business plan for entertainment venue

Event Venue Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Event Venue Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

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Event Venue Business Plan

You’ve come to the right place to create your business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event venues.

Event Venue Business Plan Sample & Template

Below are links to each section of a sample plan that can be used as a template for your own plan:

Next Section: Executive Summary >

Event Space Business Plan FAQs

What is an event venue business plan.

A business plan is used to start and/or grow your venue. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.

You can  easily complete your event venue business plan using our Event Venue Business Plan Template here .

What Are the Main Types of Event Venues?

There are many types of event venues. Some own one venue and rent it out for wedding receptions, corporate events, and other parties. Others have relationships with and rent out hotels, sports arenas, restaurants, and other venues which are desirable to their clientele.

What Are the Main Sources of Revenues and Expenses for an Event Space?

The primary source of revenue for event venues is booking fees paid by clients. Sometimes event spaces also generate revenue from catering events and providing entertainment at them.

The key expenses for event venues are the cost of leasing the venue(s) and staffing costs, particularly if they provide services during the events.

Read more about how to get funding: Seeking Funding from Angel Investors vs Venture Capitalists .

How Do You Get Funding for Your Event Venue Business Plan?

Event venues are most likely to receive funding from banks. Typically you will find a local bank and present your plan to them. Angel investors and credit card financing are other common funding sources.

What are the Steps To Start an Event Venue Business?

Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event venue business is in compliance with local laws.

3. Register Your Event Venue Business - Once you have chosen a legal structure, the next step is to register your event venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your event venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Event Venue Equipment & Supplies - In order to start your event venue business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful event venue business:

• How to Start an Event Venue Business

Where Can I Get an Event Venue Business Plan PDF?

You can download our free  event venue business plan template PDF here . This is a sample event venue business plan template you can use in PDF format.

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• Sample Business Plans

Event Venue Business Plan

If you are planning to start a new event venue business, the first thing you will need is a business plan. Use our sample event venue business plan created using Upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new event venue business, spend as much time as you can reading through some examples of  services-related business plans .

Reading sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample event venue business plan for you to get a good idea about how perfect an event venue business plan should look and what details you will need to include in your stunning business plan.

Event Venue Business Plan Outline

This is the standard event venue business plan outline which will cover all important sections that you should include in your business plan.

• Mission Statement
• Vision Statement
• Products Served
• Customer Focus
• Success Factors
• 3 Year profit forecast
• Business Structure
• Startup cost
• Products and Services
• Industry Analysis
• Market Trends
• Target Market
• SWOT Analysis
• Phone Prospecting
• Public Relations
• Ongoing Customer Communications
• Pre-Opening Events
• Pricing Strategy
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

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After  getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your event venue business plan pdf  and doc file . It’s the fastest and easiest way to start writing your business plan.

Download an event venue business plan

Need help writing your business plan from scratch? Here you go;  download our free event venue business plan pdf  to start.

It’s a modern business plan template specifically designed for your event venue business. Use the example business plan as a guide for writing your own.

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About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Event Venue

Back to All Business Ideas

How to Start an Event Space Business in 13 Steps

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on April 6, 2022 Updated on July 3, 2024

Investment range

$50,000 - $135,000

Revenue potential

$195,000 - $325,000 p.a.

Time to build

1 – 3 months

Profit potential

$58,000 - $97,000 p.a.

Industry trend

Events are happening again, and people are anxious to get out and have fun! Event venues suffered during the pandemic, but now the events industry is poised to expand more than 35% by 2028 to reach an astounding $1.5 trillion. Event venues rake in a large part of that total, so starting your own event venue could be very lucrative. It takes an investment and hard work to get started, but you can bring in some good money.

But before you start hunting for that perfect venue, you’ll need to prepare yourself by learning some business skills. Fortunately, this step-by-step guide details everything you need to know about starting an event venue business.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting an event venue has pros and cons to consider before deciding if it’s right for you.

• People Pleasing – Meet and entertain people for a living
• Good Money – Make thousands per event
• High Demand – People love to celebrate
• High Startup Costs – Space and furnishings are pricey
• Location-Dependent – Finding the right location can be a challenge

Event venue industry trends

Industry size and growth.

• Industry size and past growth – The global events industry was worth $1.14 trillion in 2019.(( https://www.alliedmarketresearch.com/events-industry-market )) 
• Growth forecast – The global events industry is projected to expand by nearly 37% by 2028 to reach $1.55 trillion. 

Trends and challenges

Trends in the event venue industry include:

• In the wake of the pandemic, hybrid events in which some attend in-person and some attend virtually are popular, and seem to be a trend that will continue. This means that event venues need to have up-to-date technology.
• Corporate events are becoming smaller but more frequent, which is an opportunity for event venues to get repeat business.

Challenges in the event venue industry include:

• Wedding receptions are tending toward the smaller side, which means lower revenue for those events since venues often charge per person.
• Labor shortages are making it difficult for event venues to find and retain employees.

Demand hotspots

• Most popular states – The most popular states for event planners are New York, Massachusetts, and Connecticut . (( https://www.zippia.com/event-planner-jobs/best-states/ ))
• Least popular states – The least popular states for event planners are Montana, New Mexico, and Wyoming.

What kind of people work in event venues?

• Gender – 71.2% of event planners are female, while 23.3% are male . (( https://www.zippia.com/event-planner-jobs/demographics/ )) 
• Average level of education -The average event planner has a bachelor’s degree.
• Average age – The average event planner in the US is 37.6 years old.

How much does it cost to start an event venue business?

Startup costs for an event venue range from $50,000 to $135,000. The largest expense is for the down payment on the event space. 

You’ll need a handful of items to successfully launch your event venue business, including: 

• Tables and chairs
• Various décor items
• Tents for outdoor events

How much can you earn from an event venue business?

Prices for an event venue depend on the size of the event but average about $13,000. Your profit margin after labor and overhead should be about 30%.

In your first year or two, you might host 15 events per year, bringing in $195,000 in annual revenue. This would mean $58,000 in profit, assuming that 30% margin. As you ramp up your marketing and get repeat business, that number could grow to 25 events a year. With annual revenue of $325,000, you’d make a tidy profit of $97,000.

What barriers to entry are there?

There are a few barriers to entry for an event venue. Your biggest challenges will be:

• The cost of the venue and its preparation
• Finding an ideal location for your venue

Related Business Ideas

How to Start an Event Planning Business – Learn from Pros

Creating Unforgettable Moments: How to Open a Wedding Venue

How to Start a Wedding Planning Business in 13 Steps

Step 2: hone your idea.

Now that you know what’s involved in starting an event venue, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research event venues in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing an event venue that hosts networking events or corporate cocktail receptions. 

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as corporate events or family reunions.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine the type of events your business will host

You can host any number of types of events including:

• Networking events, such as for the local chamber of commerce
• Wedding receptions
• Corporate events
• Cocktail receptions
• Birthday parties

You could also offer your venue as a meeting space. For additional revenue, you could also provide event coordinator services. 

How much should you charge for event venue rentals?

Your prices will depend on the size of the event and the scope of preparations involved. Check other event venues in your area to make sure that your prices are competitive. 

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will depend on the type of events you host. If you want to specialize in corporate events, you can find business owners on LinkedIn. If you want to specialize in wedding receptions, you should spread out your marketing to include TikTok, Instagram, and Facebook. 

Where? Choose your event venue location

Choosing the right location for your event venue business is crucial to its success.

Look for a spot that’s accessible to your target market and has ample parking space. Consider the size of the venue and the number of guests it can accommodate, as well as any nearby amenities that can make your venue more attractive, such as hotels, restaurants, or shopping centers.

You’ll need to ensure that your business complies with any local rules and regulations, including those related to parking, noise levels, and building codes.

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Venue Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “event venue” or “event space”, boosts SEO
• Name should allow for expansion, for ex: “Sapphire Event Center” over “Rustic Barn Events” or “Rooftop Terrace Events”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create an Event Venue Business Plan

Here are the key components of a business plan:

• Executive Summary: Summarize your event venue business’s goal to provide an attractive, versatile space for a variety of events, from weddings and corporate gatherings to community events.
• Business Overview: Describe your venue’s focus on renting space for events, featuring amenities like a main hall, catering facilities, and audio-visual equipment.
• Product and Services: Detail the services offered, including venue rental for various events, additional services like setup and cleanup, and optional packages for decor and technology.
• Market Analysis: Assess the demand for event spaces in your area, considering factors like local event frequency, population demographics, and existing venue options.
• Competitive Analysis: Compare your venue to other local event spaces, focusing on your unique selling points like location, capacity, or special amenities.
• Sales and Marketing: Outline your strategy for attracting event planners and customers, including digital marketing, partnerships with event planners, and hosting open houses.
• Management Team: Highlight the experience and skills of your team, especially in areas like event management, hospitality, and customer service.
• Operations Plan: Describe the operational process, including event booking, venue preparation, client coordination, and maintenance.
• Financial Plan: Provide an overview of financial aspects, covering startup costs, pricing strategies, and revenue projections.
• Appendix: Include supplementary documents such as floor plans, customer testimonials, or detailed market research to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to event venues. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your event venue will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding : Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal : Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding an event venue business. You might also try crowdfunding if you have an innovative concept. 

Step 8: Apply for Event Venue Business Licenses and Permits

Starting an event venue business requires obtaining a number of licenses and permits from local, state, and federal governments. For starters, you’ll need a liquor license if you’re going to serve alcohol. 

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your event venue business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability : The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property : Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance : Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation : Provides compensation to employees injured on the job.
• Property : Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto : Protection for your company-owned vehicle.
• Professional liability : Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP) : This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as  Curate , HoneyBook , or bloom , to manage your planning, bookings, invoicing, and payments. 

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial. 

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.

Here are some powerful marketing strategies for your future business:

• Social Media Influencer Collaborations: Leverage the power of social media influencers in your locality to showcase your venue. Partner with influencers who align with your target audience, and have them create engaging content that highlights the uniqueness and versatility of your event space.
• Local SEO  — Regularly update your Google My Business and Yelp profiles to strengthen your local search presence.
• Themed Open House Events: Host themed open house events showcasing different setups and possibilities for events at your venue. Invite local businesses, event planners, and potential clients to experience the ambiance, fostering a personal connection with your space.
• Strategic Partnerships with Local Vendors: Forge partnerships with local catering companies, florists, and event planners. Offer package deals or discounts for clients who use both your venue and their services, creating a mutually beneficial network within the events industry.
• Referral Programs for Previous Clients: Implement a referral program that rewards previous clients who refer new business to your venue. Word-of-mouth recommendations carry significant weight in the events industry, and incentivizing referrals can boost your client base.
• Exclusive Membership Programs: Create an exclusive membership program for repeat clients or those who frequently host events. Offer perks such as discounted rates, priority booking, or additional services to encourage long-term relationships and repeat business.
• Online Reviews and Testimonials Campaign: Actively encourage satisfied clients to leave positive reviews on popular review platforms. Showcase these testimonials on your website and in marketing materials to build trust and credibility among potential clients researching event venues.
• Local Community Engagement: Participate in local community events, sponsor local sports teams, or collaborate with charitable organizations. This not only increases your brand visibility but also portrays your venue as an integral part of the community.
• Virtual Tours and 360-Degree Videos: Invest in high-quality virtual tours and 360-degree videos of your event space. Share these immersive experiences on your website and social media platforms to give potential clients a realistic preview of your venue, even if they can’t visit in person.
• Email Marketing Campaigns: Build an email list by offering promotions or exclusive content to those who subscribe. Regularly send out newsletters with updates, promotions, and success stories to keep your venue top-of-mind for potential clients.
• Host Industry-Specific Workshops and Seminars: Position your venue as an industry leader by hosting workshops or seminars relevant to event planning, design, or hospitality. This not only attracts professionals in the field but also establishes your venue as an expert resource in the events industry.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your event venue meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your event venue business could be: 

• Host your corporate events in a luxury space
• The perfect space for your networking events
• Event planning and hosting in a unique, rustic setting

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running an event venue, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in event venues for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in event venues. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for an event venue business include:

• Event Workers – coordinate, set up events
• Cleaners – clean up after events
• General Manager – scheduling, accounting
• Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run an Event Venue – Start Making Money!

