Strategic Analysis with current research!
Starting a reception hall business means allowing people to come to you and congregate to mark huge events in their lives. Birthdays, retirements, graduations, weddings — all huge life events that mean people need a large space to rent, and so who better than you?
Starting an event venue business allows you to be the consummate host. How many reception halls are available where you want to open? What is the going rate for renting an event venue in your market? Do people rent reception halls by the hour or by a day rate, and if so what is the cost?
These are the sorts of numbers you need for your business plan. Choose a Venue Depending on Needs Many event venues allow for a temporary barrier to be erected between rooms. This allows for, say, a retirement party to go on at the same time as the bar mitzvah next to it.
The size of venue you lease or rent can vary in size by thousands of square feet but it is best to find one that fits to guests, which means a venue of around 6, square feet is optimal.
That size can fit seated guests comfortably. Any kitchen needs to fit all the equipment like commercial dishwashing machines, cooktop with multiple burners and at least two ovens. There also need to be a room for storage of all cooking and baking supplies as well as a place to store presentation platters and all the utensils, dinnerware, cups and glasses.
This is why many reception hall businesses opt to contract out with a professional kitchen — doing so decreases building costs and liability in many cases. This is where you draft a budget for your reception hall business in its entirety.
Outline the monthly rent or mortgage, taxes, insurance, equipment purchases and maintenance, estimated monthly utilities and any other provisions. How many staff members will you employ? From here, you delve into how you plan to secure financing for your event venue.
Unless you have enough cash on hand to underwrite your business for at least one year, then approaching banks for a loan is a solid idea.
Writing your business plan is something financial institutions will need to see in order to qualify you not just for a loan, but for competitive interest rates. Apply for the Right Permits and Licenses Contact your Secretary of State, as well as the city, to find out exactly what types of permits and licenses you need.
Every event venue must post an occupancy license. This number and certification are assigned by your local fire department and it states the maximum number of people allowed in your venue at any given time.
Starting a reception hall business means you are willing and able to receive many people for pivotal moments in their lives, and in that way celebrate with them.A business plan is a detailed outline of how you plan to run your leslutinsduphoenix.com is where you draft a budget for your reception hall business in its entirety.
Outline the monthly rent or mortgage, taxes, insurance, equipment purchases and maintenance, estimated monthly utilities and any other provisions. Banquet Hall Layout. Create Event Plan examples like this template called Banquet Hall Layout that you can easily edit and customize in minutes.
It's also an opportunity for your business to get favorable publicity. Ask the event planner to include your banquet hall in any news releases, invitations and programs at the event.
Create your own business plan Business planning has never been easier. With complete sample plans, easy financials, and access anywhere, LivePlan turns your great idea into a great plan for success.
the monthly break even is rather high Assumptions: Average Percent Variable Cost 10% Estimated Monthly Fixed Cost $The table below presents the assumptions used in the financial calculations of this business plan per event. as shown below.5/5(1). Banquet Hall Business Plan Home Business Banquet Hall Permits LLC and Tax IDs Required to Start Your Small Business I.e., Start a .