business plan for an event space

Event Venue Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

Event Venue Business Plan Home
1. Executive Summary
2. Company Overview
3. Industry Analysis
4. Customer Analysis
5. Competitive Analysis
6. Marketing Plan
7. Operations Plan
8. Management Team
9. Financial Plan

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Event Venue Business Plan

You’ve come to the right place to create your business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event venues.

Event Venue Business Plan Sample & Template

Below are links to each section of a sample plan that can be used as a template for your own plan:

Next Section: Executive Summary >

Event Space Business Plan FAQs

What is an event venue business plan.

A business plan is used to start and/or grow your venue. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.

You can easily complete your event venue business plan using our Event Venue Business Plan Template here .

What Are the Main Types of Event Venues?

There are many types of event venues. Some own one venue and rent it out for wedding receptions, corporate events, and other parties. Others have relationships with and rent out hotels, sports arenas, restaurants, and other venues which are desirable to their clientele.

What Are the Main Sources of Revenues and Expenses for an Event Space?

The primary source of revenue for event venues is booking fees paid by clients. Sometimes event spaces also generate revenue from catering events and providing entertainment at them.

The key expenses for event venues are the cost of leasing the venue(s) and staffing costs, particularly if they provide services during the events.

Read more about how to get funding: Seeking Funding from Angel Investors vs Venture Capitalists .

How Do You Get Funding for Your Event Venue Business Plan?

Event venues are most likely to receive funding from banks. Typically you will find a local bank and present your plan to them. Angel investors and credit card financing are other common funding sources.

What are the Steps To Start an Event Venue Business?

Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event venue business is in compliance with local laws.

3. Register Your Event Venue Business - Once you have chosen a legal structure, the next step is to register your event venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your event venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Event Venue Equipment & Supplies - In order to start your event venue business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful event venue business:

How to Start an Event Venue Business

Where Can I Get an Event Venue Business Plan PDF?

You can download our free event venue business plan template PDF here . This is a sample event venue business plan template you can use in PDF format.

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Home > Business > Business Startup

How to Start an Event Venue Business: A Comprehensive Guide

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From weddings and corporate events to reunions and birthday parties, event spaces are always in demand.

But opening your own event venue is hard work. You’ll need to secure a location, obtain permits and licenses, buy equipment, hire staff and market your space - all before opening day.

With so many factors to consider, it can be overwhelming to know where to start.

Don't worry, though - we’re here to guide you through the process step by step.

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How to start an event venue

1. do your research.

Before you start scouting properties or buying equipment, sit down and do some research.

Start by focusing on the type of event venue you want to create. Are you interested in weddings, corporate events, or something else?

By specializing in a specific niche, you can tailor your business to meet the needs of your target audience.

For example, if you want to cater to corporate events, you may want to focus on offering services like audiovisual equipment and conference rooms.

Once you have a general idea of what you want to offer, research the market to see what’s already out there.

Look at other event venues in your area and find out what they offer, how they market themselves, and what their prices look like. This will help you figure out what your event venue can provide that’s unique and competitive.

It can also be helpful to list out all the pros and cons of starting an event venue business. Consider factors such as the time, money, and resources it will take to get your space up and running.

2. Create a business plan

It's important to have a solid business plan in place before you start sinking money into your venue.

A business plan outlines your goals, target market, products, pricing, marketing strategy, and financial projections. You’ll need one if you plan to apply for any business loans .

Here are the basic parts of a business plan.

Executive summary: Provides a brief overview of the venue, including its name, location, and unique selling proposition.
Market analysis: Look at your competitors' prices and target audience to identify gaps in the local market your event venue could fill.
Product and services: Will you offer catering? What other add-on services do you plan to offer?
Marketing and sales plan: This section details how you plan to advertise your venue, grow your sales, and reach customers.
Financial plan and projections: Determine the startup costs, including equipment, leasing or buying the property, renovations, and any employee wages. You'll also need to consider ongoing expenses like insurance and maintenance. Then map out your projected sales for the next one to five years. This will help you determine how much funding you'll need to start your business and how long it will take to break even.

3. Find the perfect location

Location is everything when it comes to event venues. You want a spot that’s accessible with the right vibe for your niche. Look for areas with easy access to transportation, parking and nearby hotels.

You’ll also want to make sure the space is zoned for the type of events you want to host.

When it comes to the venue itself, you'll need to consider the size of the space, the layout and any necessary amenities. For example, if you're targeting weddings, you'll need space for a dance floor, a bridal suite, and a ceremony area.

Look for spaces with high ceilings, plenty of natural light and an easily customizable open floor plan.

Maybe you already own a location and are interested in turning it into an event venue. You’ll still need to assess the property and determine if it’s missing certain amenities or if it needs any renovations.

4. Obtain the necessary permits and licenses

Before you can open your doors, you'll need to get the proper permits and licenses.

Requirements will vary depending on your state and the type of events you plan to host, but in general, you'll need to get a business license and liability insurance. Additional permits and licenses may also be required if you plan to serve alcohol and food or play music at night.

You may also need to hire contractors and inspectors to ensure that your space is up to code and ready to pass any safety and fire inspections.

Check with your local government to find out what’s required in your area.

5. Take care of business

Certain elements of starting a business remain the same, whether you’re starting a bakery or opening an event venue.

Here are the legal and financial steps to take before you can open.

Pick a business structure

There are four major legal business entities you can register as: a sole proprietorship, a partnership, a limited liability company (LLC), or a corporation.

An LLC is usually the best legal structure for a new event venue business because it offers liability protection for its owners. Sole proprietors and partnerships don't, which means If someone is injured on your property or if you're sued for another reason, you could be held personally responsible for any damages.

Of course, it's important to consult with a legal and tax professional to determine the best legal structure for your business.

Figure out your taxes

As a business owner, you’ll need to pay a host of new taxes, including federal taxes, sales taxes and payroll taxes .

Consulting with an accountant is a smart move. A tax professional can advise you on how to structure your business to minimize your tax bill and help you file your tax returns.

You’ll also need an employer identification number (EIN) , a unique identifier assigned by the Internal Revenue Service.

You can apply on the IRS website for free, and the EIN is usually issued immediately.

Best small business tax software

Taxes can be complicated. Here’s everything you need to know about how to file small business taxes .

Open a business bank account

You may be required by law to open a separate business bank account for tax purposes, depending on which state you live in. Either way, it’s a good idea to have dedicated accounts in your business’ name. Many banks and credit unions offer business checking and savings accounts .

You may want to consider opening a small business credit card , too. It can help you rack up points and cash back on business expenses, while keeping your personal and business finances separate.

Top banks for small businesses

Pro tip: Need to pay for start-up costs? Here are the best high-limit business credit cards .

6. Figure out your pricing

Pricing your venue may seem tricky, especially when you're just starting out.

Researching your competitors’ rates is the best place to start. As a new business, you’ll want to offer a lower price initially to help get clients in the door.

Something else to consider: Different types of events come with different budgets. You can usually charge more for a wedding than a corporate meeting, for example. Consider the type of events you plan to host and adjust your pricing accordingly.

Offering different packages or tiers can also help you appeal to a wider range of clients. You could offer a basic four-hour package that only includes the space rental for $800 and a premium six-hour wedding package that includes catering and linens for $5,000.

7. Secure funding

Starting an event venue business involves significant upfront costs. Unless you’re sitting on gobs of cash, you’ll likely need to obtain some kind of funding.

Here are a few of your options. Keep in mind that a lending marketplace, like Nav , can offer access to more than one product.

Business line of credit

A business line of credit works similarly to a credit card, where the borrower is approved for a maximum amount of credit that they can draw upon as needed.

Interest rates for business lines of credit are usually higher than those for commercial loans, but they can be a good option for businesses that need quick access to cash.

Compare the best business lines of credit

Data as of 3/21/23. Offers and availability may vary by location and are subject to change.

Small business microloans

The Small Business Administration (SBA) offers microloans worth up to $50,000 to help small businesses start and expand. Big caveat: These loans cannot be used to purchase real estate.

Traditional commercial loans

To qualify for traditional commercial loans , which are available at banks and credit unions, you'll need to have a solid business plan and a good credit score. You’ll also need collateral, such as a home or car, and time in business or revenue thresholds for some loans.

Be prepared to provide financial statements, tax returns, and other documents to support your loan application.

Pro tip: About 75% of small businesses get turned down for loans by big banks. Here’s a list of the best alternative business loans from online lenders.

8. Hire a sales manager - and the rest of your staff

As the owner, you’ll be busy managing the overall operations of your business. You’ll need someone to focus on attracting clients so your new event venue can turn a profit.

A good sales manager can help increase revenue by booking events, building relationships with clients and generating leads.

A sales manager should arguably be the first employee you hire. After all, you don’t need wait staff if your venue can’t land contracts.

Eventually, you’ll need to hire other staff, including:

A venue coordinator
Kitchen staff
Set-up and clean-up crew

Hiring your own employees can be expensive and time-consuming. An employment agency or partnering with a caterer might be an alternative when you’re starting out. They can provide you with pre-screened and qualified candidates — without the administrative hassle of hiring your own full-time staff.

Creating a clear written communication plan for your staff is also key.

Jackie Espinosa is a small business owner in Kissimmee, Florida, who opened her venue, Chandeliers Ballroom and Event Center , several years ago. Her space fits up to 80 people and hosts everything from intimate weddings to bar mitzvahs and baby showers.

“Getting a reliable and happy team behind you will make it so much easier to create fun memories for families,” Espinosa said.

She added: “Checklists are a must. Detail is everything and will keep people coming back.”

9. Start buying stuff

An event venue is more than a big, open space. To host great parties, you’ll need lots of equipment and supplies, including tables, chairs, plates, silverware, audiovisual equipment, table linens, and glasses.

“We knew our capacity was 80 people, so we purchased 100 of everything,” Espinosa said. “Just in case something breaks.”

Buying all these items upfront can set you back thousands of dollars.

To keep costs low, consider renting or leasing some of your supplies from an outside vendor until you can afford to buy it outright.

You can also look for second-hand tables, chairs and lighting equipment from other event venues, liquidation sales, or online marketplaces like Facebook Marketplace and Craigslist.

However, don’t scrimp on quality just to save a few bucks.

“My advice to new venue owners is to purchase high quality tables and chairs,” Espinosa said. “It’s a great investment because they get plenty of wear and tear. Also, good linens will save you time and energy.”

Don’t forget about the decor either. You’ll need to create a stellar ambience, and that might require a sizable investment.

“Decorating the venue was a large expense,” Espinosa said. “We spent a lot of money on collections of centerpieces and decided to bring on two decorators.”

10. Market your event venue

Once your event venue is up and running, it’s time to get the word out.

Here are a few ways to market your business without breaking the bank.

Leverage social media: Use platforms like Instagram, TikTok, and Facebook to showcase your space, share photos of past events and connect with potential clients. You can also run targeted ads on these platforms to reach a larger audience.
Feedback and referrals: Encourage satisfied clients to leave reviews on sites like Yelp or Google, and offer referral discounts to help pull in new clients.
Attend networking events: Local networking events and trade shows are a great way to meet other business owners. Bring business cards and be prepared to talk about what sets your venue apart from others in the area.
List your business on directories: Websites like WeddingWire and The Knot offer a database couples can use to search for wedding venues in their area. Make sure yours is listed and keep your profile up-to-date.
Partner with local vendors: Building relationships with local vendors like caterers, florists, and photographers can be a win-win for both parties. Offer to feature their services on your website or social media and, in exchange, ask them to promote your venue to their clients.
Make a website: A website is a must-have for any business. Make sure yours includes high-quality photos of your space, contact information, and pricing details.

Compare the top website builders for small businesses

How much does it cost to start an event venue business.

The cost of opening an event venue varies widely, but expect to spend anywhere from $50,000 to $1 million.

Why such a huge range?

Your overall costs largely depend on the location you choose. If you already own the space, your startup costs will be significantly lower than someone who plans to purchase a historical concert hall near downtown Boston.

You’ll also need to factor in the cost of renovations and all the equipment you’ll need to buy. The cost will vary depending on the size of your venue. For example, a small event venue may require around 100 chairs and tables, which may cost around $5,000, while a larger venue may require 1,000 chairs and tables, which could run upwards of $50,000.

At the end of the day, opening an event venue is a costly endeavor. But it can be extremely rewarding, too.

“We get to help capture and create a moment in time for people,” Espinosa said. “It’s a fun and memorable experience.”

With the right funding sources and business plan in place, you can transform your hard work into steady profits.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder. She focuses on small businesses, retirement, investing and taxes.