Who isn’t ready to get back out there and enjoy some good times again? Events of all types are coming back strong, which is why the events industry is booming. With your own event venue, you can help people get back to having fun. It will take an investment to get started, but clearly, you can bring in good money and make a nice living.

You’ve honed your business skills, so now you’re ready to go find that perfect space and get your event venue started!

• Event Venue Business FAQs

An event venue can be very profitable, bringing in thousands per event. The key is to find a great location and make it comfortable and inviting for attendees.

To be a successful venue manager, you should have strong organizational and communication skills, as well as the ability to multitask and prioritize competing demands. You should also have a solid understanding of event planning and operations, including logistics, catering, audiovisual equipment, and other event-related services. 

To attract clients and promote your event venue, you can focus on building a strong online presence through social media and a website, showcasing your venue’s unique features and amenities, and offering promotional packages and deals to attract new business. You can also network with other professionals in the event industry, such as event planners and caterers, to generate referrals and build relationships with potential clients. 

Some popular options include providing catering and bar services, offering audiovisual and lighting equipment rentals, providing event planning and coordination services, and offering customized decor and theming options. 

To ensure the safety and security of guests at your venue, it is important to establish and implement clear protocols and procedures for emergency situations, such as fire, severe weather, or medical emergencies. You should also conduct regular inspections and maintenance of the facility to ensure that it meets safety standards and regulations. 

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Venue Name
• Create an Event Venue Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Event Venue Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run an Event Venue - Start Making Money!

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

Are you looking for a way to turn your passion for hosting events into a profitable business? Do you want to know how to create a successful event venue business plan that will attract investors and customers? If so, you are in the right place.

In this article, we will show you how to start and grow your event space business with a comprehensive and professional business plan. We will also provide you with a free business plan template and examples that you can download and customize for your own needs.

What is an Event Venue Business?

An event venue business is a company that provides a space for hosting various types of events, such as weddings, corporate meetings, social gatherings, sports events, and more. An event venue business can offer different services and amenities, such as catering, entertainment, equipment rental, security, parking, and more.

An event venue business can be a lucrative and rewarding venture, as it can generate multiple streams of income from different clients and events. However, it also requires a lot of planning, investment, marketing, and management to succeed in a competitive market.

Why Do You Need an Event Venue Business Plan?

A business plan is a document that describes your business goals, strategies, market analysis, financial projections, and operational details. It is essential for any type of business, especially for an event venue business, because:

• It helps you clarify your vision and mission for your business
• It helps you identify your target market and competitive advantage
• It helps you plan your marketing and sales strategies
• It helps you estimate your startup and operational costs
• It helps you forecast your revenue and profit potential
• It helps you attract funding from investors or lenders
• It helps you monitor and evaluate your progress and performance

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How to Create an Event Venue Business Plan?

Creating an event venue business plan can be a daunting task, but it can be simplified by following these steps:

Executive Summary: This is a brief overview of your business plan that summarizes your business idea, goals, market opportunity, competitive edge, funding request, and financial highlights. It should be written last after you have completed the rest of the sections. Learn more on business plan executive summary .

Company Overview: This is where you introduce your company name legal structure (sole proprietorship, partnership, corporation, etc.), ownership (who owns the company), history (when and how it was founded), vision (what you want to achieve) and mission (how you want to achieve it). Check our detailed guide on business plan company overview .

Industry Analysis: This is where you analyze the current trends and outlook of the event venue industry in your area or country. You should include information such as the size, growth, demand, supply, segmentation and profitability of the industry. You should also identify the opportunities and threats that affect your business. Read more on business plan industry analysis .

Competitive Analysis: This is where you identify and evaluate your direct and indirect competitors in the event venue market. You should include information such as their names, locations, services, prices, strengths, and weaknesses. You should also explain how you plan to differentiate yourself from them and gain a competitive advantage. Learn more on business plan competitive analysis .

Customer Analysis: This is where you define and describe your target market segments and customers. You should include information such as their demographics (age, gender, income, etc.), psychographics (interests, preferences, etc.), behavior (how they search for and book event venues), needs (what they want from an event venue) and pain points (what problems they face with event venues). You should also explain how you plan to reach them and satisfy them with your services. 

Operations Plan: This is where you describe how you will run your event venue business on a daily basis. You should include information such as your location (where your event space is located), facilities (what features and amenities your event space offers), equipment (what tools and machines you need to operate), suppliers (who provides you with goods or services), staff (how many people you need to hire and what roles they perform), processes (how you deliver your services) and quality control (how you ensure customer satisfaction). Do you want to explore more, find how operations plan works in business plan .

Marketing Plan: This is where you outline how you will promote your event venue business to attract customers. You should include information such as your marketing objectives (what you want to achieve with your marketing efforts), marketing strategies (how you will use the 4Ps of marketing: product, price, place, and promotion), marketing channels (where you will advertise or communicate with your customers), marketing budget (how much money you will spend on marketing) and marketing metrics (how you will measure the effectiveness of your marketing).Find our guide on what to include in  marketing plan in business plan .

Funding Request: This is where you state how much money you need to start and run your event venue business, and how you plan to use it. You should include information such as your funding sources (where you will get the money from), your funding needs (how much money you need for each purpose), your funding terms (what interest rate, repayment period, and collateral you offer), and your funding projections (how the funding will affect your financial performance).

Financial Plan: This is where you provide the financial statements and forecasts for your event venue business. You should include information such as your income statement (showing your revenue, expenses, and profit), your balance sheet (showing your assets, liabilities, and equity), your cash flow statement (showing your cash inflows and outflows), and your break-even analysis (showing when you will start making a profit). You should also include some financial ratios (such as profitability, liquidity, and solvency) and assumptions (such as growth rate, inflation rate, and tax rate) that support your financial plan. Read more on what to include in  business plan financial plan .

Appendix: This is where you attach any additional documents or information that support your business plan, such as market research data, customer testimonials, legal documents, resumes of key personnel, contracts, licenses, permits, etc. Check more details on what to include in business plan appendix .

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Where can you get an event venue business plan template and example.

If you want to save time and effort in creating your event venue business plan, you can use a template or an example that has already been prepared for you. The following is a free event venue business plan template and an example that you can download.

• Event Venue Business Plan Template
• Event Venue Business Plan Example

These templates and examples are easy to use and customize for your own needs. They also include tips and guidance on how to write each section of your business plan.

Hire a professional who makes business plan!

Examples of event venue business plans that will assist you in writing yours.

I will give you an example with each section of Oren Co, which is an event venue business that specializes in hosting outdoor events. Here is an example:

Event Venue Business Plan: Oren Co

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.

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.

Learn how to write business plan!

Event venue business plan faqs.

Permits and licenses vary by location, but generally, you’ll need a business license, zoning permits, health and safety permits, and possibly a liquor license.

Use online platforms like your website and social media, offer competitive pricing, exceptional customer service, and network with event planners and industry professionals.

Effective strategies include having a visually appealing website, utilizing social media, collaborating with local event vendors, hosting open houses, and offering discounts for initial bookings.

Clear communication with clients, comprehensive event contracts, detailed checklists, and assigning a dedicated event coordinator or team are essential for managing event logistics.

Typical costs include rent/mortgage payments, utilities, insurance, maintenance, marketing, staff salaries, and event-specific expenses like catering and audiovisual equipment.

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Create The Best Business Plan For Event Venue Spaces

Creating your event venue business is an exciting adventure. But to ensure a successful event venue business, you’ll need an event venue business plan that collects market and competitor research and conceptualizes your goals.

Without a business plan, you risk blind event planning and underselling or overestimating the value of your business and the event space.

To create a business plan for an event venue that points your ship in the right direction, use this simple but comprehensive guide.

What Is an Event Venue Business Plan?

An event venue business plan is a document that records your business vision and goals for the future.

Why Create an Event Venue Business Plan?

Beyond clearly stating your long and short-term business goals, a business plan is also a great way to conceptualize your business idea. This is especially important in the event venue business.

The event venue industry has many types of event spaces, from wedding venues to corporate events venues. Without clear direction, you risk spreading yourself and your resources too thin.

Clear goals, on the other hand, encourage focused energy and resources.

An event venue business plan also comes in handy if you’re looking for financing. Whether you’re applying for a business loan or enticing investors, a well-researched and comprehensive event venue business plan will work in your favor.

So, whether it be gaining funds at the start of your journey or overhauling your event venue business to breathe new life into an old model, your event venue would benefit from an event venue business plan.

How To Create An Event Venue Business Plan

Make the most of your time, resources, and event venue businesses by crafting a comprehensive business plan.

Use this event venue business plan template as a guide.

Executive Summary

The executive summary works as a quick overview and index of your entire event venue business plan. It should be short and to the point.

To start it off, list your event venue mission statement and the current status of your business. Are you starting a new event venue business? Are you aiming to revive an old business model? Are you hoping to franchise your event venue business?

Once that's done, create headings for the below sections and summarise the key point of every section.

Event Venue Company Overview

The company overview section is a clear and objective analysis of your event venue business.

Cover the following sections:

• Event Venue Business Background: List your experience working in the event venue industry if your business is a startup. If you’re already running your own event venue business, list the business background.
• Business Strengths & Weaknesses: The business plan is about fortifying your weaknesses and solidifying your strengths. Create an objective overview of both in your event venue business plan.
• Event Venue Milestones: For event spaces already booking clients, list branding, financial, and other business milestones.
• Business Legal Status: Is the event venue business a joint venture with shareholders or only yours? What permits and legal allowances does the event venue business have? For example, do you have liquor licenses for your event venues? List all legal statuses in this section.

Event Venue Market Analysis

Market research is essential for any business and it’s no different for event venues. To ensure a successful event venue business, use online resources and in-person observations to answer key market research questions.

• Is there a local market for event venues?
• Which event venue types are making the most money?
• What are local event venue trends?
• What are the annual revenue and profit margins for event venues?
• Is the market oversaturated?
• Is there a good industry forecast for the next couple of decades?

Be honest and thorough with these questions. It’ll provide objective analysis that you can use to make smart business decisions. It’ll also bolster shareholder confidence.

This section should also contain a robust competitor analysis, including what they’re doing to succeed and what you can do to gain a competitive advantage in the event industry. What makes your event venue different?

Customer Profiles

To effectively market your event space and attract the right customers, you’ll need to know who your target audience is. Use the data gathered in the previous section and CRM software to create customer profiles and segments .

Key demographics include:

• General location
• Gender distribution
• Average income

Use this data to create profiles and service segments.

Service segmentation is creating different profiles for different event venue services. If your event space hosts wedding and corporate events, the ideal customer for each segment and the associated marketing will look different.

By segmenting groups, you can create effective pinpoint marketing strategies for each segment.

Event Venue Marketing Strategy

The above sections provide invaluable insights into the local market and its needs, as well as the clients you’re looking to attract.

Use the data to create strategic event venue marketing strategies to further your chance of event venue business success.

In your event venue business plan, list the marketing channels you plan on using, how you hope to strategically capture the target audience, what makes your event space different, and the services you’ll offer to entice customers.

Event Venue Goals

Goals are essential for an effective business plan. Take time to think of goals for your business. You can also add timeframes to achieve them. The goals should be achievable but challenging.

Business Operations Structure

Next, outline the business operations structure. List the internal management team, their responsibilities, stakeholders, and other hierarchies.

Event Venue Financials

To create clear goals, implement competitive pricing strategies, and manage day-to-day operations, gather the following:

• Operating Expenses: These are all the daily expenses like utilities, staff salaries, maintenance fees, vendors fees, etc. List all expenses, even the small ones you don’t think make a difference in the final count.
• Start-Up Costs: Even if you’re not technically a start-up, you’ll need funds to overhaul your event venue business. List all start-up and overhaul costs to determine how much you’ll need.

Lastly, if your event venue is already booking clients, gather previous income statements to determine the average income for the event space and determine what you’d like the average income to grow to.

The event venue industry is a great way to make money, but it requires more thought and planning than just owning and renting an event space.

