Wedding Venue Business Plan
If you want to start a successful wedding venue or expand your existing wedding venue, you need a business plan.
The following wedding venue business plan template gives you the key elements to include in a successful wedding venue business plan.
Wedding Venue Business Plan Example
I. Executive Summary
Business Overview
[Company name] is a large wedding venue in [Location] that offers a variety of rooms and outdoor spaces available for rent for all kinds of weddings, from an intimate wedding to a grandiose celebration of up to 300 guests. Strategically located at the center of the city, it offers easy accessibility to its clients and guests. Each space in [Company name] is well-appointed and equipped with technology, lights and a sound system.
[Company name] aims to give its clients a beautiful venue that offers a variety of amenities and services at reasonable rates. [Company name] is also well-connected with all the city’s major suppliers and vendors, helping its clients easily access the best flowers, linens, entertainment and more.
Products Served
[Company Name] will be able to provide the following amenities to its clients:
- Intimate party room – Space that can hold 20–50 people
- Ballroom – Fully-equipped room that holds a maximum capacity of 150 people
- Outdoor garden – Open, grassy area that holds outdoor weddings, up to 300 people
- Church – Traditional space that holds up to 200 people
Customer Focus
[Company Name] will primarily serve the residents who live within the city. The demographics of these customers are as follows:
- 430,520 residents
- 21,540 businesses
- Average income of $59,500
- 40.3% married
- 50% in Management/Professional occupations
- Median age: 33 years
Management Team
[Company Name] is led by [Founder’s Name] who has been in the event management industry for 20 years.
While [Founder] has never started a wedding venue business before, she has worked as an event organizer for years when she has had hands-on experience with venue management. As such [Founder] has in-depth knowledge of the operations and the management of wedding venues and events.
[Founder] graduated from the University of ABC where she majored in Hotel and Restaurant Management.
Success Factors
[Company Name] is uniquely qualified to succeed for the following reasons:
- There is currently no high-quality wedding venue in the community we are entering.
- We have determined that the demographics of our target location consists of young unmarried individuals who foresee themselves to be married in the future.
- Our location is central to downtown, the airport, and the city’s business district.
- The management team has a track record of success in the event management industry.
Financial Highlights
[Company Name] is seeking a total funding of $300,000 to launch the wedding venue. The capital will be used for funding capital expenditures, manpower costs, marketing expenses and working capital.
Specifically, these funds will be used as follows:
- Event venue design/build: approximately $250,000
- Working capital: approximately $50,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Revenue | $738,000 | $1,716,272 | $2,007,297 | $2,331,125 | $2,694,524 |
| Total Expenses | $639,595 | $1,021,515 | $1,110,127 | $1,190,308 | $1,273,715 |
| EBITDA | $98,405 | $694,757 | $897,169 | $1,140,817 | $1,420,809 |
| Depreciation | $16,560 | $16,560 | $16,560 | $16,560 | $16,560 |
| EBIT | $81,845 | $678,197 | $880,609 | $1,124,257 | $1,404,249 |
| Interest | $18,554 | $16,235 | $13,916 | $11,596 | $9,277 |
| Pre Tax Income | $63,291 | $661,962 | $866,694 | $1,112,661 | $1,394,972 |
| Income Tax Expense | $22,152 | $231,687 | $303,343 | $389,431 | $488,240 |
| Net Income | $41,139 | $430,276 | $563,351 | $723,230 | $906,732 |
II. Company Overview
Who is [Company Name]?
[Company name] is a large wedding venue in [Location] that offers a variety of rooms and outdoor spaces available for rent for all kinds of weddings, from an intimate wedding to a grandiose celebration of up to 300 guests. Strategically located at the center of the city, it offers easy accessibility to its clients and guests. Each space in [Company name] is well-appointed and equipped with technology, lights and a sound system.
[Company name] aims to give its clients a beautiful venue that offers a variety of amenities and services at reasonable rates. [Company name] is also well-connected with all the city’s major suppliers and vendors, helping its clients easily access the best flowers, linens, entertainment and more.
Although designed specifically for weddings, [Company name] also accepts bookings for other events like anniversary celebrations, corporate meetings, holiday parties, civic group functions and numerous other occasions.