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Starting and Opening an Event Venue Business - 20 Secrets From Experts

How to Start an Event Venue Business: Two Experts Share 20 Secrets for Opening an Event Space

by Amanda Knaebel | Jan 13, 2021 | Best Practices , Business , Business Management , Catering , Event Vendors and Suppliers , Event Venues , Marketing , Sales , Tech , Tools and Software , Venues

Opening an event venue comes with a long checklist of items that must be in place for a successful launch … and chances are, as a new event space entrepreneur, you’ve probably already read a dozen or so articles that have run you through the basics.

But while these checklist articles can be helpful, they don’t answer the one vital question you should be asking: “What things do seasoned experts know that I don’t about how to successfully launch a venue and be profitable in Year 1?”

Of course hindsight is always 20/20, but when you’re in the midst of starting an event venue and you are new to this, you simply don’t know what you don’t know.

To help you fill in those gaps and provide you with new insights that aren’t already on your to-do list, we interviewed two of our clients and long-time industry pros to tell us the secrets that helped them along the way and maybe a few things they wish they would’ve known when starting an event space business.

Join us as Dianne Kohler, CEO of Camrose Regional Exhibition Center, and Michael Hallford, CEO of Hallford & Hallford event and venue management firm, open the vault on their most-valued industry secrets for launching a new venue.

Building out your processes and internal operations ahead of time is critical to generating revenue as you prepare to open your new venue. Planning Pod’s all-in-one platform gives new event facilities 20+ easy-to-use tools to set up systems for managing booking calendars, sales, client communications, contracts, billing, payments and more. Sign up for a free trial today!

#1 – Researching your target audience, competition and location area is easily the most important step in opening a new venue

Chances are you’ve come across plenty of articles that mention you should evaluate the competitive landscape and identify your ideal client base. But according to Dianne and Michael, this isn’t just another item on a list … in fact, it should take priority over just about everything else, because if you don’t get this right, your new venue won’t be in business long.

“Before you write out your business plan, you need to already know who your target audience is, and that’s who you build your venue for, so this starts with research long before you build or buy a venue,” said Michael.

Michael also warns about automatically trying to go for the clients with the deepest pockets.

“Keep in mind that your target audience doesn’t necessarily have to be your wealthy ‘Beverly Hills’ type client because that audience isn’t necessarily your highest profit margin,” he added. “Those luxury clients tend to be really demanding and expect a lot. And if they don’t get it the way they think they should get it, then you’re going to have issues afterward with PR. That’s just not something you want to have to deal with.”

“Your best market is probably going to be whoever is the largest demographic in your area who is willing to pay for your services. But you need to plan for that. You’ve got to know what they want, how they want it, when they want it, and why they want it. Then, be prepared to meet those needs as you put together your business plan and buildout plan.”

Dianne agrees that assessing your target audience’s needs and what venue options are already in the area should be done long before you lay a single brick for your new conference center or event space.

“Knowing your market is the number one thing that’s most critical to succeeding with a new facility,” said Dianne. “Because if you don’t understand what the market expects or wants from you, how are you going to provide it? You do this by doing a market needs assessment on other existing venues and the population and demographics in your surrounding community of who you want to sell to.

She also credits thorough upfront planning as an indicator for an event center that will both launch successfully and survive the long term, a challenge for all new small business owners.

“If you’re building a new venue, you’re building something based on your demographic’s needs for the next 10 years,” she said. “To do this, you need to reach out to your target market and ask them questions and collect data, because the more data you can get before you build or buy a venue, the better.”

“The type of venue you buy or build depends on their needs and the needs of the community you serve. Yes, maybe nobody in the area has a ballroom that’s 30,000 square feet. But are there events that require a ballroom with 30,000 square feet? These are the things you need to consider.”

“All this market research and data is then going to drive your marketing engine for when you’re getting ready to launch.”

#2 – Devising a business plan makes the process of launching an event space business vastly smoother

Once you’ve narrowed in on your audience, you should focus next on developing your business plan. This document can be quite lengthy and in-depth because it fleshes out every detail regarding your venue business – from facility and organizational structure to finances, budgets and marketing. And just like with your target audience, it should be well-researched and realistic if you want it to be useful.

“A business plan is a must, and your plan must budget for covering your first six months of business expenses with zero or little income, just in case,” said Michael. “You should also plan for overages in construction, like around 30%, as that’s just normal.”

In addition to understanding how you’re going to build a special events venue for your ideal client (and what that’s going to cost), you should narrow in on how you will market them.

“Along with your business plan you have to have a marketing plan that outlines your marketing, branding, PR goals and expenditures, including the few months prior to opening day,” added Michael.

#3 – Getting your pricing right will prevent lost business and vanishing margins

Before scheduling your first customer walkthrough or booking your first party, make sure your pricing is dialed in properly. Are you charging too much? Are you charging enough? Dianne says that understanding your target audience’s needs, your competitors’ price points and your cost of operations (overhead, mortgage/rent payments, staffing, food and beverage costs, utilities, cleaning, out-of-pocket rentals, etc.) will help you develop the perfect price point that will make your customers happy and keep your venue in business.

“An important part of your business plan is setting your pricing and this goes back to knowing your market,” Dianne reminds us. “What are your clients willing to pay for your services and how are you going to provide real value to them?

“Your market survey and research should include your competitors’ pricing to make sure your pricing is in line with what others charge for similar services. If you want to charge a premium, justify why you can charge it. If you charge less or at a discount, why would you do that and why will it serve the business better?”

One tactic that some new business owners of venues take is to start out by setting their prices lower in order to land more event clients out of the gate (but not so low that you are losing money) and then adjusting their rates upward once cash is flowing regularly.

However, these are all questions you need to ask yourself before pricing and pitching your space.

#4 – Planning out your space thoroughly before you build will add value for your customers

Designing a banquet hall may seem straightforward (just provide ample room for social events and corporate events, right?) but Michael warns that not thoroughly thinking through your design pre-construction can leave you wishing you would have made different decisions.

“If you are in pre-build, the most important step is that you really need to plan your space,” said Michael. “You have to have a plan for adequate storage, proper ingress and egress, about what your fire marshal and local building codes are going to require, how much office area you will need, and if you are going to need a full kitchen or prep kitchen.”

You should also consider what are going to be the biggest elements of your design with regard to ergonomics and those areas where clients and guests expect high quality.

“An example of this is that people really care a lot about venue washrooms and want them to be bigger, clean and nice. So you should invest more there,” suggests Michael. “If you are going to have food and beverage on site, those are probably two of the biggest things that customers will remember after they leave the event, so those should also take priority in your building and preparation.”

Michael stresses that thinking through these things before you engage a construction contractor will save you many headaches during operations and prevent a remodel down the line. From capacity minimums and maximums down to the number of doorways you will need, “It’s really getting to those fine details, before you actually even design a space. You have to plan for how the space is going to be used.”

And while you’re planning, be sure to add in a little extra room for storage.

“Surprisingly, you actually need a lot of storage,” exclaimed Michael. “Tables, chairs, linens, staging, dance floors, even just your daily products like cleaners and mop buckets, all of that has to go somewhere. And the worst thing to do is to build a venue and not have enough space for your items.”

#5 – Surprise your clients with unique and flexible design elements

When building and designing your space, Dianne recommends giving it a unique element while leaving room for flexibility for all types of events and setups. She mentioned that over the last five years, more and more event planners and their clients have been searching for places that are unique and new.

“One thing with venues that has been trending for the last five years and will continue is the demand for unique spaces,” said Dianne. “Clients don’t want to book events in empty, spare looking ballrooms or meeting rooms. They want a unique space that is maybe shaped differently or has interesting grounds or flexible decor. So you should consider far in advance what could you add into your space to make it unique for your audience. It doesn’t have to be crazy and cost crazy money. Maybe it’s interesting paint choices or programmable uplighting or downlighting.”

With people really looking to bring the wow factor to their event and to post it on social media, they need an event space that is unique enough to stand out amongst the sea of conference centers, but is also flexible enough to be completely reimagined to meet an event planner’s vision.

“You also want to make your space sizable and flexible for different sizes of groups so you can host groups of 25 as easy as you can 500,” said Dianne. Which means you may need to consider dividable spaces that you can partition off for smaller groups or for hosting multiple parties that can overlap.

#6 – Decide early on if you are a venue rental business or event producer (or both)?

If you’re running a wedding venue or party venue, you’re going to have slower off seasons – times when your event space may sit empty. So, you’ll need to account for how you will handle those empty calendar days.

“As a venue manager, you understand that it’s normal that you’re going to have dark periods where nobody’s renting,” said Dianne. “So, you have to make the determination early. Are you going to rent? Are you going to just ride through the dark areas? Or are you going to get into self production as a way to fill the space on typically dark nights and boost overall revenue? It’s part of the planning process to consider this.”

Starting an Event Venue Business - Event Production

Some venue owners do decide to cushion their wedding receptions and private events bookings with their own productions (like music performances, seasonal parties and staged shows) on days that their venue tends to sit unoccupied. It can be a great way to cushion income and even perhaps draw in new business, but will take additional resources, marketing and event planning.

Also, if you offer full catering services, you may want to consider offering off-premise catering to maximize revenue from your full-service kitchen (but remember that this comes with its own costs and challenges like maintaining a full-time kitchen staff, marketing, delivery, etc.).

#7 – If something isn’t right with your buildout, speak up with your contractor now (or risk living with elements that turn off your clients)

“Once you’re in the building phase, be very, very picky with your contractors,” said Michael. “If it’s not done exactly the way you want it done, have them redo it. This has got to be part of your contract with each vendor, whether you’re using a general contractor, or you’re contracting things out yourself.

“So if you’ve got a trim carpenter who’s doing crown molding, and there’s a little gap, well that needs to be filled and resanded and repainted. You don’t pay them their last dollar until every single thing is done to your liking.

Reserving the right to thoroughly inspect the work of your contractors, and even stop them in their process to change or correct something, will ensure that your build is completed exactly how you (and your potential clients) envision it. Remember, even if you aren’t being nitpicky, your guests and customers will be, and shoddy workmanship can lead to clients taking a pass on leasing your space.

#8 – Design your venue to impress your most difficult client

When designing, building and finalizing your event venue, you have to oversee the buildout or remodel with the eye of your most difficult customer in mind, says Michael.

“You’ve got to think about what your most discriminating client is going to look for when they walk through your doors, and you must have that covered,” says Michael. “Because you’re going to have event planners and very discriminating clients who are very picky — whether it’s about the decor, floral arrangements, or food options — and they’re going to nitpick it all.”

Without research, it can be difficult to know exactly what elements are turning potential clients away, and that’s because, as Micheal says, “if they walk through and see something that’s not right for them, they’re not going to say anything to you. They’re just going to take you off their list and move on.”

To avoid this, you may want to have your architect or venue designer create a few different mockups and show them to your target audience members as well as local event planners to get their opinions and feedback.

#9 – Full kitchen or prep kitchen? Decide which is going to work best for your space, your audience and your bottom line

Most venues either opt for a full-service kitchen that they either staff themselves or reserve for their preferred caterer, or they go with the less expensive option of a prep kitchen that outside caterers can use to stage pre-cooked cuisine. Our experts have some slightly different preferences and insights on both of these options, both equally illuminating.

“In our venue, we currently have a prep kitchen,” said Michael “We’ve got the refrigerator, ice maker, two hot boxes, plenty of counter space, sink space, the whole nine yards. All a caterer has to do is come in, bring in a few specialty pieces that they need and they are set.”

“A full service kitchen ideally would be my preference because you get the freshest food,” Michael adds. “If you’re building a facility from scratch, I would recommend planning an actual full kitchen, but it takes a little more prep work in advance because you have to know what kind of grease hold you need to have, what kind and size of venting you need to have in place and things like that. But that sets you up so you can either offer the kitchen space to an outside vendor as a prep kitchen or to an in-house vendor as a full kitchen.”

Dianne counters, “If all you’re doing is banquets and you have a large banquet hall, invest in the full kitchen. But I’m not a fan of full kitchens unless you know you’re going to book out 300 catered events a year in your event center. Remember that kitchens are costly, and your gross margin on a kitchen and food is almost always going to be razor thin. Ask yourself ‘If you build it, do you have all the business to support it?’”

“For example, we closed our staffed commercial kitchen in 2019 because we had been losing money,” said Dianne. “It has now been turned into a prep kitchen. And honestly, unless you have a hotel or conference center with restaurants and room service and you can make money outside of the event space with those other options, a full kitchen requires lots of staffing and the food costs are only going up, which cuts your margins even more.”

Dianne also offers that there are many great caterers in practically every market that your clients can choose from, so if you take the prep kitchen route it can lower your costs on your kitchen build (one time) and staffing (ongoing) and also provides more flexibility for your clients and event planners.

“By having a prep kitchen that we let any client bring their caterer into, it opened up a whole new revenue stream for our private events [as opposed to requiring clients to use our food and beverage services],” added Dianne. “And anyways caterers are going to have better pricing than you, the venue, because it’s all they do and they usually have less overhead and lower staffing costs.”