To win investors, focus on your goals, or overhaul your current event venue business, use his event venue business plan template to create your new business plan. Tailor the guide to your needs and remember to be objective and realistic but also ambitious.

Streamline your event venue business with Perfect Venue . Perfect Venue event management software helps event venues get organized, increase sales, and manage event calendars. To get started, sign up for a free trial today!

Have thoughts on the article? Feel free to email us at [email protected] - we'd love to hear it!

Event Venue Business Plan Template

Whether you are a seasoned event planner or just starting out, having a comprehensive business plan is essential to your success. Our free event venue business plan template is designed to guide you through the process of creating a detailed and effective plan for your event venue business. It includes all the necessary sections such as executive summary, market analysis, marketing strategy, financial projections, and more. With our free template, you will have a solid foundation to build your business on and increase your chances of success.

Get the free business plan template here!

Are you thinking about starting an event venue business? One of the most crucial steps to success is creating a comprehensive business plan. A well-written business plan not only helps you to stay focused on your goals but also attracts potential investors and partners.

Our free event venue business plan template that provides a detailed and structured approach to creating your business plan. Our template is designed to help you create a plan that is tailored to your business, outlining everything from market analysis and marketing strategy to financial projections.

With our free event venue business plan template, you will have a solid foundation to build your business on. Our template covers all the essential sections that are necessary for a successful business plan, including:

Event Venue Business Plan Executive Summary:

The executive summary is a brief introduction to your business plan that provides a snapshot of your event venue business. This section should highlight the key points of your business plan, including your business objectives, target market, and financial projections.

Market Analysis: The market analysis section provides an overview of the event venue industry, including the trends, competition, and potential customers. You should identify your target market, analyze your competition, and explain how your business will differentiate itself from others.

Marketing Strategy: In the marketing strategy section, you should describe how you plan to promote your event venue business to potential customers. This section should also include a budget for marketing expenses and a timeline for implementing your marketing plan.

Operations Plan: The operations plan provides an overview of how your event venue business will function on a day-to-day basis. This section should include information about the location, facilities, equipment, and staffing required for your business to operate.

Financial Projections: The financial projections section provides an overview of your business's expected financial performance. You should include your projected revenue and expenses, as well as your expected profits and cash flow.

By using our free event venue business plan template, you will have a clear and structured approach to creating your business plan. Our template is designed to help you develop a plan that is tailored to your specific business needs, allowing you to make informed decisions and stay focused on your goals.

Don't wait any longer, download our free event venue business plan template today and take the first step towards building a successful event venue business!

Event Venue Business Plan Frequently Asked Questions

Why do i need a business plan for my event venue business.

A business plan is essential for any business, including an event venue. It provides a roadmap for your business and helps you stay focused on your goals. It also serves as a tool to attract potential investors and partners.

What should I include in my event venue business plan?

Your event venue business plan should include an executive summary, market analysis, marketing strategy, operations plan, and financial projections. These sections provide a comprehensive overview of your business, including your target market, competition, marketing strategy, operations, and expected financial performance.

How do I determine my target market?

To determine your target market, you should conduct market research to identify your potential customers. Consider factors such as age, income, location, and interests. You should also analyze your competition and identify any gaps in the market that your business can fill.

How do I create a marketing strategy for my event venue business?

To create a marketing strategy for your event venue business, you should identify your target market and develop a plan to reach them. This may include advertising, social media, and networking events. You should also set a budget for marketing expenses and create a timeline for implementing your marketing plan.

How do I create financial projections for my event venue business plan?

To create financial projections for your event venue business plan, you should research your market and competition to determine your expected revenue and expenses. You should also consider factors such as location, staffing, and equipment costs. Your financial projections should include projected revenue, expenses, profits, and cash flow for at least the first three years of your business. You can use a financial projection template to make the process easy!

We Know a Good Business Plan When we See One

Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.

Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.

Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.

Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.

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Home > Business > Business Startup

How to Start an Event Venue Business: A Comprehensive Guide

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From weddings and corporate events to reunions and birthday parties, event spaces are always in demand. 

But opening your own event venue is hard work. You’ll need to secure a location, obtain permits and licenses, buy equipment, hire staff and market your space - all before opening day. 

With so many factors to consider, it can be overwhelming to know where to start. 

Don't worry, though - we’re here to guide you through the process step by step.

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How to start an event venue

1. do your research.

Before you start scouting properties or buying equipment, sit down and do some research. 

Start by focusing on the type of event venue you want to create. Are you interested in weddings, corporate events, or something else? 

By specializing in a specific niche, you can tailor your business to meet the needs of your target audience.

For example, if you want to cater to corporate events, you may want to focus on offering services like audiovisual equipment and conference rooms.

Once you have a general idea of what you want to offer, research the market to see what’s already out there. 

Look at other event venues in your area and find out what they offer, how they market themselves, and what their prices look like. This will help you figure out what your event venue can provide that’s unique and competitive.

It can also be helpful to list out all the pros and cons of starting an event venue business. Consider factors such as the time, money, and resources it will take to get your space up and running.

2. Create a business plan

It's important to have a solid business plan in place before you start sinking money into your venue.

A business plan outlines your goals, target market, products, pricing, marketing strategy, and financial projections. You’ll need one if you plan to apply for any business loans . 

Here are the basic parts of a business plan.

• Executive summary: Provides a brief overview of the venue, including its name, location, and unique selling proposition.
• Market analysis: Look at your competitors' prices and target audience to identify gaps in the local market your event venue could fill. 
• Product and services: Will you offer catering? What other add-on services do you plan to offer?
• Marketing and sales plan: This section details how you plan to advertise your venue, grow your sales, and reach customers. 
• Financial plan and projections: Determine the startup costs, including equipment, leasing or buying the property, renovations, and any employee wages. You'll also need to consider ongoing expenses like insurance and maintenance. Then map out your projected sales for the next one to five years. This will help you determine how much funding you'll need to start your business and how long it will take to break even.

3. Find the perfect location

Location is everything when it comes to event venues. You want a spot that’s accessible with the right vibe for your niche. Look for areas with easy access to transportation, parking and nearby hotels.

You’ll also want to make sure the space is zoned for the type of events you want to host.

When it comes to the venue itself, you'll need to consider the size of the space, the layout and any necessary amenities. For example, if you're targeting weddings, you'll need space for a dance floor, a bridal suite, and a ceremony area.

Look for spaces with high ceilings, plenty of natural light and an easily customizable open floor plan.

Maybe you already own a location and are interested in turning it into an event venue. You’ll still need to assess the property and determine if it’s missing certain amenities or if it needs any renovations. 

4. Obtain the necessary permits and licenses

Before you can open your doors, you'll need to get the proper permits and licenses. 

Requirements will vary depending on your state and the type of events you plan to host, but in general, you'll need to get a business license and liability insurance. Additional permits and licenses may also be required if you plan to serve alcohol and food or play music at night. 

You may also need to hire contractors and inspectors to ensure that your space is up to code and ready to pass any safety and fire inspections. 

Check with your local government to find out what’s required in your area.

5. Take care of business

Certain elements of starting a business remain the same, whether you’re starting a bakery or opening an event venue. 

Here are the legal and financial steps to take before you can open. 

Pick a business structure

There are four major legal business entities you can register as: a sole proprietorship, a partnership, a limited liability company (LLC), or a corporation. 

An LLC is usually the best legal structure for a new event venue business because it offers liability protection for its owners. Sole proprietors and partnerships don't, which means If someone is injured on your property or if you're sued for another reason, you could be held personally responsible for any damages. 

Of course, it's important to consult with a legal and tax professional to determine the best legal structure for your business. 

Figure out your taxes

As a business owner, you’ll need to pay a host of new taxes, including federal taxes, sales taxes and payroll taxes .

Consulting with an accountant is a smart move. A tax professional can advise you on how to structure your business to minimize your tax bill and help you file your tax returns.

You’ll also need an employer identification number (EIN) , a unique identifier assigned by the Internal Revenue Service.

You can apply on the IRS website for free, and the EIN is usually issued immediately.

Best small business tax software

Taxes can be complicated. Here’s everything you need to know about how to file small business taxes .

Open a business bank account

You may be required by law to open a separate business bank account for tax purposes, depending on which state you live in. Either way, it’s a good idea to have dedicated accounts in your business’ name. Many banks and credit unions offer business checking and savings accounts .

You may want to consider opening a small business credit card , too. It can help you rack up points and cash back on business expenses, while keeping your personal and business finances separate.

Top banks for small businesses

Pro tip: Need to pay for start-up costs? Here are the best high-limit business credit cards .

6. Figure out your pricing

Pricing your venue may seem tricky, especially when you're just starting out. 

Researching your competitors’ rates is the best place to start. As a new business, you’ll want to offer a lower price initially to help get clients in the door. 

Something else to consider: Different types of events come with different budgets. You can usually charge more for a wedding than a corporate meeting, for example. Consider the type of events you plan to host and adjust your pricing accordingly.

Offering different packages or tiers can also help you appeal to a wider range of clients. You could offer a basic four-hour package that only includes the space rental for $800 and a premium six-hour wedding package that includes catering and linens for $5,000.

7. Secure funding

Starting an event venue business involves significant upfront costs. Unless you’re sitting on gobs of cash, you’ll likely need to obtain some kind of funding. 

Here are a few of your options. Keep in mind that a lending marketplace, like Nav , can offer access to more than one product.

Business line of credit

A business line of credit works similarly to a credit card, where the borrower is approved for a maximum amount of credit that they can draw upon as needed.

Interest rates for business lines of credit are usually higher than those for commercial loans, but they can be a good option for businesses that need quick access to cash.

Compare the best business lines of credit

Data as of 3/21/23. Offers and availability may vary by location and are subject to change.

Small business microloans

The Small Business Administration (SBA) offers microloans worth up to $50,000 to help small businesses start and expand. Big caveat: These loans cannot be used to purchase real estate.

Traditional commercial loans

To qualify for traditional commercial loans , which are available at banks and credit unions, you'll need to have a solid business plan and a good credit score. You’ll also need collateral, such as a home or car, and time in business or revenue thresholds for some loans. 

Be prepared to provide financial statements, tax returns, and other documents to support your loan application.

Pro tip: About 75% of small businesses get turned down for loans by big banks. Here’s a list of the best alternative business loans from online lenders.

8. Hire a sales manager - and the rest of your staff

As the owner, you’ll be busy managing the overall operations of your business. You’ll need someone to focus on attracting clients so your new event venue can turn a profit.

A good sales manager can help increase revenue by booking events, building relationships with clients and generating leads.

A sales manager should arguably be the first employee you hire. After all, you don’t need wait staff if your venue can’t land contracts.

Eventually, you’ll need to hire other staff, including:

• A venue coordinator
• Kitchen staff
• Set-up and clean-up crew

Hiring your own employees can be expensive and time-consuming. An employment agency or partnering with a caterer might be an alternative when you’re starting out. They can provide you with pre-screened and qualified candidates — without the administrative hassle of hiring your own full-time staff.

Creating a clear written communication plan for your staff is also key.

Jackie Espinosa is a small business owner in Kissimmee, Florida, who opened her venue, Chandeliers Ballroom and Event Center , several years ago. Her space fits up to 80 people and hosts everything from intimate weddings to bar mitzvahs and baby showers.

“Getting a reliable and happy team behind you will make it so much easier to create fun memories for families,” Espinosa said.

She added: “Checklists are a must. Detail is everything and will keep people coming back.”

9. Start buying stuff

An event venue is more than a big, open space. To host great parties, you’ll need lots of equipment and supplies, including tables, chairs, plates, silverware, audiovisual equipment, table linens, and glasses. 

“We knew our capacity was 80 people, so we purchased 100 of everything,” Espinosa said. “Just in case something breaks.”  

Buying all these items upfront can set you back thousands of dollars.

To keep costs low, consider renting or leasing some of your supplies from an outside vendor until you can afford to buy it outright. 

You can also look for second-hand tables, chairs and lighting equipment from other event venues, liquidation sales, or online marketplaces like Facebook Marketplace and Craigslist. 

However, don’t scrimp on quality just to save a few bucks. 

