O slideshow foi denunciado.
Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. Altere suas preferências de anúncios quando desejar.
Business Plan
28th
March 2014
Wedding Vows
Prajakta Talathi
Owner, Wedding Vows
181, Victoria Street, Parramatta, Sydney, ...
Wedding Vows – Business Plan 2014
Page 1
Contents
Business Plan Summary .....................................................
Wedding Vows – Business Plan 2014
Page 2
Innovation..........................................................................
Wedding Vows – Business Plan 2014
Page 3
Core Values ........................................................................
Wedding Vows – Business Plan 2014
Page 4
Business Plan Summary
The Business
The Wedding Planner business details are as be...
Wedding Vows – Business Plan 2014
Page 5
• Event management
• Communication and Interpersonal Skills
The Market
Target Mar...
Wedding Vows – Business Plan 2014
Page 6
Goals and Objectives
The main goal of Wedding Vows is to make the most special da...
Wedding Vows – Business Plan 2014
Page 7
The Business
The Concept
Every wedding has a story to tell and every couple wants...
Wedding Vows – Business Plan 2014
Page 8
One-Stop-Shop
One-Stop-Shop is an “All in one wedding shop – under one roof!” It ...
Wedding Vows – Business Plan 2014
Page 9
Location(s): Sydney, NSW, Australia
Business Structure: Sole Trader
ABN: Applied
...
Wedding Vows – Business Plan 2014
Page 10
Management & Ownership
Names of Owners
Wedding Planners will be owned by and sta...
Wedding Vows – Business Plan 2014
Page 11
smart and quick thinker, good team
manager and ability to deal with
people
Event...
Wedding Vows – Business Plan 2014
Page 12
Staff will generally be communicated their roles and responsibilities verbally, ...
Wedding Vows – Business Plan 2014
Page 13
Guest Hospitality
People are sensitive towards how warm and welcome they feel at...
Wedding Vows – Business Plan 2014
Page 14
Wedding Communication
Wedding Vows will help reaching out your loved ones and en...
Wedding Vows – Business Plan 2014
Page 15
Styling
Every bride dreams that she looks the best on her day! Our stylists make...
Wedding Vows – Business Plan 2014
Page 16
Wedding Photo shoots
There is no feeling as best as reliving the best moments of...
Wedding Vows – Business Plan 2014
Page 17
Invitation & Supplies
Wedding Vows offers a wide variety of wedding stationery. ...
Wedding Vows – Business Plan 2014
Page 18
At the institute the student or trainee will get a hands-on experience of managi...
Wedding Vows – Business Plan 2014
Page 19
At Wedding Vows, packages will be offered and pricing will be based on the facto...
Wedding Vows – Business Plan 2014
Page 20
Insurance
Permanent Employees of Wedding Vows will be insured as per the industr...
Wedding Vows – Business Plan 2014
Page 21
Consequences influence of alcohol is attended.
Get help from friends and family
...
Wedding Vows – Business Plan 2014
Page 22
but at the same time to see that both vendors and Wedding Vow is at profit and a...
Wedding Vows – Business Plan 2014
Page 23
Sustainability Plan
Environmental/Resource Impacts
Weddings are a once in a life...
Wedding Vows – Business Plan 2014
Page 24
Environmental Analysis
Wedding Trends
Figures from Australian Bureau of Statisti...
Wedding Vows – Business Plan 2014
Page 25
Trend 4 – Increasing civil ceremonies
There has been a significant rise in civil...
Wedding Vows – Business Plan 2014
Page 26
Target Market / Customers:
Key Customers
Since marriage is a multi-billion dolla...
Wedding Vows – Business Plan 2014
Page 27
The below graph shows segmentation of primary customers of wedding industry:
An ...
Wedding Vows – Business Plan 2014
Page 28
Indian Ethnic Group Demography
The below data obtained from Australian Governmen...
Wedding Vows – Business Plan 2014
Page 29
Below data from Australian Bureau of Statistics shows that Indians residing in A...
Wedding Vows – Business Plan 2014
Page 30
From the demography and income details of Indians in Australia, it looks a feasi...
Wedding Vows – Business Plan 2014
Page 31
One of the differentiating factors about Wedding Vows is that it has a segment c...
Wedding Vows – Business Plan 2014
Page 32
Marketing Strategy
Wedding Vows will leverage the opportunity of providing Ethin...
Wedding Vows – Business Plan 2014
Page 33
Also, coming from marketing background and from India, it facilitates the proces...
Wedding Vows – Business Plan 2014
Page 34
Goals and Objectives
The main goal of Wedding Vows is to make the most special d...
Wedding Vows – Business Plan 2014
Page 35
having a one-stop-shop and training services which require some initial capital....
Wedding Vows – Business Plan 2014
Page 36
 20% growth between Year 1 & 2; 30% growth between Year 2 & Year 3 and 5%
depre...
Wedding Vows – Business Plan 2014
Page 37
Additionally, cash-in-hand required for emergency or other unplanned activities ...
Wedding Vows – Business Plan 2014
Page 38
Below graph gives the overview of start-up funding required in 2014:
Balance She...
Wedding Vows – Business Plan 2014
Page 39
$0
$20,000
$40,000
$60,000
$80,000
$1,00,000
Year 1 Year 2 Year 3
$46,423
$66,88...
Wedding Vows – Business Plan 2014
Page 40
Profit and Loss Forecast
The forecasted profit and loss statement for the next 3...
Wedding Vows – Business Plan 2014
Page 41
Expected Cash Flow
The forecasted cash flow for the year 2014 is:
EXPECTED CASHF...
Wedding Vows – Business Plan 2014
Page 42
Break Even Analysis
To break even with the initial capital investment of $14,000...
Wedding Vows – Business Plan 2014
Page 43
Appendix
Wedding Industry Revenue Generation Division
Wedding Industry Revenue
V...
Wedding Vows – Business Plan 2014
Page 44
Top Countries of Immigration in Australia
India China UK
2010 23,164 24,768 25,7...
Wedding Vows – Business Plan 2014
Page 45
Honeymoon Packages
Theme Weddings
Próximos SlideShares
Carregando em…5
×

Business Plan for Wedding Vows

8.252 visualizações

Publicada em

Business Plan for Wedding Vows providing services like:
Wedding Planner, One-Stop-Shop, Training Institute.
Comprises of Goals and Objectives, Marketing Strategy, Target Market, Financials and Future Prospect

  • DOWNLOAD THE BOOK INTO AVAILABLE FORMAT (New Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://urlzs.com/UABbn } ......................................................................................................................... Download Full EPUB Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download Full doc Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download PDF EBOOK here { https://urlzs.com/UABbn } ......................................................................................................................... Download EPUB Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download doc Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book THE can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer THE is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBOOK .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, CookBOOK, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, EBOOK, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story THE Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money THE the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths THE Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Responder 
    Tem certeza que deseja  Sim  Não
    Insira sua mensagem aqui
  • You might get some help from ⇒ www.WritePaper.info ⇐ Success and best regards!
       Responder 
    Tem certeza que deseja  Sim  Não
    Insira sua mensagem aqui
  • You can ask here for a help. They helped me a lot an i`m highly satisfied with quality of work done. I can promise you 100% un-plagiarized text and good experts there. Use with pleasure! ⇒ www.HelpWriting.net ⇐
       Responder 
    Tem certeza que deseja  Sim  Não
    Insira sua mensagem aqui
  • Did you try ⇒ www.HelpWriting.net ⇐?. They know how to do an amazing essay, research papers or dissertations.
       Responder 
    Tem certeza que deseja  Sim  Não
    Insira sua mensagem aqui
  • Ich kann eine Website empfehlen. Er hat mir wirklich geholfen. ⇒ www.WritersHilfe.com ⇐ Zufrieden und beeindruckt.