#10 – You can still make money outsourcing to caterers, too.

“Our relationship with our in-house caterer and our preferred beverage vendor is that they give us a specific percentage back on the back end of their food and beverage sales,” said Michael. “In exchange for that, they are our in-house provider.”

This partnership means that Michael consistently recommends and sells his catering partner to her clients, only relenting when clients are persistent on bringing in their own food vendors to fit their vision.

Micheal has also established a similar partnership with his beverage vendor, which he doesn’t budge on because this in-house vendor also carries the proper alcohol licensing that covers Michael and his facility from a liability and regulatory standpoint, giving him peace of mind.

Dianne does have a different viewpoint and finds value in her choice to leave catering options completely open to her potential clients.

“I’m not a big person for official suppliers, especially caterers,” said Dianne. “I kind of buck the trend on that one, because I want the client to come in and bring in who they trust and who they work with as opposed to me telling them that they have to work with an in-house caterer. You lose the bigger piece of the business – the space rental – over providing food, which is usually making little to no margin.”

Reviewing your target audience can help you decide whether partnerships will be right for your client base. If your ideal customer isn’t an expert at planning their own corporate or social events, they may appreciate the simplicity of choosing from a preferred vendor list. However, if you frequently cater to professional event planners and event production firms, it may be a smarter choice to allow your customers to bring in their own vendors.

#11 – Establish vendor relationships early on

If you’re building an in-house team of preferred vendors, then building relationships with quality vendors can be extremely helpful to a venue startup when launching a wedding venue or conference space.

“Before you’re even in the facility, it’s all about your networking, starting with who your preferred vendors are and what kind of relationships are you going to set up with them,” said Michael. “Do you want to do a cross referral back and forth with commissions you send each other’s way? That’s not a bad thing at all, but you do need to establish good business boundaries and respect for each other. And you really need to have vendors who are going to go above and beyond for you whenever you need it.”

When searching for and selecting the vendors you want to work with, Michael suggests trying to find a vendor for each category that you don’t already serve in house (catering, beverage, floral, DJs, AV, etc.) then narrowing it down to who has the best reputation. Try to create and build on those relationships well before opening so you already have a team of vendors who understand your business and your facility, and who you can refer clients to.

Even if you decide not to have preferred or in-house vendors, simply compiling a list of reliable local vendors for your clients (so they can choose their own) is a great value-add … and it also helps ensure that the vendors coming through your doors are responsible and committed to delivering on behalf of your clients.

Making vendor connections can happen anywhere, but our experts recommend that venue owners start with attending local networking events for event planning professionals as well as asking around about vendors that stand out in your local hospitality industry.

“Visit the bridal shows, look for vendors who have the best setup and talk with event planners there because they’re going to give you the 411 about who you need to know vendor-wise,” said Michael. “Then, take them to lunch, take them to dinner, send them a gift, show them the progress on your space. They will love it because they’re excited about creating that relationship and that new potential business.”

#12 – Hire flexible, multi-skilled staff who can do everything

In addition to acquiring a list of quality vendors you can lean on, you should also build a team of multi-talented employees who can serve in multiple functions in your event business.

“Our full time staff members don’t have job titles,” said Dianne. “Because today you may be doing marketing, tomorrow you’re creating an event, the next day you might be answering the phone, the day after that you’re working as a bartender … because all our staff are certified to serve alcohol.”

Dianne suggests that, instead of filling each slot with a specialized person, you should create a “lean-and-mean” team of generalists who are interested in learning the industry and enjoy the flexibility and freshness of an ever-evolving position.

“Even though my staff could probably go out and get any variety of jobs, they love working here because they’re not doing the same thing over and over again and we pay them good money,” said Dianne. “This way it keeps them learning and engaged and there’s always a challenge for them.”

She also warns against overextending yourself and your staff by trying to run full-time, night-and-day event operations with a part-time staff. Instead, try to build a solid crew of reliable full-time employees and supplement where needed. See where and how you can stretch your resources without creating staff burnout.

#13 – Start your marketing efforts long before opening your event space (at least six months out)

When you open the doors to your new event space, you already want to have your event and meeting rooms pre-booked with as many weddings, birthday parties, corporate events, conferences and festivals as possible. The way to do this is by marketing and building an audience before cutting the ribbon on opening day.

Michael says that venue owners who haven’t created a venue website and built a following online via social media platforms (especially Facebook, Instagram and Pinterest) prior to opening have a harder time filling their calendar and tend to have a slower start.

“You’re going to be paying rent or a mortgage, all these utilities, employee expenses, and if you don’t have a following yet, you won’t be able to start covering all these expenses out of the gate,” said Michael.

“Six months out from opening day, you need to begin your social marketing,” added Michael. “You want to show your progress, announce new relationships with vendors and get them to reciprocate via social media.

“You will need a website built with search engine optimization and with pictures, and if you don’t have pictures yet you can at least have architect renderings and staff pictures.”

Of course, all of these tactics should line up with your overall marketing strategy outlined in your business plan.

#14 – Hire a sales manager six months prior to opening

When you launch your marketing campaigns, you’ll need to have a sales manager in place who can speak with potential clients as well as start an outbound sales effort.

“If you’re not planning six months in advance with hiring a sales manager, then expect your first 90 days in business to be really hard because you’re not going to have those immediate bookings that can begin to pay your bills after your opening,” said Michael.

Sales Manager for Opening an Event Venue

Some venue owners may assume responsibility for generating sales themselves to stay lean, but Michael suggests that hiring someone to cover this task while you focus your energy on getting your startup venue in shape is a wise investment.

“Unless you can generate sales yourself while you oversee all the details of your construction and all of the other obstacles you will face … and there will be a many … your best bet is to hire a sales manager to focus on getting clients in the door when you open,” said Michael.

Michael suggests leaning on existing networks and checking out local Facebook groups to find talented salespeople who aren’t already attached to a property and may be interested in your vision. Just don’t poach staff from other venues, which will create a bad first impression and negative word of mouth in the industry, something you don’t need before you launch.

FYI … Here’s a great resource with expert insights for growing event sales for venues .

#15 – Don’t skimp on venue management software and tools … and have them in place when you hire your sales manager

Once you have your marketing and sales team in place, ideally, you’ll start to receive bookings. This means that you should also have your software and systems in place. Trying to piece it together as you go can create a chaotic flow and disjointed processes for you, your staff and your clients and can cause some costly mistakes early on.

Michael suggests getting a Planning Pod account set up as soon as possible so that you can begin to manage your bookings, business, sales and marketing efforts. Planning Pod also allows you to build reusable templates for contracts, proposals, invoices, BEOs and floor plans so that you can create these ahead of time before you launch.

Micheal also recommends setting up a voice-over-IP phone answering service so your personal cell phone doesn’t become the business phone … which you will regret as your business grows. He also stresses that you should get your important legal documents in order before you start booking events and have an attorney draft your contract so that it’s ironclad with regard to cancellation, refund and damages policies (a painful lesson learned by many special events venues during the coronavirus pandemic).

#16 – Don’t forget to institute safety measures and policies … and don’t try to save by not insuring yourself

“Safety is a huge priority when considering operations,” said Dianne. “Whether it’s food safety, setting up furniture or stages, guest safety, fire safety or capacity requirements. If you’re not an expert on facility safety, hire a consultant, because if you don’t get this right it will bite you in the bum faster than anything else.”

Dianne also mentioned that human resources and insurance policies should be things that you put in place very early on (general business, property and liability policies are a must).

#17 – Have all your furnishings, equipment and supplies on-hand and available three months before opening day

As part of your timeline for opening an event venue, you’ll need to determine when you should order all your supplies and furnishings so that it’s on premise in plenty of time for your opening.

“Three months before you open is when you want to make sure that you have all of your furnishings on hand and in the facility,” said Michael. “This includes all of your tables and chairs, tableware, plateware, silverware, chargers and linens.”

Some pieces can be outsourced, and Michael actually recommends looking into using a linen service at first, which can save you money as you start a venue business. However, he emphasizes that, “tables and chairs should be bought upfront because within just four to six months you will have paid in rental costs what it would have cost you to purchase initially. Just think of this as an investment of getting started.”

And if you aren’t sure which style chair to go with, Michael has an affinity for Chivari chairs, simply because they are very classic. He warns against wooden chairs, which typically need to be replaced in less than a year’s time due to wear-and-tear.

“You can opt for the resin-over-steel-frame version, but I would recommend the clear polycarbonate resin because they have a much longer life and they’re not going to change color,” said Michael. “It’s a much better investment long term. Also make sure the tables and chairs you buy can stand up to tough cleaning products, because you are going to be cleaning these quite often.”

If you plan on having a busy rental business side of your venue, you may also want to purchase items like dance floors, stages, podiums and decor, as you will end up saving money much like you would by purchasing chairs and tables upfront.

Whatever style you choose, just make sure to order them in time. Some items may take longer to fulfill than expected, and things can get backstocked, lost in transit or arrive damaged. When your items do come in, you should inspect each piece and log them into your inventory system, especially if you’re planning on leasing items.

#18 – Practice makes perfect and mock-ups can help sell new clients

Dianne believes that new and seasoned venue owners alike should take advantage of dry runs. Running through a dummy event can help you and your team iron out kinks in your processes and also makes clients feel more confident knowing that you have rehearsed things.

Setting up your room in various styles also helps potential clients visualize your space and gives them an idea of how flexible you can be in realizing their vision.

“I would go in and set up rooms and spaces with tables, chairs, decor and drapes, all in various styles – classrooms, banquets, whatever,” said Dianne. “Then, I’d create floor plans based on these setups and take pictures so you can show your customers and put them on your web site. That way, they can realistically see what things will look like.”

That last idea is a great tip, because these dry-runs and mock-ups give you photos and images that can be shared on your social media profiles and posted on your website until you have photos of actual events.

#19 – Make the most of your grand opening

Your grand opening needs to be so much more than sending out some email invites and putting out a few appetizers and beverages for whoever stops by. It’s really about making valuable and necessary connections in your industry and community while showing off everything you have to offer. You are an event venue, after all, so your grand opening should be extremely well planned, immaculately executed and heavily attended.

“Always, always do an open house,” said Dianne. “Invite industry people in to snoop around, because they love it. If you’ve got food and beverage in house, this is when you’re highlighting the new menu and getting people to savor it.”

She also said to make sure to chat up all the local event planners, meeting planners and people who produce big events. She encourages venue owners and sales managers to join local associations way ahead of time, even if you have to sign up as a supplier (which is usually more expensive), just to get your name out there and to get these key contacts to attend your event.

“Long before your grand opening gala, you need to get involved with your local Chamber of Commerce, a local Rotary Club, local chapters of industry associations like ILEA [ International Live Events Association ], NACE [ National Association for Catering and Events ] and MPI [ Meeting Professionals International ] and local wedding association chapters like ABC [ Association of Bridal Consultants ],” agreed Michael. “And don’t just sign up, but be actively involved with them and make those relationships. That way, when it comes time to announce your open house, they are all on your invite list and eager to attend.”

Michael also recommends sending out a press release about 30 days prior to your grand opening gala, and he swears by using an experienced PR firm that will have the experience and media connections to help capture the attention of local reporters.

Dianne’s insider secret is to “invite politicians, like your mayor or city council members to your grand opening, because they will let every media outlet in the area know that they will be attending. It’s a good news story for them, and you’d be amazed at how many other people will attend if they know a politician is showing up.”

#20 – Become a integral part of your community and it will pay huge dividends

“Your mindset prior to and long after your launch should be how you can serve and immerse yourself in your community,” said Dianne. “The more you put into the community, the more you will get back in goodwill, word of mouth and bookings.”

Dianne recommends building business by becoming a community staple, and to do that, you may want to consider offering some spiffs and freebies early on.

“Think about how you can participate in your community, in organizations and on boards, and how you can promote other businesses in your community, because they will reciprocate if you become their trusted partner and promoter,” said Dianne. “If you get involved in the community and be a good community member, I practically guarantee you’ll have success.”

Some tactics she has used before include using dark nights or unbooked days to let speakers host engagements for free or offering her facilities or meeting rooms as a monthly meeting space for local nonprofit groups.

“When you first start out, you simply want boots through the door to check out your new space and kick the tires,” said Dianne. “The more people see it, the more they get familiar with it.

Donating unused, un-rented space to help the pillars of your community doesn’t cost much and can lead to much bigger returns.

“These groups may only have 20 or so people at their meetings, but they all have social networks, and because you are doing them a favor, they will spread the word into the community about you. You’d be amazed how many community group organizations that we’ve helped out have promoted us on social media, and that became another big marketing channel in driving clients through our doors.”

Starting an event space? Don’t forget to talk to seasoned pros like Dianne and Michael

Launching any new business comes with its fair share of learning curves. However, relying on the advice and experience of industry experts can go a long way in helping you gain insights from their successes and prevent making the same mistakes that they did. Experts like Dianne and Michael come with decades of experience of hosting all types of events (and the hard-earned lessons that come with it).

