Event venue business plan for starting your own agency

As long as humans inhabit the earth and they meet and greet each other, there will be a business for event planner. In this document, you will learn the details of a business plan for event venue. If you are interested in knowing how to open an event center business, this document will provide you with all the information you need for that. This is a complete strategic business plan that can be used to start the business from scratch. Unlike a gift shop business plan, this is a more details document and covers all the aspects of starting a business.

Executive Summary

2.1 The Business

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Daniel Event Agency will be a registered, insured, and bonded event management services provider in Miami, Florida. The business will specialize in providing all kinds of event management services from backyard birthday parties to corporate events with thousands of attendees. Daniel is starting an event venue because he has a lot of relevant experience. Most of the things in this business plan will resemble closely with those in a music festival business plan.

2.2 Management of Event Venue Business

If you want to know how to open an event center, you need to know the management structure of the business in detail. To run the business efficiently and smoothly, Daniel will hire two managers. They will be responsible for operations and marketing, respectively. The supreme authority in the business will reside will Daniel himself.

2.3 Customers of Event Venue Business

As people from, any field can need the services of an event management company, the customers of this event venue business plan pdf will be of a range of different types. These will include:

  • People who are looking for a one-time domestic or business event.
  • Private companies that need a permanent vendor for all their events.
  • Government agencies wanting to hire someone for their events.
  • Hotels and other service providers who want to arrange an event larger than their own scope.

2.4 Business Target

The target of Daniel Event Agency is to become the leading event organization services provider in all of Miami. The business target here will be vastly different than that in the case of an art gallery business plan. To do this, the business plan for bank will have the following objectives:

  • Gaining at least 10 permanent clients and entering into long-term contracts with them.
  • Establishing a name and becoming a respectable brand in the market.
  • Start providing services in other cities and eventually in other states.
3 Years Profit Forecast - Event Venue Business Plan Template
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Company Summary

3.1 Company Owner

Daniel Pearl will be the owner of this sample business plan for event venue. He is going to start this business because he has worked as an event planner for 10 years. He is the perfect man to start this business because he has the relevant experience and the passion to take the business to unprecedented heights.

3.2 Why the Event Venue Business is being started?

Daniel is starting the business due to three main reasons. Firstly, he has noticed that there is a severe gap in the provision of these services in the area. The services already available are not up to the mark of what the customers need, and he has assessed that the customers will welcome any new entrant. The second reason for starting this event venue rental business plan is that Daniel has recently won a lottery and wants to invest the money in a business. Thirdly, owning an event venue was always a dream for Daniel.

3.3 How the Event Venue Business will be started?

Step1: Planning the Feasibility

The most important part of any wedding and event venue business plan is planning the feasibility of the business and that has been done by Daniel. It has been noted in the feasibility report that the business is not only feasible but will also be very successful if started and executed the right way.

Step2: Developing a Brand

As the business is aimed to target the upper echelon of the society of Miami, having an established brand name for the business is cardinally important. Daniel will sign contracts with celebrities and local prominent politicians to market the business and make a reputable and well-known brand.

Step3: Establishing the Business 

The next step of this business plan for an event planner is to establish the actual presence of the business. Daniel will buy a plot to establish the office and some halls for hosting functions and events.

Step4: Going Online

Once the business has a physical presence, establishing the online presence is the next thing to do. For this, Daniel’s team will make a website for the business and social media pages will also be made to support it.

Step5: Promotion and Marketing

Last, but not least, the business will be properly marketed to make sure the people who can be potential customers of the business know of its existence.

Startup Cost - Event Venue Business Plan Template
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    Start-up Expenses 
    Research and Development$23,000
    Expensed Equipment$51,000
    Start-up Assets$340,000
    Cash Required$380,000
    Start-up Inventory$50,000
    Other Current Assets$280,000
    Long-term Assets$234,000
    TOTAL ASSETS$1,284,000
    Total Requirements$1,660,000
    Start-up Expenses to Fund$376,000
    Start-up Assets to Fund$1,284,000
    Non-cash Assets from Start-up$1,674,000
    Cash Requirements from Start-up$377,900
    Additional Cash Raised$52,000
    Cash Balance on Starting Date$35,000
    TOTAL ASSETS$2,138,900
    Liabilities and Capital 
    Current Borrowing$0
    Long-term Liabilities$0
    Accounts Payable (Outstanding Bills)$44,000
    Other Current Liabilities (interest-free)$0
    Planned Investment$1,660,000
    Investor 1$0
    Investor 2$0
    Additional Investment Requirement$0
    Loss at Start-up (Start-up Expenses)$405,900
    TOTAL CAPITAL$2,065,900
    Total Funding$1,660,000



    As there are a number of different services provided by business event venues, it is important to decide which services we will be providing. It is also one of the most important parts of any business plan for event venue. Let’s see what services this event venue rent business will provide.