       Responder 
    Tem certeza que deseja  Sim  Não
    Insira sua mensagem aqui

Business Plan for Wedding Vows

  1. 1. Business Plan 28th March 2014 Wedding Vows Prajakta Talathi Owner, Wedding Vows 181, Victoria Street, Parramatta, Sydney, NSW, Australia - 2150 ABN: Applied ACN: Applied 2014
  2. 2. Wedding Vows – Business Plan 2014 Page 1 Contents Business Plan Summary ..................................................................................................................... 4 The Business................................................................................................................................... 4 Registration Details.................................................................................................................... 4 Products/Services ...................................................................................................................... 4 The Market..................................................................................................................................... 5 Target Market ............................................................................................................................ 5 Marketing Strategy .................................................................................................................... 5 The Future...................................................................................................................................... 5 Vision Statement........................................................................................................................ 5 Goals and Objectives.................................................................................................................. 6 The Finances .................................................................................................................................. 6 The Business....................................................................................................................................... 7 The Concept................................................................................................................................... 7 Business Details.............................................................................................................................. 7 Products/Services ...................................................................................................................... 7 Registration Details........................................................................................................................ 8 Business Premises.......................................................................................................................... 9 Business Location....................................................................................................................... 9 Buy/Lease................................................................................................................................... 9 Organization................................................................................................................................... 9 Management & Ownership...................................................................................................... 10 Key Personnel........................................................................................................................... 10 Products and Services.................................................................................................................. 12 Wedding Planner...................................................................................................................... 12 One-Stop-Shop......................................................................................................................... 16 Training Institute...................................................................................................................... 17 Market Position of Products/Services...................................................................................... 18 Anticipated Demand ................................................................................................................ 18 Pricing Strategy ........................................................................................................................ 18 Value to Customer ................................................................................................................... 19 Growth Potential...................................................................................................................... 19
  3. 3. Wedding Vows – Business Plan 2014 Page 2 Innovation.................................................................................................................................... 19 Research & Development ........................................................................................................ 19 Creative Activities .................................................................................................................... 19 Insurance...................................................................................................................................... 20 Workers Compensation ........................................................................................................... 20 Business Assets ........................................................................................................................ 20 Risk management......................................................................................................................... 20 Legal Considerations.................................................................................................................... 21 Operations ................................................................................................................................... 21 Sustainability Plan........................................................................................................................ 23 Environmental/Resource Impacts............................................................................................ 23 Community Impact & Engagement.......................................................................................... 23 Strategies ................................................................................................................................. 23 The Market....................................................................................................................................... 23 Market Research.......................................................................................................................... 23 Environmental Analysis................................................................................................................ 24 Wedding Trends....................................................................................................................... 24 SWOT Analysis.............................................................................................................................. 25 Target Market / Customers:......................................................................................................... 26 Key Customers ......................................................................................................................... 26 Customer Demographics.......................................................................................................... 26 Customer Management........................................................................................................... 30 Competitor Analysis..................................................................................................................... 30 Competitor Details................................................................................................................... 31 Marketing Targets........................................................................................................................ 31 Sales & Marketing Objectives .................................................................................................. 31 Sales Forecast........................................................................................................................... 31 Marketing Strategy ...................................................................................................................... 32 Advertising & Sales .................................................................................................................. 32 Unique Selling Position ............................................................................................................ 32 Advertising & Promotional Strategy ........................................................................................ 33 The Future........................................................................................................................................ 33 Vision Statement.......................................................................................................................... 33 Mission Statement....................................................................................................................... 33
  4. 4. Wedding Vows – Business Plan 2014 Page 3 Core Values .................................................................................................................................. 33 Goals and Objectives.................................................................................................................... 34 Action Plan................................................................................................................................... 34 The Finances .................................................................................................................................... 34 Key Financial Objectives & Financial Review ............................................................................... 34 Financial Objectives ................................................................................................................. 34 Finance Required ..................................................................................................................... 35 Assumptions............................................................................................................................. 35 Start-up Costs for 2014................................................................................................................ 36 Balance Sheet Forecast................................................................................................................ 38 Profit and Loss Forecast............................................................................................................... 40 Expected Cash Flow ..................................................................................................................... 41 Break Even Analysis ..................................................................................................................... 42 Appendix .......................................................................................................................................... 43
  5. 5. Wedding Vows – Business Plan 2014 Page 4 Business Plan Summary The Business The Wedding Planner business details are as below: Registration Details Business Name: Wedding Vows Business Structure: Sole Trader ABN: Applied ACN: Applied Business Location: 181, Victoria Street, Parramatta, Sydney, NSW, Australia - 2134 Date Established: Will be starting on 2nd May 2014 Business Owner(s): Sole Owner – Prajakta Talathi Relevant Owner Experience: Owner has experience in organising small scale events for her department in, Infosys. Also, owner has some experience in planning and executing family weddings and other such events. Products/Services Wedding Planner Wedding Vows, Wedding Planner section provides whole range of services such as Location & Venue, Catering, Guest Hospitality, Design & Décor, Security, Wedding Communication, Entertainment, Engagement & Other Ceremonies, Styling, Honeymoon and Wedding Photo shoots. One-Stop-Shop One-Stop-Shop is an “All in one wedding shop – under one roof!” It helps cater all the wedding needs under one platform. Since weddings are usually tailor-made, this business doesn’t call for inventory management. Basic things need to be kept handy which include but are not limited to booklets and catalogues, few samples and basic furnishing. The services offered will be Designer Boutique, Florists, Invitation & Supplies, Decorative Supplies, Wedding Accessories and Gifts. Training Institute Wedding Vows has its own Training Institute to provide On-Job-Training and also to create future Event Management and Wedding Professionals. At the institute the student or trainee will get a hands-on experience of managing an event from the scratch, developing required business skills and learning to successfully market an event. The course provides tutorials combined with case studies and hands-on experience to develop the skills such as: • Public Relations • Consumer Behaviour • Marketing
  6. 6. Wedding Vows – Business Plan 2014 Page 5 • Event management • Communication and Interpersonal Skills The Market Target Market Wedding Industry is a multi-billion dollar industry, everyone around is the potential client. In spite of this, the target market is brides, grooms, and their family members who need the services of a wedding planner the most. Apart from the primary customer target of brides, grooms and their family members, the next segment of customers is anniversaries and similar events. Additionally, the ethnic group or the multicultural group in NSW especially Sydney will be targeted who get married in their respective home countries but host post marriage events like reception or cocktail parties in Australia. Another set of customers are the customers of one-stop-wedding-shop who would purchase things like wedding return gifts and their packaging, wedding dresses, gowns and suits, honeymoon packages etc. A niche target segment for Indian culture weddings and ethnic shopping merchandise, accessories and other materials required to perform Indian weddings will also be tapped on. Besides weddings and similar events arrangements, an additional training service will be provided. Marketing Strategy Wedding Vows will leverage the opportunity of providing Ethinic Wedding Planning service and thereby gain the first mover advantage. Booth at Bridal Fairs and public malls will help in attracting new customers. Rather than putting all the money in one form of advertising, Wedding Vows will take advantage of different advertising platforms such as: Online: Website, Blogs, Social media, Pay-per-click online ads Offline: Business Cards, Brochures and Pamphlets, Print ads, Direct mails, Networking, Promotional methods, Bridal booth at fairs and malls Having multiple revenue options is a unique selling position of Wedding Vows. Everything under one roof gives a cutting edge to Wedding Vows in this competitive market. Also, coming from marketing background and from India, it facilitates the process of catering to the niche Indian customer segment. The Future Vision Statement The vision of Wedding Vows is … to be the best in class by delivering services that will add value to couples and will also help create a marketplace for wedding professionals
  7. 7. Wedding Vows – Business Plan 2014 Page 6 Goals and Objectives The main goal of Wedding Vows is to make the most special day of the couples’ life both memorable and pleasurable. The objectives are: 1. To be the most courteous and famous wedding planner in Sydney 2. To be deliver the best in class service 3. To make Indian weddings popular in Australia 4. To add value to the couple’s most dreamt of day 5. To make profit by making the special day of couple more memorable and delightful The Finances Wedding planner is a low capital investment business hence breaking even in the year of start will not be an issue. Along with making arrangements of wedding, the other source of revenue is having a one-stop-shop and training services which require some initial capital. The main short term objective is to break even and start earning profits within 6 months of starting the business. The estimated start-up cost in the year 2014 is $ 14,000. Additionally, cash-in-hand required for emergency or other unplanned activities will be $2,500. Hence, the total funding required to start the business in 2014 will be $ 16,500. The whole cost of the business will be self-funded. The net estimated profit in year 2014 is $29,923
  8. 8. Wedding Vows – Business Plan 2014 Page 7 The Business The Concept Every wedding has a story to tell and every couple wants it to be a fairy-tale!! But in today’s busy life, couples do not have time to perform different errands required for making their dream wedding a reality. A Wedding Planner (WP) aids such couples in planning and executing the D-Day as always imagined by the couples at the altar. It is job of a WP to fulfil the desires and wishes of the couples to have a perfect marriage within their budget and defined timelines. The job of a WP is to not just manage the wedding ceremony but also to facilitate the events pre and post wedding. A WP should turn the couples’ day of love into an unforgettable event that they would cherish for the rest of their lives! The first step that a WP takes towards bringing to life the envisioned wedding is getting to know the couples, their likes and dislikes and preferences. After considering these factors, the WPs further try to bring in a fresh perspective and innovatively design, plan and manage the event. Business Details At “Wedding Vows” we work as team to give you the perfect wedding day that you always envisaged. While sticking to the theme as chosen by you we focus on the minute details and provide you support and guidance on each event. Wedding Vows will have three revenue generating legs namely: Wedding Planner Service, Training Institute and One-Stop-Shop. Products/Services Wedding Planner Wedding Vows, Wedding Planner section provides whole range of services such as Location & Venue, Catering, Guest Hospitality, Design & Décor, Security, Wedding Communication, Entertainment, Engagement & Other Ceremonies, Styling, Honeymoon and Wedding Photo shoots.
