Executive Summary
This paper is comprised of a well-structured business plan for an events planning company known as International Events Experiences. The Company will be established in Beijing due to various factors. For instance, Beijing is endowed with significant political stability and an economic base that attracts massive investments ( Sit, 1995). The Company will bring a new breath to the people of Beijing since it dwells on one of the most unexplored ventures. Through combining old and new-fashioned value and the use of a cutting edge event-planning software, this Company will be leading in the market with consistent quality. It is also presumed to be a business with an equal opportunity making its products and expertise available to assist its customers in events planning chores. The products include the party Packs that enhancing the process of hosting a party. The software enhances the interactive event planning process. Through these and many other affordable services and products, this Company aims to be the leading resource for events in Beijing.
Objective
International Event Experiences Company is a small company aimed at the big time. The company must remain focused on the mission behinds its vision for it to realize its lofty goals. Thus, there is the need for the owners, the employees, vendors, and the founders of the company to live the vision that the company represents. The following are the three ways in which its vision manifests itself:
Delegate your assignment to our experts and they will do the rest.
To be the leading event planning company in Beijing and beyond.
To justly compensating its founders, employees, and its owners.
To provide the same quality services to its clients at all times.
To develop a service-based firm whose values exceeds customer’s anticipations.
To increase our client’s market share by 10% every year
Mission
The current business environment around the world is dynamic and fast-paced. Therefore, the success of any business enterprise lies in its ability to make effective decisions and sound choices to create a lasting positive impact. Communications are indispensable if the company is to maintain effective relationship with its public and stakeholders. The Company strives to become the first choice of its customers by ensuring that it helps ease their event preparation burden ( Allen, 2008). The Company will use consistent and predictable professionalism to ensure that customers are satisfied at a reasonable price.
Other than meeting the events planning needs of external customers, the Company will also serve internal clients. The company will strive to ensure that it provides excellent working conditions to its employees, pay them justly, and maintain a good working relationship with its contracted vendors and other stakeholders ( Allen, 2008). It is also paramount to compensate the owners, founders, and other full-time workers with a comfortable living wage. While keeping in tune with the current technological trends in the events planning business around the world, the Company will utilize the latest technology to ensure that each client receives individual attention from the company as outlined in its mission.
Keys to Success
The commitment to providing the highest standards of services to clients is the ultimate key to the success of International Event Experience Company. Every employee or anyone who is associated with the company in one way or the other must show determination and commitment necessary for the attainment of the business goals of the company. Every employee will be self-motivated and act professionally while undertaking various activities of the company. Thus, the employees will be:
Consistent and accurately fulfill the wishes of the customers
Responsible for setting competitive prices according to the quality of services provided to the clients and
Ensure that each planned event returns significant profits in three years.
Company Ownership
Although this Company will be established under a sole proprietorship, the company will be sold to one employee who will be committed to investing in the vision of event management once it is established. Every aspect of the company's business operations will be well documented to ensure that the company's customers can count on the same quality of service each time ( Allen, 2008). All the company's document will serve as the basis for ownership. The name of the sole proprietor will be used as the guarantor of every service offered by the International Events Experience Company. Thus, the sole proprietor must embody its mission and vision.
Start-up Summary
The start-up costs for the establishment of International events Experience Company will be minimal since the founders have undertaken the careful planning of the establishment of the business. The company started as a home-based business which needed minimal overhead. The company continues to utilize little funds in its operations. The initial capital was obtained from the savings of owners of the company who previously did part-time events planning jobs before deciding to embark on full-time business. The founders wish to continue operating without debts. However, there is the need to secure alternative external sources of funds due to the existence of factors that are beyond the control of the owners.
