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Transcript of Business plan
We will ensure you event does perfectly to plan. We will cater for a range of events including:
-Corporate events Prime Function To provide top quality management services for every and any type of event. Ensuring full responsibility and a guarantee of customer satisfaction. Mission Statement Location It is located near our main target market which is beach events and close enough to the suburbs of Hornsby and the surrounding area and a short drive into the city. We will be only organising events that are localised within Sydney and eventually expand when the business becomes bigger. Legal Structure
A partnership is a legal structure that involves multiple owners of a business with all partners involved based on how much each partner puts into the business. Profits are based on this ratio, a partnership is a good option for a couple of people opening a business instead of a private company. There are multiple people so instead of a private company we will choose a partnership. There is also shared profit and expenses.
Partnership Both partners have personal unlimited liability.
Split profit and expenses
Minimal government regulations
No taxes on business profits, only personal income
Justifications The address of the main office is, 4 Daydream Street, Warriewood NSW, 2102 Implications Liability for all debts, including partners debts
Possibility of disputes
Personal unlimited liability
Divided loyalty and authority Staffing requirements The staffing requirements for our business for the establishment period are fairly low. We do not require the need for great numbers of staff nor can we afford the financial accountability of hiring many people. The staffing positions that we are currently looking to fill are assistants and to do with the general running of the business.
We will have a total of four staff, including Kieran, Dean and two assistants. Required Staff •2 assistants: Communication skills, computer skills, good organisational skills.
•Qualifications: Event management degree/ in process of completing degree.
•Training: Management Course – Tafe or university course (payed for by the business)
Marketing Plan The use of Market Research Market research can provide an analysis on the current and potential market for existing and future products (e.g. market extent, expansion, varying sales trends). Forecasting potential demand for offered products, assessing the possibility for new service/goods. It can also show new market trends and provide an insight into competitor’s behaviours and performance while it can also provide an analysis of marketplace shares. Market research also provides information about pricing in the event management market. It will analyse the average revenues, profits of other similar companies and compares the four ways of choosing a price, e.g. market price, competitors price, cost plus margin. It can also tell us the effective methods of promotion and advertising in the market and the effectiveness of sales and promotional behaviour. Potential Target Market for
our Business The potential target market of the business will be on a broad range of beach and sporting events through corporate companies and other small businesses. This market will be our main focus of income. We will tailor our business to specifically suit the standards and service our target market requires. The Competition Our businesses main competitor in the event management market is “Avanti Events”. Avanti Events is a large event management company based throughout Australasia and the Asia Pacific. The company is a large event management group who develop specific incentive programs for their clients through close co-operation and constant communication with their clients. Avanti events are a full service agency that strives to provide the resources, creativity and management to ensure total client satisfaction and a first class event. This commitment to there clients will make them a major competitor for us.
Another major competitor is MSF events; they are a leading event management business. They are based in inner Sydney. MSF events will be a major competitor when starting out our business. They are based around the same area as us, this is a major impact on us and we will be directly competing with them. There website states, “We know that we can make you look good ... because we take the time to know you and what you want... We Listen, We Understand, We Deliver.” This statement tells us about the business and they make sure they deliver to the client exactly what is wanted from the event. Product Our business will provide the highest standard of customer service and will strive to achieve this goal through all aspects of our businesses services. Customer service will be built on the relationship between our business and its clients. Though this we will be able to go above and beyond for all customers and will become a strong competitor in the management business. Price Our business has chosen to set the price of our services with relation to the competitor’s price; we have chosen to use this method of pricing because our goal as a business is to be the leading event management business in Sydney, and it is essential to have a competitive price in order to remain as the leaders in our field of event management. Promotion In order for our business to promote it, we shall use two main forms of promotion so that people are able to understand the workings of the business and learn more about the services we provide. These are: •Sales promotion- our business will set out to organize charity events funded by the business in order to promote our business and give an example of the types of events we are able to manage and provide. This will help to place our business in the public’s eye.
•Advertising- BM management will be advertising in the local areas surrounding our office location. Different methods of advertising will be used such as, emails, web page, yellow pages, news papers and possibility direct mail. These methods of advertising will help place our businesses name in the public eye as sales promotions do. From these our business will gain customers and they will spread the business and its reliability through word of mouth to other businesses which is the best form of advertising.
Place The areas of service our business will cover are surrounding areas from the office location. Our main target market will be beach events and close enough to the suburbs of Hornsby and the surrounding area and a short drive into the city. This strategic placing of our business will allow us the maximum amount of business where the most likelihood of businesses needing event management companies are located. Through this placement our business will use this as a marketing strategy to maximise our businesses revenue.