  9. 9. Wedding Vows – Business Plan 2014 Page 8 One-Stop-Shop One-Stop-Shop is an “All in one wedding shop – under one roof!” It helps cater all the wedding needs under one platform. Since weddings are usually tailor-made, this business doesn’t call for inventory management. Basic things need to be kept handy which include but are not limited to booklets and catalogues, few samples and basic furnishing. The services offered will be Designer Boutique, Florists, Invitation & Supplies, Decorative Supplies, Wedding Accessories and Gifts. Training Institute Wedding Vows has its own Training Institute to provide On-Job-Training and also to create future Event Management and Wedding Professionals. At the institute the student or trainee will get a hands-on experience of managing an event from the scratch, developing required business skills and learning to successfully market an event. The course provides tutorials combined with case studies and hands-on experience to develop the skills such as: • Public Relations • Consumer Behaviour • Marketing • Event management • Communication and Interpersonal Skills Registration Details Business Name: Wedding Vows Business Logo: Trading Name: Not Applicable Date Established: Will be starting on 2nd May 2014
  10. 10. Wedding Vows – Business Plan 2014 Page 9 Location(s): Sydney, NSW, Australia Business Structure: Sole Trader ABN: Applied ACN: Applied GST: Not Applicable Domain Names: Not Applicable License and Permits: Applied Business Premises Business Location Wedding Vows would have a cosy set up in the courtyard of our residence. My spare room would serve the purpose of meeting room. A One-stop-shop, which will serve the purpose of a boutique and shop/storage room, will be put up. This One-stop-shop will be a shade constructed adjacent to the garage. Additionally, garage will be used as the classroom. Buy/Lease The owner’s living home will be used to conduct the business, hence buying or leasing property will not be required. Organization Wedding Planner is an event management business handled presently by the owner alone. Within a year permanent employees will be hired. The staff required for Wedding Planner will be, full time Event co-ordinators and a team of helpers (depending upon the size of the event). One- Stop-Shop will have a sales person and store manager. Owner will be providing the training, hence no need of teaching staff for the Training Institute.
  11. 11. Wedding Vows – Business Plan 2014 Page 10 Management & Ownership Names of Owners Wedding Planners will be owned by and started by Prajakta Talathi. Details of Management & Ownership The owner will be running the business and will be completely involved in the whole and sole affairs of the business. As the business grows, assistants and event co-ordinators will be hired. Experience Post Bachelor of Engineering in Information Technology, Prajakta worked for 4 years in IT Industry in Infosys Limited, India. Later, she pursued her Global MBA in Marketing from SP Jain School of Global Management. Prajakta was a part of Students Union Council for 4 years in her college and was responsible for conducting technical and social events. She has also organised corporate events for her department in Infosys for 3 years. Additionally she has assisted in organising family events. Key Personnel Current Staff Job Title Name Expected Staff Turnover Skills or Strength Owner & Founder Prajakta Talathi Not Applicable Holds a Global MBA degree in Marketing; Possesses comprehensive problem solving abilities, excellent communication skills, ability to deal with people, willingness to learn, time and budget management; Is a team facilitator, hard worker, ambitious, goal-oriented, resilient, adaptable and resourceful Required Staff Job Title No. of Personnel Expected Staff Turnover Skills Necessary Date Required Event Co- ordinator 2 2-3 years Relevant qualification, excellent communication and negotiation skills, June 2014 Prajakta Talathi Owner Mr. ABC Event Co-ordinator Event Assistants Mr. PQR Store Manager Sales Person
  12. 12. Wedding Vows – Business Plan 2014 Page 11 smart and quick thinker, good team manager and ability to deal with people Event Assistants Depending on the scale of the event 1-2 months Hard worker, resilient, team worker, adaptable, resourceful and reliable May 2014 and ongoing Store Manager 1 1-2 years Leadership skills, time management, budgeting and analytical skills, decision making and communication skills June 2014 Sales Person 1-2 1-2 years Good communication skills, public relations, courteous to help, knowledge about wedding industry related materials, customer service skills, confident and convincing June 2014 Recruitment Options Wedding Vows aims to recruit best-in-class employees through open and fair process. Job vacancy will be advertised using: 1. Advertising Agencies Wedding vows will outsource the recruitment activity to physical agencies or online job agencies. Turnover of assistants can be 1-2 months and also these are basically part-time helpers or contractual labours. Hence, a contract can be signed with the agencies to assist the hiring process. 2. Standard Advertising Job vacancies will be posted on online job sites or databases, career fairs, campus interviews (Part-time assistants), local newspaper. 3. Expression of Interest Wedding Vows will encourage their existing staff to choose their field of interest for e.g. someone who was responsible for lights and decoration wants to learn and practice his skills in catering and hospitality can voice his interest and accordingly if possible, he can be accommodated. Training Programs Wedding Vows has its own Training Institute. Also, it facilitates on-job-training to enhance skills of its staff. The staff including the owner will be continuously trained for:  Sales and Marketing  Customer Relationship Management  New Trends in Wedding Industry  Soft skills and interpersonal skills  Event Management  Time and Budget Management Skill Retention Strategies At Wedding Vows, major skills retention strategy is volunteering or expressing your activity of interest because we believe that if someone is passionate about something, he will give in his best. Apart from volunteering, Wedding Vows will also continuously provide trainings and feedback to ensure that skills are retained and developed.
  13. 13. Wedding Vows – Business Plan 2014 Page 12 Staff will generally be communicated their roles and responsibilities verbally, but for management purpose, it will also be documented in the data of the particular event. For managing events, a team will be formed and there will be a team in charge who will be responsible for his team and team task. Products and Services Wedding Vows will have three revenue generating legs namely: Wedding Planner Service, Training Institute and One-Stop-Shop. Wedding Planner Wedding Vows, Wedding Planner section provides whole range of services as detailed below: Location & Venue Location and venue selection is the most crucial and stepping stone for a creating a memorable. It sets the mood of the event. Whether it is a wedding at the couple’s dream location, exquisite plaza or banquet hotels, beach front wedding or community halls, Wedding Vows will set the perfect back-drop for that special day with its negotiation, management, suggestions and coordination. Care needs to be taken to choose the desired location suitable for the client’s status, preference, budget and dates especially for Indian weddings which depend upon the auspicious date and time. Catering To make your wedding the most unforgettable event for people, food served should be insatiable, palatable and delightful. Right from traditional food items to international delicacies, Wedding Vows will ensure that a wide variety is offered to feast upon. While providing catering services to Indian Weddings, food menus especially vegetarian and non- vegetarian should be taken care of.
  14. 14. Wedding Vows – Business Plan 2014 Page 13 Guest Hospitality People are sensitive towards how warm and welcome they feel at family events and weddings. Guest Management is a daunting affair and Wedding Vows will ensure that guests are well assisted to and taken care of. Wedding Vows will take care of people sentiments and make them feel at home in an elegant and classy manner. From arranging accommodations to managing tours and entertainment, Wedding Vows will help in providing guests with a pleasurable experience to be remembered to years to come. Design & Décor Pleasant sight is a road to happy mind! Wedding Vows ensures that the picturesque and aesthetics compliment the venue and the couple. Our team will help the couple to transcend and transform their dream wedding into reality. Whether it is a traditional marquee or an elaborate, big-fat set design or a simple yet elegant décor, Wedding Vows will provide what the couple has dreamt of. Security Hope for the best, prepare for the worst! Wedding Vows will ensure that the wedding day goes smooth and hazard free and hence will manage the unforeseen circumstances. Also, it will take care of all technicalities and legal formalities and make sure that all the necessary permissions and licenses are procured.