Estimated Start-up Costs
| Education | Event planner Certification | $1100 |
| Legal Fees | Beijing’s Business Legal fees | $400 |
| Business License | Beijing’s Business Licenses | $550 |
| Insurance | Business Liability Start Firms | $350 |
| Software | Honey book Annual Accounting Services | $400 |
| Aisle Event planning-I5 events | $600 | |
| Marketing Materials | Business Cards | $20 |
| Fax and Copy Paper | $75 | |
| Client Binders | $200 | |
| Brochures | $250 | |
| Miscellaneous | $400 | |
| Letterheads | $100 | |
| Website | Design | $250 |
| Hosting | $100 | |
| Business Associations | Chamber of Commerce | $415 |
| Association for Wedding Professionals | $240 | |
| Monthly Advertising Expenses | Local Wedding Magazine | $100 |
| Wedding-wire Professional | $65 | |
| The Knot-Professional | $130 | |
| Beijing’s Newspaper Advertisement | $128 | |
| ESTIMATED START-UP COSTS | $5877 | |
Products and Services
Although an International Event Experiences Company is essentially a service business enterprise, the company will also offer a variety of products to its clients to help them plan their events on their own. Such services will include training and management retreat, team building skills retreat and product launch event ( Allen, 2008). The Company will focus on two major services namely:
Corporate Retreats- These kinds of events focuses on two major issues, leadership training or team skills training. To maximize its capability, the Company will also host the events. Even though the Company specialty is not hosting events, will outsource diverse hosting companies to ensure their clients receive quality services that match value for their money.
Product Launches- these comprise events where different companies release new products into the market. Here companies usually invite different dignitaries and customers to occasion their event. The major aim of the product launch event is to build visibility for the innovative broadcast.
The following are the products used in our operations to achieve the best result possible and satisfy our esteemed customers.
Party Pack
This product is a complete kit that is used in any party. The kit comes with decorations, disposable theme cameras, lighting effects guide, plates, cutlery, napkins, punch mix, cups, snack supplies, tablecloths, invitations, thank-you cards, and the guide to a successful event planning.
Step-by-Step Guides
The step-by-step guides are booklets that include a calendar used to map pout the planned event, a guide to all the requirements of the event, recipes of popular refreshments, and various games that can fit the event ( Allen, 2008). Some of the events that can be arranged by the Company include birthday parties, retreats, meetings and seminars, vacations, and celebration of special occasions like graduation, baby showers, receptions, and wedding events.
Event Planning Software
The event planning software is a personal assistant that helps customers to plan their events on their own. The event planning software is a product of sophisticated technology designed to save both money and time.
Resources Manual
The resource manual is a valuable guide that helps the client in reviewing all the resources found in the surrounding environment. The client is provided with a ranking to different services such as the decorators, caterers, bands, facilities, and disk jockey ( Allen, 2008). Thus, the resource manual allows the customer to make choices based on experience.
Competitive Comparison
Although International events Experience Company is still a young company in the events planning industry in Beijing, the company draws from the age-old tradition of providing services that are above and beyond the expectations of the customers at all times. The Company’s events planning system has been evaluated, practiced, and remodeled to provide maximum efficiency and minimize the occurrence of errors. The company employs local vendors with great expertise in the industry to provide services that are unmatched in the local industry ( Allen & Allen, 2008). Therefore, the Company gives back to the community in which it operates by indirectly providing jobs out of the organization by contracting vendors. The company often encourages all its affiliated vendors and other small businesses to offer the best services to all our clients.
The Company has designed products that serve the need of clients who cannot afford the services of professional event planners. Thus, the company wishes to make its events planning tips available to everyone in need around Beijing. As a result, the International event Experience Company has marketed itself as a community organization that rejoices with the locals during their most important events.
Market Analysis Summary
This section will describe the analysis of the industry, strategies, and market segmentation.
Market Segmentation
The market for events planning generally falls under several diverse groups. Clients include individuals as well as organizations. Thus, the market segment is divided into public and private organizations. Also, the market is further segmented based on the age groups.
Private Organizations and Businesses
This market segment is the single largest customer base. The market segment generates a lot of revenues since private organizations and businesses often host various big events such as product launch, leadership, and team skill training.
Public Organizations
Public organizations comprise of different government agencies. This group hosts various events every year. International events Experience Company intends to reduce the pressure mounted on public organizations when planning their events.
Age Breakdowns
Clients under 24 years: clients who fall under this category rarely contract the services of professional events planners. Therefore, the Company hopes to entice this group and capitalize on them. Thus, the major focus will be on events ranging from moderate themes to high energy appeal. Depending on the events, the revenues generated from this age group will range from average to high. Weddings are common with this age group. Therefore, the Company will use weddings to appeal to the group.