At Planning Pod, as a venue management software solution used by hundreds of venues, we come across our fair share of experienced venue owners, from L.A. to New York and everywhere in between, who wish they knew what they know now before they opened an event space.

As such, we encourage you to reach out to other venue owners and pick their brains about what you should (and shouldn’t) be doing as you move forward with your event space startup. This might require you to join a professional organization like ILEA or MPI, to reach out to hospitality business owners outside of your area or to even hire a venue consultant to help you through the process.

In the end, all this preparation is worth it because it starts you down the right path to success. Having the right tools and processes in place is part of this preparation, and that’s where Planning Pod comes in. Our all-in-one venue management software provides everything you need to manage your bookings, sales, billings, communications and more. Sign up for a free trial.

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This is an excellent guide!

Very thorough and practical advice. One of the best resources I have come across so far – thank you!

This was amazing content. Easy to understand. I learned a lot of new things I never thought to consider. Thank you!

Excellent!!! A very easy guide – all things I feel are doable! Thank you!

Awesome step by step content! I loved the part where you mentioned to design your venue to impress your most difficult client! Very informational article – Thanks!

WOW!!! Just WOW!!! Can’t even imagine what this info would’ve cost! I’m 10x more excited to break into the event venue bus in. Now. THANK U THANK U THANK U!!!

Wow! Great. The content is very very informative. Thank you.

Very detailed explanation, I gained so much insight into this new project and I am really excited about it

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Event Venue Business Plan: How to Start and Grow Your Event Space Business

Are you looking for a way to turn your passion for hosting events into a profitable business? Do you want to know how to create a successful event venue business plan that will attract investors and customers? If so, you are in the right place.

In this article, we will show you how to start and grow your event space business with a comprehensive and professional business plan. We will also provide you with a free business plan template and examples that you can download and customize for your own needs.

What is an Event Venue Business?

An event venue business is a company that provides a space for hosting various types of events, such as weddings, corporate meetings, social gatherings, sports events, and more. An event venue business can offer different services and amenities, such as catering, entertainment, equipment rental, security, parking, and more.

An event venue business can be a lucrative and rewarding venture, as it can generate multiple streams of income from different clients and events. However, it also requires a lot of planning, investment, marketing, and management to succeed in a competitive market.

Why Do You Need an Event Venue Business Plan?

A business plan is a document that describes your business goals, strategies, market analysis, financial projections, and operational details. It is essential for any type of business, especially for an event venue business, because:

It helps you clarify your vision and mission for your business
It helps you identify your target market and competitive advantage
It helps you plan your marketing and sales strategies
It helps you estimate your startup and operational costs
It helps you forecast your revenue and profit potential
It helps you attract funding from investors or lenders
It helps you monitor and evaluate your progress and performance

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Hire a professional writer to write an event venue business plan?

How to Create an Event Venue Business Plan?

Creating an event venue business plan can be a daunting task, but it can be simplified by following these steps:

Executive Summary: This is a brief overview of your business plan that summarizes your business idea, goals, market opportunity, competitive edge, funding request, and financial highlights. It should be written last after you have completed the rest of the sections. Learn more on business plan executive summary .

Company Overview: This is where you introduce your company name legal structure (sole proprietorship, partnership, corporation, etc.), ownership (who owns the company), history (when and how it was founded), vision (what you want to achieve) and mission (how you want to achieve it). Check our detailed guide on business plan company overview .

Industry Analysis: This is where you analyze the current trends and outlook of the event venue industry in your area or country. You should include information such as the size, growth, demand, supply, segmentation and profitability of the industry. You should also identify the opportunities and threats that affect your business. Read more on business plan industry analysis .

Competitive Analysis: This is where you identify and evaluate your direct and indirect competitors in the event venue market. You should include information such as their names, locations, services, prices, strengths, and weaknesses. You should also explain how you plan to differentiate yourself from them and gain a competitive advantage. Learn more on business plan competitive analysis .

Customer Analysis: This is where you define and describe your target market segments and customers. You should include information such as their demographics (age, gender, income, etc.), psychographics (interests, preferences, etc.), behavior (how they search for and book event venues), needs (what they want from an event venue) and pain points (what problems they face with event venues). You should also explain how you plan to reach them and satisfy them with your services.

Operations Plan: This is where you describe how you will run your event venue business on a daily basis. You should include information such as your location (where your event space is located), facilities (what features and amenities your event space offers), equipment (what tools and machines you need to operate), suppliers (who provides you with goods or services), staff (how many people you need to hire and what roles they perform), processes (how you deliver your services) and quality control (how you ensure customer satisfaction). Do you want to explore more, find how operations plan works in business plan .

Marketing Plan: This is where you outline how you will promote your event venue business to attract customers. You should include information such as your marketing objectives (what you want to achieve with your marketing efforts), marketing strategies (how you will use the 4Ps of marketing: product, price, place, and promotion), marketing channels (where you will advertise or communicate with your customers), marketing budget (how much money you will spend on marketing) and marketing metrics (how you will measure the effectiveness of your marketing).Find our guide on what to include in marketing plan in business plan .

Funding Request: This is where you state how much money you need to start and run your event venue business, and how you plan to use it. You should include information such as your funding sources (where you will get the money from), your funding needs (how much money you need for each purpose), your funding terms (what interest rate, repayment period, and collateral you offer), and your funding projections (how the funding will affect your financial performance).

Financial Plan: This is where you provide the financial statements and forecasts for your event venue business. You should include information such as your income statement (showing your revenue, expenses, and profit), your balance sheet (showing your assets, liabilities, and equity), your cash flow statement (showing your cash inflows and outflows), and your break-even analysis (showing when you will start making a profit). You should also include some financial ratios (such as profitability, liquidity, and solvency) and assumptions (such as growth rate, inflation rate, and tax rate) that support your financial plan. Read more on what to include in business plan financial plan .

Appendix: This is where you attach any additional documents or information that support your business plan, such as market research data, customer testimonials, legal documents, resumes of key personnel, contracts, licenses, permits, etc. Check more details on what to include in business plan appendix .

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Where can you get an event venue business plan template and example.

If you want to save time and effort in creating your event venue business plan, you can use a template or an example that has already been prepared for you. The following is a free event venue business plan template and an example that you can download.

Event Venue Business Plan Template
Event Venue Business Plan Example

These templates and examples are easy to use and customize for your own needs. They also include tips and guidance on how to write each section of your business plan.

Hire a professional who makes business plan!

Examples of event venue business plans that will assist you in writing yours.

I will give you an example with each section of Oren Co, which is an event venue business that specializes in hosting outdoor events. Here is an example:

Event Venue Business Plan: Oren Co

Executive summary.

Oren Co is a new event venue business that offers a unique and natural setting for hosting various types of outdoor events, such as weddings, corporate retreats, festivals, concerts, and more. Oren Co is located in Washington USA and operates on a 10-acre land that features a lush garden, a pond, a gazebo, a stage, a tent and other amenities. Oren Co aims to provide a memorable and enjoyable experience for its clients and guests, while also being environmentally friendly and socially responsible.

Oren Co has identified a growing demand for outdoor event venues in its area, as more people are looking for alternative and creative ways to celebrate their special occasions. Oren Co has also conducted thorough market research and competitive analysis and has found that it has a strong competitive edge over its rivals, as it offers a unique and natural setting, a variety of services and packages, affordable prices, and excellent customer service.

Oren Co is seeking $100,000 in funding to start and grow its business. The funding will be used for purchasing equipment, hiring staff, marketing and advertising, and working capital. Oren Co expects to generate $300,000 in revenue and $50,000 in profit in its first year of operation, and to break even in its second year. Oren Co also projects to increase its revenue and profit by 20% annually in the following years.

Company Overview

Oren Co is a sole proprietorship owned and operated by Mr. Oren Khan, who has over 10 years of experience in the event management industry. Mr. Khan has worked as an event planner, coordinator and manager for various companies and organizations, such as WiseBusinessPlans, Eventful Solutions and Washington USA Tourism Board. Mr. Khan has also organized and hosted several successful outdoor events for his own clients, such as weddings, corporate retreats, festivals and concerts.

Oren Co was founded in August 2023, after Mr. Khan acquired a 10-acre land in Washington USA that was previously used as a farm. Mr. Khan saw the potential of transforming the land into an event venue that could cater to the growing demand for outdoor events in his area. Mr. Khan invested $50,000 of his own savings to renovate the land and equip it with the necessary facilities and amenities for hosting events.

Oren Co’s vision is to become the leading provider of outdoor event venues in Washington USA and beyond. Oren Co’s mission is to offer a unique and natural setting for hosting various types of outdoor events, while providing high-quality services, affordable prices, and excellent customer service.

Industry Analysis

The event venue industry is a subset of the broader event management industry, which includes planning, organizing and hosting various types of events for different purposes and audiences. The event venue industry consists of companies that provide spaces for hosting events, such as hotels, resorts, convention centers, banquet halls, stadiums, theaters, etc.

According to IBISWorld, the global event management industry was worth $1.1 trillion in 2020 and is expected to grow at an annual rate of 3.6% from 2021 to 2026. The growth of the industry is driven by factors such as increasing disposable income, urbanization, globalization, technological innovation and social media. The industry is also influenced by trends such as personalization, sustainability, diversity and creativity.

The event venue industry in USA is a growing and profitable segment of the event management industry. According to Market Research Future, the event management market in USA was worth $1.2 billion in 2019, and is expected to grow at an annual rate of 8.2% from 2020 to 2025. The growth of the market is driven by factors such as increasing population, economic development, cultural diversity, tourism and entertainment.

The event venue industry in USA is also experiencing a shift in consumer preferences and behavior, as more people are looking for alternative and creative ways to celebrate their special occasions. According to a survey by Eventbrite, 78% of USA consumers prefer to spend money on experiences rather than things, and 72% of them are interested in attending outdoor events. Moreover, according to a report by Event Industry News, outdoor events are becoming more popular and profitable in USA, as they offer more flexibility, variety and affordability than indoor events.

Competitive Analysis

Oren Co faces competition from other event venue providers in its area, both direct and indirect. The direct competitors are those that offer similar services and cater to the same target market as Oren Co, such as outdoor event venues, parks, gardens etc. The indirect competitors are those that offer different services but cater to the same target market as Oren Co, such as indoor event venues, hotels, resorts etc.

Some of the main direct competitors of Oren Co are:

Green Valley: This is an outdoor event venue that offers a green and spacious setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co’s location. It has a capacity of up to 500 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $2,000 per event. Royal Garden: This is an outdoor event venue that offers a royal and elegant setting for hosting weddings, parties, corporate events and more. It is located in Islamabad, about 100 km from Oren Co’s location. It has a capacity of up to 1,000 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $3,000 per event. Dreamland: This is an outdoor event venue that offers a dreamy and romantic setting for hosting weddings, parties, corporate events and more. It is located in Faisalabad, about 150 km from Oren Co’s location. It has a capacity of up to 800 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $2,500 per event.

Some of the main indirect competitors of Oren Co are:

Pearl Hotel: This is an indoor event venue that offers a luxurious and modern setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co’s location. It has a capacity of up to 500 guests, and offers services such as catering, accommodation, entertainment, photography etc. It charges an average of $4,000 per event. Grand Resort: This is an indoor event venue that offers a grand and elegant setting for hosting weddings, parties, corporate events and more. It is located in Islamabad, about 100 km from Oren Co’s location. It has a capacity of up to 1,000 guests, and offers services such as catering, accommodation, entertainment, photography etc. It charges an average of $5,000 per event. Paradise Hall: This is an indoor event venue that offers a simple and affordable setting for hosting weddings, parties, corporate events and more. It is located in Faisalabad, about 150 km from Oren Co’s location. It has a capacity of up to 800 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $1,500 per event.

Oren Co has a strong competitive edge over its rivals, as it offers a unique and natural setting that appeals to the growing demand for outdoor events in its area. Oren Co also offers a variety of services and packages that suit different needs and budgets of its clients. Oren Co also offers affordable prices and excellent customer service that ensure customer satisfaction and loyalty.

Customer Analysis

Oren Co’s target market consists of individuals and organizations that are looking for an outdoor event venue for hosting various types of events, such as weddings, parties, corporate retreats, festivals, concerts etc. Oren Co’s target market can be segmented into two main groups: personal customers and business customers.

Personal customers are those who are looking for an outdoor event venue for hosting their personal or social events, such as weddings, parties, anniversaries etc. These customers are mainly motivated by factors such as personal preference, emotional value, social status and word-of-mouth. These customers are mainly located in Washington USA and nearby regions, and have an average income of $10,000 per year.

