Dream Wedding Planners (Business Idea)
Dream Wedding Planners (Business Idea)
Dream Wedding Planners (Business Idea)
Planners
Business Plan
Wedding coordination
Wedding shower / Bachelor’s eve
Manage client’s time constraints
Manage client’s budget
Day-of-coordination services
Conceptualization and design
Full coordination services
Month of direction
Wedding planning consulting and advisory services
Accountant
Responsible for preparing financial reports, budgets, and financial statements for the
organization
create reports from the information concerning the financial transactions recorded by the
bookkeeper
Prepares the income statement and balance sheet using the trial balance and ledgers
prepared by the bookkeeper.
Provides managements with financial analyses, development budgets, and accounting
reports; analyzes financial feasibility for the most complex proposed projects; conducts
market research to forecast trends and business conditions.
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial reporting for one
or more properties.
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensures compliance with taxation legislation
Handles all financial transactions for the company
Serves as internal auditor for the organization
Strength:
Our core strength lies in the power of our team; our workforce. We have a team that are
considered experts in the industry, a team with excellent qualifications and experience in the
Wedding Planners industry.
Aside from the synergy that exist in our carefully selected team members and our strong online
presence, Dream Wedding Planners (DWP) is well positioned in a city with the right
demography and we know we will attract loads of corporate and individual clients from the first
day we open our doors for business.
Weakness:
As a new professional wedding planner company in Lahore City- Pakistan, it might take some
time for our organization to break into the market and gain acceptance especially from top
profile clients in the already saturated Wedding Planners industry; that is perhaps our major
weakness. So also, we may not have the required money to give the business the kind of publicity
that we would love to give the business.
Opportunities:
The opportunities available in the Wedding Planners industry is massive considering the number
of wedding and other events that takes places on a daily basis in Pakistan. As a standard and
licensed professional wedding planner company, we are ready to take advantage of any
opportunity that comes our way.
Threat:
Some of the threats that we are likely going to face as a professional wedding planner company
operating in Pakistan are unfavorable government policies, the arrival of a competitor within
our location of operations and global economic downturn which usually affects purchasing
power. There is hardly anything we can do as regards these threats other than to be optimistic
that things will continue to work for our good.
Wedding Planning Business Plan – MARKET ANALYSIS
Market Trends
The Wedding Planners industry is in a continuous state of evolution and as such, ground
breaking strategies and ideas that are once highly successful are no longer as productive as they
were in time past. Close observation of the trend in the industry reveals that the past few years
have seen the rise and proliferation of social media and new tech tools.
The trend also extends to increased attention paid to engagement and new market segments,
adopting eco-friendly measures and sustainability when planning wedding events, and of course
increases in demands from wedding event sponsors.
Although operators in the Wedding Planners industry are increasingly investing in computers
and software to engage members and market their organizations online, the industry remains
highly labor intensive. The research further states that wedding planner companies rely much
more heavily on labor than technology to conduct their operations.
As a matter of fact, social media has now become one of the most important tools wedding event
planners leverage on to disseminate information about their wedding events, interact with
attendees, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for wedding
planners to gather all the needed data and information that will help them plan and project for
the future.
In recent time, mobile event apps are becoming more popular; wedding cum event planner can
now successfully market their services via social media platforms / online platforms. In the
United States for example, there several vendors providing mobile apps with more wedding cum
event planners patronizing the apps.
Over and above, increased internet usage has made wedding planners more accessible to clients,
decreasing the industry’s marketing costs and boosting profit margins. These trends will offset
the impact on the industry of changing social norms that have led couples to postpone marriage
longer. No doubt, as the economy continues to strengthen, the growth in the Wedding Planners
industry is expected to accelerate.
Sources of Income
Dream Wedding Planners (DWP) is established with the aim of maximizing profits in the
Wedding Planners industry and we are going to go all the way to ensure that we do all it takes to
attract clients on a regular basis Dream Wedding Planners (DWP) will generate income by
offering the following services to individual clients and for corporate organizations;
Wedding coordination
Wedding shower / Bachelor’s eve
Manage client’s time constraints
Manage client’s budget
Day-of-coordination services
Conceptualization and design
Full coordination services
Month of direction
Wedding planning consulting and advisory services
Sales Forecast
One thing is certain, there would always be about to wed couples who would always need the
services for professional wedding planners and also there would always be parties and events in
Pakistan and as such the services of professional wedding planners come event planners
companies will always be needed.
We are well positioned to take on the available market in Lahore City- Pakistan and of course
throughout out Pakistan and we are quite optimistic that we will meet our set target of
generating enough income / profits from the first six month of operations and grow the business
and our clientele base beyond Lahore City to other cities in Pakistan.