    Event Management

    This will be the main service provided by the business. Just like a business plan for a trampoline park, this will be the major source of income.

    Event Decor

    For the clients who do not want full event management services and only want someone for the décor of the event venue, we will provide these services.

    Event Catering

    Some clients only want event managers to take care of catering and they do the rest by themselves. These services will be for such customers.

    Event Planning

    For the people who want to get the event planned by professionals and executed it on their own, these services will be provided.

    Marketing Analysis of Event Venue Business

    Marketing analysis is one of the most important things for starting and successfully running an event venue. For this reason, Daniel has conducted a detailed marketing analysis and planned how he will be approaching the business. The things that are important for an event space business plan are in the coming paragraphs.

    5.1 Market Trends

    It is important that you have a look at the trends of the market before opening an event venue. That’s why we have made this a part of this event venue business plan template. It has been observed that the trend of holding events has sharply increased but the number of companies providing this service has largely stayed the same.

    5.2 Marketing Segmentation

    The expected customers of the business will be divided into the following market segments:

    Marketing Segmentation - Event Venue Business Plan Template

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    5.2.1 Private Customers

    This segment of the market will be the largest in number but the projects we get from this segment will be smaller ones. This will include private parties, birthdays, and weddings.

    5.2.2 Corporate Customers

    This segment will give us bigger projects, but the number of clients will be lower in this segment of the market. These customers will hire us for multi-day corporate events with hundreds or even thousands of attendees.

    5.2.3 Business Customers

    Small businesses will also be an important market segment for us.

    5.2.4 Government Agencies

    Local, state, and federal government agencies will form a major part of the business. They will hold large events but the number and frequency of these events will be lower.

    Market Analysis       
    Potential CustomersGrowthYear 1Year 2Year 3Year 4Year 5CAGR
    Private Customers34%39,00041,00042,00043,00044,00010.00%
    Corporate Customers27%30,00032,00033,00035,00037,00010.00%
    Business Customers23%22,00023,00025,00027,00028,00010.00%
    Government Agencies16%15,00017,00019,00021,00023,00011.00%

    5.3 Business Target

    • To provide reliable and dependable event management services to the people of Miami.
    • To make partnerships with major corporations in the are and become their permanent event planners.
    • To make a brand in event management and planning that people can trust.
    • To start making profit within the first six months

    5.4 Product Pricing

    We will keep the price of our services and products below the average price offered by the competition. This will help us get customers. This approach will be used for the first six months and then we will offer the services at a high price to make profit.

    Marketing Strategy

    In order to start and successfully run a business plan event venue, you need to have a proper marketing strategy for it and that is what we are going to discuss in this part of this event venue business plan template. We need to make sure that we approach the target market the right way and get customers that can make the best profit for us in the business. To do that, the following marketing strategy was made.

    6.1 Competitive Analysis

    • It has been noted in the detailed analysis of the market that there is not even a single company providing comprehensive event venue services in the area.
    • The companies that do provide this service do not have the capacity to meet the demands of the public.
    • There is not even a single established company in this market segment and if we make a brand we can earn serious money.
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    6.2 Sales Strategy

    • Daniel Event Agency will be marketed using print, electronic and social media channels in the area we want to do the business in.
    • We will offer the services at lower costs and with better quality than the competition to gain customers.
    • We will partner up with well-known companies in the area to make a name for the business and will use that as a competitive edge.

    6.3 Sales Monthly

    Sales Monthly - Event Venue Business Plan Template

    6.4 Sales Yearly

    Sales Yearly - Event Venue Business Plan Template

    6.5 Sales Forecast

    Unit Sales - Event Venue Business Plan Template
    Sales Forecast   
    Unit SalesYear 1Year 2Year 3
    Event Management55,00058,30061,798
    Event Decor34,00036,04038,202
    Event Catering60,00063,60067,416
    Event Planning43,00045,58048,315
    TOTAL UNIT SALES192,000203,520215,731
    Unit PricesYear 1Year 2Year 3
    Event Management$60.00$69.60$80.74
    Event Decor$56.00$64.96$75.35
    Event Catering$54.00$62.64$72.66
    Event Planning$55.00$63.80$74.01
    Event Management $3,300,000.00 $4,057,680.00 $4,989,323.33
    Event Decor$1,904,000.00 $2,341,158.40 $2,878,688.37
    Event Catering $3,240,000.00 $3,983,904.00 $4,898,608.36
    Event Planning $2,365,000.00 $2,908,004.00 $3,575,681.72
    TOTAL SALES$10,809,000.00 $13,290,746.40 $16,342,301.77
    Direct Unit CostsYear 1Year 2Year 3
    Event Management$58.00$66.00$76.00
    Event Decor$54.00$61.00$71.00
    Event Catering$52.00$59.00$68.00
    Event Planning$53.00$60.00$70.00
    Direct Cost of Sales   
    Event Management $3,190,000.00 $3,847,800.00 $4,696,648.00
    Event Decor$1,836,000.00 $2,198,440.00 $2,712,370.40
    Event Catering $3,120,000.00 $3,752,400.00 $4,584,288.00
    Event Planning $2,279,000.00 $2,734,800.00 $3,382,036.00
    Subtotal Direct Cost of Sales$10,425,000.00 $12,533,440.00 $15,375,342.40

