Event Venue Business Plan: How to Start and Grow Your Event Space Business

Executive Summary

Oren Co is a new event venue business that offers a unique and natural setting for hosting various types of outdoor events, such as weddings, corporate retreats, festivals, concerts, and more. Oren Co is located in Washington USA and operates on a 10-acre land that features a lush garden, a pond, a gazebo, a stage, a tent and other amenities. Oren Co aims to provide a memorable and enjoyable experience for its clients and guests, while also being environmentally friendly and socially responsible.

Oren Co has identified a growing demand for outdoor event venues in its area, as more people are looking for alternative and creative ways to celebrate their special occasions. Oren Co has also conducted thorough market research and competitive analysis and has found that it has a strong competitive edge over its rivals, as it offers a unique and natural setting, a variety of services and packages, affordable prices, and excellent customer service.

Oren Co is seeking $100,000 in funding to start and grow its business. The funding will be used for purchasing equipment, hiring staff, marketing and advertising, and working capital. Oren Co expects to generate $300,000 in revenue and $50,000 in profit in its first year of operation, and to break even in its second year. Oren Co also projects to increase its revenue and profit by 20% annually in the following years.

Company Overview

Oren Co is a sole proprietorship owned and operated by Mr. Oren Khan, who has over 10 years of experience in the event management industry. Mr. Khan has worked as an event planner, coordinator and manager for various companies and organizations, such as WiseBusinessPlans, Eventful Solutions and Washington USA Tourism Board. Mr. Khan has also organized and hosted several successful outdoor events for his own clients, such as weddings, corporate retreats, festivals and concerts.

Oren Co was founded in August 2023, after Mr. Khan acquired a 10-acre land in Washington USA that was previously used as a farm. Mr. Khan saw the potential of transforming the land into an event venue that could cater to the growing demand for outdoor events in his area. Mr. Khan invested $50,000 of his own savings to renovate the land and equip it with the necessary facilities and amenities for hosting events.

Oren Co’s vision is to become the leading provider of outdoor event venues in Washington USA and beyond. Oren Co’s mission is to offer a unique and natural setting for hosting various types of outdoor events, while providing high-quality services, affordable prices, and excellent customer service.

Industry Analysis

The event venue industry is a subset of the broader event management industry, which includes planning, organizing and hosting various types of events for different purposes and audiences. The event venue industry consists of companies that provide spaces for hosting events, such as hotels, resorts, convention centers, banquet halls, stadiums, theaters, etc.

According to IBISWorld, the global event management industry was worth $1.1 trillion in 2020 and is expected to grow at an annual rate of 3.6% from 2021 to 2026. The growth of the industry is driven by factors such as increasing disposable income, urbanization, globalization, technological innovation and social media. The industry is also influenced by trends such as personalization, sustainability, diversity and creativity.

The event venue industry in USA is a growing and profitable segment of the event management industry. According to Market Research Future, the event management market in USA was worth $1.2 billion in 2019, and is expected to grow at an annual rate of 8.2% from 2020 to 2025. The growth of the market is driven by factors such as increasing population, economic development, cultural diversity, tourism and entertainment.

The event venue industry in USA is also experiencing a shift in consumer preferences and behavior, as more people are looking for alternative and creative ways to celebrate their special occasions. According to a survey by Eventbrite, 78% of USA consumers prefer to spend money on experiences rather than things, and 72% of them are interested in attending outdoor events. Moreover, according to a report by Event Industry News, outdoor events are becoming more popular and profitable in USA, as they offer more flexibility, variety and affordability than indoor events.

Competitive Analysis

Oren Co faces competition from other event venue providers in its area, both direct and indirect. The direct competitors are those that offer similar services and cater to the same target market as Oren Co, such as outdoor event venues, parks, gardens etc. The indirect competitors are those that offer different services but cater to the same target market as Oren Co, such as indoor event venues, hotels, resorts etc.

Some of the main direct competitors of Oren Co are:

Green Valley: This is an outdoor event venue that offers a green and spacious setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co’s location. It has a capacity of up to 500 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $2,000 per event.
Royal Garden: This is an outdoor event venue that offers a royal and elegant setting for hosting weddings, parties, corporate events and more. It is located in Islamabad, about 100 km from Oren Co’s location. It has a capacity of up to 1,000 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $3,000 per event.
Dreamland: This is an outdoor event venue that offers a dreamy and romantic setting for hosting weddings, parties, corporate events and more. It is located in Faisalabad, about 150 km from Oren Co’s location. It has a capacity of up to 800 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $2,500 per event.

Some of the main indirect competitors of Oren Co are:

Pearl Hotel: This is an indoor event venue that offers a luxurious and modern setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co’s location. It has a capacity of up to 500 guests, and offers services such as catering, accommodation, entertainment, photography etc. It charges an average of $4,000 per event.
Grand Resort: This is an indoor event venue that offers a grand and elegant setting for hosting weddings, parties, corporate events and more. It is located in Islamabad, about 100 km from Oren Co’s location. It has a capacity of up to 1,000 guests, and offers services such as catering, accommodation, entertainment, photography etc. It charges an average of $5,000 per event.
Paradise Hall: This is an indoor event venue that offers a simple and affordable setting for hosting weddings, parties, corporate events and more. It is located in Faisalabad, about 150 km from Oren Co’s location. It has a capacity of up to 800 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $1,500 per event.