We have been able to critically examine the professional wedding planner market space and we
have analyzed our chances in the industry and we have been able to come up with the following
sales forecast. The sales projections are based on information gathered on the field and some
assumptions that are peculiar to similar startups in Lahore city.
Below are the sales projections for Dream Wedding Planners (DWP), it is based on the location
of our business and the wide range of wedding planning services that we will be offering;
N.B: This projection is done based on what is obtainable in the industry and with the
assumption that there won’t be any major economic meltdown and natural disasters within the
period stated above. There won’t be any major competitor offering same additional services as
we do within same location. Please note that the above projection might be lower and at the
same time it might be higher.
Payment Options
The payment policy adopted by Dream Wedding Planners (DWP) is all inclusive because we are
quite aware that different customers prefer different payment options as it suits them but at the
same time, we will ensure that we abide by the financial rules and regulation of Pakistan.
Here are the payment options that Dream Wedding Planners (DWP) will make available to her
clients;
In view of the above, we have chosen banking platforms that will enable our client make payment
for our professional wedding planning services without any stress on their part. Our bank
account numbers will be made available on our website and promotional materials to clients
who may want to deposit cash or make online transfer for our professional wedding planning
services.
Wedding Planning Business Plan – Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity
and advertising strategies that will help us walk our way into the heart of our target market. We
are set to take the Wedding Planners industry by storm which is why we have made provisions
for effective publicity and advertisement of our company.
Below are the platforms we intend to leverage on to promote and advertise Dream Wedding
Planners (DWP);
Place adverts on both print (community based newspapers and events related magazines)
and electronic media platforms
Sponsor relevant community based events / programs
Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter,
YouTube, Google + et al to promote our brand
Install our Bill Boards on strategic locations all around Lahore City.
Engage in road show from time to time in targeted neighborhoods
Distribute our fliers and handbills in target areas
Contact corporate organizations and religious organizations by calling them up and
informing them of Dream Wedding Planners (DWP) and the services we offer
List our professional wedding planning firm in local directories / yellow pages
Advertise our professional wedding planning company in our official website and employ
strategies that will help us pull traffic to the site.
Ensure that all our staff members wear our branded shirts and all our vehicles are well
branded with our schools’ logo et al.
Equipping the office (computers, printers, projectors, markers, pens and pencils,
furniture, telephones, filing cabinets, and electronics) will cost – Rs. 10,000
Acquiring an office space that will accommodate the number of employees we intend
employing for at least 6 months (Re – Construction of the facility inclusive) will cost
– Rs. 35,000.
The budget for liability insurance, permits and license will cost – Rs. 3,500
The cost for accounting software, event planning apps, CRM software and Payroll
Software – Rs.30,000
Other start-up expenses including stationery – Rs.10000
Phone and Utilities (gas, sewer, water and electric) deposits – (Rs.9,500).
Launching an official website will cost – Rs. 3,500
Amount need to pay bills and staff members for at least 2 to 3 months – Rs.90,000
Additional Expenditure such as Business cards, Signage, Adverts and Promotions will
cost – Rs. 5,000
Miscellaneous – Rs. 50,000
Going by the report from the market research and feasibility studies conducted, we will need
about one hundred and fifty thousand 3,00,000 Pakistani Rupees to successfully set – up a
medium scale but standard professional wedding planner company in Pakistan. Please note that
the salary for the payment of staff members for the first 3 months is included.
Generate part of the start – up capital from personal savings and sale of his stocks
Generate part of the start – up capital from friends and other extended family members
Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about Rs 100,000 (Personal savings) and we are at the
final stages of obtaining a loan facility of Rs. 100,000 from our bank. All the papers and
document has been duly signed and submitted, the loan has been approved and any moment from
now our account will be credited. Remaining Rs. 1, 00,000 will be borrowed from the family
members.
WEDDING PLANNING BUSINESS GROWTH: Sustainability and
Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and
competence of the employees, their investment strategy and the business structure. If all of these
factors are missing from a business (company), then it won’t be too long before the business
close shop.
One of our major goals of starting Dream Wedding Planners (DWP) is to build a business that
will survive off its own cash flow without the need for injecting finance from external sources
once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our
professional wedding planning services a little bit cheaper than what is obtainable in the market
and we are well prepared to survive on lower profit margin for a while.
Dream Wedding Planners (DWP) will make sure that the right foundation, structures and
processes are put in place to ensure that our staff welfare are well taken of. Our company’s
corporate culture is designed to drive our business to greater heights and training and re –
training of our workforce is at the top burner of our business strategy.
As a matter of fact, profit-sharing arrangement will be made available to all our management
staff and it will be based on their performance for a period of three years or more as determined
by the board of the organization. We know that if that is put in place, we will be able to
successfully hire and retain the best hands we can get in the industry; they will be more
committed to help us build the business of our dreams.