    Personnel plan

    The next thing that is an important part of a business plan for event venue is a plan of the staff that will be needed to run the business. As most of the work done by an events agency is on contract basis, most of the staff needed for the projects will be hired on daily wages when required. The requirement of a permanent staff for the business will not be that high.

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    7.1 Company Staff

    The following people will be needed to run the business:

    • Daniel Pearl, the owner will be the CEO of the business.
    • 2 managers will be hired for operations and marketing.
    • 1 décor planner.
    • 1 accountant.
    • 3 drivers.
    • 4 waiters & general assistants
    • 2 cooks
    • 1 office attendant.

    7.2 Average Salary of Employees

    Personnel Plan   
     Year 1Year 2Year 3
    Operations Manager$14,000$15,400$16,940
    Marketing Manager$13,000$14,300$15,730
    Decor Planner$11,000$12,100$13,310
    Waiters & General Assistants$40,000$44,000$48,400
    Office Attendants$8,000$8,800$9,680
    Total Salaries$142,000 $156,200 $171,820

    Financial Plan

    The last part of this event venue rental business plan is the financial part of things. A lot of money will be needed from the moment working on the business is started to the time it starts making profit. The costs for starting this business, just like a amusement park business plan can be divided into the following:

    • The cost needed to buy land and construct the halls for events.
    • Salary of the employees.
    • Money needed for buying vehicles for the business.
    • Cost of marketing and advertisement of the business.
    • Cost of buying the stuff needed to run the business.

    8.1 Important Assumptions

    General Assumptions   
     Year 1Year 2Year 3
    Plan Month123
    Current Interest Rate8.13%8.22%8.31%
    Long-term Interest Rate8.38%8.47%8.53%
    Tax Rate24.00%24.66%25.88%

    8.2 Break-even Analysis

    Break-even Analysis - Event Venue Business Plan Template
    Break-Even Analysis 
    Monthly Units Break-even5340
    Monthly Revenue Break-even$133,500
    Average Per-Unit Revenue$236.00
    Average Per-Unit Variable Cost$0.68
    Estimated Monthly Fixed Cost$165,100
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    8.3 Projected Profit and Loss

    Pro Forma Profit And Loss   
     Year 1Year 2Year 3
    Sales$10,809,000 $13,290,746 $16,342,302
    Direct Cost of Sales$10,425,000 $12,533,440 $15,375,342
    TOTAL COST OF SALES$10,425,000 $12,533,440 $15,375,342
    Gross Margin$384,000 $757,306 $966,959
    Gross Margin %3.55%5.70%5.92%
    Sales and Marketing and Other Expenses$130,000$133,000$135,000
    Leased Equipment$0$0$0
    Payroll Taxes$30,000$31,000$32,000
    Total Operating Expenses$312,700 $331,250 $350,300
    Profit Before Interest and Taxes$71,300$426,056$616,659
    Interest Expense$0$0$0
    Taxes Incurred$14,260$85,211$123,332
    Net Profit$57,040$340,845$493,327
    Net Profit/Sales0.53%2.56%3.02%