  15. 15. Wedding Vows – Business Plan 2014 Page 14 Wedding Communication Wedding Vows will help reaching out your loved ones and ensuring that the D-day becomes more special with their presence. We understand that in today’s busy life, couples do not have time to visit guests personally and call them for their wedding. Hence, we will help in sending out personalized, stylish and innovative communication by which invited guests will feel that it is a personal invitation. Some of the ways to reach out people are the good old traditional invitation cards, thank you cards, etc. Contemporary means are to create wedding websites and make use of different wedding stationeries. Entertainment What you see, you might forget; what you hear, you might forget; but what you do, you will never forget! Wedding Vows will ensure that the couples and their guest experience the most memorable and enjoyable day by offering them various entertainment packages. Be it celerity performance or celebrity presence, a blazing flair bartender of best in town DJ, Wedding Vows will add that glamour quotient to all their weddings. Engagement & Other Ceremonies May it be a formal engagement or a rather creative way of letting people know about your love and commitment, Wedding Vows will help keep this day intimate and personal and take care of all the arrangements. Mehendi, Shagun, Sangeet are the most looked forward events in any Indian Weddings and we see to it that we make these events the most looked up to events.
  16. 16. Wedding Vows – Business Plan 2014 Page 15 Styling Every bride dreams that she looks the best on her day! Our stylists make sure that the bride not just looks the best but also feels the best that it will be difficult for the groom to take his eyes of her. Wedding Vows will help choose jewellery, accessories, dresses, etc that will complement the bride. Wedding Vows will assist in selecting wedding trousseau, appointing hair and make-up assistant, managing designer appointment for grooming both the bride and the groom. Additionally, we also know that though wedding day is the bride’s day but closed relatives feel that they are on display! Thus, we ensure that they too look good on the wedding day. Honeymoon We know that after the huge celebration of their love, couples need to rejoice their love in the cosy comfort of each other’s arms. Wedding Vows will leave you in awe and help create memories lasting forever by providing with a customized package designed around the couple’s likes and preferences. Whether couples want a conventional honeymoon destination like France, Mauritius, Rome or Italy or a more exotic location like Bora Bora Islands, Bali, Barbados or Hawaii we make it happen for you.
  17. 17. Wedding Vows – Business Plan 2014 Page 16 Wedding Photo shoots There is no feeling as best as reliving the best moments of your life! How else can one do it if not by means of photographs and videos! Wedding Vows with the help of professionals will help you capture and freeze your precious moments. Wedding album will be ready for couples once they are back from their honeymoon. One-Stop-Shop One-Stop-Shop is an “All in one wedding shop – under one roof!” It helps cater all the wedding needs under one platform. Since weddings are usually tailor-made, this business doesn’t call for inventory management. Basic things need to be kept handy which include but are not limited to booklets and catalogues, few samples and basic furnishing. The services offered will be: Designer Boutique This section will have outfits for brides, grooms and family members. It will have western clothes as well as traditional or Indian ethnic drapes like lehengas, sherwanis, sarees, salwar-kameez etc. Also, we arrange jewellery and other accessories to get along with the outfit. Florists Wedding Vows will showcase its expertise through stunning ceremony floral arrangements, fabulous centre pieces and magnificent wedding bouquets and garlands.
  18. 18. Wedding Vows – Business Plan 2014 Page 17 Invitation & Supplies Wedding Vows offers a wide variety of wedding stationery. By using beautiful embellishments suck as flowers, ribbons, artwork etc. over speciality papers, we help design tailor-made wedding invites. Decorative Supplies Need a romantic set-up or a stunning backdrop? Wedding Vows hires out an enormous range of decorative supplies. Supplies can be centrepieces, linen, arbours, bollards, carpets, bamboo, sashes, chairs, etc. Using these supplies, we help give life to the couple’s ideas. Wedding Accessories We provide a range of gorgeous accessories to add class and fun to the special day. Accessories like baskets, pillows, flower petals, etc. Gifts Wedding Vows help you say Thank You to guests in a creative way. Appreciation can be shown using the modern gifts like engraved or customized gift articles or traditional gifts like glassware, Indian return gifts etc. Training Institute Wedding Vows has its own Training Institute to provide On-Job-Training and also to create future Event Management and Wedding Professionals.
  19. 19. Wedding Vows – Business Plan 2014 Page 18 At the institute the student or trainee will get a hands-on experience of managing an event from the scratch, developing required business skills and learning to successfully market an event. The course provides tutorials combined with case studies and hands-on experience to develop the below skills: • Public Relations • Consumer Behaviour • Marketing • Event management • Communication and Interpersonal Skills The course taught within 3 months of time frame will be: • Marketing Management • Sales Techniques • Event Concepts and Designs • Global Business Environment • Visitor Economy • Event Management and Operations • Creative Thinking and Innovation Market Position of Products/Services Services offered by Wedding Vows are high in quality but at the same time it fits in the customer’s wallet. Weddings are highly personalized and customised and hence the service is high-end for an elaborate, big-fat set wedding. For a simple yet elegant décor services are offered at budget prices. Anticipated Demand Chances of repeat customer for a wedding planner are very minor. But through word of mouth, new customers are attracted or else customers approach to get services for their friends, family members and relatives. The best part of Wedding Planner Business is there is always a wedding to plan! Promotions or recessions, people do get married. Pricing Strategy Wedding Planner is a freelance consultancy for couples who are soon-to-be married. The various pricing options available are: • Flat Fees • Expenses percentage • Hourly Consultancy Fees • Combination of Expenses percentage and hourly consultancy fees • Commissions
  20. 20. Wedding Vows – Business Plan 2014 Page 19 At Wedding Vows, packages will be offered and pricing will be based on the factors like: • Wedding Theme and package chosen • Size of guests • Services offered • Percentage of Expenses Value to Customer Moreover the Core Values – CUPID helps in creating a lasting relation with the customers and the suppliers and hence creating a healthy and reliable value chain. Growth Potential The industry is expected to grow by 6.5% every year to $ 4.7 billion over the next 5 years with around 119,000 weddings, approximately 1.08% growth taking place per year. Couples save over a period for their special day to become more special and statistics also say that more than 60% of the couples go over their budget for their weddings. Innovation Research & Development Trends in wedding industry keep on changing. As a Wedding Planner, one needs to be constantly updated with the new trends and fashion currently followed. Also, since there are so many different ethnic groups in Sydney and each ethnicity follows their tradition, a Wedding Planner needs to research the culture and tradition of those ethnic groups. Creative Activities As a Wedding Planner, there is tremendous scope for creativity and innovation. Every couple would want their wedding day to be unique and different. It is the responsibility of the planner to suggest some creative ideas to the couple. 6.70% 7.55% 7.90% 8.25% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 2013-2014 2014-2015 2015-2016 2016-2017 Growth % in Wedding Industry, Australia Growth % in Wedding Industry, Australia