Business customers are those who are looking for an outdoor event venue for hosting their business or professional events, such as corporate retreats, team building activities such as corporate retreats, team-building activities, seminars, workshops etc. These customers are mainly motivated by factors such as business objectives, cost-effectiveness, convenience and reputation. These customers are mainly located in Washington USA and nearby regions and have an average income of $50,000 per year.

Oren Co’s target market is large and growing, as more people and organizations are looking for alternative and creative ways to celebrate their special occasions. According to a report by Event Industry News, the outdoor event market in USA is expected to grow at an annual rate of 10% from 2020 to 2025. Oren Co’s target market is also profitable, as the average spending per event is $2,500 for personal customers and $5,000 for business customers.

Oren Co’s target market is also accessible and reachable, as Oren Co can use various channels and methods to promote its services and attract its customers, such as online platforms, social media, referrals, partnerships etc. Oren Co can also leverage its location advantage, as it is situated in a strategic and convenient location that is easily accessible by road and public transportation.

Marketing Plan

Oren Co’s marketing plan consists of four main elements: product, price, place and promotion.

Product: Oren Co’s product is its outdoor event venue that offers a unique and natural setting for hosting various types of events. Oren Co’s product also includes its services and packages that provide catering, decoration, entertainment, photography and other amenities for its clients and guests. Oren Co’s product is designed to meet the needs and expectations of its target market, as it offers flexibility, variety and affordability.

Price: Oren Co’s price strategy is to offer competitive and reasonable prices that reflect the value and quality of its product. Oren Co’s price strategy also aims to attract and retain its customers, as well as to generate revenue and profit for its business. Oren Co’s price strategy is based on factors such as market demand, competitor prices, cost of production and profit margin. Oren Co’s average price per event is $2,500 for personal customers and $5,000 for business customers.

Place: Oren Co’s place strategy is to distribute its product through its own physical location that serves as its outdoor event venue. Oren Co’s place strategy also involves using online platforms such as its website and social media accounts to showcase its product and communicate with its customers. Oren Co’s place strategy is intended to make its product available and accessible to its target market, as well as to create a positive image and reputation for its business.

Promotion: Oren Co’s promotion strategy is to use various channels and methods to advertise and promote its product and business to its target market. Oren Co’s promotion strategy also aims to create awareness, interest and desire for its product, as well as to encourage action and loyalty from its customers. Oren Co’s promotion strategy includes the following activities:

Online marketing: Oren Co will use online platforms such as its website, social media accounts, email newsletters, blogs etc. to showcase its product, share its stories, testimonials and reviews, offer discounts and incentives, and interact with its customers and potential customers.

Offline marketing: Oren Co will use offline channels such as flyers, brochures, banners, posters etc. to display its product, highlight its features and benefits, and provide its contact details and location. Referral marketing: Oren Co will use word-of-mouth and referrals to spread the word about its product and business, and to generate positive feedback and recommendations from its customers and partners. Oren Co will also offer rewards and incentives for referrals, such as discounts, vouchers, freebies etc.

Partnership marketing: Oren Co will partner with other businesses and organizations that are related or complementary to its product and target market, such as event planners, caterers, decorators, entertainers, photographers etc. Oren Co will also partner with local media outlets, influencers, celebrities etc. to gain exposure and publicity for its product and business.

Financial Plan

Oren Co’s financial plan consists of three main components: startup costs, income statement and cash flow statement.

Startup costs: Oren Co’s startup costs are the expenses that are required to start and launch its business. Oren Co’s startup costs include the following items:

Equipment: This includes the purchase of equipment such as tables, chairs, tents, stage, sound system, etc. The total cost of equipment is $30,000.

Staff: This includes the hiring of staff such as event manager, event coordinator, event staff etc. The total cost of staff is $10,000.

Marketing: This includes the expenses for marketing activities such as online marketing, offline marketing, referral marketing and partnership marketing. The total cost of marketing is $5,000.

Legal: This includes the fees for legal services such as registration, licensing, permits etc. The total cost of legal is $2,000. Miscellaneous: This includes the costs for other items such as insurance, utilities, maintenance etc. The total cost of miscellaneous is $3,000. The total startup costs for Oren Co are $50,000.

Income statement: Oren Co’s income statement is a summary of its revenue and expenses for a given period of time. Oren Co’s income statement for the first year of operation is as follows:

Revenue: This is the amount of money that Oren Co earns from its product sales. Oren Co’s revenue is calculated by multiplying the number of events by the average price per event. Oren Co expects to host 100 events in the first year, with an average price of $3,500 per event. Therefore, Oren Co’s revenue for the first year is $350,000.

Expenses: This is the amount of money that Oren Co spends on its business operations. Oren Co’s expenses include the following items:

Cost of goods sold: This is the cost of producing and delivering its product. Oren Co’s cost of goods sold is calculated by multiplying the number of events by the average cost per event. Oren Co estimates that the average cost per event is $1,500, which includes the costs of catering, decoration, entertainment, photography and other amenities. Therefore, Oren Co’s cost of goods sold for the first year is $150,000.

Operating expenses: This is the cost of running and managing its business. Oren Co’s operating expenses include the following items:

Staff: This is the cost of paying salaries and wages to its staff. Oren Co estimates that it will have 10 staff members in the first year, with an average salary of $1,000 per month. Therefore, Oren Co’s staff expense for the first year is $120,000.

Marketing: This is the cost of conducting marketing activities to promote its product and business. Oren Co estimates that it will spend 10% of its revenue on marketing in the first year. Therefore, Oren Co’s marketing expense for the first year is $35,000.

Legal: This is the cost of paying fees for legal services such as registration, licensing, permits etc. Oren Co estimates that it will spend 5% of its startup costs on legal in the first year. Therefore, Oren Co’s legal expense for the first year is $2,500.

Miscellaneous: This is the cost of paying for other items such as insurance, utilities, maintenance etc. Oren Co estimates that it will spend 5% of its revenue on miscellaneous in the first year. Therefore, Oren Co’s miscellaneous expense for the first year is $17,500.

The total expenses for Oren Co are $325,000.

Profit: This is the amount of money that Oren Co earns after deducting its expenses from its revenue. Oren Co’s profit is calculated by subtracting its expenses from its revenue. Therefore, Oren Co’s profit for the first year is $25,000. Cash flow statement: Oren Co’s cash flow statement is a report of its cash inflows and outflows for a given period of time. Oren Co’s cash flow statement for the first year of operation is as follows:

Cash inflows: This is the amount of money that Oren Co receives from its product sales and other sources. Oren Co’s cash inflows include the following items:

Revenue: This is the same as the revenue in the income statement. Oren Co’s revenue for the first year is $350,000. Loans: This is the amount of money that Oren Co borrows from banks or other lenders to finance its startup costs and working capital. Oren Co plans to obtain a loan of $40,000 with an interest rate of 10% per annum and a repayment period of 5 years. Therefore, Oren Co’s loan inflow for the first year is $40,000. The total cash inflows for Oren Co are $390,000.

Cash outflows: This is the amount of money that Oren Co spends on its business operations and other purposes. Oren Co’s cash outflows include the following items:

Startup costs: This is the same as the startup costs in the financial plan. Oren Co’s startup costs are $50,000. Expenses: This is the same as the expenses in the income statement. Oren Co’s expenses for the first year are $325,000. Loan repayments: This is the amount of money that Oren Co pays back to its lenders for its loan principal and interest. Oren Co’s loan repayments are calculated by using an amortization table. According to the table, Oren Co’s loan repayments for the first year are $10,200.

The total cash outflows for Oren Co are $385,200.

Net cash flow: This is the amount of money that Oren Co has left over after subtracting its cash outflows from its cash inflows. Oren Co’s net cash flow is calculated by subtracting its cash outflows from its cash inflows. Therefore, Oren Co’s net cash flow for the first year is $4,800.

Oren Co is a new business that offers an outdoor event venue for hosting various types of events in Washington USA. Oren Co has a strong competitive edge over its rivals, as it offers a unique and natural setting that appeals to the growing demand for outdoor events in its area. Oren Co also has a large and profitable target market that consists of individuals and organizations that are looking for an alternative and creative way to celebrate their special occasions. Oren Co also has a comprehensive marketing plan that uses various channels and methods to advertise and promote its product and business to its target market. Oren Co also has a realistic financial plan that shows its revenue and expenses projections, as well as its cash flow analysis. Oren Co expects to generate a profit of $25,000 and a net cash flow of $4,800 in the first year of operation.

Oren Co is confident that it can achieve its goals and objectives, as it has a clear vision, mission and values that guide its business decisions and actions. Oren Co also has a dedicated and experienced team that works hard to deliver high-quality products and services to its customers and guests. Oren Co also has a positive and optimistic attitude that helps it overcome any challenges or difficulties that it may face along the way.

Oren Co hopes that this business plan will convince potential investors and partners to support its business venture and help it grow and succeed in the outdoor event industry.

Learn how to write business plan!

Event venue business plan faqs.

Permits and licenses vary by location, but generally, you’ll need a business license, zoning permits, health and safety permits, and possibly a liquor license.

Use online platforms like your website and social media, offer competitive pricing, exceptional customer service, and network with event planners and industry professionals.

Effective strategies include having a visually appealing website, utilizing social media, collaborating with local event vendors, hosting open houses, and offering discounts for initial bookings.

Clear communication with clients, comprehensive event contracts, detailed checklists, and assigning a dedicated event coordinator or team are essential for managing event logistics.

Typical costs include rent/mortgage payments, utilities, insurance, maintenance, marketing, staff salaries, and event-specific expenses like catering and audiovisual equipment.

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Event Venue Business Plan Template

If you want to start an Event Venue business or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their Event Venue businesses.

Below are links to each section of your Event Venue business plan template:

Next Section: Executive Summary >

Event Venue Business Plan FAQs

What is the easiest way to complete my event venue business plan.

Growthink's Ultimate Event Venue Business Plan Template allows you to quickly and easily complete your Event Venue Business Plan.

What Is an Event Venue Business Plan?

A business plan provides a snapshot of your event venue as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why Do You Need a Business Plan for an Event Venue Business?

If you’re looking to start an event venue business, or grow your existing event venue business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your event venue business in order to improve your chances of success. Your Event Venue Business Plan is a living document that should be updated annually as your company grows and changes.

What Are the Sources of Funding for Event Venue Businesses?

With regards to funding, the main sources of funding for an event venue business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for an event venue business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund an event venue. They might consider funding an event venue business with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.

Where Can I Find a Sample Business Plan For An Event Venue?

Find a sample business plan for an event venue in this article .

Where Can I Get an Event Venue Business Plan PDF?

You can download our free event venue business plan template PDF here . This is a sample event venue business plan template you can use in PDF format.

EVENT VENUE BUSINESS PLAN OUTLINE

Event Venue Business Plan Home
1. Executive Summary
2. Company Overview
3. Industry Analysis
4. Customer Analysis
5. Competitive Analysis
6. Marketing Plan
7. Operations Plan
8. Management Team
9. Financial Plan
10. Appendix
Event Venue Business Plan Summary

Create The Best Business Plan For Event Venue Spaces

Creating your event venue business is an exciting adventure. But to ensure a successful event venue business, you’ll need an event venue business plan that collects market and competitor research and conceptualizes your goals.

Without a business plan, you risk blind event planning and underselling or overestimating the value of your business and the event space.

To create a business plan for an event venue that points your ship in the right direction, use this simple but comprehensive guide.

What Is an Event Venue Business Plan?

An event venue business plan is a document that records your business vision and goals for the future.

Why Create an Event Venue Business Plan?

Beyond clearly stating your long and short-term business goals, a business plan is also a great way to conceptualize your business idea. This is especially important in the event venue business.

The event venue industry has many types of event spaces, from wedding venues to corporate events venues. Without clear direction, you risk spreading yourself and your resources too thin.

Clear goals, on the other hand, encourage focused energy and resources.

An event venue business plan also comes in handy if you’re looking for financing. Whether you’re applying for a business loan or enticing investors, a well-researched and comprehensive event venue business plan will work in your favor.

So, whether it be gaining funds at the start of your journey or overhauling your event venue business to breathe new life into an old model, your event venue would benefit from an event venue business plan.

How To Create An Event Venue Business Plan

Make the most of your time, resources, and event venue businesses by crafting a comprehensive business plan.

Use this event venue business plan template as a guide.

Executive Summary

The executive summary works as a quick overview and index of your entire event venue business plan. It should be short and to the point.

To start it off, list your event venue mission statement and the current status of your business. Are you starting a new event venue business? Are you aiming to revive an old business model? Are you hoping to franchise your event venue business?

Once that's done, create headings for the below sections and summarise the key point of every section.

Event Venue Company Overview

The company overview section is a clear and objective analysis of your event venue business.

