help her successfully propel her new business forward to achieve a healthy profit. Brittany has recruited fellow University of Nevada graduate, Stephanie Smith to be the venue manager and run the day-to-day operations of the hall.
Stephanie Smith has a bachelor’s degree in business and is an experienced venue coordinator. Brittany relies strongly on Stephanie’s organizational skills and ability to supervise a large staff, coordinating people and logistics in a fast-paced environment. Stephanie has worked in the wedding venue industry for so long, she understands all aspects required in running a successful wedding hall.
Financial Plan
Key Revenue & Costs
The revenue drivers for LV Wedding Hall are the fees they will charge to the clients for their services and fees charged to their clients for rentals (equipment, decor, sound system, etc.). LV Wedding Hall will provide customizable packages and a la carte services as well.
The cost drivers will be the overhead costs required in order to staff a wedding venue. The expenses will be the payroll cost, rent, utilities, fees paid to suppliers, and marketing materials.
Funding Requirements and Use of Funds
LV Wedding Hall is seeking $500,000 in debt financing to launch its wedding venue business. The funding will be dedicated towards securing and renovating the hall and purchasing equipment. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and initial online marketing campaign. The breakout of the funding is below:
- Wedding hall build-out: $100,000
- Equipment, supplies, and materials: $50,000
- Three months of overhead expenses (payroll, rent, utilities): $200,000
- Marketing costs: $30,000
- Working capital: $20,000
Download the wedding venue business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Events per Year: 12
- Average Fees per Event: $20,000
- Venue Lease per Year: $100,000
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Wedding Venue Business Plan FAQs
A wedding venue business plan is a plan to start and/or grow your wedding venue business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your wedding venue business plan using our Wedding Venue Business Plan Template here. There are a number of different kinds of wedding venues, some examples include: Banquet hall, Farm/Barn, and Loft/Modern Event Space. Wedding venues are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. Opening a wedding venue business can be an exciting endeavor. Having a clear roadmap of the steps to open a business will help you stay focused on your goals and get started faster. 1. Develop A Wedding Venue Business Plan - The first step in opening a business is to create a detailed business plan for a wedding venue that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your wedding venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your wedding venue business is in compliance with local laws. 3. Register Your Wedding Venue Business - Once you have chosen a legal structure, the next step is to register your wedding venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 4. Identify Financing Options - It’s likely that you’ll need some capital to open your wedding venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 7. Acquire Necessary Wedding Venue Equipment & Supplies - In order to start your wedding venue business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to open promoting and marketing your wedding venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. Learn more about how to start a successful wedding venue business: You can download our wedding venue business plan PDF template here. This is a business plan template you can use in PDF format. What Is a Wedding Venue Business Plan?
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