Oren Co has a strong competitive edge over its rivals, as it offers a unique and natural setting that appeals to the growing demand for outdoor events in its area. Oren Co also offers a variety of services and packages that suit different needs and budgets of its clients. Oren Co also offers affordable prices and excellent customer service that ensure customer satisfaction and loyalty.

Customer Analysis

Oren Co’s target market consists of individuals and organizations that are looking for an outdoor event venue for hosting various types of events, such as weddings, parties, corporate retreats, festivals, concerts etc. Oren Co’s target market can be segmented into two main groups: personal customers and business customers.

Personal customers are those who are looking for an outdoor event venue for hosting their personal or social events, such as weddings, parties, anniversaries etc. These customers are mainly motivated by factors such as personal preference, emotional value, social status and word-of-mouth. These customers are mainly located in Washington USA and nearby regions, and have an average income of $10,000 per year.

Business customers are those who are looking for an outdoor event venue for hosting their business or professional events, such as corporate retreats, team building activities such as corporate retreats, team-building activities, seminars, workshops etc. These customers are mainly motivated by factors such as business objectives, cost-effectiveness, convenience and reputation. These customers are mainly located in Washington USA and nearby regions and have an average income of $50,000 per year.

Oren Co’s target market is large and growing, as more people and organizations are looking for alternative and creative ways to celebrate their special occasions. According to a report by Event Industry News, the outdoor event market in USA is expected to grow at an annual rate of 10% from 2020 to 2025. Oren Co’s target market is also profitable, as the average spending per event is $2,500 for personal customers and $5,000 for business customers.

Oren Co’s target market is also accessible and reachable, as Oren Co can use various channels and methods to promote its services and attract its customers, such as online platforms, social media, referrals, partnerships etc. Oren Co can also leverage its location advantage, as it is situated in a strategic and convenient location that is easily accessible by road and public transportation.

Marketing Plan

Oren Co’s marketing plan consists of four main elements: product, price, place and promotion.

Product: Oren Co’s product is its outdoor event venue that offers a unique and natural setting for hosting various types of events. Oren Co’s product also includes its services and packages that provide catering, decoration, entertainment, photography and other amenities for its clients and guests. Oren Co’s product is designed to meet the needs and expectations of its target market, as it offers flexibility, variety and affordability.

Price: Oren Co’s price strategy is to offer competitive and reasonable prices that reflect the value and quality of its product. Oren Co’s price strategy also aims to attract and retain its customers, as well as to generate revenue and profit for its business. Oren Co’s price strategy is based on factors such as market demand, competitor prices, cost of production and profit margin. Oren Co’s average price per event is $2,500 for personal customers and $5,000 for business customers.

Place: Oren Co’s place strategy is to distribute its product through its own physical location that serves as its outdoor event venue. Oren Co’s place strategy also involves using online platforms such as its website and social media accounts to showcase its product and communicate with its customers. Oren Co’s place strategy is intended to make its product available and accessible to its target market, as well as to create a positive image and reputation for its business.

Promotion: Oren Co’s promotion strategy is to use various channels and methods to advertise and promote its product and business to its target market. Oren Co’s promotion strategy also aims to create awareness, interest and desire for its product, as well as to encourage action and loyalty from its customers. Oren Co’s promotion strategy includes the following activities:

Online marketing: Oren Co will use online platforms such as its website, social media accounts, email newsletters, blogs etc. to showcase its product, share its stories, testimonials and reviews, offer discounts and incentives, and interact with its customers and potential customers.

Offline marketing: Oren Co will use offline channels such as flyers, brochures, banners, posters etc. to display its product, highlight its features and benefits, and provide its contact details and location.
Referral marketing: Oren Co will use word-of-mouth and referrals to spread the word about its product and business, and to generate positive feedback and recommendations from its customers and partners. Oren Co will also offer rewards and incentives for referrals, such as discounts, vouchers, freebies etc.

Partnership marketing: Oren Co will partner with other businesses and organizations that are related or complementary to its product and target market, such as event planners, caterers, decorators, entertainers, photographers etc. Oren Co will also partner with local media outlets, influencers, celebrities etc. to gain exposure and publicity for its product and business.

Financial Plan

Oren Co’s financial plan consists of three main components: startup costs, income statement and cash flow statement.

Startup costs: Oren Co’s startup costs are the expenses that are required to start and launch its business. Oren Co’s startup costs include the following items:

Equipment: This includes the purchase of equipment such as tables, chairs, tents, stage, sound system, etc. The total cost of equipment is $30,000.

Staff: This includes the hiring of staff such as event manager, event coordinator, event staff etc. The total cost of staff is $10,000.

Marketing: This includes the expenses for marketing activities such as online marketing, offline marketing, referral marketing and partnership marketing. The total cost of marketing is $5,000.

