Glamour Banquet Halls Business Plan

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Glamour Banquet Halls Business Plan

History and background information

Business name

The business will be called Glamour Banquet Hall, Inc. registered in the State of New York.

General description of the business

Glamour Banquet will be a freestanding facility business providing space and party related services.

Justification for business choice

Rising demand for free-stand banquet facilities in the US, including New York
Ability to provide bundled services, event planning, catering, receptions, and venues among others
The success of Glamour Banquet will be achieved by leveraging aspects such as exemplary customer service (tailored to individual customers) and proper management

Products and Services

Glamour Banquet Hall, Inc. will provide space and party related services for wide range of parties and meetings including weddings, receptions, luncheons, receptions, parties, work related events and religious meetings among others.

Trends in the industry

Ecofriendly space
Multipurpose and flexible halls
Urban outdoor space
Open kitchens
Controlled lighting and versatile ambience
Opportunity for networking
- Availability of technical equipment, including modern technologies for events (Torgerson 1)
- These are some of the upcoming trends driven by changes in customers demands (Witt 1)

The business will be located along the street 4077 White Plains Road, New York that has the following advantages.

Diverse customer base
Improved infrastructure
Closeness to suppliers
Availability of professional network
Availability of skilled workforce

Location disadvantages

Stiff competition
Limited parking for customers and employees
City planning may hinder customer access
Buildings in the city could hinder versatility
Relatively high rental cost

Goals and Objectives

Short-term Goals

To develop all event-planning activities within six months
To acquire 15 percent of the market share within a year

Mid-term Goals

To introduce onsite catering services by partnering with hotels to meet all kinds of customer requests

Long-term Goals

To introduce restaurants for special occasions and events for catering and private dining within the next two years
Glamor Banquet Hall will expand to 20 US states within the next six years.

Marketing

Market Segment Size and Key Characteristics

Glamor Banquet Hall, Inc. will target couples who want to get married and other business executives looking for a suitable venue for corporate events (Profile America, Inc 1-4). Key characteristics of the market segments are:

More than 300 firms that offer banquet hall services are available.
Consumers are generally corporations and individuals seeking to host special events, including wedding and training programs.
The market growth depends on referrals and excellent services specifically tailored for individual clients (Reid and Bojanic 139).

Target Market and Customer Profile

The target market consists of large firms and couples seeking venues for their special events (Chernev 39).

Couples with more than $40,000 per month
Willing to spend over $10,000 on the event
Corporates with more than 100 employees
Couples seeking for privacy
Clients looking for experienced events and wedding planners
Customers seeking for equipment

Competition

More than 300 banquet hall service providers are found in New York. Major competitors are:

Medina Hall
Grand Slam Banquet Hall
Grand 2020
Holiday Inn
Intercontinental

Advantages

Well established.
Significant asset base and investments in facilities and equipment.
Knowledgeable staff.
A wide range of services.

Disadvantages

Expensive.
Concentrated in high-end areas.

Glamor Banquet Hall, Inc. will position itself as a provider of exceptional services and products at relatively less expensive cost than competition while leveraging event technologies.

Promotion

Online presence and use of social media tools.
Publications in local wedding and event magazines and local newspapers.
Collaborate with existing wedding and event planners.

Management/Operations Plan

Owners Responsibilities

Effective leadership and management
Responsible for overall performance and sales
Key decision-making on expansions, investments, and partnerships
Seeking for new opportunities
Hiring new staff

Days and Hours of Business

Glamor Banquet Hall, Inc. will operate seven days in a week.

Online presence will be 24/7

Office Hours: 8:00 AM to 10:00 PM

Important Operational Aspects

Glamor Banquet Hall, Inc. will focus on two divisions, namely venue hosting and event planning. For weddings, parties, and related activities, the Company will only host a single event for a day while corporate events may utilize various rooms.

Glamor Banquet Hall, Inc. will also arrange for entertainment, catering, beverages, alcohol, transportation and any other unique services required. Key employees will coordinate these aspects of operations.

Employee Positions

Positions	Job Description	Wages	Benefits
Facility Management Manager	Responsible for banquet hall, equipment and facility management	$44,000 per annum	Bonuses Free meals Training
Accounting	Book keeping, payroll, collection	$42,000 per annum	Bonuses Free meals Training
Sales and Marketing	Sales and marketing activities Developing campaign materials	$45,000 per annum	Bonuses Free meals Training
Administrative	All issues related to employees and office	$40,000 per annum	Bonuses Free meals Training
Customer Service	Management of customer accounts and issues	$38,000 per annum	Bonuses Free meals Training

Financial Data

Startup Costs

Initial investment: $500,000

Monthly Operation Costs

Operations	Costs
Payroll	$22,000
Administrative	$1,500
Sales & Marketing	$1,200
Fees & Licensure	$1,800
Insurance	$300
Travel	$1,600
Rent & Utilities	$1,750
Payroll Taxes	$2,100
Miscellaneous Costs	$250
Total Operating Costs	$32,500

Sales to break even in the First Year

Yearly costs = $390,000

Event costs = $10,000

At least 39 events every year (Hofstrand 1)

Risks

Competition will be mitigated through excellent services
The company will take 75% of the event cost upfront to mitigate losses incurred when events are cancelled
Staff benefits and compensations will be reviewed to deter attrition

Supporting Documents

Logo

Interior Design

Price List

Bundled services for not less than 10 persons $10,000

Sample Advertisement

Glamor Banquet Hall, Inc. welcomes you to experience royalty event and planning services.

References

Chernev, Alexander. The Marketing Plan Handbook, 3rd ed. Chicago, IL: Cerebellum Press, 2011. Print.

Hofstrand, Don. Breakeven Sales Volume. 2007. Web.

Profile America, Inc. Banquet Facilities. 2006. Web.

Reid, Robert D. and David C Bojanic. Hospitality Marketing Management 5th ed. New York: John Wiley and Sons, 2009. Print.

Torgerson, Rachel. 10 Wedding Technology Trends Straight From The Future. The Huffington Post. 2015. Web.

Witt, Debra. The Hottest New Wedding Trends for 2016. 2016. Web.