Cover the following sections:

Event Venue Business Background: List your experience working in the event venue industry if your business is a startup. If you’re already running your own event venue business, list the business background.
Business Strengths & Weaknesses: The business plan is about fortifying your weaknesses and solidifying your strengths. Create an objective overview of both in your event venue business plan.
Event Venue Milestones: For event spaces already booking clients, list branding, financial, and other business milestones.
Business Legal Status: Is the event venue business a joint venture with shareholders or only yours? What permits and legal allowances does the event venue business have? For example, do you have liquor licenses for your event venues? List all legal statuses in this section.

Event Venue Market Analysis

Market research is essential for any business and it’s no different for event venues. To ensure a successful event venue business, use online resources and in-person observations to answer key market research questions.

Is there a local market for event venues?
Which event venue types are making the most money?
What are local event venue trends?
What are the annual revenue and profit margins for event venues?
Is the market oversaturated?
Is there a good industry forecast for the next couple of decades?

Be honest and thorough with these questions. It’ll provide objective analysis that you can use to make smart business decisions. It’ll also bolster shareholder confidence.

This section should also contain a robust competitor analysis, including what they’re doing to succeed and what you can do to gain a competitive advantage in the event industry. What makes your event venue different?

Customer Profiles

To effectively market your event space and attract the right customers, you’ll need to know who your target audience is. Use the data gathered in the previous section and CRM software to create customer profiles and segments .

Key demographics include:

General location
Gender distribution
Average income

Use this data to create profiles and service segments.

Service segmentation is creating different profiles for different event venue services. If your event space hosts wedding and corporate events, the ideal customer for each segment and the associated marketing will look different.

By segmenting groups, you can create effective pinpoint marketing strategies for each segment.

Event Venue Marketing Strategy

The above sections provide invaluable insights into the local market and its needs, as well as the clients you’re looking to attract.

Use the data to create strategic event venue marketing strategies to further your chance of event venue business success.

In your event venue business plan, list the marketing channels you plan on using, how you hope to strategically capture the target audience, what makes your event space different, and the services you’ll offer to entice customers.

Event Venue Goals

Goals are essential for an effective business plan. Take time to think of goals for your business. You can also add timeframes to achieve them. The goals should be achievable but challenging.

Business Operations Structure

Next, outline the business operations structure. List the internal management team, their responsibilities, stakeholders, and other hierarchies.

Event Venue Financials

To create clear goals, implement competitive pricing strategies, and manage day-to-day operations, gather the following:

Operating Expenses: These are all the daily expenses like utilities, staff salaries, maintenance fees, vendors fees, etc. List all expenses, even the small ones you don’t think make a difference in the final count.
Start-Up Costs: Even if you’re not technically a start-up, you’ll need funds to overhaul your event venue business. List all start-up and overhaul costs to determine how much you’ll need.

Lastly, if your event venue is already booking clients, gather previous income statements to determine the average income for the event space and determine what you’d like the average income to grow to.

The event venue industry is a great way to make money, but it requires more thought and planning than just owning and renting an event space.

To win investors, focus on your goals, or overhaul your current event venue business, use his event venue business plan template to create your new business plan. Tailor the guide to your needs and remember to be objective and realistic but also ambitious.

Streamline your event venue business with Perfect Venue . Perfect Venue event management software helps event venues get organized, increase sales, and manage event calendars. To get started, sign up for a free trial today!

Have thoughts on the article? Feel free to email us at [email protected] - we'd love to hear it!

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If you’re a people person — eager to please, meet new people and help create the bonds that often arise from sharing good food, drinks and ambiance — and you’re interested in using that passion to start a business, you may be ready to start an event venue.

Katie O’Reilly is the senior partner of business development at Kenmare Catering and Events, which operates the Germania Place location in the heart of Chicago’s Gold Coast. She says that her business was born out of her love for people.

“I came from a family of attorneys and I just didn’t want to do that,” O’Reilly says. “I have a passion for food and people that started early on — that was my core. So my perspective when I got out of college was that I wanted to throw parties and hold events and meet people.”

With O'Reilly's help, we're going to take you step by step through how to start an event venue.

1. Do your research

Before starting an enterprise, it is important you educate yourself on the challenges and requirements needed to be successful. The same is true when trying to determine how to start an event venue. Research the viability of an event venue in your market.

Find out what the local requirements are, such as a license to sell liquor. Understand the costs associated with launching an event space and create a budget. Determine who your target market is going to be. Learn about your competitors. Then, put all this information together into a business plan.

While doing this research, consider reaching out to trade organizations such as the National Association for Catering and Events or the Wedding International Professionals Organization. These organizations can provide you with guidance and resources as you create your game plan.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

2. Find a location that is convenient and comfortable

While you can control everything else about your space — how to customize it, what kind of events you want to host, what food to cater — your building and location will be a fixture of your business.

“Location is huge; it always makes a difference,” says O’Reilly. “Here on the Gold Coast, there are people around us who love food and have the budget to afford it. The neighborhood is pretty, people like to visit, people can get a cab out of here — it’s even a block from the beach. If you have people show up from out of town, you want them to be in a neighborhood where they feel comfortable, familiar. While there’s definitely a trend towards that rustic setting nowadays, for us, everyone loves what we have — mom loves it, dad loves it, grandma loves it.”

O’Reilly found the Germania Place location when her husband found himself working on a deal for the place, which the couple considered underdeveloped and undersold. They decided to take their years of experience and wealth of contacts and use the venue to launch their own business.

“Since some of the paperwork was already in progress for the venue, it only took a couple of months to get all the contracts in order and closed,” says O’Reilly. She notes that this wasn't the typical experience; deals for similar spaces normally take longer.

3. Start your equipment investments off small

After what is likely to be a heavy investment in your venue — rent and overhead are often by far the biggest costs when running a business — there might not be much left over for the equipment, like tables and chairs or silverware. This is common, says O’Reilly, and she advises starting slow in this category.

“It was only fairly recently that we bought our own equipment,” says O’Reilly, noting that she took over Germania Place in 2006. “China, flatware, linens: At first, you can’t buy that stuff. Restaurants own it already, but venues don’t, and it’s a huge expense. And as much as you can ask for a deal, the companies that rent out linens and the like, they give caterers all the same deal.”

“We also had to deck out our kitchen. We started small, leasing equipment, some of it refurbished. We took our time renovating the space, because you see things up the road that you have to manage and plan for. If something breaks, how can we afford to make it work until it gets fixed?” she says.

All in all, it took years before O’Reilly felt comfortable purchasing only certain items, like platters and glassware. After getting ahold of the venue, there are simply more pressing costs that need to be handled immediately and consistently: the fixed costs of the business.

These include:

The utilities for the building, the taxes and insurance costs.

Maintenance costs that come with caring for the building (which can add up if your space is large and/or historic).

Finding, hiring and retaining a quality wait staff to support what you can’t do yourself (like carrying out hundreds of plates and drink orders).

Advertising and other marketing costs to get the word out.

These are just the most obvious costs to the business — others are less defined and vary depending on the building, including the codes you have to manage and what the health inspector requires.

4. Prepare to eat the cost of promotion

Other “costs” to factor in when trying to figure out how to start an event venue pertain less to purchasing certain items or hiring a certain number of people and more to promotion.

“The best way to promote your business is networking and getting involved with other people in the industry,” says O’Reilly. “You have to keep building on yourself and showing people who you are and what your skills are — you can’t sit in a dark space and expect people to show up.”

“For us, the next step is letting people know about my culinary talent,” she says. “I’m starting a web-based identity for myself — Katie O’s Food Carnival — because my clients have been asking for it and you have to listen to that.”

Beyond networking in-person and demonstrating your prowess online, there should also be some money put into the actual exposure of your place — throwing parties and events that showcase your capabilities, and why the next big wedding or corporate event should be at your venue. “You have to get people to eat your product before they agree to pay for it,” O’Reilly explains.

5. Price yourself in line with the market, if not a little lower

When it comes to charging your customers, you’ll need to follow the same pattern that most other businesses do: Put yourself in line with the rest of the market.

“Know your competition. Who are you against? What are they offering? Go to the other venues, take a look, see what the market is and when you’re starting off, price yourself a little lower to get people into your venue first,” O’Reilly says. “Take a little less profit, then you can build and begin charging more when you’re established.”

O’Reilly says that she recommends venues that are just starting out to book whenever they can and worry about making your expected profit later.

“If you have to take less money but you still get someone in there, you’re still getting money. Get creative. If I’m dark, I’m making nothing and I have employees who are making nothing. So you have to keep generating whatever kind of cash flow you can, even if your profits aren’t where you want them to end up eventually.”

But as a baseline, O’Reilly says that her venue fee on a Saturday night is $5,500 for six hours — noting that it’s a little under-market — and includes tables and chairs. But the packages that the venue offers allow for flexibility in pricing.

“The silver package is $109 per guest, the platinum package is $129, and diamond is $149. Each one brings more food, more courses and what we call luxury list items. These are the things that you come across in your planning that you didn’t know you wanted at first, like a Champagne toast, a doorman greeting the guests. This gives the customer buying power,” O’Reilly says.

6. Always keep the food and conversation going

The last thing to keep in mind when operating an event venue is that your goal is to make sure everyone has a good experience. However, a good experience can vary greatly depending on the clientele and the nature of the event.

What will be required of your venue depends on the events — weddings are easier to predict, though corporate events can vary greatly in terms of the provided entertainment, decorum and even costumes for guests to fit a theme. But Germania Place’s menu is one that is incredibly expansive and customizable, yet conscious of what makes the most economic sense.

“We’re smart shoppers and we know our ingredients,” says O’Reilly. “You have to watch the trends and be aware of seasonality, expenses and where we would pay extra for the client to have that item of the highest quality.”

Wasted food is also a big topic of conversation for the staff, which occasionally has to create dishes when they’re not certain how much will be consumed.

“We design items that can save and be repurposed later, like a braised meat that can be re-braised and turned into a product for the next day,” says O’Reilly. “But this is your night to ask me for anything. I call it the 'When Harry Met Sally' concept, because people are afraid to be demanding and ask for what they want — but I am creating for you.”

Start Your Dream Business

The bottom line

Whether you’re looking to open an event space that caters to weddings, concerts, or corporate and non-profit events, the end result is that you’ll be in charge of each night’s party. If you find joy in bringing happiness to people, this shouldn’t be a problem. O’Reilly has a final piece of advice for those looking to break into the industry:

“Have your product be as promised, if not better,” she says. “Make sure you’re aware of it, and be involved. If you’re an artist, you have to control your art.”

On a similar note...

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How to Start an Event Venue: 10 Tips to Follow

two colleagues looking at event venue business plan on computer

Whether you want to open a convention center with 200,000 square feet of meeting space, a boutique wedding venue with a capacity of 25 people, or anything in between, there's a lot you need to know to learn how to start an event venue. The good news? You're starting in the right place.

Although running an event venue is a rewarding experience, it doesn't come without challenges. Whether you’ve been in the events industry for a long time or are just dipping your toes in now, make sure you check out these high-level tips, tricks, and tools to help put your best foot forward.

Explore how to start an event venue with these 10 tips

1. weigh the pros and cons of starting an event venue..

When learning how to start an event venue, it’s important to have a realistic understanding of the various obstacles that come with running a business. These vary from person to person and business to business, which is why we recommend starting with a pros and cons list that is unique to your life, goals, and situation.

The first category you need to assess is money. Can you afford the financial risk of running a business that requires expensive costs such as event venue insurance and event staff? Will the profits you make from the realistic amount of bookings you can expect over time lead to a profit?

In addition to the financial cost, there's also the cost of time. For example, if you plan to keep a full-time job as you start up your event venue, you have to keep in mind that your nights and weekends will probably be taken up. That may seem easy enough; however, once the venue is up and running, you're only getting started. Preparing the space for the event, marketing the venue, and dealing with customer service tasks may also need to take place in what little free time you have left.

On the other hand, you may be the kind of person who feels happiest and most fulfilled when you’re working non-stop. If that’s the case, this may fall under your pros column.

Even if there are some considerable cons on your personal list, make sure you research potential solutions before throwing in the towel. For example, hiring a business partner to help you run the venue may get you some money and time back, especially if they are more experienced in the events industry.

Making a pros and cons list is essential for you to have a realistic understanding of the various obstacles and rewards that will come with starting — and running — an event venue. If you’re still excited about the idea of starting an event venue after carefully weighing both sides, then you're probably ready to get started.

2. Conduct extensive market research.

Whether you have industry experience or not, you can't learn how to start an event venue without taking a deep dive into your market. The list of items to consider is a lengthy one, but here are a few questions to get started:

Who will your main competitors be?
Where are they located?
What does their branding look like?
What is their unique selling proposition?
How do they structure their services?
What is their pricing model and how much do they charge?
What does their marketing look like?
What are some strategies they’re using to improve their marketing and sales?
What are planners, attendees, guests, and all other clients and customers saying about the venue online?