  21. 21. Wedding Vows – Business Plan 2014 Page 20 Insurance Permanent Employees of Wedding Vows will be insured as per the industry policy. On the other hand, contractual employees will not be life insured, but the events will be insured which will cover the risk of these employees. Workers Compensation Life Insurance of permanent employees will be covered by Wedding Vows. This will be included as a part of their compensation. Currently the Annual Insurance Premium is $200 per person. Business Assets Business assets such as property, inventory and classroom furniture is insured for natural calamities as well as for fire, burglary or any other damage. Risk management Explicit and careful planning will maximise the probability of success of the event. The below table highlights the potential risks which can occur in the Wedding Planning Industry. Risk Likelihood Impact Strategy Suppliers or Vendors do not show up At every event there are chances of some or the other supplier not showing up or if does, messing around Depending on the nature of the supplier, its impact can be negligible to critical Make follow-up calls with the vendors and suppliers. Create a plan – B for such incidents. Have a list of second best and ready-to- serve suppliers Accidents at the venue With good security planning, likelihood of occurrence is minimal Depending on the nature of the accident can be minor to fatal Prepare a good, full proof security plan. Familiarize with the location and nearby police station, hospital and fire brigade. Keep an emergency kit handy Unexpectedly large number of guests May occur rarely Major on the arrangements made Check with catering and accommodation team and ask the vendor or suppliers to make arrangements accordingly Unfavourable Weather Possible during outdoor weddings Severe Look out for nearby shady place where the rest of the ceremony can be continued. If there is no such place, construct a temporary shade at the venue in advance Technical or logistical issues Seldom Depends on the type of issue Keep your technical experts and their tool kit ready. Be prepared with alternative means Budget overshoot Seldom Major Keep the couple and the family informed. Show them the expense track and for critical and expensive expenses, consult the customer Open Bar Seldom Minor to Major Make sure the person under the
  22. 22. Wedding Vows – Business Plan 2014 Page 21 Consequences influence of alcohol is attended. Get help from friends and family members Thefts Rare Depends on the value of the item stolen Keep your security personnel on toes. Safeguard all the gift items and expensive jewelleries. Ensure that the bride’s and the groom’s rooms are always locked Bride or Family members Emotional outburst Common Customers generally tend to freak out during such emotionally overwhelmed events Get help from family and friends. Talk to people at personal level. Improve your communication and interpersonal skills Risk mitigation can be planned using experience and knowledge of oneself and of others. Make use of insights to solve problems. Use the conventional problem solving techniques or develop innovative one, but by all means make use of presence of mind and without panicking solve these challenges. Additionally, feasibility study and analysis of past data can be performed for contingency planning. Legal Considerations Australian rules and regulations demand that any business done with customers should have a signed contract. Hence, contract mentioning the terms and conditions clearly should be prepared before the planning process is begun or advance fees are taken. Operations Vendors and suppliers will provide with the necessary arrangement for the wedding. For the One- Stop-Shop, just-in-time inventory, tailor-made order and made-to-order deliveries are followed. Once the availability is confirmed and the order is confirmed (advance fees is received), will Wedding Vows place the order request to the respective supplier/vendor. Since there is a heavy reliability on the third party, Wedding Vows need to ensure that the lead time is zero and the desired order is received on time and with good quality. Vendors & Suppliers Apart from customers, vendors form a very important part of value chain. Get help from fellow wedding professionals, attend networking events and check reliable recommendations before any vendor is finalised. Reputation is at stake if the people with whom business is conducted are not at par with the standard of Wedding Vows. It may not be always possible, but it is good to give vendor some time to ensure quality delivery. Also since Wedding Vows service is a high-end service, suppliers too need to follow this competency and deliver good quality timely service. It will also help to make decent negotiations
  23. 23. Wedding Vows – Business Plan 2014 Page 22 but at the same time to see that both vendors and Wedding Vow is at profit and at the same time customer is still able to manage the dream wedding within budget. Main suppliers/vendors for wedding industry will be: • Caterers • Stylist • Boutique or Designer • Jewellery or accessory provider • Henna designer • Music / Band • Decorator • Security Inventory Since weddings are usually tailor-made, this business doesn’t call for inventory management. Basic things need to be kept handy which include but are not limited to booklets and catalogues, few samples and basic furnishing. Also, just-in-time inventory, tailor-made order and made-to- order deliveries are followed. Technology (Software) At present, the customer profile and database will be maintained in physical format and excel sheet. Similarly, vendor and employee database will be maintained. Once the business kicks off, software such as CRM, ERP and Payroll Management System will be bought and used. For design simulations of the set at venue, 3D CAD software such as Sketchup, Autodesk and other such freeware software can be used. Trading Hours Wedding Vows office hours will be 9 am to 5 pm. But since this is more onsite job, there will not be any strict timelines which will be followed. Communication Channels Vendors and customers will generally be contacted over telephone (landline and mobile phone), internet text or calls or video calls, emails and faxes etc. Advertising and sales promotion communication channel will be direct emails, tele-sales, internet blogs and social media sites and other means of online advertisement. Payment Types Payment will be accepted and made in the form of cash, cheque and online transfers. Card will also be accepted. Credit Policy Credit can be maintained with Suppliers or Vendors with whom the business is done on daily basis. The terms and conditions will be as per the contract signed between the two parties. No credit policy will be followed while dealing with payments from customers.
  24. 24. Wedding Vows – Business Plan 2014 Page 23 Sustainability Plan Environmental/Resource Impacts Weddings are a once in a lifetime event and hence people including couples, family members and friends are little careless towards environment and resources. Wastage of food, water and other resources such as electricity is observed. Community Impact & Engagement Music and chattering can create noise pollution and disrupt the peace and harmony in the neighbourhood. Fireworks and other ceremonies can cause air pollution and anger the local community. Strategies Following can be done to minimise the impact on environment and community: • Any leftover food can be donated to orphanages and old-age homes in the locality • Take permission or inform the neighbourhood before any ceremony • Ensure proper resource utilization The Market Market Research Wedding industry is a $ 3 billion industry in Australia where a couple spends more than $ 30,000 on their wedding and around 116,000 weddings take place per year. The industry is expected to grow by 6.5% every year to $ 4.7 billion over the next 5 years with around 119,000 weddings, approximately 1.08% growth taking place per year. Couples save over a period for their special day to become more special and statistics also say that more than 60% of the couples go over their budget for their weddings. The effective wedding industry revenue spilt-up can be seen as: $4.0 $4.3 $4.5 $4.7 116000 117253 118519 119799 115000 116000 117000 118000 119000 120000 $3.6 $3.8 $4.0 $4.2 $4.4 $4.6 $4.8 2013-2014 2014-2015 2015-2016 2016-2017 #ofWeddings Revenueinbillion$ Revenue in billion $ # of Weddings
  25. 25. Wedding Vows – Business Plan 2014 Page 24 Environmental Analysis Wedding Trends Figures from Australian Bureau of Statistics state that the relative wedding rate is declining from 7.1 weddings per 1,000 of the population in 1988 to 5.5 weddings per 1,000 of the population in 2011, yet the actual number of weddings is increasing per year. This pattern can be attributed to the recent trends in the wedding industry. Recent wedding trends in Australia are: Trend 1 – Couples marrying at a later age The average age of couples getting married has increased from 26.1 for grooms and 24 for brides in 1989 to 29.6 for grooms and 27.6 for brides in 2011. This trend implies that couples are in a position to finance their own wedding rather than merely relying on their parent’s money. Trend 2 – Couples living-in together before marriage Recently the number of Australians over the age of 15 cohabiting with a partner before marriage has attributed to a growth of 4.3% since 1991. The Wedding Industry needs to adapt and appeal to such couples, maybe with their children, and also with couples who will set up their homes together after the wedding. Trend 3 – Shift in wedding season March in Sydney is the best month for weddings because of the summer season. But recently to avoid the busy wedding season, couples choose to get married in October or November and make the optimum use of daylight hours. Thus, there is no longer any seasonality in the wedding industry.