[Company Name]’s History
[Company name] is a dream come true for event organizer, [Founder’s name]. In [yyyy], [Founder’s name] started planning weddings in [Location]. One of the most challenging parts was finding the perfect venue that will cater to different couple’s ideal weddings. It would take her weeks of calling and visiting different hotels, resorts, and venues before she could get the best venue for her clients. That is why she has been planning and saving, so she could develop her own wedding venue and customize it to different wedding sizes and themes.
In [yyyy], [Founder’s name] found the perfect property and built [Company name]. Today, [Company name]’s facility is [x] square feet.
The company has achieved the following milestones over the years:
- Found site location and signed the land deed purchasing rights to the land.
- Developed the company’s name, logo and website located at www…
- Hired an architecture firm to create a blueprint of the venue
- Taking bids from construction crews and electrical engineering firms
- Determined equipment leasing and financing requirements
- Began recruiting key employees with experience in the wedding venue industry
[Company Name]’s Products/Services
[Company Name] will be able to provide the following amenities to its clients:
- Intimate party room – Space that can hold 20–50 people
- Ballroom – Fully-equipped room that holds a maximum capacity of 150 people
- Outdoor garden – Open, grassy area that holds outdoor weddings, up to 300 people
- Church – Traditional space that holds up to 200 people
III. Industry Analysis
The wedding venue industry is expected to grow over the next five years. This trend will be mostly fueled by rising income levels.
Increasing per capita disposable income has enabled those who do get married to spend more on their big day, tempering the decline. Additionally, the increasing average age of marriage and the length of engagements will give couples more time to plan and save money for their ceremonies.
As consumers become increasingly involved in their careers, they will have less time to plan their own weddings; consequently, couples will become more likely to hire industry operators to assist in the planning and execution of the wedding. This will boost overall industry revenues.
Over the past five years, the barriers to entry for operators in this industry have decreased as more couples find vendors through the internet. Online marketing and social media have increased visibility for industry players and lowered marketing budgets, making it easier for new companies to enter the industry.
IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will serve the businesses and residents of [Insert location] and its immediate surrounding area. The market we serve is value-conscious and has a desire for beautiful, fully-equipped facilities for wedding and events.
The precise demographics of the town in which our location resides is as follows:
| Glendale | Highland | |
|---|---|---|
| Total Population | 26,097 | 10,725 |
| Square Miles | 6.89 | 3.96 |
| Population Density | 3,789.20 | 2,710.80 |
| Population Male | 48.04% | 48.84% |
| Population Female | 51.96% | 51.16% |
| Target Population by Age Group | ||
| Age 18-24 | 3.68% | 3.52% |
| Age 25-34 | 5.22% | 4.50% |
| Age 35-44 | 13.80% | 13.91% |
| Age 45-54 | 18.09% | 18.22% |
| Target Population by Income | ||
| Income $50,000 to $74,999 | 11.16% | 6.00% |
| Income $75,000 to $99,999 | 10.91% | 4.41% |
| Income $100,000 to $124,999 | 9.07% | 6.40% |
| Income $125,000 to $149,999 | 9.95% | 8.02% |
| Income $150,000 to $199,999 | 12.20% | 11.11% |
| Income $200,000 and Over | 32.48% | 54.99% |
Customer Segmentation
The company targets the following customer segments:
- Couples: These are couples looking for the perfect venue for their dream wedding.
- Families: Consists of households that have parties and events for various celebrations, such as birthdays, anniversaries and graduations.
- Event organizers: Includes individuals and businesses whose clients are constantly looking for event venues.
- Corporate market: Businesses that hold events each year and are in need of venues for meetings and events.
V. Competitive Analysis
Direct Competitors
Vintage Weddings
Established in 2010, Vintage Weddings is a full service, luxury wedding and event planning, coordination and design company. Located in Austin, TX, the company offers its services for any location. It specializes in events that are personal and intimate, no matter the guest count, and is known for an aesthetic that is classically timeless yet charmingly modern. Vintage Weddings strives to provide top quality wedding services at affordable prices to meet clients’ unique needs throughout the entire engagement and wedding process.
Waterfront Events
The Waterfront Event Center is a multipurpose event venue ideal for weddings, corporate events, private gatherings, and more. The event center features a beautiful ceremony area with sunset views overlooking the lake, as well as two restaurants on site and lodging at the resort. The facilities accommodate 400 guests, and has catering staff onsite.
Wedding rentals include full set up and tear down of the venue’s equipment; tables, chairs, linens, candles; dance floor and other set decor; AV equipment; event planning and day-of event coordination.
