Prior to using the rented office space Patanes Party Planning was a home based

Prior to using the rented office space patanes party

This preview shows page 9 - 16 out of 22 pages.

which gave me the capital needed for rent and insurance. Prior to using the rented office space Patane’s Party Planning was a home-based business. The revenue earned throughout the first months were reinvested into the business. This gave me the opportunity to hire the other event planners listed in the business plan.
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PATANE’S PARTY PLANNING 10 Cash Flow Projection
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PATANE’S PARTY PLANNING 11
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PATANE’S PARTY PLANNING 12 Profit and Loss Statement
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PATANE’S PARTY PLANNING 13 Balance Sheet
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PATANE’S PARTY PLANNING 14 Break Even Analysis . Existence of a Market for Event Planning Services In 2016, the average wedding cost $32,329 according to a report by the Knot in which 13,000 brides and grooms were surveyed across America (Schmidt, 2017). Since the 2008 recession, thanks to more discretionary income and a better economy the Wedding and Event industry has grown to $72 million as of 2016 (Schmidt, 2017). People will still get married and people will still celebrate life’s biggest events, regardless of age, income or economic status, essentially making the industry recession proof. According to data from the Bureau of Labor
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PATANE’S PARTY PLANNING 15 Statistics, job growth for meeting and event planners is expected to grow at a rate of 11% from 2016 to 2026. Compared to the total expected growth of 7%, event planners appear to have a bright future ahead of them on the job market (Littlefield, 2018). Patane’s Party Planning is offering a new option to their clients in the DIY era, Mobile Planning, offering coordination and planning services that require no in person interaction. This gives our clients the ability to plan their event from start to finish with the freedom from having to coordinate the day, their vendors and their guests by themselves. Target Market As we move into 2020, our target market consists of men and women ages 24-35, who live in the Hudson Valley and are interested in celebrating life’s biggest moments, such as engagements, weddings, housewarming parties, bridal and baby showers, as well as milestone birthdays. It is estimated that the Wedding and Event Industry is worth $72 million, and Patane’s Party Planning estimates its revenue to be $306,000. Patane’s Party Planning holds about a .425% market share. Some aspects of the industry are highly saturated which is why we have a plan in place to remain competitive within the industry. Because we are currently servicing two different generations, Generation Y/Millennials (born 1980-1994) and Gen Zers (born 1995-2015), we will continuously be revamping our services to cater to our changing clientele and evaluating the differences between what older generations preferred in comparison to what our younger clients prefer in terms of product and service offerings. We plan to offer incentives to returning clients as well as offer a higher, more personalized value of service than our competitors which are similar to “wedding factories” and like shopping at a “big box store” where service is not tailored to each client’s needs. We will stay abreast of changes in the market allowing us to tap into the newest trends before our competitors. Bonura Hospitality Group is our largest competitor in the
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  • Fall '16
  • Mr.Kinkle
  • Management, wedding industry

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