Legal: This includes the fees for legal services such as registration, licensing, permits etc. The total cost of legal is $2,000.
Miscellaneous: This includes the costs for other items such as insurance, utilities, maintenance etc. The total cost of miscellaneous is $3,000.
The total startup costs for Oren Co are $50,000.

Income statement: Oren Co’s income statement is a summary of its revenue and expenses for a given period of time. Oren Co’s income statement for the first year of operation is as follows:

Revenue: This is the amount of money that Oren Co earns from its product sales. Oren Co’s revenue is calculated by multiplying the number of events by the average price per event. Oren Co expects to host 100 events in the first year, with an average price of $3,500 per event. Therefore, Oren Co’s revenue for the first year is $350,000.

Expenses: This is the amount of money that Oren Co spends on its business operations. Oren Co’s expenses include the following items:

Cost of goods sold: This is the cost of producing and delivering its product. Oren Co’s cost of goods sold is calculated by multiplying the number of events by the average cost per event. Oren Co estimates that the average cost per event is $1,500, which includes the costs of catering, decoration, entertainment, photography and other amenities. Therefore, Oren Co’s cost of goods sold for the first year is $150,000.

Operating expenses: This is the cost of running and managing its business. Oren Co’s operating expenses include the following items:

Staff: This is the cost of paying salaries and wages to its staff. Oren Co estimates that it will have 10 staff members in the first year, with an average salary of $1,000 per month. Therefore, Oren Co’s staff expense for the first year is $120,000.

Marketing: This is the cost of conducting marketing activities to promote its product and business. Oren Co estimates that it will spend 10% of its revenue on marketing in the first year. Therefore, Oren Co’s marketing expense for the first year is $35,000.

Legal: This is the cost of paying fees for legal services such as registration, licensing, permits etc. Oren Co estimates that it will spend 5% of its startup costs on legal in the first year. Therefore, Oren Co’s legal expense for the first year is $2,500.

Miscellaneous: This is the cost of paying for other items such as insurance, utilities, maintenance etc. Oren Co estimates that it will spend 5% of its revenue on miscellaneous in the first year. Therefore, Oren Co’s miscellaneous expense for the first year is $17,500.

The total expenses for Oren Co are $325,000.

Profit: This is the amount of money that Oren Co earns after deducting its expenses from its revenue. Oren Co’s profit is calculated by subtracting its expenses from its revenue. Therefore, Oren Co’s profit for the first year is $25,000.
Cash flow statement: Oren Co’s cash flow statement is a report of its cash inflows and outflows for a given period of time. Oren Co’s cash flow statement for the first year of operation is as follows:

Cash inflows: This is the amount of money that Oren Co receives from its product sales and other sources. Oren Co’s cash inflows include the following items:

Revenue: This is the same as the revenue in the income statement. Oren Co’s revenue for the first year is $350,000.
Loans: This is the amount of money that Oren Co borrows from banks or other lenders to finance its startup costs and working capital. Oren Co plans to obtain a loan of $40,000 with an interest rate of 10% per annum and a repayment period of 5 years. Therefore, Oren Co’s loan inflow for the first year is $40,000.
The total cash inflows for Oren Co are $390,000.

Cash outflows: This is the amount of money that Oren Co spends on its business operations and other purposes. Oren Co’s cash outflows include the following items:

Startup costs: This is the same as the startup costs in the financial plan. Oren Co’s startup costs are $50,000.
Expenses: This is the same as the expenses in the income statement. Oren Co’s expenses for the first year are $325,000.
Loan repayments: This is the amount of money that Oren Co pays back to its lenders for its loan principal and interest. Oren Co’s loan repayments are calculated by using an amortization table. According to the table, Oren Co’s loan repayments for the first year are $10,200.

The total cash outflows for Oren Co are $385,200.

Net cash flow: This is the amount of money that Oren Co has left over after subtracting its cash outflows from its cash inflows. Oren Co’s net cash flow is calculated by subtracting its cash outflows from its cash inflows. Therefore, Oren Co’s net cash flow for the first year is $4,800.

Conclusion

Oren Co is a new business that offers an outdoor event venue for hosting various types of events in Washington USA. Oren Co has a strong competitive edge over its rivals, as it offers a unique and natural setting that appeals to the growing demand for outdoor events in its area. Oren Co also has a large and profitable target market that consists of individuals and organizations that are looking for an alternative and creative way to celebrate their special occasions. Oren Co also has a comprehensive marketing plan that uses various channels and methods to advertise and promote its product and business to its target market. Oren Co also has a realistic financial plan that shows its revenue and expenses projections, as well as its cash flow analysis. Oren Co expects to generate a profit of $25,000 and a net cash flow of $4,800 in the first year of operation.

Oren Co is confident that it can achieve its goals and objectives, as it has a clear vision, mission and values that guide its business decisions and actions. Oren Co also has a dedicated and experienced team that works hard to deliver high-quality products and services to its customers and guests. Oren Co also has a positive and optimistic attitude that helps it overcome any challenges or difficulties that it may face along the way.

Oren Co hopes that this business plan will convince potential investors and partners to support its business venture and help it grow and succeed in the outdoor event industry.