Age Group 25-55: people who belong to this age group are employed and fall under the middle-income category. This group comprises of people who are busy at work and are likely to contract event planners. Special occasion events fall under this age bracket hence revenues will be moderate.
Over 55 years: major events common with this age group include anniversaries and special events for children. These clients are mostly retirees with a lot of savings hence revenues will be more than moderate.
Target Market Segment Strategy
The Company targets clients ranging from the middle class to upper-class couples, families, individuals, public organizations and private organizations. Xyz decided to target this market segment because they have significant incomes and can afford to engage events planners. Also, this market segment has people as well as organizations that have time to engage event planners during the event planning period ( Allen & Allen, 2008). Families require maximum attention while employees have big burdens in their places of work hence the need to engage events planners in case of a special event. Also, clients who belong to middle and upper class want their events to be planned thoroughly by professionals.
The current world has greatly evolved and people have little time to perform tasks such as events planning, partying, or social get-togethers. The Company identified this ever-increasing demand for professional events planners and decided to target those groups that are too busy to manage their own events. Also, the increase in income levels of people living in Beijing means that the demand for events planning services will continue to grow. Thus, it is strategically positioned to tap into the increasing business opportunities.
Strategy and Implementation Summary
International Events Experience Company will closely interact with diverse clients such as companies to win future event contracts. The Company will provide quality services at a friendly cost because of its specialization ( Allen, 2005). By focusing on a few services, the Company will become an expert in the provision of the services. To promote its visibility, the company will use the website, local Chamber of Commerce networking and involvement in trade fairs. The company website will be explicit and offer those surfing comprehensive information regarding the services provided, the consistently high level of quality and the benefits that can be realized by using Experience Company.
The Company will actively participate in the local chambers of Commerce in Beijing. Having been in the event management field for a while now, the company initiators acknowledge the fact that many business transactions are done via the Chamber of Commerce ( Allen, 2008). Trade fairs will also play a significant role in ensuring the success of the business. For this reason, the Company will actively participate in trade shows held in Beijing. This will enable the Company’s personnel to interact with diverse businesses in Beijing and build a long-term rapport with them.
Management Summary
In the initial stages, the management team within the Experience Company will be quite low. The major employees are the co-founders, whose major work is to plan events and outsource experts such as caterers, decorators, and bands to make the event a success. As the company grows and expands, one event planner, office assistant, and two sites manage and marketing specialist will be employed. These employees will work as a team by ensuring effective communications and ensuring weekly meeting are held, this way, company objective will be achieved. While hiring new staff, Experience Company will select energetic, trainable, detail-oriented individuals with an urge to grow and enhance their career within the Company.
Staff Plan
|
Year 2019 |
Year 2020 |
Year2021 |
|
| Event Specialist |
$34,500 |
$38,900 |
$40,600 |
| Site Manager |
$10,715 |
$12,600 |
$16,000 |
| Other |
$7,645 |
$9,575 |
$12,100 |
|
Total No. Staff |
6 |
8 |
9 |
Amount in Payroll |
$52,860 |
$61,075 |
68,700 |
Financial Plan
Break-Even Analysis
The break-even analysis anticipates a break-even point of about $10,000 on its monthly sales.
References
Allen, J. (2008). Event Planning: The ultimate guide to successful meetings, corporate events, fundraising galas, conferences, conventions, incentives, and other special events . John Wiley & Sons.
Allen, J., & Allen, J. (2005). Festival and special event management.
Beijing to shorten time for starting business to 5 days. (n.d.). Retrieved September 14, 2018, from http://www.xinhuanet.com/english/2018-03/18/c_137048335.htm
Beijing by Numbers. (n.d.). Retrieved September 14, 2018, from http://www.ebeijing.gov.cn/feature_2/BeijingbyNumbers/
Sit, V. F. (1995). Beijing: The nature and planning of a Chinese capital city (Vol. 38). * Belhaven Press.
W. (n.d.). Introduction. Retrieved September 14, 2018, from http://www.ebeijing.gov.cn/feature_2/BeijingbyNumbers/EconomicsNumbers/t1482682.htm