Roof Top Ballroom
The Roof Top Ballroom is an entertainment and event venue in the heart of Okoboji & the Iowa Great Lakes. The venue consists of 9,000 square feet, and has a seating capacity of 500. Rental of the venue includes tables, chairs, full-service bar, and bartenders. Pricing is available by private consultation only.
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Location: [Company Name]’s location in the downtown area, gives the best access to the airport, corporate centers, schools, offices, and high-end residences. The Company also offers adequate parking making it a very accessible venue for event attendees.
- Business Amenities: The rooms we offer are complete with equipment needed for hosting events from sounds and lightings to activity spaces, Wi-Fi connectivity, and lounge areas.
- Management: Our management team has years of business and marketing experience that allows us to market and serve customers in the same manner as our most sophisticated competitors.
- Relationships: Having lived in the community for a number of years, [Founder’s Name] knows all the local leaders, newspapers and other influences. As such, it will be relatively easy for us to build the brand and awareness of the hotel.
VI. Marketing Plan
The [Company Name] Brand
The [Company Name] brand will focus on the Company’s unique value proposition:
- Offering five-star spaces and services
- Offering a central location in the downtown area
- Providing excellent customer service
- Providing high quality equipment
Promotions Strategy
The Company’s promotions strategy to reach its target market are the following:
Phone Prospecting
[Company Name] will assign salespeople to contact area businesses to see if they can host their upcoming events.
Public Relations
We will contact all local and regional area newspapers and television stations to tell them about the wedding venue opening and unique value proposition of [Company Name].
Pre-Opening Events
Before opening, [Company Name] will organize pre-opening events designed for prospective customers and press contacts that will create buzz and awareness for [Company Name].
Community Events/Organizations
[Company name] will promote itself by distributing marketing materials and participating in local community events, such as trade shows, festivals, and sporting events.
Ongoing Customer Communications
[Company Name] will maintain a website and publish a monthly email newsletter to tell local residents, businesses and past customers about promotions and events.
VII. Operations Plan
Functional Roles
The Company intends to employ [X] wedding organizers, [Y] administrative assistants, and [Z] marketing team.
In order to execute on [Company Name]’s business model, the Company needs to perform several functions. [Company name] anticipates using the services of X employees, divided into the following roles:
Service Functions
- Wedding planners
- Maintenance personnel
- Security personnel
Administrative Functions
- General & administrative functions including marketing, bookkeeping, etc.
- Marketing team includes customer representatives to answer general inquiries, social media manager, salesperson
- Sourcing and storing supplies and equipment
Milestones
[Company name]’s long term goal is to become the most renowned wedding venue in the area. It seeks to be the standard by which other providers are judged.
The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Launch [Company Name] |
| [Date 6] | Reach break-even |
VIII. Management Team
Management Team Members
[Company Name] is led by [Founder’s Name] who has been in the event management industry for 20 years.
While [Founder] has never started a wedding venue business before, she has worked as an event organizer for years when she has had hands-on experience with venue management. As such [Founder] has in-depth knowledge of the operations and the management of wedding venues and events.
[Founder] graduated from the University of ABC where she majored in Hotel and Restaurant Management.
Hiring Plan
[Founder] will serve as the Manager of [Company name]. In order to launch the business, the following personnel needs to be hired:
- Maintenance staff
- Wedding planners
- Assistant Manager
- Administrative Staff
IX. Financial Plan
Revenue and Cost Drivers
[Company Name]’s will come from wedding and event venue rentals.
The major costs for the company will be salaries of the staff and cost to maintain the service standard of the venue. In the initial years, the company’s marketing spend will be high, as it establishes itself in the market.
Capital Requirements and Use of Funds
[Company Name] is seeking a total funding of $300,000 to launch the wedding venue. The capital will be used for funding capital expenditures, manpower costs, marketing expenses and working capital.
Specifically, these funds will be used as follows:
- Event venue design/build: approximately $250,000
- Working capital: approximately $50,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even
Key Assumptions
The following table reflects the key revenue and cost assumptions made in the financial model:
| Number of customers per year | Per location |
|---|---|
| FY 1 | 100 |
| FY 2 | 150 |
| FY 3 | 175 |
| FY 4 | 200 |
| FY 5 | 225 |
| Annual Lease (per location) | $50,000 |
| Yearly Lease Increase % | 2.50% |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRE-TAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