  26. 26. Wedding Vows – Business Plan 2014 Page 25 Trend 4 – Increasing civil ceremonies There has been a significant rise in civil ceremonies. 63% couples in 2011 got married in the civil ceremony; whereas out of the remaining 37%, one third had Catholic services and two thirds had other ethnic marriages. Wedding planner has to cater to such variety of marriages. Trend 5 – Increasing inter-racial marriages Around 21% of weddings take place between non-Australian and Australian born partners. Here, wedding planner will need to blend both the cultures and give rise to a new style of wedding adopting both the cultures and ethnicities. Trend 6 – Marrying for the second or third time In 2011, only 50% weddings were first-time weddings. 56% grooms and 46% brides who were divorced between 2000 and 2002 are getting remarried. Currently the divorce rate is reduced to 2.3 divorces per 1000 of the population. Couples tend to spend less when they are remarrying. This means that a wedding planner will have to adjust things in a stringent budget. Trend 7 – Economic fluctuations Though by far there has not been much of an impact on the wedding industry but soon there is a probability of reduction in the size and scale of the weddings. Weddings are financed using various means of loans and credits, in its absence compromises on the romantic venues and expensive dresses will have to be made. Trend 8 – Destination weddings Apart from romantic venues, couples are choosing more intimate weddings held at their homes, in garden marquee or holiday homes etc. Some choose to go to exclusive places and get married and spend all that they can for this one special day. Wedding planner has much at task in such weddings. SWOT Analysis Strengths • First to provide Indian Wedding Planning Services • Professional services • Domain Knowledge • Excellent relationships with contemporary vendor and supplier • Skilled, trained and courteous staff • Value Added Services Weakness • Lack of experience • Novice in industry • No visibility of the company • Inability to meet the unexpected increase in demand Opportunities • Create contact with hotels • Expansion of business to State Victoria • Grow the business with the help of some trustworthy partner • Tap new market potential • Emerging Industry Threats • Large well-established competitors • Will have to cut down prices if competitors do • Economic fluctuations • Trained students of Wedding Vows institute can cannibalise the business • High turnover of event assistants
  27. 27. Wedding Vows – Business Plan 2014 Page 26 Target Market / Customers: Key Customers Since marriage is a multi-billion dollar industry, everyone around is the potential client. In spite of this, the target market is brides, grooms, and their family members who need the services of a wedding planner the most. Over 40,000 marriages were registered in 2012 in New South Wales State which creates a sizable market potential for wedding industry. Apart from the primary customer target of brides, grooms and their family members, the next segment of customers is anniversaries and similar events. Additionally, the ethnic group or the multicultural group in NSW especially Sydney will be targeted who get married in their respective home countries but host post marriage events like reception or cocktail parties in Australia. Another set of customers are the customers of one-stop-wedding-shop who would purchase things like wedding return gifts and their packaging, wedding dresses, gowns and suits, honeymoon packages etc. A niche target segment for Indian culture weddings and ethnic shopping merchandise, accessories and other materials required to perform Indian weddings will also be tapped on. Besides weddings and similar events arrangements, an additional training service will be provided. This service is available for those who wish to be future wedding planners or event organisers. Training will be given in corporate retreats, event management, etiquette training, personality development and other related skills development training. Customer Demographics The primary customers for wedding planner are the brides and grooms. In 2013, the median age for marriage is 31.4 for grooms and 29.4 for brides. The median age of couples is increasing day- by-day which means that couples have disposable income and hence need not rely on their parents to finance their weddings. This has increased their budget for weddings and honeymoons. 25.6 26.5 27.3 28.3 28.8 27.6 29.428 29.2 29.9 30.1 30.8 29.6 31.4 22 24 26 28 30 32 1992 1996 2000 2004 2008 2011 2013 Median Age Brides Grooms
  28. 28. Wedding Vows – Business Plan 2014 Page 27 The below graph shows segmentation of primary customers of wedding industry: An approximate 5% CAGR (Compound Annual Growth Rate) is observed. This shows that the industry is growing and will continue to grow. Using the above data and assuming 5% growth as per the trend, the following can be projected for the year 2014. Potential Customers 2014 Brides & Grooms 1,915 Family Members 6,382 Other 1,277 1,500 1,575 1,654 1,737 1,824 5,000 5,250 5,513 5,789 6,078 1,000 1,050 1,103 1,158 1,216 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2009 2010 2011 2012 2013 Market Segment Analysis Brides & Grooms Family Members Other Brides & Grooms 20% Family Members 67% Other 13% Forecasting Potential Customers, 2014
  29. 29. Wedding Vows – Business Plan 2014 Page 28 Indian Ethnic Group Demography The below data obtained from Australian Government, Department of Immigration explains the immigration trend of Indians: Thus from the Indian Population growth rate, it can be observed that majority of the population grew during 1970-2000. Hence, now the 2nd or 3rd generation of these migrants will be residing in Australia out of which few maybe of marriage-able age, say 25% of the Indian population. Moreover, India has been one leading migrants in Australia. Below graph shows the top leading migrant countries: - 75,000 1,50,000 2,25,000 3,00,000 3,75,000 171 2,199 3,896 14,215 25,811 43,471 80,236 1,29,186 1,51,859 1,83,396 2,24,000 2,58,333 2,75,475 2,97,243 3,26,261 3,66,312 Indian Population Indian Population 0% 20% 40% 60% 80% 100% 82% 68% 85% 61% 18% 21% 22% 15% 7% 8% 10% 12% Growth Rate of Indian Population Growth Rate
  30. 30. Wedding Vows – Business Plan 2014 Page 29 Below data from Australian Bureau of Statistics shows that Indians residing in Australia belong to one of the highest earning groups in Australia. An average Indian earns more than the median individual weekly income. Hence, Indians have more Marginal Propensity to Consume or more disposable income to spend. The data can be seen as below: Chinese Indian Overall Population 4,03,193 2,08,488 234,12,282 % of total population 1.72% 0.90% 100% Median Age 35 31 37 Median Individual Weekly Income $328 $663 $577 From the last census in 2011, total Indians in Australia are 297,243 out of which maximum are in the state Victoria (111,787) followed by the state of New South Wales (95,387), Queensland (30,259) and Western Australia (29,915). State-wise distribution of Indians in Australia can be seen as: - 10,000 20,000 30,000 40,000 50,000 2010 2011 2012 2013 23,164 21,768 29,018 40,051 24,768 29,547 25,509 27,334 25,738 23,931 25,274 21,711 Top Countries of Immigration in Australia India China UK
  31. 31. Wedding Vows – Business Plan 2014 Page 30 From the demography and income details of Indians in Australia, it looks a feasible market for a wedding planner to tap on the Indian Ethnic group in Sydney, Australia. Customer Management Customers are the most crucial part of any business. There are many essential things which need to be taken care of while managing the customers, especially anxious brides. New customers can be contacted by using the data obtained from the booth at Bridal Fairs, boutique suppliers, booth in malls, etc. Wedding planner and event management industry thrives on maintaining good public and customer relations. Few steps which can be followed in order to maintain healthy and sustaining relation with the customer are:  Customers will be reached out within 48 hours of first meeting. Customers are very busy and many people contact them hence it will be beneficial to contact while them the meeting is still fresh in their mind.  Customers will be given a prompt service / reply. There is nothing more pleasing than an immediate query response.  Service packages will be offered instead of hourly rates for consultancy.  Service to every customer will be customized and personalized and all possible expectations and demands will be met.  Customers will be helped to create budgets, schedules, guest lists and to undertake other wedding planning activities.  Quality service will be provided and sales promises will be kept (Under-promised and over-delivered).  The client will be kept informed and value will be added in every meeting.  Each customer will have a separate data file in which all the details of the customer will be stored. Details such as budget, dates, venues, themes, dresses, gifts, etc. For the time being physical files and excel sheets can be maintained, once the business is in full swing, these can be replaced by good CRM software.  Customers will be contacted using their cell phones and at the time decided. Only if not available, customers will be contacted via emails.  Any mail, personal or promotional, will be personalised, that is will have the addressee’s name and details such as where and how we had met and the interest which the customer had shown in the service offered, etc.  Customers will be encouraged to visit and like Facebook pages, to follow on Twitter and Pinterest and to visit company website and blogs wherein wedding tips will be shared.  Even after the ceremony is successfully completed, customer relationship will be maintained to keep the trust and also to ensure that other potential customers can be made through existing customer’s contacts. Competitor Analysis There exists huge competition in wedding industry. There are well established and well networked wedding planners presently in Sydney and its neighbourhood.