“My advice to new venue owners is to purchase high quality tables and chairs,” Espinosa said. “It’s a great investment because they get plenty of wear and tear. Also, good linens will save you time and energy.”   

Don’t forget about the decor either. You’ll need to create a stellar ambience, and that might require a sizable investment. 

“Decorating the venue was a large expense,” Espinosa said. “We spent a lot of money on collections of centerpieces and decided to bring on two decorators.”

10. Market your event venue

Once your event venue is up and running, it’s time to get the word out.

Here are a few ways to market your business without breaking the bank.

• Leverage social media: Use platforms like Instagram, TikTok, and Facebook to showcase your space, share photos of past events and connect with potential clients. You can also run targeted ads on these platforms to reach a larger audience.
• Feedback and referrals: Encourage satisfied clients to leave reviews on sites like Yelp or Google, and offer referral discounts to help pull in new clients.
• Attend networking events: Local networking events and trade shows are a great way to meet other business owners. Bring business cards and be prepared to talk about what sets your venue apart from others in the area.
• List your business on directories: Websites like WeddingWire and The Knot offer a database couples can use to search for wedding venues in their area. Make sure yours is listed and keep your profile up-to-date.
• Partner with local vendors: Building relationships with local vendors like caterers, florists, and photographers can be a win-win for both parties. Offer to feature their services on your website or social media and, in exchange, ask them to promote your venue to their clients.
• Make a website: A website is a must-have for any business. Make sure yours includes high-quality photos of your space, contact information, and pricing details.

Compare the top website builders for small businesses

How much does it cost to start an event venue business?

The cost of opening an event venue varies widely, but expect to spend anywhere from $50,000 to $1 million. 

Why such a huge range?

Your overall costs largely depend on the location you choose. If you already own the space, your startup costs will be significantly lower than someone who plans to purchase a historical concert hall near downtown Boston. 

You’ll also need to factor in the cost of renovations and all the equipment you’ll need to buy. The cost will vary depending on the size of your venue. For example, a small event venue may require around 100 chairs and tables, which may cost around $5,000, while a larger venue may require 1,000 chairs and tables, which could run upwards of $50,000.

At the end of the day, opening an event venue is a costly endeavor. But it can be extremely rewarding, too. 

“We get to help capture and create a moment in time for people,”  Espinosa said.  “It’s a fun and memorable experience.”

With the right funding sources and business plan in place, you can transform your hard work into steady profits. 

Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder. She focuses on small businesses, retirement, investing and taxes.

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Related Reading

• How to Get a Small Business Loan in 7 Simple Steps
• The 5 Best Startup Business Loans of 2023
• 13 Proven Marketing Tips To Attract Customers on a Small Budget
• Best Tax Software for Small Businesses in 2023

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How to write a business plan for your event venue establishment.

Starting an event venue establishment is a great idea because it provides a space for people to come together and celebrate special occasions, and it can be a lucrative business venture that generates a steady stream of revenue.

But, before launching anything, make sure you have a business plan in place.

A business plan provides a roadmap for success and is essential for any new project, especially an event venue establishment, as it allows for a comprehensive assessment of the project's viability. It also helps to identify potential risks and opportunities as well as providing an outline for the strategy, resources and budget needed to bring the project to fruition.

In short, a good business plan will help ensure the profitability of your event venue establishment .

What should be outlined in the business plan for an event venue establishment? What components should be part of the structure? What are the essential financial measures to include? What are some ways to build a solid business plan without investing excessive time?

In the lines below, we will address all these questions!

One last thing: you can avoid starting your business plan from scratch.

Instead, you can download our business plan for an event venue establishment and adapt it to your project.

Formulating a business plan for an event venue establishment

Should you consider writing a business plan for your event venue establishment.

Yes, you should consider writing a business plan for your event venue establishment.

Establishing a strong business plan will afford you the chance to:

• learn about the event venue market
• be aware of the industry's current trends
• recognize what makes an event venue establishment successful
• understand the event types, capacity needs, and venue amenities desired by event organizers
• come up with a winning value proposition for your function hall
• compare and contrast competitor offerings
• find competitive advantages for your event venue establishment
• find a business model that fosters long-term financial sustainability
• establish a foolproof strategy to foster business growth
• identify and manage risks involved in running an event venue establishment, including safety regulations, event coordination, and contract disputes

Our team has created a business plan for an event venue establishment that is designed to make it easier for you to achieve all the elements listed.

How to structure a business plan for an event venue establishment?

There's a wealth of valuable information, content, metrics, and financial data in a business plan. There should be a clear structure, to make easy to read and digest.

When we built our business plan for an event venue establishment , we made sure to outline it properly.

The document consists of 5 sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The section number one is called "Market Opportunity".

In this section, you will find valuable data and insights about the event venue establishment industry, helping you understand the market landscape and cater to event planners' needs.

We update this section often to keep the data fresh.

2. Project Presentation

In the "Project" section, describe your event venue establishment, including the capacity, flexible event spaces, state-of-the-art facilities, and highlight the unique value proposition for event organizers and hosts.

At the end of this section, introduce yourself and your qualifications for running an event venue.

Discuss your experience in managing successful events, your attention to detail, and your commitment to providing a remarkable venue for special occasions.

We have written descriptions for you in this section, you may keep it as it is or customize it so it perfectly fits your business idea.

3. Market Research

After that, comes the "Market Research" section.

This section describes the target audience for your event venue establishment.

It includes a comprehensive analysis of competitors in the event industry and emphasizes your venue's competitive advantages.

A tailored SWOT analysis is provided as well.

4. Strategy

Within the "Strategy" section, a detailed plan spanning three years is outlined, specifying the necessary initiatives to make your event venue establishment highly profitable.

Moreover, this section includes a comprehensive marketing plan for an event venue establishment, a strategy to handle risks, and a filled-in Business Model Canvas.

5. Finances

Lastly, the section labeled "Finances" is where you can outline the financial plan and data for your project.

How to write an Executive Summary for an event venue establishment?

The Executive Summary offers a summarized introduction to the business plan of your event venue establishment.

Make sure it doesn't exceed 2 pages, including only the most significant points.

When you show your business plan to a bank, this is the first part they will see. It needs to grab their attention and make them want to read the rest of the plan.

In the Executive Summary of your event venue establishment, address the following queries: what's the innovation behind your project? what's your audience? do you have competitors? are you better than them? what's your background? what's the budget you need?

How to do the market analysis for an event venue establishment?

Conducting a market study for your event venue establishment enables you to grasp external factors like customer demands for event spaces, competition within the event industry, and emerging trends in event venue design and amenities.

By conducting a comprehensive market analysis, an event venue establishment can understand client preferences, offer versatile and well-equipped event spaces, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a larger client base, increased event bookings, and a prominent position in the event hosting industry.

Here's what we've incorporated into the "Market Research" section of our business plan for an event venue establishment :

• figures, data, and statistics related to event venue establishments, including event booking trends, venue utilization rates, and event types
• a list of potential market segments for an event venue establishment
• the competitive analysis
• the competitive advantages to build for an event venue establishment

The key points of the business plan for an event venue establishment

What's the business model of an event venue establishment, business model of an event venue establishment.

An event venue establishment's business model revolves around providing space and facilities for hosting various events such as weddings, conferences, or social gatherings. Revenue is generated through rental fees, potentially offering additional services such as event planning or catering.

The business model focuses on providing versatile event spaces, delivering excellent event coordination and support, effective marketing to target event organizers or individuals in need of event venues, and building strong client relationships based on memorable event experiences.

Success depends on maintaining flexible and well-equipped event spaces, delivering exceptional customer service, fostering positive client reviews and recommendations, and continuously adapting to changing event trends and client preferences in the event industry.

Business model ≠ Business plan

Don't misunderstand the terms "business plan" and "business model."

A business model is a framework that demonstrates how a company operates profitably and adds value to customers.

In a business plan, you employ the Business Model Canvas as a practical tool to outline the key aspects of your business model.

Rest assured, there is a Business Model Canvas (already completed) in our business plan for an event venue establishment .

How do you identify the market segments of an event venue establishment?

Market segmentation for your event venue establishment involves dividing your potential customers into different groups based on their event types, venue requirements, and demographics.

These categories may include factors such as weddings, corporate events, social gatherings, or customers seeking specific event venue features or capacities.

By segmenting your market, you can offer a specialized event venue and services that cater to each segment's specific requirements. For example, you might focus on weddings and provide a picturesque and romantic venue with customizable wedding packages and services, offer corporate event venues equipped with state-of-the-art audiovisual systems and professional event coordination, specialize in social gathering venues and provide versatile spaces for parties or celebrations, or focus on specific event venue features or capacities such as outdoor gardens, ballrooms, or intimate settings to accommodate customers with specific venue preferences or event requirements.

Market segmentation allows you to effectively target your marketing efforts, showcase the unique features and ambiance of your event venue, and provide a memorable and tailored event experience that meets the unique needs and preferences of each customer segment.

In the business plan for an event venue establishment , you will find a comprehensive market segmentation that will help you better understand your potential customers.

How to conduct a competitor analysis for an event venue establishment?

Without surprise, you won't be the only event venue establishment in your market. There will be other venues providing spaces for weddings, conferences, and other special events.

Conducting a comprehensive competitor analysis is essential for your business plan. This involves identifying their strengths and weaknesses while studying their offerings.

Take note of their weaknesses (such as limited event space, inadequate amenities, or poor event coordination).

Why should you pay attention to these points? Because these weaknesses can impact the success of event venue establishments. By addressing these aspects, you can offer versatile and well-equipped event spaces, provide professional event planning and coordination services, and deliver exceptional customer service, positioning your event venue establishment as a preferred destination for memorable and successful events.

It's what we call competitive advantages—focus on creating them to differentiate your business.

Here are some examples of competitive advantages for an event space: versatile and well-equipped event venue, customizable event packages, professional event coordination.

How to draft a SWOT analysis for an event space?

A SWOT analysis can help identify strengths, weaknesses, opportunities, and threats, which can be key to developing a successful event venue establishment.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for an event venue establishment

The strengths for an event venue establishment

The letter "S" denotes Strengths in SWOT, indicating the project's positive attributes.

For an event venue establishment, potential strengths could include a convenient location, ample parking, flexibility to accommodate different types of events, and exceptional customer service.

The weaknesses for an event venue establishment

W represents Weaknesses, which are the project's weak points that need to be addressed.

For an event venue establishment, potential weaknesses include inadequate capacity, limited parking, insufficient staff, and lack of marketing.

The opportunities for an event venue establishment

The letter "O" denotes Opportunities in SWOT, signifying the potential advantages or positive external conditions for the project.

In the case of an event venue establishment, potential opportunities may include hosting weddings, conferences, corporate events, and private parties.

The threats for an event venue establishment

T represents Threats in SWOT, referring to the external factors or circumstances that can pose risks or challenges to the project's goals.

How to create a comprehensive marketing strategy for an event space?

A marketing strategy is an essential building block of a business plan as it outlines how a business will capture customers and achieve revenue targets.

An event venue establishment can appeal to event organizers in search of a versatile and well-equipped space by developing an effective marketing approach that showcases the venue's amenities, customizable options, and successful past events.

Event organizers won't choose your event space without proper promotion; highlighting the versatility, amenities, and convenient location of your space is necessary.

Have you considered implementing creative marketing initiatives for your event venue establishment? Organize open house events or showcase parties, collaborate with local event planners or wedding vendors for cross-promotion, and utilize social media platforms to showcase the versatility and charm of your event spaces.

No need to worry if you don't have any knowledge about marketing and communication.

How to build a solid financial plan for an event space?

A solid business plan must include detailed financial information such as projected income, expenses, cash flow, and balance sheets.

As part of your business plan, it will be necessary to forecast the revenue for your event venue establishment.

The credibility of your business plan relies on revenue projections that are based on sensible and well-supported assumptions, which helps potential investors feel more confident.

Our financial plan for an event venue establishment is easy to use and includes built-in checks to help you identify and correct any assumptions, ensuring you create reliable projections with confidence.

Without a doubt, you will be required to draft a provisional budget for your event venue establishment. Don't forget any expense (we have listed them all in our financial plan !).

A key aspect of your financial plan is the break-even analysis, which helps determine whether your event venue establishment will be profitable or not.