3. Write an event venue business plan.

If you’re planning on learning how to start an event venue, large or small, you need to create a comprehensive business plan. A business plan will help you and your team develop a strategy and manage the various aspects of the business.

The good news is that there are tons of resources available to help you with the steps needed to start an event venue. While organizations such as the Small Business Administration offers guides to writing a business plan , we recommend following an example that is specific to owning an event venue business .

4. Do the paperwork.

This should go without saying, but you need to make sure that you have the proper licenses and permits for your venue well before you host your first event. In most cases, your local municipality has the necessary information to help you navigate through the various requirements of your venue.

Pay special attention to zoning laws that pertain to your specific venue structure. For example, a barn-based event venue may have special requirements since some zones only allow barns to be used for farming and agriculture.

You’ll also want to work with a CPA or professional advisor on which tax structure makes the most sense for your event venue business. And don’t forget to look into event insurance quotes!

Explore now: Resources to help you start your event venue

5. Choose a name for your venue.

Your event venue name should be something meaningful that people can remember forever and associate with your brand. But it should also have minimal competition in Google search results. When coming up with a name for your new business, it’s important that you take into account the style of events that you want to attract.

As Ivan Dimitrijevic , Director of Demand Generation at Funky Marketing says, “Even though there are many successful businesses with a vague name that doesn’t refer to their specific niches, it’s always advisable that this part of your brand resonates with the audience as much as possible, particularly if your business is still in its startup phase.”

6. Start preparing your space.

This tip will vary depending on the type of venue and if you're starting from the literal ground up or are taking over a space that's already built. Regardless, a few things to keep in mind when it comes to getting your venue ready:

Hire contractors and inspectors to ensure that your space meets all necessary safety requirements.
Clean up neglected areas in and around the venue.
Consider refreshing the landscaping, paint, and so on.
Take inventory of furniture options and decide whether you’ll provide your own or partner with a third party.

7. Get your venue's digital marketing in order.

Your brand new venue doesn't mean much if people don't know about it. Here are a few key marketing factors to implement:

A website designed to provide a comprehensive overview of your business, including a description of your niche and the type of facility that you provide.
Social media accounts including, but not limited, to Facebook, TikTok, Instagram, and Pinterest.
High-quality photos and videos of the venue and its spaces.
A 3D diagram of the venue and its layout options, which you can create using Cvent Event Diagramming .
Business profiles on Google, Yelp, and other major and niche review sites. Once added, be sure to keep up with and respond to reviews .
List your venue on sourcing platforms such as the Cvent Supplier Network and Wedding Spot . Add details about your venue's standout features as well as location, guest capacity, and amenities, and watch the leads flow through.

8. Hire great staff.

A venue is only as good as the people running it. Here are some essential event venue roles you should consider hiring:

A venue coordinator. The venue coordinator is the person who helps the event planners and the vendors plan the event.
Kitchen staff. If you plan to offer catering services, you may want to hire a head chef plus their preferred team of line chefs, cooks, food-preparers, servers, and assistants.
Set-up and clean-up crew. These individuals will help with tables, chairs, and decor.
Event staff. You’ll want extra hands on deck as errand runners, coat checkers, valets, and assistants for anything that comes up during your events.

Depending on the type of work that you're doing, these individuals may or may not be employed by your company. If you plan on using temporary workers, make sure that you hire event staffing companies that have a great reputation in your area.

Cvent spoke to Refvik & Light Productions Owner Kristin Light about her experience running two event venues in Toronto. In her email, Light emphasized, “HIRE GOOD PEOPLE. You absolutely cannot do this alone. Nor should you. It'll be a wonderful, enjoyable experience as long as you can maintain work-life balance!”

Light also said that once you find a vendor you really like, you should enter into a dedicated contract with them. As this event venue owner says, there is a “huge, massive, life-saving benefit to establishing preferred vendor relationships ''. That includes caterers, staffing, and rentals.

9. Hire backup.

Being an event venue owner is a lot of responsibility. If someone doesn’t show up for work, it will immediately become your duty to complete the task if you don’t have backup available. As Light shared with us, “if your cleaner/manager/etc. calls in sick and you have no short-notice replacement, congratulations; it's you now. Grab a bucket, don an apron, whatever's needed. It's your job now.”

You may think to yourself that this is great for some rare emergencies, but Light would disagree. “Always expect this to happen. Event nights off are the exception, not the rule.”

10. Prepare yourself and your team.

Light also shared some tried and true tips on what to do to physically prepare for your events:

Buy great shoes. “Spend the money on good footwear,” says Light. “Something simple that you can last 10-12 hours in, climb ladders in, and handle meetings in. Foot care is no joke.” We also recommend no-slip bottoms and the addition of cushioned floor mats for your kitchen staff.
Tape (multiple types)
Safety pins
Phone chargers that guests can use, plus dongles for every tech connection
Batteries of all types (rechargeables and one-time use)
Shims/ wedges for leveling tables. “You will need a LOT of these,” writes Light.
Clif Bars or another shelf-stable meal replacement. “There will be many a day you can neither get away, nor get fed by catering. Be prepared,” Light advises.
Hold pre-event meetings. Even a quick huddle will go a long way towards making sure your event venue employees are all on the same page the day of.

You're on your way to learning how to start an event venue!

There are of course hundreds of other factors to consider when starting a venue, but as long as you keep these tips in mind and explore our extensive resources and blog , you'll be on the right path.

Up next: Learn about event venue trends to get some ideas for your own business.

Let us help you start — and grow — your event venue

Cvent Guest

Cvent is a market-leading meetings, events, and hospitality technology provider with more than 4,000 employees, ~21,000 customers, and 200,000 users worldwide.

How to Start an Event Venue Business

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on April 6, 2022 Updated on March 13, 2024

Investment range

$50,000 - $135,000

Revenue potential

$195,000 - $325,000 p.a.

Time to build

1 – 3 months

Profit potential

$58,000 - $97,000 p.a.

Industry trend

Events are happening again, and people are anxious to get out and have fun! Event venues suffered during the pandemic, but now the events industry is poised to expand more than 35% by 2028 to reach an astounding $1.5 trillion. Event venues rake in a large part of that total, so starting your own event venue could be very lucrative. It takes an investment and hard work to get started, but you can bring in some good money.

But before you start hunting for that perfect venue, you’ll need to prepare yourself by learning some business skills. Fortunately, this step-by-step guide details everything you need to know about starting an event venue business.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting an event venue has pros and cons to consider before deciding if it’s right for you.

People Pleasing – Meet and entertain people for a living
Good Money – Make thousands per event
High Demand – People love to celebrate
High Startup Costs – Space and furnishings are pricey
Location-Dependent – Finding the right location can be a challenge

Event venue industry trends

Industry size and growth.

Industry size and past growth – The global events industry was worth $1.14 trillion in 2019.(( https://www.alliedmarketresearch.com/events-industry-market ))
Growth forecast – The global events industry is projected to expand by nearly 37% by 2028 to reach $1.55 trillion.

Trends and challenges

Trends in the event venue industry include:

In the wake of the pandemic, hybrid events in which some attend in-person and some attend virtually are popular, and seem to be a trend that will continue. This means that event venues need to have up-to-date technology.
Corporate events are becoming smaller but more frequent, which is an opportunity for event venues to get repeat business.

Challenges in the event venue industry include:

Wedding receptions are tending toward the smaller side, which means lower revenue for those events since venues often charge per person.
Labor shortages are making it difficult for event venues to find and retain employees.

Demand hotspots

Most popular states – The most popular states for event planners are New York, Massachusetts, and Connecticut . (( https://www.zippia.com/event-planner-jobs/best-states/ ))
Least popular states – The least popular states for event planners are Montana, New Mexico, and Wyoming.

What kind of people work in event venues?

Gender – 71.2% of event planners are female, while 23.3% are male . (( https://www.zippia.com/event-planner-jobs/demographics/ ))
Average level of education -The average event planner has a bachelor’s degree.
Average age – The average event planner in the US is 37.6 years old.

How much does it cost to start an event venue business?

Startup costs for an event venue range from $50,000 to $135,000. The largest expense is for the down payment on the event space.

You’ll need a handful of items to successfully launch your event venue business, including:

Tables and chairs
Various décor items
Tents for outdoor events

How much can you earn from an event venue business?

Prices for an event venue depend on the size of the event but average about $13,000. Your profit margin after labor and overhead should be about 30%.

In your first year or two, you might host 15 events per year, bringing in $195,000 in annual revenue. This would mean $58,000 in profit, assuming that 30% margin. As you ramp up your marketing and get repeat business, that number could grow to 25 events a year. With annual revenue of $325,000, you’d make a tidy profit of $97,000.

What barriers to entry are there?

There are a few barriers to entry for an event venue. Your biggest challenges will be:

The cost of the venue and its preparation
Finding an ideal location for your venue

Related Business Ideas

How to Start an Event Planning Business

How to Open a Wedding Venue

How to Start a Wedding Planning Business

Step 2: hone your idea.

Now that you know what’s involved in starting an event venue, it’s a good idea to hone your concept in preparation to enter a competitive market.

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research event venues in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing an event venue that hosts networking events or corporate cocktail receptions.

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as corporate events or family reunions.

This could jumpstart your word-of-mouth marketing and attract clients right away.

What? Determine your products or services

You can host any number of types of events including:

Networking events, such as for the local chamber of commerce
Wedding receptions
Corporate events
Cocktail receptions
Birthday parties

You could also offer your venue as a meeting space. For additional revenue, you could also provide event coordinator services.

How much should you charge for event venue rentals?

Your prices will depend on the size of the event and the scope of preparations involved. Check other event venues in your area to make sure that your prices are competitive.

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will depend on the type of events you host. If you want to specialize in corporate events, you can find business owners on LinkedIn. If you want to specialize in wedding receptions, you should spread out your marketing to include TikTok, Instagram, and Facebook.

Where? Choose your event venue location

Choosing the right location for your event venue business is crucial to its success.

Look for a spot that’s accessible to your target market and has ample parking space. Consider the size of the venue and the number of guests it can accommodate, as well as any nearby amenities that can make your venue more attractive, such as hotels, restaurants, or shopping centers.

You’ll need to ensure that your business complies with any local rules and regulations, including those related to parking, noise levels, and building codes.

When choosing a commercial space, you may want to follow these rules of thumb:

Central location accessible via public transport
Ventilated and spacious, with good natural light
Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Venue Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

Short, unique, and catchy names tend to stand out
Names that are easy to say and spell tend to do better
Name should be relevant to your product or service offerings
Ask around — family, friends, colleagues, social media — for suggestions
Including keywords, such as “event venue” or “event space”, boosts SEO
Name should allow for expansion, for ex: “Sapphire Event Center” over “Rustic Barn Events” or “Rooftop Terrace Events”
Avoid location-based names that might hinder future expansion
Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.

Find a Domain

Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create an Event Venue Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

Executive Summary: Summarize your event venue business’s goal to provide an attractive, versatile space for a variety of events, from weddings and corporate gatherings to community events.
Business Overview: Describe your venue’s focus on renting space for events, featuring amenities like a main hall, catering facilities, and audio-visual equipment.
Product and Services: Detail the services offered, including venue rental for various events, additional services like setup and cleanup, and optional packages for decor and technology.
Market Analysis: Assess the demand for event spaces in your area, considering factors like local event frequency, population demographics, and existing venue options.
Competitive Analysis: Compare your venue to other local event spaces, focusing on your unique selling points like location, capacity, or special amenities.
Sales and Marketing: Outline your strategy for attracting event planners and customers, including digital marketing, partnerships with event planners, and hosting open houses.
Management Team: Highlight the experience and skills of your team, especially in areas like event management, hospitality, and customer service.
Operations Plan: Describe the operational process, including event booking, venue preparation, client coordination, and maintenance.
Financial Plan: Provide an overview of financial aspects, covering startup costs, pricing strategies, and revenue projections.
Appendix: Include supplementary documents such as floor plans, customer testimonials, or detailed market research to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to event venues.

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your event venue will shape your taxes, personal liability, and business registration requirements, so choose wisely.

Here are the main options:

Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
Crowdfunding : Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
Personal : Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding an event venue business. You might also try crowdfunding if you have an innovative concept.

Step 8: Apply for Event Venue Business Licenses and Permits

Starting an event venue business requires obtaining a number of licenses and permits from local, state, and federal governments. For starters, you’ll need a liquor license if you’re going to serve alcohol.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your event venue business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

General liability : The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
Business Property : Provides coverage for your equipment and supplies.
Equipment Breakdown Insurance : Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
Worker’s compensation : Provides compensation to employees injured on the job.
Property : Covers your physical space, whether it is a cart, storefront, or office.
Commercial auto : Protection for your company-owned vehicle.
Professional liability : Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
Business owner’s policy (BOP) : This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business.

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.