  32. 32. Wedding Vows – Business Plan 2014 Page 31 One of the differentiating factors about Wedding Vows is that it has a segment catering to the niche Indian ethnic community present in Sydney. The target market here is the Indian Community residing here since 1980 and their second generation will be in Sydney and have their wedding ceremonies performed in Sydney. Providing traditional Indian Style wedding planning service to such customers will give Wedding Vows competitive advantage. Competitor Details Below is a list of competitors in Sydney Competitor Established Date Value to Customers Strengths Weaknesses Nightingales 1994 Offers wedding packages to suit any budget without compromising on the style and quality 15 years in the industry; long term relationship with clients Both Elite and Budget weddings Caters only to local Australian or English weddings Couture Wedding Planning 2006 Creates realistic wedding budget Maintains good contacts in the industry Caters only to local Australian or English weddings Bells N Whistles 2005 Creates events specific to budget, needs and desires Organizes weddings and other events and Customizes events as per the customer’s wants Takes 50% advance before providing any service Elite Events 2004 Offers all services and performs them in style Organizes weddings and other events one at a time and Gives a family oriented feel and approach Not good contacts with suppliers Girl Friday Weddings 2012 Provides full service as well as part planning Market capture across Sydney and Melbourne Caters only to local Australian or English weddings Marketing Targets The target is to plan 5 weddings per month which will require around $ 2,500 shopping from one- stop-shop. Also, training institute will have 5-6 students in 1 batch enrolled for short term 3 months course. Sales & Marketing Objectives The short-term sales and marketing objective is to break even and to start earning profits within 6 months of starting the business. The long term objective is to plan the most elegant and elite, high profile weddings in Sydney and Melbourne. Sales Forecast The Sales forecast for the year 2014 is:
  33. 33. Wedding Vows – Business Plan 2014 Page 32 Marketing Strategy Wedding Vows will leverage the opportunity of providing Ethinic Wedding Planning service and thereby gain the first mover advantage. Booth at Bridal Fairs and public malls will help in attracting new customers. Advertising & Sales Rather than putting all the money in one form of advertising, Wedding Vows will take advantage of different advertising platforms such as: Online:  Website  Blogs  Social media  Pay-per-click online ads Offline  Business Cards  Brochures and Pamphlets  Print ads  Direct mails  Networking  Promotional methods  Bridal booth at fairs and malls Unique Selling Position Having multiple revenue options is a unique selling position of Wedding Vows. Everything under one roof gives a cutting edge to Wedding Vows in this competitive market. $0 $50,000 $1,00,000 $1,50,000 $2,00,000 $2,50,000 Year 1 Year 2 Year 3 $35,697 $63,386 $61,115 $40,000 $55,000 $74,250$45,000 $60,000 $81,000 Sales Forecast Goods sold Fees Received Commission Received
  34. 34. Wedding Vows – Business Plan 2014 Page 33 Also, coming from marketing background and from India, it facilitates the process of catering to the niche Indian customer segment. Understanding and fulfilling the desires of Indian couple becomes easier. Sydney does not have a complete wedding planning package offered by any wedding planner and hence Wedding Vows will get the First-Mover advantage. Advertising & Promotional Strategy Wedding Vows will implement the following strategy: Advertisement In local newspaper, Yellow Pages, etc. Peer Relationships Maintain good contacts with other wedding planners, vendors and suppliers Social Media Make use of Facebook, Twitter, YouTube, Pinterest etc. to publicise Wedding Vows Word of Mouth Referrals There is no better advertising than a positive customer feedback. Happy customers will refer the service to other customers and hence help in creating new customer base. The Future Vision Statement The vision of Wedding Vows is … to be the best in class by delivering services that will add value to couples and will also help create a marketplace for wedding professionals Mission Statement “Making Memories Memorable” is what we strive for. We intend and put all our efforts and energy to turn your day of love into an unforgettable event and the memories that you will cherish for the rest of your life. Core Values Wedding vows works by abiding to its core values, which is “CUPID”. C – Collaborative U – Unique P – Passionate I – Integrity D – Diversity
  35. 35. Wedding Vows – Business Plan 2014 Page 34 Goals and Objectives The main goal of Wedding Vows is to make the most special day of the couples’ life both memorable and pleasurable. The objectives are: 1. To be the most courteous and famous wedding planner in Sydney 2. To be deliver the best in class service 3. To make Indian weddings popular in Australia 4. To add value to the couple’s most dreamt of day 5. To make profit by making the special day of couple more memorable and delightful Action Plan Working as a Wedding Planner requires continuous improvement, deeper understanding of client needs and acquiring new skills. The following action plan will be followed: The Finances Key Financial Objectives & Financial Review Financial Objectives Wedding planner is a low capital investment business hence breaking even in the year of start will not be an issue. Along with making arrangements of wedding, the other source of revenue is Know your services to be rendered Explore the options which will be provided to the customers Develop relationships with the vendors and suppliers Get the required permissions and licenses and register Wedding Vows Create a user friendly website. Link it to social networking sites Create a brand Provide good quality service Increase revenue Become the best in class Wedding Planner
  36. 36. Wedding Vows – Business Plan 2014 Page 35 having a one-stop-shop and training services which require some initial capital. The main short term objective is to break even and start earning profits within 6 months of starting the business. Finance Required Wedding planner services do not need major up-front investment except for the marketing, advertising and promoting services expenses. The investment is required for one-stop-shop and training institute. The goods in the shop will be taken either on credit in exchange of some deposit or pre-ordered by customer whereas training institute will require a classroom and some basic furnishing for savings or own money can be used. Since both these services will be provided from home, no rental or property investment is required. In order to minimize the start-up costs, furnishing will be second hand but in good condition furniture. Since Wedding Vows is a multiple revenue source business some expenses are common whereas some are independent. Let us consider these start-up capital requirements: Common Requirements 1. Legal and registration fees 2. Marketing and advertising – Bridal fairs, brochures, etc. 3. Research 4. Telephone instrument and telephone line 5. Internet connection 6. Bulk email service 7. Interior and refurbishing rooms and spare garage to give a professional look 8. Equipment expenses – Laptop, printer and fax; kettle and refrigerator for serving beverages to guest 9. Stationery 10. Insurance Wedding Planner Requirements 1. Theme catalogues 2. Sample material for different themes One-Stop-Shop Requirements 1. Booklets and catalogues 2. Sample goods 3. Deposit for goods purchased Training Institute Requirements 1. Study desks / Benches 2. Boards 3. Course Material Assumptions  As per the trend analysis, there exists no seasonal variations in weddings these days  4-5 weddings of approximate budget $30,000 per month and 5 students enrolled for training
  37. 37. Wedding Vows – Business Plan 2014 Page 36  20% growth between Year 1 & 2; 30% growth between Year 2 & Year 3 and 5% depreciation  Salary paid by hourly-daily basis / contract basis depending on the situation  Second hand benches, vehicles will be bought – vehicle will be bought using Year 1 profit  Utilities Expenses and Transportation expenses will be $150 per month each  Income Tax for working professionals is 25% Start-up Costs for 2014 The estimated start-up costs in the year 2014 are: Description Amount in AUD Common Expenses Legal and registration fees $400 Marketing and Advertising $2,000 Research $200 Telephone instrument and telephone line $200 Internet connection $100 Bulk email service $50 Interior and Refurbishing $2,500 Equipment expenses $1,500 Stationery $250 Insurance $300 TOTAL COMMON EXPENSES $7,050 Wedding Planner Theme catalogues $600 Sample material $1,400 TOTAL WEDDING PLANNER EXPENSES $2,100 One-Stop-Shop Requirements Booklets and catalogues $450 Sample goods $2,500 Deposit for goods purchased $1,200 TOTAL ONE-STOP-SHOP EXPENSES $4,150 Training Institute Study desks / Benches $200 Boards $50 Course Material $450 TOTAL TRAINING EXPENSES $700 TOTAL START-UP EXPENSES $14,000