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Music Venue Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Entertainment Sector

Do you want to start a music venue business and need to write a plan? If YES, here is a sample music venue business plan template & feasibility report.

A music venue offers flexible-use space for a variety of events, and their customers often include other businesses and members of the general public. A venue, depending on its size and layout, might host musical performances, weddings, flea markets or sporting events. You can choose to plan, market and host events, or rent space to third-party event organizers.

Few Points to Note Before Starting a Music Venue

Figuring out how to open a music venue and keeping the doors open is definitely an enjoyable task. You probably won’t make a lot of money, but you will get to explore your passion for music every single day. You will meet amazing people, from your customers to the performers.

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Who knows, someday you might launch the career of one of the top bands or acts in the world. Everyone has to get their start somewhere, so why not your venue? But it is not as easy, though. As you are learning how to open a music venue, you will quickly realize that you need to become an expert at developing relationships.

Have it in mind that one of those key relationships is with your neighbors. If you are opening a venue in a residential area, people will immediately object. They’ll think that your establishment will bring nothing but trouble to the neighborhood.

People fear that there will be loud noise at night, bar fights, and vandalism in their neighborhood. They will take the fight to the city council to prevent your club from opening. You can prevent the worst from happening. Try to foster a relationship with the neighborhood association and other nearby business owners immediately.

Acknowledge their concerns and let them know how you plan to mitigate any issues. The key is to see your neighborhood as community partners instead of a threat. The more willingness you show to work with them, the fewer issues there will be. Also give your venue an identity.

This is the fun part because you get to decide what people think of your business. Your venue could become known as a great place to relax and listen to outstanding musicians. Whatever your identity is, you will need to build your brand around it. Your marketing and overall customer experience needs to reflect the identity of your venue.

A Sample Music Venue Business Plan Template

1. industry overview.

Over the years, the general music industry has undergone several transitions and technological evolutions. Right from the inception of MP3s in the late 1990s, downloads have overshadowed the purchase of physical music as customers have moved from paid content to subscription music services.

Even with the industry-wide shift in consumer spending, the growth of live music looks to continue unimpeded for years to come, as real-life experiences encounter a surge in popularity. Although it experienced a steady decline since the turn of the century, the global revenue of the music industry has had a resurgence in the last three years, growing from $14.2 billion in 2014 to $17.3 billion in 2017.

In 2017, over 66 million music tour tickets were sold worldwide, marking the highest total in recent years. Also, the global revenue from live music tours amounted to approximately $5.65 billion. U2’s tour was the highest grossing concert tour worldwide that year, with their Joshua Tree Tour bringing in revenue on $316 million.

In the united states, revenue of the live music industry is projected to gradually rise from around $9 billion in 2015 to almost $12 billion in 2023. Reports have it that Americans spent an average of $22.51 spent on music per consumer per annum, not including live music.

Within the live music sector, live music concerts proved to be the most popular, ahead of small live music sessions and club events with a live DJ.

In 2017, Canada’s total music market revenue stood at almost 570 million Canadian dollars, the highest figure to-date. Just like with the United States, admission to live music concerts was reported to account for the largest portion of expenditures on music related activities among Canadian consumers.

2. Executive Summary

La Event®, Inc.®, Inc. is a unique retail concept to be introduced in the vibrant, music loving City of Boston, Massachusetts. We will combine the passion for music and coffee to bring a community place where coffee and music lovers come together to learn, enjoy and share music over a nice cup hot drink.

Our goal at La Event®, Inc. is to become the place that comes to people’s mind when they are thinking of relaxing with friends while enjoying coffee and pastries. We are presently in the process of establishing the corporation and expect to receive all documentation in the next 21 days.

We are also working towards finalizing the lease agreements for the physical location in Allston, Boston. La Event®, Inc. will be set up as a C Corporation owned by Silliman Costar and will be organized in the state of Massachusetts. Our Business model at La Event®, Inc. will be built upon leveraging complementary nature of the coffee and music business.

This revenue model will be composed of three groups of revenue streams: Coffee and Catering, Music Instrument Sales and Rental, and Venue Rental. The coffee segment will generate the largest share of revenue. It will also function as a catalyst to introduce a music store to the potential new customers.

We plan to ramp up venue rental segment by our 2 nd year of operation. We will also create a web site where we intend to attract customers with music related news and services. It will also have an E-commerce store that will sell music instruments as well as provide rental services.

The complementary nature of our business model will allow us to distribute overhead cost over larger number of revenue segments; which will help us achieve higher profit margin

At La Event®, Inc., our estimate shows that the monthly sales will increase from $24,100 in month 1 to $38,900 in month 12. Our operating profit will increase from $2,655 in month 1 to $6,081 in Month 12; while net profit will increase from loss of $1,762 in month 1 to profit of $3,850 in Month 12.

We expect to increase sales from $518,000 in year 1 to $1,629,600 in year 3; while operating profit will increase from $50,000 in year 1 to $218,000 in year 3. Net profit will improve from $112,000 in year 1 to $196,000 in year 3. Our plan is to have positive operating cash flow from the first month 1; while achieving positive net cash flow by month 6.

Our operating cash flow will increase from $400 in 1 st month to $4,000 in month 12. The first year operating cash flow will be $36,000 increasing to $126,000 in year 3. We at La Event®, Inc.s are requesting $150,000 in loan amount to be repaid over 5 years.

We will also contribute $50,000 in equity contribution bringing the total funding from all sources to $200,000. We intend to use $70,000 from these funds towards capital expenditure in year 1 and $25,000 for start-up inventory. The remaining amount of $105,000 will be used for working capital.

Howbeit, we intend to repay the entire $150,000 in debt over 5 years. From our detailed plan and cash forecast, we believe La Event®, Inc. will have sufficient cash flow after taking care of operating expenses to service the debt. Assuming 10% fixed interest rate the total interest payment will be $41,223 over 5 years.

3. Our Products and Services

By providing convenience of enjoying the music to customers, we plan to attract loyal customer base that will keep coming to our store. In Addition, the location we plan to lease has a perfect setup for offering additional music related services not found in other locations.

We plan to offer services such as music instrument sales and rental, live music entertainment and venue rental for music events. We also plan to combine our brick-and-mortar business with the website where we plan to attract customers with music related news and services.

We also plan to set up an Ecommerce store that will sell music instruments as well as provide rental services. Our expertise and passion for music will help us create a community for music lovers through blogs, news and discussion groups.

4. Our Mission and Vision Statement

• Our vision at La Event®, Inc. is to become the premium meeting spot in Boston where coffee and music connoisseurs come together to learn, enjoy and share music over a nice cup of hot drink.
• We want to be the place that comes to people’s mind when they are thinking of relaxing with friends and other music lovers while enjoying coffee and pastries with them.
• At La Event®, Inc., our vision is to establish a venue that will provide unique combination of music and coffee to the people and residents of Greater Boston.

Our Business Structure

La Event®, Inc. will be owned by Silliman Costar who is an avid music lover. Professionally, Silliman has extensive experience in helping small and large corporations with their ERP and retail management systems. He has worked for more than 15 years implementing and administering complex business ERP systems for a number of global corporations.

He has a thorough understanding of all aspects of retail business including inventory management, sales forecasting and planning, marketing among others. He will be able to leverage these experiences to streamline business operations and improve sales.

Also, Silliman is passionate about music since his childhood. He has played percussion instruments in school bands and symphonies throughout his career. He has been putting together jam sessions with other music loving colleagues on a weekly basis for the last 3 years.

Recently, he created a web site for musicians in the Greater Boston area to meet and play music together. The management will be assisted by a full-time manager. We plan to hire a manager, who boast of extensive experience in managing large-scale retail operations.

Also, we will carefully screen employees to work in the coffee shop and music store to ensure that they have the passion and knowledge about coffee and music. We are currently in the process of hiring couple of key employees, including a full-time manager who will be on board prior to the launch of our business. These roles include:

Facility Manager

Information officer

• Department managers

5. Job Roles and Responsibilities

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counselling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the facility’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall facility’s strategy.
• Tasked with fixing prices and signing business deals
• Tasked with providing direction for the business.
• Tasked with signing checks and documents on behalf of La Event®, Inc.
• Evaluates the success of the facility

Financial Officer

• Tasked with preparing financial reports, budgets, and financial statements for the facility
• Provides managements with financial analyses, development budgets, and accounting reports
• Tasked with financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Tasked with developing and managing financial systems and policies
• Tasked with administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the facility
• Serves as internal auditor for the facility
• Provide technological guidance within the facility.
• Supervise information system and communications network.
• Develop and implement a customer service platform to serve the facility in every aspect.
• Design, establish, and maintain a network infrastructure for local and wide area connectivity and remote access.
• Consult with administration, department managers, and manufacturing representatives to exchange information, present new approaches, and to discuss equipment/system changes.
• Participate in vendor contract negotiations for all new computer equipment and software purchased for the corporation.
• Create a cost-benefit analysis as well as supporting a detailed definition of data requirements and departmental workflows.
• Oversee Internet and computer operations.
• Takes care of the day-to-day operation of the information technology department including directing staff, who support administrative computing, networking, user services, telecommunications and other information technology functions.
• Assess and anticipate technology projects and recommend appropriate action and resources.
• Establish and direct the strategic and tactical goals, policies, and procedures for the information technology department.
• Propose hardware/software solutions to accomplish La Event®, Inc.’s business objectives.
• Identify user needs and resolve problems
• Provides the client with a personalized customer service experience of the highest level
• Takes care of administrative duties assigned by the operator in an effective and timely manner
• Consistently stays abreast of any new information on La Event®, Inc., promotional campaigns etc. to makes sure accurate and helpful information is supplied to customers when they make enquiries
• Tasked with cleaning the facility at all times
• Makes sure that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the facility
• Any other duty as assigned by the operator.

6. SWOT Analysis

Our goal at La Event®, Inc. is to create a venue that sees to the need of music and coffee lovers in Boston, which will also capture majority of the local market share. With our plans and hunger to take the industry by storm, we have put plans in place and assessed our SWOT Analysis. Clearly summarized below is the result of our SWOT Analysis;

• Unique concept that brings complementary businesses of coffee and music together
• Good relationship with suppliers – Revenue and cost sharing reduces working capital needs.
• Community connections with schools and music teachers
• Knowledgeable staff that loves music and is able to help with customers questions
• High competition in coffee business segment
• Established large businesses in music sales and rental
• Need to build and establish the brand in the community

Opportunities

• Reduce working capital needs by pursuing unique revenue and cost sharing model with suppliers.
• Build a professional web site for additional revenue stream.
• Leverage social media sites such as Facebook, Twitter, and Blog to build stronger, ongoing relationship with customers.
• Potential addition of new customers resulting from planned expansion of Cambridge business, medical, dental, and public health schools in Boston’s Alston.
• Explore other uses of the facility resulting in additional revenue
• Current economic downturn may have negative impact on sales due to customers desire to cut down on discretionary spending
• Existing online music stores may take some customers away from us
• Potential new entrants in the coffee shop segment may hurt sales

7. MARKET ANALYSIS

• Industry Trends

At La Event®, Inc., we understand that innovation is an important part of music. Fortunately, the mainstream music isn’t afraid of that. Yes, they follow a proven model to produce content that will sell. But this doesn’t mean industry businesses don’t try something new every year. With that said, below are upcoming trends that we believe will change the music industry in 2019:

Physical Format will Sell More including Vinyl, Cassette and Live Performance

Digital format is selling higher than ever, but that doesn’t mean the physical format is dead. According to Opium London (a concert venue), Live music attendance spiked last year. This means people still want to see their favorite artists in person despite the incredible developments in VR and 360 views.

The same goes for Vinyl Collectors and Cassette players. Sales of vinyl and cassettes increased last year. According to a survey in the US and uk, cassette sales increased 90% last year in the UK while Vinyl sales grew 12% in the US.

• The Industry Will Give Back More

Although it isn’t something new, we have seen stars contributing to the community for years. This year, the big corporations will lend a hand as well. Yes, talent incubators including Berlin Community Radio, Red Bull Music Academy and others want to give organic and positive exposure to brands. They have set new initiatives in place and look forward to releasing charity focused compilations.