    8.3.1 Profit Monthly

    Profit Monthly - Event Venue Business Plan Template

    8.3.2 Profit Yearly

    Profit Yearly - Event Venue Business Plan Template

    8.3.3 Gross Margin Monthly

    Gross Margin Monthly - Event Venue Business Plan Template

    8.3.4 Gross Margin Yearly

    Gross Margin Yearly - Event Venue Business Plan Template

    8.4 Projected Cash Flow

    Projected Cash Flow - Event Venue Business Plan Template
    Pro Forma Cash Flow   
    Cash ReceivedYear 1Year 2Year 3
    Cash from Operations   
    Cash Sales$52,000$56,160$60,653
    Cash from Receivables$20,000$21,600$23,328
    SUBTOTAL CASH FROM OPERATIONS$72,000 $78,480 $84,758
    Additional Cash Received   
    Sales Tax, VAT, HST/GST Received$0$0$0
    New Current Borrowing$0$0$0
    New Other Liabilities (interest-free)$0$0$0
    New Long-term Liabilities$0$0$0
    Sales of Other Current Assets$0$0$0
    Sales of Long-term Assets$0$0$0
    New Investment Received$0$0$0
    SUBTOTAL CASH RECEIVED$72,000 $79,000 $85,000
    ExpendituresYear 1Year 2Year 3
    Expenditures from Operations   
    Cash Spending$41,000$42,000$45,000
    Bill Payments$26,000$28,000$29,000
    SUBTOTAL SPENT ON OPERATIONS$67,000 $70,000 $74,000
    Additional Cash Spent   
    Sales Tax, VAT, HST/GST Paid Out$0$0$0
    Principal Repayment of Current Borrowing$0$0$0
    Other Liabilities Principal Repayment$0$0$0
    Long-term Liabilities Principal Repayment$0$0$0
    Purchase Other Current Assets$0$0$0
    Purchase Long-term Assets$0$0$0
    SUBTOTAL CASH SPENT$67,000 $72,360 $78,149
    Net Cash Flow$21,000$20,000$22,000
    Cash Balance$29,000$31,000$33,000

    8.5 Projected Balance Sheet

    Pro Forma Balance Sheet   
    AssetsYear 1Year 2Year 3
    Current Assets   
    Accounts Receivable$22,000$24,640$27,695
    Other Current Assets$1,000$1,000$1,000
    TOTAL CURRENT ASSETS$294,000 $329,280 $370,111
    Long-term Assets   
    Long-term Assets$10,000$10,000$10,000
    Accumulated Depreciation$19,100$21,392$24,066
    TOTAL LONG-TERM ASSETS$23,000 $25,760 $28,980
    TOTAL ASSETS$295,000 $330,400 $371,700
    Liabilities and CapitalYear 4Year 5Year 6
    Current Liabilities   
    Accounts Payable$19,000$21,280$23,919
    Current Borrowing$0$0$0
    Other Current Liabilities$0$0$0
    SUBTOTAL CURRENT LIABILITIES$18,900 $21,168 $23,793
    Long-term Liabilities$0$0$0
    TOTAL LIABILITIES$17,000 $19,040 $21,401
    Paid-in Capital$30,000$30,000$31,000
    Retained Earnings$54,500$59,405$65,346
    TOTAL CAPITAL$288,000 $313,920 $345,312
    TOTAL LIABILITIES AND CAPITAL$305,000 $330,400 $371,700
    Net Worth$301,000$328,090$360,899

    8.6 Business Ratios

    Ratio Analysis    
     Year 1Year 2Year 3INDUSTRY PROFILE
    Sales Growth7.24%8.02%8.89%3.00%
    Percent of Total Assets    
    Accounts Receivable9.18%10.17%11.27%9.80%
    Other Current Assets2.11%2.34%2.59%2.40%
    Total Current Assets151.10%151.50%152.00%158.00%
    Long-term Assets11.56%11.60%11.64%12.00%
    TOTAL ASSETS100.00%100.00%100.00%100.00%
    Current Liabilities4.91%4.95%4.99%4.34%
    Long-term Liabilities0.00%0.00%0.00%0.00%
    Total Liabilities7.61%7.67%7.74%7.38%
    NET WORTH101.50%102.31%103.25%110.00%
    Percent of Sales    
    Gross Margin95.06%97.63%100.36%99.00%
    Selling, General & Administrative Expenses94.00%96.54%99.24%97.80%
    Advertising Expenses1.52%1.56%1.60%1.40%
    Profit Before Interest and Taxes41.70%42.83%44.03%33.90%
    Main Ratios    
    Total Debt to Total Assets0.18%0.18%0.17%0.40%
    Pre-tax Return on Net Worth74.08%74.70%75.00%75.00%
    Pre-tax Return on Assets96.00%100.80%105.84%111.30%
    Additional RatiosYear 1Year 2Year 3 
    Net Profit Margin33.50%34.54%35.61%N.A.
    Return on Equity56.00%57.74%59.53%N.A.
    Activity Ratios    
    Accounts Receivable Turnover7.77.87.8N.A.
    Collection Days100100100N.A.
    Inventory Turnover3334.6535N.A.
    Accounts Payable Turnover151616.3N.A.
    Payment Days272727N.A.
    Total Asset Turnover2.52.52.6N.A.
    Debt Ratios    
    Debt to Net Worth-0.04-0.03-0.04N.A.
    Current Liab. to Liab.111N.A.
    Liquidity Ratios    
    Net Working Capital$245,000$258,720$273,208N.A.
    Interest Coverage000N.A.
    Additional Ratios    
    Assets to Sales0.860.870.87N.A.
    Current Debt/Total Assets1%0%0%N.A.
    Acid Test29.53030.2N.A.
    Sales/Net Worth2.12.22.3N.A.
    Dividend Payout000N.A.

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