  38. 38. Wedding Vows – Business Plan 2014 Page 37 Additionally, cash-in-hand required for emergency or other unplanned activities will be $2,500. Hence, the total funding required to start the business in 2014 will be: Description Amount in AUD Expected Start-up Expenses $14,000 Cash-in-hand $2,500 TOTAL FUNDING REQUIRED $16,500 Since not a huge capital investment is required, borrowing money from the bank is not required. Own money will be used to start the business. Description Amount in AUD Assets Non-cash Assets from Start-up $0 Cash at Start-up $2,500 Other Assets $0 Total Assets $2,500 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $0 Accounts Payable $0 Other Current Liabilities $0 Total Liabilities $0 Capital Planned Investment $16,500 Additional Investment Requirement $0 Total Capital $16,500 Start-up Funding Expected Start-up Expenses ($14,000) Balance after Expenses $2,500 Total Funding Required $16,500 Total Common Expenses 50%Total Wedding Planner 15% Total One-Stop- Shop Requirements 30% Total Training Institute 5% Estimated Start-up Expenses
  39. 39. Wedding Vows – Business Plan 2014 Page 38 Below graph gives the overview of start-up funding required in 2014: Balance Sheet Forecast The forecasted balance sheet for the next 3 years is: Year 1 Year 2 Year 3 Current Assets Cash $22,766 $28,458 $38,418 Petty cash $2,500 $3,125 $4,219 Inventory $5,006 $6,258 $8,448 Accounts Receivable $11,686 $14,608 $19,720 Fixed assets Leasehold $0 $0 $0 Property & land $0 $0 $0 Renovations/refurbishing $2,375 $2,256 $2,143 Furniture $238 $226 $214 Vehicles $0 $10,200 $9,690 Equipment $1,425 $1,354 $1,286 Course Material $428 $406 $386 Total Assets $46,423 $66,889 $84,524 Current Liabilities Accounts payable $1,245 $846 $958 Interest payable $0 $0 $0 Accrued wages $0 $0 $0 Long-term liabilities Loans $0 $0 $0 Total Liabilities $1,245 $846 $958 Capital $16,500 $16,500 $16,500 Retained Earnings $29,923 $50,389 $68,024 Total Capital $45,178 $66,043 $83,566 Total Liabilities and Capital $46,423 $66,889 $84,524 Net Worth $45,178 $66,043 $83,566 $0 $5,000 $10,000 $15,000 $20,000 Assets (Cash) Expenses Investment Loan $2,500 $14,000 $16,500 $0 Start-up Funding Amount in AUD
  40. 40. Wedding Vows – Business Plan 2014 Page 39 $0 $20,000 $40,000 $60,000 $80,000 $1,00,000 Year 1 Year 2 Year 3 $46,423 $66,889 $84,524 $1,245 $846 $958 $45,178 $66,043 $83,566 Balance Sheet Forecast Assets Liabilities Capital $0 $20,000 $40,000 $60,000 $80,000 $1,00,000 Year 1 Year 2 Year 3 $45,178 $66,043 $83,566 Net Worth Forecast Net Worth
  41. 41. Wedding Vows – Business Plan 2014 Page 40 Profit and Loss Forecast The forecasted profit and loss statement for the next 3 years is: Year 1 Year 2 Year 3 Sales Goods sold $35,697 $63,386 $61,115 Fees Received $40,000 $55,000 $74,250 Commission Received $45,000 $60,000 $81,000 Gross Profit/Net Sales $1,20,697 $1,78,386 $2,16,365 Expenses Accountant Fees $50 $50 $50 Advertising & Marketing $2,000 $1,500 $2,500 Bank Fees & Charges $0 $0 $0 Bank Interest $0 $0 $0 Credit Card Fees $0 $0 $0 Utilities (electricity, gas, water, telephone) $1,800 $1,800 $1,800 Lease/Loan Payments $0 $0 $0 Rent $0 $0 $0 Vehicle Expenses $1,800 $1,800 $1,800 Repairs & Maintenance $250 $250 $250 Stationery & Printing $250 $300 $350 Insurance $300 $300 $300 Catalogues or Booklets $1,050 $1,200 $1,400 Salary and Compensation $53,100 $76,200 $85,800 Total Expenses $60,600 $83,400 $94,250 Profit Before Interest and Taxes $60,097 $94,986 $1,22,115 Interest Expense $0 $0 $0 Taxes $30,174 $44,597 $54,091 Total Taxes and Interest $30,174 $44,597 $54,091 Total expenses $90,774 $1,27,997 $1,48,341 NET PROFIT $29,923 $50,390 $68,024 $0 $20,000 $40,000 $60,000 $80,000 Year 1 Year 2 Year 3 $29,923 $50,390 $68,024 Net Profit Forecast Net Profit Forecast
  42. 42. Wedding Vows – Business Plan 2014 Page 41 Expected Cash Flow The forecasted cash flow for the year 2014 is: EXPECTED CASHFLOW 2014 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 OPENING BALANCE $16,500 $17,022 $17,544 $18,066 $18,589 $19,111 $19,633 $20,155 $20,677 $21,199 $21,721 $22,244 Cash Incoming Sales $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 Other income $728 $728 $728 $728 $728 $728 $728 $728 $728 $728 $728 $728 Total Incoming $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 Cash Outgoing Purchases $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 Accountant fees $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 Advertising & Marketing $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 Utilities (electricity, gas, water) $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 Telephone $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 Motor vehicle expenses $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 Repairs & maintenance $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 Stationery & printing $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 Membership & affiliation fees $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 Licensing $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 Insurance $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 Catalogues $88 $88 $88 $88 $88 $88 $88 $88 $88 $88 $88 $88 Income tax $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 Salary and Compensations $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 Total Outgoing $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 CLOSING BALANCE $17,022 $17,544 $18,066 $18,589 $19,111 $19,633 $20,155 $20,677 $21,199 $21,721 $22,244 $22,766
  43. 43. Wedding Vows – Business Plan 2014 Page 42 Break Even Analysis To break even with the initial capital investment of $14,000 in 6 months, approximately $2,334 per month needs to be earned. This is assuming that there is no additional fixed cost per month. Product / Service provided are: 1. Wedding Planner 2. One-Stop-Shop 3. Training Institute Average price of each product sold comprises the total average of all the above services i.e. $10,056. The commission for wedding planner is 2.5% and average wedding cost is $30,000. Also, assuming 5 weddings will be planned per month, hence price of service will be 30000*2.5%*5 = $3,750 Course fee is $2,000 and 5 students will be undertaking the course in each class of duration 3 months. Hence, monthly price of the training service will be 2000*5/3 = $3,334 Assuming goods worth $35,657 are sold in the Year 1. Hence, price of the product sold per month is 35657/12 = $2,972 Cost of product / service is assumed to be 25%, hence the total cost is 25% of $10,056. $0 $5,000 $10,000 $15,000 $20,000 $25,000 $17,022 $17,544 $18,066 $18,589 $19,111 $19,633 $20,155 $20,677 $21,199 $21,721 $22,244 $22,766 Cash Flow Forecast, 2014 Cash Flow Forecast, 2014
  44. 44. Wedding Vows – Business Plan 2014 Page 43 Appendix Wedding Industry Revenue Generation Division Wedding Industry Revenue Venue Hire - $ 1.4 bn 33.40% Clothing - $ 942.3 m 21.90% Food - $ 668.3 m 15.50% Photography - $ 498.3 m 11.60% Flowers, Stationery, Misc - $ 758.3 m 17.60% Source: Sydney Morning Herald & Wedding Industry Australia Expected Growth in the Wedding Industry Growth % in Wedding Industry, Australia 2013-2014 6.70% 2014-2015 7.55% 2015-2016 7.90% 2016-2017 8.25% Source: Sydney Morning Herald & Wedding Industry Australia Market Segment Analysis 2009 2010 2011 2012 2013 Brides & Grooms 1,500 1,575 1,654 1,737 1,824 Family Members 5,000 5,250 5,513 5,789 6,078 Other 1,000 1,050 1,103 1,158 1,216 Source: Wedding Industry Australia Forecasting Potential Customers in 2014 Brides & Grooms 1,915 Family Members 6,382 Other 1,277 Median Marriageable Age 1992 1996 2000 2004 2008 2011 2013 Brides 25.6 26.5 27.3 28.3 28.8 27.6 29.4 Grooms 28 29.2 29.9 30.1 30.8 29.6 31.4 Source: Australian Bureau of Statistics Indian immigration Trend 1971- 1980 1981- 1990 1991- 2000 2001- 2005 2006 2007 2008 2009 2010 2011 2012 2013 Growth Rate 82% 68% 85% 61% 18% 21% 22% 15% 7% 8% 10% 12% Source: Immigration Department, Australia
  45. 45. Wedding Vows – Business Plan 2014 Page 44 Top Countries of Immigration in Australia India China UK 2010 23,164 24,768 25,738 2011 21,768 29,547 23,931 2012 29,018 25,509 25,274 2013 40,051 27,334 21,711 Source: Immigration Department, Australia Ethnic vs Non-Ethnic Marriages Number of Marriages in NSW Australian's Marriages 29,739 Australian - Non-Australian's Marriages 6,687 Non-Australian's Marriages 4,555 Source: Wedding Industry Australia Sales Forecast Year 1 Year 2 Year 3 Sales Goods sold $35,697 $63,386 $61,115 Fees Received $40,000 $55,000 $74,250 Commission Received $45,000 $60,000 $81,000 Gross Profit/Net Sales $1,20,697 $1,78,386 $2,16,365 Packages Destination Wedding
  46. 46. Wedding Vows – Business Plan 2014 Page 45 Honeymoon Packages Theme Weddings

×