• Chatbots in Artist Direct to Fan Communication

Musicians want to interact with their audience directly, and the social media proved it! This trend made some new stars recently. Thanks to this development, musicians, brands, and corporations want to use social media messaging. They want to use Facebook, Twitter Instagram, and WhatsApp to engage with the audience while creating new marketing scenarios directly.

• Technology Will Keep Improving

This year, experts expect AI, VR and Block chain to have a massive impact on the Music Industry. Yes, there are some ground-breaking advancements recently. According to a report, companies are focusing on creating virtual reality focused on music festivals, AI-composed music pieces and much more. It seems like investors are going strong on the technological development in the music industry.

Merging Musical Styles and Regional Artists

Regional Artists are flexing great success in diverse territories. This is because artists continue to merge different music styles. A recent example is a Latin Music making its way into mainstream music of the United States. Regional artists have to thank online music streaming platforms for their success. Thanks to the boom of these services, artists from around the world are coming under the spotlight of the mainstream music industry.

• Visual Branding

This is not new, but we don’t see major brands stopping visual branding. This is one of the biggest factors that helps an independent artist to rise. DIY recording technology will improve because most artists can’t afford to rent recording studios.

Only signed artists can afford to produce music there. Thanks to online music streaming, audio labels will let individual artists produce content in these environments but only after making a business deal with them.

8. Our Target Market

According to reports, there are over 150 Million coffee consumers in U.S. that spend more than $18 billion in various types of coffee drinks every year. Specialty coffee sales is increasing by 20% per year and currently accounts for almost 8% of the U.S. coffee Market.

Music instrument is a fairly large business segment. It recorded over $7 billion in sales in 2017 according to industry reports. The industry has grown 18% in the last 10 years. In addition, the music instrument rental business has flourished recently with more and more children participating in the music programs in their schools and private lessons requiring the rental of the instruments on an ongoing basis.

The city of Boston, where the business will be located, is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest such area in the country.

Today, Boston is a thriving center of scientific research as well as port of entry for commerce and international immigration. The Boston area’s many colleges and universities make it a world leader in higher education, including law, medicine, engineering, and business, and the city is considered to be a global pioneer in innovation and entrepreneurship, with nearly 5,000 startups.

Our Competitive Advantage

At La Event®, Inc., our main competitor is 35 miles from Allston and is sold out regularly. The route is in heavy traffic and parking is sometimes a problem. Therefore, fans of this type of entertainment in our location are expected to choose our venue because we offer more interesting entertainment, we are closer to home, have ample, secure parking, and pricing is the same.

9. SALES AND MARKETING STRATEGY

• Sources of Income

As mentioned earlier, our revenue model will look for multiple revenue streams that will complement one another. As shown below, the revenue stream will consist of coffee as well as music related sales.

• Coffee Shop

We project this revenue segment to become the largest share of our revenue in the early years. Once the music instrument segment is established, the percentage of revenue from coffee shop will be reduced. The coffee shop will generate revenue from the sales of coffee and associated products.

We also plan to carry large selection of premium coffee and pastries in an environment that is inviting. In addition, we will seek catering orders from businesses that are located in the vicinity. To source our coffee, we have entered into licensing agreement with Freedom Black Beans – a premium coffee vendor.

• Music Instrument

At La Event®, Inc. we plan to carry a limited selection of music instruments and accessories that will be available for sale and rental. For the rental business, we have initiated a revenue sharing agreement with a music instrument vendor Country Technologies that will allow us reduce our working capital investment in the instruments, while still be able to rent large selection of music instruments.

We have also entered into agreement with a vendor that will enable us to drop-ship the instruments upon receiving orders from customers. The sale and rental of music instruments will be carried out both in our Boston location as well as from the web site.

• Music Venue

This segment will focus on the general population of the Alston and surrounding region, and large businesses in the Greater Boston area. Location of our venue affords the strongest sales factor after completion, then the quality and service of our operation will build strong loyalty and repeat customers. Our services must live up to our message.

10. Sales Forecast

At La Event®, Inc., we prefer to estimate a conservative sales figure of 700 seats of 750 available per regular show in the first year. Experts predict a sell-out for each show, beginning in the first month of operation, due to the prime location of La Event®, Inc. and the small percentage of the population required to produce a sell-out.

Also, severe weather is not a major problem in this region and was discounted as a deterrent to attendance. The proximity of the venue to potential customers in the city is a powerful influence. However, to be conservative, we are projecting sales of 700 seats per show for the first year of the available 750 seats.

• Marketing Strategy and Sales Strategy

At La Event®, Inc., we understand that steady sales in our industry depends on quality entertainment at a reasonable price, along with efficient and friendly service. Our entertainers and staff will be required to extend exceptional courtesy to customers prior to, during and after each presentation.

Every operation must always provide enjoyable, exciting and quality entertainment. Special personal attention will be extended to our customers at all times. Quality entertainment and friendly service will greatly enhance loyalty to the venue.

We plan to deploy both online and offline marketing strategies to raise brand awareness of La Event®, Inc.. Our multi-pronged marketing strategy will aim to make potential customers awareness of our business as well as establish long-term relationship with existing customers through ongoing dialog.

We will develop and launch a website that will serve as destination for all things related to music. The web site will be launched prior to the business launch. It will attract potential customers looking for information on music instruments. We will also have the functionality for customers to order music instruments for sales and rental.

• Social Media

The emergence of social media sites such as Facebook and Twitter have fundamentally changed the way businesses interact with their customers. These sites provide an opportunity for businesses to establish an ongoing, two-way dialog with customers.

We plan to take full advantage of these social media sites by establishing presence on Facebook, Twitter, Myspace and other sites. Our knowledge and passion for music will be a natural fit for social media communication.

Similar to social media sites mentioned above, blogs afford an opportunity to establish La Event®, Inc. as a go-to place for music information and demonstrate our expertise to potential customers. At the same time, the periodic update of information on the blog encourages users to visit our web site more frequently; which will help build deep, long-term relationship with our customers.

• Community Partnerships

We will establish partnership with music schools, churches and private music teachers by offering them avenue for information on our web site. We also plan to enter into group purchasing arrangement with them by which the students / members can get discounts. Our facility rental provides another opportunity to bring members from these organizations to our premises for meetings and seminars leading to future sales.

• Local Advertisement

In the initial phase of La Event®, Inc., we will run Grand Opening advertisements in the local newspapers and magazines. We will also place pamphlets and other informative material at locations that are likely to attract our target customers of music and coffee lovers. In addition, our own coffee shop provides a unique opportunity to showcase the music side of business to potential customers.

• Event Sponsorships

Boston has a vibrant music community that has music concerts and related events scheduled throughout the year. We will sponsor some of these prominent as well as less well-known events all year to get our name in front of a large number of potential customers.

11. Publicity and Advertising Strategy

Our plan at La Event®, Inc. is to gather enough brand awareness to leverage the product line into other regions and gain inquiries from potential inventors. To achieve this goal to expand and grow, we plan to do the following;

• La Event®, Inc. will spend $2,150 per month on Public relations services for the next year intended to build awareness of editors and product information insertions, reviews, etc.
• La Event®, Inc. will also spend $800 per month concentrating on drive time Radio advertising. We plan to experiment with different stations, keeping careful track of results. As with the school fundraising program, we expect the stand and signage to be a substantial portion of our advertising.
• List our business on local directories
• Attend relevant international and local health, finance and business expos, seminars, and business fairs et al
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

12. Our Pricing Strategy

At La Event®, Inc., we believe our target audience will patronize us based on superior quality, excellent customer service, and venue location. We also know that businesses in our business scope make their money from the interest and commissions they offer on their services and products. We hope to keep our prices at the average market rate for the mean time, but will increase as our identity in the market increases.

• Payment Options

The options we provide at La Event®, Inc. will be all inclusive and acceptable because we understand that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money

We have also chosen banking platforms that will help us achieve our plans with little or no issues. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our service charge.

13. Startup Expenditure (Budget)

La Event®, Inc., seeks to offer the balance of coffee and good music people seek by providing options for activities to suit our target audience. We believe that our company will become profitable in its second year and quite profitable in its third. We have analyzed the market and have decided on how we plan to spend our start up fund.

• The Total Fee for Registering the Business in the United States – $750.
• Legal expenses for obtaining licenses and permits – $4,000
• Marketing promotion budget- $25,000
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,000
• Cost for leasing and renovating our facility- $47, 000.
• Other start-up expenses including stationery – $1000
• Phone and utility deposits – $3,500
• Operational cost for the first 3 months (salaries of staff, fuelling, maintenance, payments of bills et al) – $25, 000
• The cost for Start-up inventory – $15,000
• Cost for store equipment (cash register, security, ventilation, signage) – $2,000
• The cost for the purchase of props and equipment: $2700
• The cost of Launching an official website: $600
• The cost for our grand opening party: $5000

From our detailed analysis above, we will need an estimated $200,000 to start La Event®, Inc. successfully.

Generating Funding/Startup Capital for La Event®, Inc.

La Event®, Inc. will be established as a C corporation in the city of Massachusetts, and Silliman Costar as the owner. We hope to raise our startup fund through the following ways;

• Generate part of the startup capital from personal savings and sell of stocks
• Source for soft loans from our banking partner
• Generate fund from angel investors

Note: We at La Event®, Inc. are requesting $150,000 in loan amount to be repaid over 5 years. We will also contribute $50,000 in equity contribution bringing the total funding from all sources to $200,000. We intend to use $70,000 from these funds towards capital expenditure in year 1 and $25,000 for start-up inventory. The remaining amount of $105,000 will be used for working capital. Howbeit, we intend to repay the entire $150,000 in debt over 5 years.

14. Sustainability and Expansion Strategy

La Event®, Inc. will be located at Alston in Boston. The building we are looking to lease is ideal to utilize as a café/music place. The building has 2,350 square feet in usable area and covers 2 floors. Coupled with the physical location, we are in the process of building a web site where customers can browse through large selection of musical instruments and purchase or book straight from the web site.

The web site will also be a repository for music related information; which will act as catalyst to bring new customers not only for music venue and instruments; but also to our physical café for coffee. Boston boasts of a vibrant community of people that enjoy music and who like to relax and chat over a nice cup of coffee.

Even though there are several coffee shops as well as music schools in the area, a unique concept like La Event®, Inc. can provide an ambient atmosphere. Our market research has received number of positive comments from the community.

The complementary nature of our business model allows us to distribute overhead cost over larger number of revenue segments; which will help us achieve higher profit margin compared to our competitors. For instance, the building we plan to lease can be utilized for multiple purposes including coffee shop, music instrument showroom and venue for concerts and entertainment shows.

Our estimates for the coffee shop show that the gross margin for the coffee shop will be approx. 70%. The next largest cost component for coffee shop will be labor cost; which we estimate to be 25%. We will be able to reduce other components of operating expense by leveraging them with other revenue segments including music instrument sale/rental and venue rental.

We have also arranged drop-ship arrangement with our instrument distributor that will enable us to reduce the inventory carrying cost and will necessitate lower working capital. We have also entered into revenue sharing arrangement with the distributor for the rental segment of our business that will enable us to rent the instruments with virtually zero carrying cost.

The building we plan to lease has a layout that is ideal for conducting many activities. This enables us to use this facility for rental without increasing our cost considerably. The primary cost for this segment of the business will be building maintenance cost that will be shared overall revenue segments

Checklist /Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts : Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting feasibility studies: Completed
• Leasing, renovating and equipping our facility: Completed
• Generating part of the startup capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift : In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress

Music and Entertainment Business Plan Templates

Written by Dave Lavinsky

In the vibrant and ever-changing landscape of the music and entertainment industry, a solid business plan is not just a formality, but a cornerstone of strategic development and sustainable success. It serves as a critical roadmap for navigating the unique challenges of this industry, including rapidly evolving technology, shifting consumer preferences, and intense competition.

Our collection of business plan examples represent various facets of the music and entertainment sector, ranging from record labels and music production companies to entertainment venues and digital streaming services. Each plan is expertly crafted to address essential elements such as talent acquisition, content production, distribution strategies, marketing initiatives, and financial management. These plans are indispensable tools for entrepreneurs and business owners in the industry, offering a comprehensive guide to establishing a robust presence, capitalizing on market opportunities, and building a resilient, profitable entertainment enterprise. They emphasize the importance of meticulous planning in balancing creative vision with commercial viability in the dynamic world of music and entertainment.  

Music & Entertainment Business Plans

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Weddings Business Plans

• Bridal Gown Shop Business Plan
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If you do weddings or events, you already know how important planning is. The same applies to your business. Check out these sample business plans for event planning, wedding consultants, special event planners, and other event management businesses. Then use what you learn to write the plan for your own business.

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How to Start an Event Venue: 10 Tips to Follow

Whether you want to open a convention center with 200,000 square feet of meeting space, a boutique wedding venue with a capacity of 25 people, or anything in between, there's a lot you need to know to learn how to start an event venue. The good news? You're starting in the right place.

Although running an event venue is a rewarding experience, it doesn't come without challenges. Whether you’ve been in the events industry for a long time or are just dipping your toes in now, make sure you check out these high-level tips, tricks, and tools to help put your best foot forward.

Explore how to start an event venue with these 10 tips

1. weigh the pros and cons of starting an event venue..

When learning how to start an event venue, it’s important to have a realistic understanding of the various obstacles that come with running a business. These vary from person to person and business to business, which is why we recommend starting with a pros and cons list that is unique to your life, goals, and situation.

The first category you need to assess is money. Can you afford the financial risk of running a business that requires expensive costs such as event venue insurance and event staff? Will the profits you make from the realistic amount of bookings you can expect over time lead to a profit?

In addition to the financial cost, there's also the cost of time. For example, if you plan to keep a full-time job as you start up your event venue, you have to keep in mind that your nights and weekends will probably be taken up. That may seem easy enough; however, once the venue is up and running, you're only getting started. Preparing the space for the event, marketing the venue, and dealing with customer service tasks may also need to take place in what little free time you have left.

On the other hand, you may be the kind of person who feels happiest and most fulfilled when you’re working non-stop. If that’s the case, this may fall under your pros column.

Even if there are some considerable cons on your personal list, make sure you research potential solutions before throwing in the towel. For example, hiring a business partner to help you run the venue may get you some money and time back, especially if they are more experienced in the events industry.

Making a pros and cons list is essential for you to have a realistic understanding of the various obstacles and rewards that will come with starting — and running — an event venue. If you’re still excited about the idea of starting an event venue after carefully weighing both sides, then you're probably ready to get started.

2. Conduct extensive market research.

Whether you have industry experience or not, you can't learn how to start an event venue without taking a deep dive into your market. The list of items to consider is a lengthy one, but here are a few questions to get started: 

• Who will your main competitors be?
• Where are they located?
• What does their branding look like?
• What is their unique selling proposition?
• How do they structure their services?
• What is their pricing model and how much do they charge?
• What does their marketing look like?
• What are some strategies they’re using to improve their marketing and sales?
• What are planners, attendees, guests, and all other clients and customers saying about the venue online? 

3. Write an event venue business plan.

If you’re planning on learning how to start an event venue, large or small, you need to create a comprehensive business plan. A business plan will help you and your team develop a strategy and manage the various aspects of the business.

The good news is that there are tons of resources available to help you with the steps needed to start an event venue. While organizations such as the Small Business Administration offers guides to writing a business plan , we recommend following an example that is specific to owning an event venue business .

4. Do the paperwork.

This should go without saying, but you need to make sure that you have the proper licenses and permits for your venue well before you host your first event. In most cases, your local municipality has the necessary information to help you navigate through the various requirements of your venue.

Pay special attention to zoning laws that pertain to your specific venue structure. For example, a barn-based event venue may have special requirements since some zones only allow barns to be used for farming and agriculture.

You’ll also want to work with a CPA or professional advisor on which tax structure makes the most sense for your event venue business. And don’t forget to look into event insurance quotes!

Explore now: Resources to help you start your event venue

5. Choose a name for your venue.

Your event venue name should be something meaningful that people can remember forever and associate with your brand. But it should also have minimal competition in Google search results. When coming up with a name for your new business, it’s important that you take into account the style of events that you want to attract. 

As  Ivan Dimitrijevic , Director of Demand Generation at Funky Marketing says, “Even though there are many successful businesses with a vague name that doesn’t refer to their specific niches, it’s always advisable that this part of your brand resonates with the audience as much as possible, particularly if your business is still in its startup phase.” 

6. Start preparing your space.

This tip will vary depending on the type of venue and if you're starting from the literal ground up or are taking over a space that's already built. Regardless, a few things to keep in mind when it comes to getting your venue ready:

• Hire contractors and inspectors to ensure that your space meets all necessary safety requirements.
• Clean up neglected areas in and around the venue.
• Consider refreshing the landscaping, paint, and so on. 
• Take inventory of furniture options and decide whether you’ll provide your own or partner with a third party.

7. Get your venue's digital marketing in order.

Your brand new venue doesn't mean much if people don't know about it. Here are a few key marketing factors to implement:

• A website designed to provide a comprehensive overview of your business, including a description of your niche and the type of facility that you provide.
• Social media accounts including, but not limited, to Facebook, TikTok, Instagram, and Pinterest.
• High-quality photos and videos of the venue and its spaces.
• A 3D diagram of the venue and its layout options, which you can create using Cvent Event Diagramming .
• Business profiles on Google, Yelp, and other major and niche review sites. Once added, be sure to keep up with and respond to reviews .
• List your venue on sourcing platforms such as the Cvent Supplier Network and Wedding Spot . Add details about your venue's standout features as well as location, guest capacity, and amenities, and watch the leads flow through. 

8. Hire great staff.

A venue is only as good as the people running it. Here are some essential event venue roles you should consider hiring:

• A venue coordinator. The venue coordinator is the person who helps the event planners and the vendors plan the event.
• Kitchen staff. If you plan to offer catering services, you may want to hire a head chef plus their preferred team of line chefs, cooks, food-preparers, servers, and assistants.
• Set-up and clean-up crew. These individuals will help with tables, chairs, and decor.
• Event staff. You’ll want extra hands on deck as errand runners, coat checkers, valets, and assistants for anything that comes up during your events.

Depending on the type of work that you're doing, these individuals may or may not be employed by your company. If you plan on using temporary workers, make sure that you hire event staffing companies that have a great reputation in your area.

Cvent spoke to Refvik & Light Productions Owner Kristin Light about her experience running two event venues in Toronto. In her email, Light emphasized, “HIRE GOOD PEOPLE. You absolutely cannot do this alone. Nor should you. It'll be a wonderful, enjoyable experience as long as you can maintain work-life balance!”

Light also said that once you find a vendor you really like, you should enter into a dedicated contract with them. As this event venue owner says, there is a “huge, massive, life-saving benefit to establishing preferred vendor relationships ''. That includes caterers, staffing, and rentals.

9. Hire backup.

Being an event venue owner is a lot of responsibility. If someone doesn’t show up for work, it will immediately become your duty to complete the task if you don’t have backup available. As Light shared with us, “if your cleaner/manager/etc. calls in sick and you have no short-notice replacement, congratulations; it's you now. Grab a bucket, don an apron, whatever's needed. It's your job now.”

You may think to yourself that this is great for some rare emergencies, but Light would disagree. “Always expect this to happen. Event nights off are the exception, not the rule.”

10. Prepare yourself and your team.

Light also shared some tried and true tips on what to do to physically prepare for your events:

• Buy great shoes. “Spend the money on good footwear,” says Light. “Something simple that you can last 10-12 hours in, climb ladders in, and handle meetings in. Foot care is no joke.” We also recommend no-slip bottoms and the addition of cushioned floor mats for your kitchen staff.
• Tape (multiple types)
• Safety pins
• Phone chargers that guests can use, plus dongles for every tech connection
• Batteries of all types (rechargeables and one-time use)
• Shims/ wedges for leveling tables. “You will need a LOT of these,” writes Light.
• Clif Bars or another shelf-stable meal replacement. “There will be many a day you can neither get away, nor get fed by catering. Be prepared,” Light advises.
• Hold pre-event meetings. Even a quick huddle will go a long way towards making sure your event venue employees are all on the same page the day of.

You're on your way to learning how to start an event venue!

There are of course hundreds of other factors to consider when starting a venue, but as long as you keep these tips in mind and explore our extensive resources and blog , you'll be on the right path.

Up next: Learn about event venue trends to get some ideas for your own business.

Let us help you start — and grow — your event venue

Cvent Guest

Cvent is a market-leading meetings, events, and hospitality technology provider with more than 4,000 employees, ~21,000 customers, and 200,000 users worldwide.

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Netflix is axing its cheapest, ad-free plan in the US

Netflix will start phasing out its Basic plan, its cheapest advertising-free plan, which costs $11.99 per month in the United States, the company said on Thursday.

The company had previously stopped accepting new sign-ups for the Basic plan, instead pushing customers to Netflix's ad-supported plan, which costs $6.99 per month. However, existing users were allowed to keep the basic plan.

In January, the company said it would retire its cheapest ad-free tier in Canada and the UK. On Thursday, the company said the US and France are next.

Basic users in the US who want an ad-free viewing experience on Netflix will now have two choices: Netflix's Standard plan, which costs $15.49 per month, and its Premium plan, which costs $22.99 per month.

Netflix said its cheapest, ad-supported tier, its "Standard with ads" plan, saw a 34% jump in sign-ups in the second quarter of this year.

The company reported a record-high 277.65 million subscribers on its streaming platform Thursday, far outpacing streaming competitors like Disney+, Peacock and Max (which is owned by Warner Bros. Discovery, CNN's parent company). Overall, Netflix added 8.05 million new subscribers in its second quarter.

Netflix's surge in new subscribers has been fueled in part by the company's effort to push users who share passwords to create their own accounts.

However, the short-term subscriber jolt from the password-sharing crackdown could soon fade. On Thursday, Netflix said it expects the pace of its subscriber additions to slow in the third quarter.

Netflix's stock fell nearly 2% in after-hours trading, but it has climbed more than 35% in 2024.

The company recently disclosed that it would stop sharing its quarterly subscriber numbers beginning in 2025 in favor of a new disclosure: time spent on the platform.

Netflix, in the past two months, has also pushed further into the world of live sports programming and experiences.

And with Netflix's recent advance into advertising, the company is starting to look closer to the traditional media companies it seeks to disrupt, said Tim Nollen, a Netflix analyst at Macquarie.

"Whatever the old broadcasters were in their best of times, Netflix is becoming that in a new and probably longer-term, sustainable way," he said.

The early stages of Netflix's evolution

Netflix made its biggest sports announcement yet in May. The company made a three-year deal to broadcast the NFL's Christmas Day games. The deal kicks off this year with Netflix globally airing two NFL games on the holiday. In 2025 and 2026, Netflix will stream at least one holiday game.

"Netflix is now in live sports," Nollen said. "This means Netflix might be the only place you will be able to watch those two Christmas Day games, which could obviously add more subscribers."

Airing football games has proven itself to be a winning strategy to juice subscriber numbers: In January, Peacock, NBCUniversal's streaming service, saw a jump of 2.8 million sign-ups in the three days leading up to its exclusive airing of an NFL playoff game.

The event was "the single biggest subscriber acquisition moment ever measured" by Peacock, according to the company.

Earlier this year, Netflix also announced another high-profile foray into sports programming: A 10-year deal to air "WWE Raw" live, valued at more than $5 billion.

"We're in live because our members love it. It drives a ton of engagement and it drives a ton of excitement, and those two things are very valuable," Netflix co-CEO Ted Sarandos said on the company's earnings call Thursday. "The good thing is advertisers like it too."

But live sports aren't the only way Netflix is trying to expand its footprint. Last month, the company said it plans to open two massive entertainment venues called Netflix Houses.

The "experiential" complexes, in former department store locations at Dallas Galleria and King of Prussia mall (near Philadelphia), will each span more than 100,000 square feet and include events, themed gift shops and restaurants. Both will open in 2025.

While these complexes don't quite reach the scale or footprint of Disney's or Universal's global theme parks, David Joyce, an analyst at Seaport, said the complexes are designed to drive brand loyalty.

"It should help retain those customers and keep them in the Netflix ecosystem and paying for their subscriptions for longer," he said.

The-CNN-Wire & 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

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Minneapolis music eatery icehouse will avoid eviction under new ownership plan.

Just three months after an eviction notice filled their Eat Street supper club with sour notes, the operators of Icehouse are singing an upbeat new tune.

A new ownership deal has saved the Minneapolis music haven from an eviction threat and sparked plans for a revitalization. Not all is new, though: Some of the principal players who helped make it one of the Twin Cities' best-loved live music venues are staying in place.

Icehouse's founder Brian Liebeck will still run day-to-day operations and remain a minority owner, and a well-known musician who's performed there often, jazz and rock drummer JT Bates, has signed on to help manage the music programming.

"We all want to see this club survive and this neighborhood thrive," said John Higgins, Icehouse's new majority owner and president.

Higgins and his wife, Amy Higgins, were already silent investors in Icehouse and helped it come out of the COVID-19 shutdown with a new sound system and other refurbishments. They agreed to take over as majority owners amid negotiations over unpaid rent with the landlords of the historic property, Chicago-based Northpond Partners.

According to the eviction lawsuit filed in April by Northpond — whose Minneapolis investments also include Seven Points, the Uptown mall formerly known as Calhoun Square — Icehouse's operators owed $118,000 in rent going back to July 2023. Liebeck said then , however, that he had a plan in place to bring the venue out from under the debt.

That plan was unveiled this week. Longtime associates of Liebeck, the Higginses enlisted the Icehouse operator's help when they took over and rebuilt the Portage, a popular old bar in Cable, Wis., near Hayward, where the Minneapolis couple own a lake home.

A biotech businessman who's also a Walker Art Center trustee, John Higgins said the unique challenges they faced at the Portage — the bar was gutted by a fire months into its reconstruction — made them well-prepared to take over Icehouse.

"These clubs are fun to be around, but the reality is that running them is a very serious and difficult business," Higgins said. "You have to love it."

He and his wife have long loved Icehouse, he said, and have ideas to help it thrive again. Among them: hosting more live music in the smaller, "more piano bar-like" side of the venue, Higgins said, rather than the main room with the big stage and balcony. He likened the vibe in that room to a popular, new, jazz-heavy bar in Minneapolis' North Loop district, Berlin.

They also hope to host more outdoor concerts on Icehouse's large patio, which became a popular site for music during the pandemic. And they intend to implement "a real, numbers-driven" plan to curate more diversity among the performers, Higgins said. The venue is at 2528 Nicollet Av. S., near the Whittier and Phillips neighborhoods

"The heart and soul of the club is something I'm keeping and staying on top of now," he said.

Asked separately whether he plans to stay aboard long term and is hopeful the venue's future is bright again, Liebeck said simply, "Yes and yes!"

Icehouse's new (and old) team members will celebrate the venue's revitalization at an Aug. 3 concert billed as the Rise Up Reggae Festival, featuring local mainstays the International Reggae All-Stars, Socaholix and Innocent.

The venue's live music offerings in the interim include a release party for the rock band Dilly Dally Alley on Thursday, a showcase with the Twin Cities Flamenco Collective on Sunday, a jazz residency series with the Minneapolis String Project on Monday and the return of Derecho Rhythm Section with Low's Alan Sparhawk on Aug. 1.

Chris Riemenschneider has been covering the Twin Cities music scene since 2001, long enough for Prince to shout him out during "Play That Funky Music (White Boy)." The St. Paul native authored the book "First Avenue: Minnesota's Mainroom" and previously worked as a music critic at the Austin American-Statesman in Texas.

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Former N.J. Playboy Club slated to become new resort, concert venue

• Updated: Jul. 16, 2024, 9:10 p.m.
• | Published: Jul. 16, 2024, 1:40 p.m.

• Rob Jennings | NJ Advance Media for NJ.com

The long-empty former Playboy Club in Sussex County has been sold and is slated to become a new resort, spa and concert venue, according to its new owner.

An affiliate of Lockwood , a New York City-based real estate investment and development company, acquired the Vernon property earlier this month, according to company president Charles Everhardt.

Within about 18 months, the eight-story building will be transformed into a hotel with a “word-class spa” and entertainment, including concerts, Everhardt told NJ Advance Media on Monday.

The building, which has more than 600 rooms, will also include residential housing, he said.

The new resort already has a working name: “The Great Gorge Hotel & Residences.”

A rendering of how the interior of the former Playboy Club building in Vernon, New Jersey, might appear after it is redeveloped by its new owner. Courtesy of Lockwood Development Partners, LLC

“Structurally, it’s in great shape,” Everhardt said of the building.

The site’s last remaining tenants, approximately 40 renters, exited in 2018 following a court battle.

“We’re going to try and keep the exterior of it as uniform as we can,” Everhardt said of the building.

Vernon Mayor Anthony Rossi drew attention in March when he announced the building had been sold . That prompted the council president to clarify days later that the deal had not been finalized .

Rossi posted on Facebook on Friday that the township’s attorneys “have confirmed this sale to be legal.”

The plan appears to ensure a second act for one of northwestern New Jersey’s most iconic properties, which opened in 1972 and has a suite that once belonged to Hugh Hefner, founder of Playboy magazine and his network of Playboy Clubs.

Everhardt declined to disclose the purchase price. An attorney for the building’s prior owner did not immediately respond to a request for comment.

A rendering of how the former Playboy Club building site in Vernon, New Jersey, might appear after it is redeveloped by its new owner. Courtesy of Lockwood Development Partners, LLC

Though it drew scores of celebrity entertainers and customers served by costumed “Playboy Bunny” waitresses, the Playboy Club only lasted for about a decade. The property found new life as a series of hotels that opened and closed. Within two decades, the once luxurious hotel was nearly entirely turned over to low-income renters.

Everhardt said the property is well positioned to succeed under new management and with a fresh approach. It is located near the Mountain Creek ski resort, which also offers mountain biking and a waterpark in the summer, and a golf course.

“There’s other hotels in the marketplace that are thriving. We know the ski resort does well. The golf course does well,” he said.

The redevelopment comes after several false starts over the years. In 2018, a hedge fund announced it was planning to offer up to $12 million for the site and had entered into a financing agreement.

In 2020, then-Vernon Mayor Harry Shortway talked about the possibility of a new hotel, satellite campus for a college or senior housing on the property. In 2021, the township council nixed a proposal to spur redevelopment of the property by dropping the municipality’s bid to collect $60,000 in unpaid building and fire safety violation fines , among other measures.

Everhardt said the company is continuing to work through some logistical issues, such as unpaid real estate taxes on the property.

Rossi did not say how much in unpaid fines and taxes are owed on the propoerty, but stated on Facebook that Vernon did not have the authority to waive any payments.

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Real Estate | Osceola to get new food truck park and…

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Real Estate | Osceola to get new food truck park and entertainment venue

‘street feast’ will have capacity for 40 food trucks.

Realtrack Inc. bought the 6-acre commercial site on Poinciana Boulevard near the intersection with Crescent Lakes Way in February for $2 million. Realtrack President Aamir Waheed plans to invest up to $8 million on the venue and hopes to be open by this time next year, according to a report in GrowthSpotter.

He said he initially planned to build a strip center with self-storage or a car wash on the site. “And then the idea just popped in my head that instead of doing that, I’ve seen some food truck places, and I said why not build a venue where you have entertainment? Where it’s a family venue where everybody can come and you have 40 different restaurants in one place.”

He said Street Feast would have a beer garden and live entertainment ranging from musical acts, comedy, karaoke and trivia. It will also have an arcade, playground and splash park and enough covered seating for over 700 visitors. “This isn’t a bunch of food trucks in a parking lot. This is a purpose-built design,” he said.

Waheed has a long business relationship with architect Paul Medley and worked with him to design the oval-shaped park.

The project will have parking for 40 food trucks surrounding a central building and stage/bandshell (yellow) and arcade (red). Each food truck stall will have a permanent canopy to for weather protection. (Rendering by PNM Architecture)

The food truck park is called Street Feast. Just past the entrance gate is the large pavilion that provides cover for 74 picnic tables. (Rendering by PNM Architecture)

The food truck park would have a playground and splash pad for the kids. (Rendering by PNM Architecture)

The project has bar service and plenty of outdoor seating under the pavilion and 14 umbrella-covered picnic tables. (Rendering by PNM Architecture)

Cabanas can be rented to provide comfortable seating and covered dining areas. Each cabana holds up to 12 people. (Rendering by PNM Architecture)

Kissimmee is already home to the region’s largest food truck park, World Food Trucks, since 2019. It has a line up of 70 food trucks parked behind the Visitors Flea Market on U.S. 192.

Osceola County planners gave the new project an enthusiastic thumbs-up during a pre-application meeting Tuesday with planning consultant Jim Hall, who said the project will help fill a need for food and beverage in the underserved Poinciana submarket.

“We hear that from people in Poinciana all the time,” planner Photenie Burnett said. “And this is certainly a concept — kind of like a food court — that has gained a lot of popularity and traction. I mean, you’d get a huge variety of options. You could have a family of five and eat at five different restaurants in one night, so why not?”

Burnette said the project will need only a minor PD amendment to clarify certain standards, such as parking, buffers, seating and hours of operation.

Waheed said the park was designed with the permanent buildings and landscaping behind the stage and bandshell to help buffer any noise for the adjoining neighborhood to the west. The pavilion and about half of the food truck canopies will support roughly 5,000 square feet of solar panels to provide sustainable energy to the facility. The plan also shows five rental cabanas, each with capacity for 12 guests, with plush seating and covered dining.

Diners would be able to walk the covered promenade to see all the food trucks or use QR codes to order from multiple trucks. Waheed said each food truck space would have utility hookups so they won’t need to use generators. He hopes to attract a wide variety of tenants to satisfy different palettes.

He also intends to make this a pet-friendly venue. “I love pets myself. So yeah, if they want to bring their pets, it’s outdoors, they can bring their pets, as long as they clean up,” he said.

Waheed hopes the Street Feast fills the demand for new dining options in the Poinciana market. “If you notice, there is no restaurants anywhere, and there’s a lot of rooftops, there’s a lot of homes over there,” he said. “It’s going to be great, I think, for these communities. Not only that, I think it’s going to be a destination location because of the way we’re going to market this. We can bring in people, I think, from other municipalities. I think the community will support it.”

Have a tip about Central Florida development? Contact me at  [email protected] or (407) 420-6261. Follow GrowthSpotter on  Facebook and  LinkedIn .

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Lane7 bowling and entertainment venue to open in Dundrum

Dundrum Town Centre in Dublin is to get a new bowling alley, along with additional entertainment and leisure attractions.

Lane7, which is described as a "boutique bowling brand", is to open at the south county out of town shopping centre in December.

It will be taking 14,500 sq ft of space and along with bowling will offer augmented darts, floor shuffle, curling, ping pong, pool and dedicated karaoke booths.

The facility will be located in the Pembroke Square area of the complex, where a range of restaurants and other leisure facilities are situated.

Below Lane7 will be a new Chinese restaurant, Roncheng, which will open in the final three months of the year, as well as Lovisa, a specialist Australian jewellery brand aimed at a younger demographic.

Another jeweller, Dylan Oaks, will also be located nearby.

Hammerson, which owns Dundrum Town Centre, said it was another important milestone for the centre, as it repositions its assets to include new social concepts.

"Last year was significant for our Irish portfolio," said Connor Owens, Managing Director, Asset Management (Ireland) at Hammerson.

"Virtual reality concept Zero Latency opened at Swords Pavilions, expanding the asset's use and proposition, while at Dundrum we repurposed over 200,000 sq ft to introduce the first ever Nike Live in Ireland, a new flagship Penneys, and Dunnes Stores, which in turn pushed footfall up 3.3% year on year."

"Lane7 is strategically positioned on Pembroke Square – a carefully curated outdoor space where we can unlock further value and create one of Dublin’s most vibrant lifestyle destinations."

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