You may want to use industry-specific software, such as Curate , HoneyBook , or bloom , to manage your planning, bookings, invoicing, and payments.

Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero .
If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.

Here are some powerful marketing strategies for your future business:

Social Media Influencer Collaborations: Leverage the power of social media influencers in your locality to showcase your venue. Partner with influencers who align with your target audience, and have them create engaging content that highlights the uniqueness and versatility of your event space.
Themed Open House Events: Host themed open house events showcasing different setups and possibilities for events at your venue. Invite local businesses, event planners, and potential clients to experience the ambiance, fostering a personal connection with your space.
Strategic Partnerships with Local Vendors: Forge partnerships with local catering companies, florists, and event planners. Offer package deals or discounts for clients who use both your venue and their services, creating a mutually beneficial network within the events industry.
Referral Programs for Previous Clients: Implement a referral program that rewards previous clients who refer new business to your venue. Word-of-mouth recommendations carry significant weight in the events industry, and incentivizing referrals can boost your client base.
Exclusive Membership Programs: Create an exclusive membership program for repeat clients or those who frequently host events. Offer perks such as discounted rates, priority booking, or additional services to encourage long-term relationships and repeat business.
Online Reviews and Testimonials Campaign: Actively encourage satisfied clients to leave positive reviews on popular review platforms. Showcase these testimonials on your website and in marketing materials to build trust and credibility among potential clients researching event venues.
Local Community Engagement: Participate in local community events, sponsor local sports teams, or collaborate with charitable organizations. This not only increases your brand visibility but also portrays your venue as an integral part of the community.
Virtual Tours and 360-Degree Videos: Invest in high-quality virtual tours and 360-degree videos of your event space. Share these immersive experiences on your website and social media platforms to give potential clients a realistic preview of your venue, even if they can’t visit in person.
Email Marketing Campaigns: Build an email list by offering promotions or exclusive content to those who subscribe. Regularly send out newsletters with updates, promotions, and success stories to keep your venue top-of-mind for potential clients.
Host Industry-Specific Workshops and Seminars: Position your venue as an industry leader by hosting workshops or seminars relevant to event planning, design, or hospitality. This not only attracts professionals in the field but also establishes your venue as an expert resource in the events industry.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your event venue meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your event venue business could be:

Host your corporate events in a luxury space
The perfect space for your networking events
Event planning and hosting in a unique, rustic setting

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running an event venue, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in event venues for years and can offer invaluable insight and industry connections.

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in event venues. You’ll probably generate new customers or find companies with which you could establish a partnership.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for an event venue business include:

Event Workers – coordinate, set up events
Cleaners – clean up after events
General Manager – scheduling, accounting
Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.

Step 13: Run an Event Venue – Start Making Money!

Who isn’t ready to get back out there and enjoy some good times again? Events of all types are coming back strong, which is why the events industry is booming. With your own event venue, you can help people get back to having fun. It will take an investment to get started, but clearly, you can bring in good money and make a nice living.

You’ve honed your business skills, so now you’re ready to go find that perfect space and get your event venue started!

Event Venue Business FAQs

An event venue can be very profitable, bringing in thousands per event. The key is to find a great location and make it comfortable and inviting for attendees.

You should check similar event venues in your area to see what they charge. Prices will depend on the size of the event and the extent of the event preparations.

To be a successful venue manager, you should have strong organizational and communication skills, as well as the ability to multitask and prioritize competing demands. You should also have a solid understanding of event planning and operations, including logistics, catering, audiovisual equipment, and other event-related services.

To attract clients and promote your event venue, you can focus on building a strong online presence through social media and a website, showcasing your venue’s unique features and amenities, and offering promotional packages and deals to attract new business. You can also network with other professionals in the event industry, such as event planners and caterers, to generate referrals and build relationships with potential clients.

Some popular options include providing catering and bar services, offering audiovisual and lighting equipment rentals, providing event planning and coordination services, and offering customized decor and theming options.

To ensure the safety and security of guests at your venue, it is important to establish and implement clear protocols and procedures for emergency situations, such as fire, severe weather, or medical emergencies. You should also conduct regular inspections and maintenance of the facility to ensure that it meets safety standards and regulations.

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Event Venue Business Plan

If you are planning to start a new event venue business, the first thing you will need is a business plan. Use our sample event venue business plan created using Upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new event venue business, spend as much time as you can reading through some examples of services-related business plans .

Reading sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample event venue business plan for you to get a good idea about how perfect an event venue business plan should look and what details you will need to include in your stunning business plan.

Event Venue Business Plan Outline

This is the standard event venue business plan outline which will cover all important sections that you should include in your business plan.

Mission Statement
Vision Statement
Products Served
Customer Focus
Success Factors
3 Year profit forecast
Business Structure
Startup cost
Products and Services
Industry Analysis
Market Trends
Target Market
SWOT Analysis
Phone Prospecting
Public Relations
Ongoing Customer Communications
Pre-Opening Events
Pricing Strategy
Important Assumptions
Brake-even Analysis
Profit Yearly
Gross Margin Yearly
Projected Cash Flow
Projected Balance Sheet
Business Ratios

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After getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your event venue business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.

Download an event venue business plan

Need help writing your business plan from scratch? Here you go; download our free event venue business plan pdf to start.

It’s a modern business plan template specifically designed for your event venue business. Use the example business plan as a guide for writing your own.

Wedding Venue Business Plan

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About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Start An Event Venue Business: A FREE Guide

Last Updated on January 25, 2023 by Mark Norman

Are you looking to start your own event venue business that promises big profit but is also full of fun and excitement? If so, an event venue business could be the perfect venture for you!

I’ve been working in the events industry for over 25 years. During that time, I’ve seen event venue businesses come and go. Still, the one thing that has always remained consistent is the passion of those involved in this sector. It is a great place to have your own business.

I’ve been responsible for venues with a million+ turnover catering to everything from small group meetings to 2,000+ capacity concerts.

From small family gatherings to major corporate events, I have had the pleasure of helping people create memorable experiences at every turn. Whether it is finding the right venue or developing unique event plans tailored to each client’s needs, I understand what it takes to ensure an event venue business runs smoothly and successfully.

This post will help you understand the key considerations for becoming a venue owner, including what to put in an event venue business plan.

What makes a great event venue?

I always think that putting yourself into the position of potential customers before starting an event venue is an excellent foundation for your business. In my experience, potential clients are likely to be looking for the following:

A great event venue has three key components: space availability, event planning services and a great overall atmosphere.

First and foremost, they will consider what kind of event venue is ideal for their event; remember, this is where you want to consider the type of event venue you want to run.

Do you want an indoor area or an outdoor one? Depending on your location, this could be a critical factor to decide on. Some places benefit from great weather all year round, so outdoor space is at a premium.

Research in 2012 showed the following as being the top ten attributes of a wedding venue that people looked for:

Weigh the pros and cons of starting an event venue.

With proper planning and preparation, event venue owners can quickly establish a successful business in their local area. If you want to start an event venue, It is essential to weigh the pros and cons before taking action. Let’s have a look at those:

Pros of starting an event venue

Generate high profits from event hosting
Create unique and memorable experiences for event attendees
Flexibility to grow the business in size, location, and services offered.
Expand to multiple venues in your local or regional
Opportunity to collaborate with vendors in the events industry, such as caterers, florists, event planners etc.
The ability to network with potential new customers through events you host

Cons of starting an event venue

Capital intensive to start an event venue
Finding the right event venue or space which fits your needs and budget can be time-consuming.
You may face competition from other event venues in the area
There is potential for large amounts of liability
Event catering, entertainment, décor etc., can often require a significant amount of investment.
An event venue business requires a lot of hard work and dedication to be successful in the long run.

Starting an event venue business can be a highly rewarding venture, both financially and emotionally. The events industry can be tough, and I can only speak from personal experience, but when it’s all working well and you stand back, it’s a pretty incredible feeling!

How to start an event venue business

Starting a new event venue business is becoming increasingly popular; there’s never been a better time to break into this growing industry.

But before we learn how to start an event venue business, we must consider why you want to do this.

Running event venues can be challenging but also a rewarding experience. It requires a special skill set to anticipate customer needs, manage event logistics and create memorable experiences.

Successful event venue businesses require long hours and dedication, successfully accommodating various tasks and roles at any time.

As a manager of an event venue, I’ve cleaned toilets, emptied tables and even had to mop up sick. I still loved every minute!

Before diving into the event venue business, you should first consider the type of space you want to run. Do you want an indoor area or an outdoor one?

From weddings to corporate events, event venues offer an opportunity to host unique experiences while making a profit. With the correct planning and preparation, event venue owners can quickly establish a successful business in their local area, so if you’re ready for an exciting journey into entrepreneurship.

In my experience of running event venues, it is all about the little details that make a single event for a client, but you can’t ignore the bigger picture of running an event venue business.

Identify the need for an event venue in your area.

Identifying the need to start an event venue in your area is essential to make it a successful business. By understanding what potential customers are looking for in terms of event services, amenities and locations, you can ensure enough demand to support your venture.

Knowing the local market will also help you determine which target events would be most profitable based on current trends and needs within your region.

Additionally, assessing the competition from existing businesses will allow you to carve out a unique niche or set yourself apart from other competitors by offering specialized services. With this knowledge, you can create a plan for success!

Conduct extensive market research.

Network with potential clients.

Speak to event managers or event management companies in your local area and get feedback on their event venue needs. Ask what types of spaces they often use, what audience capacity they’re looking for, and if they have any challenges they face when looking for event venues. This can give you a good understanding of the needs in your local event venue industry, as well as any potential competition.

Make a list of potential competitors.

Find out what event spaces already exist in your local area and how they compare to what event planners are looking for. Knowing the local businesses can help you identify gaps in the market, allowing you to determine where your event venue business could fit in best.

Think about the types of events you could host

Consider the events you would like to support. Think about the event venue you could offer, such as outdoor, private spaces, and other unique event venue ideas. This will help you determine which event types are most suitable for your event venue business.

Use SWOT to analyze what you find.

My top tip here would be to use a tool like SWOT to analyze each of your competitors. Try to understand their weaknesses in terms of their audience, venue or location and consider how to make this an advantage for your event venue.

Identify the target market for your new event space.

In my experience, it is challenging for a single event venue to target all potential event clients. That’s why successful event businesses focus on a specific target audience that best suits their event venue capabilities. This is an essential part of starting an event venue business, but it is often overlooked in the planning stages.

NOTE: this might be one of your competitors’ weaknesses identified in the SWOT; you choose to serve an audience not currently catered for in the local area.

The target audience for event venues will vary based on the event location and event types offered. Generally, event venues should focus on specific target markets that best fit their space, such as corporate events, birthday celebrations, wedding receptions, or other special occasions.

A while back, I wrote about the different types of events , but if you are short on time, here are some quick ideas for the types of events you might want to target:

Wedding Receptions
Corporate Events
Private Events / Birthdays
Graduations
Business Meeting Space
Networking Events
Music Concerts
Trade Shows & Exhibitions
Sporting Events
Fundraisers

Some of the most profitable events involve large groups of people and multiple event elements. Events such as weddings, corporate events, trade shows & exhibitions, and music concerts can generate more revenue than other event types because they often require more time and venue space.

The audience of any potential event can also make a big difference to profit, especially considering secondary spending.

Secondary spending refers to the additional money attendees spend on food, drinks, event merchandise, and entertainment. It is often overlooked or neglected when event organizers are planning their event budget, but it can make a significant difference to event profits.

Once you’ve identified the event types you are most suitable for, you can search for the right space to start an event venue.

Identify A Location For Your Event Venue

The best location for an event venue is easily accessible and offers event organizers plenty of options. For events such as weddings, corporate events, or large-scale gatherings, event venues should be near public transportation to make it easier for attendees to access the venue.

This was one of the key challenges I had with my very first venue. There was a minimal number of parking spaces adjacent to the venue, often putting off would-be hirers and attendees.

For any event venue intended for smaller gatherings, event organizers should look for spaces that provide an intimate and unique atmosphere.

Intimate event venues often offer more flexibility in terms of event layout and event design .

When looking for a venue, consider factors such as size, location, accessibility, and amenities.

Here are some ideas for searching for potential locations in your local area:

Online real estate listing websites, such as LoopNet ( US Link , UK Link ), allows you to search for commercial spaces by location, size, and price range.
Contacting a commercial real estate agent or broker who can help you find spaces that meet your specific needs and negotiate lease terms on your behalf.
Using social media to network and connect with landlords, property managers, and other industry professionals who may know of upcoming vacancies.
Checking local classifieds and newspapers for listings of commercial spaces for rent.
Attend local business networking events.
Searching for commercial spaces on online marketplaces such as Craigslist and Gumtree.
Walk around and look for empty premises that could be potential event venues!

In the United States, you need to be aware of zoning, which defines the types of businesses that can operate in a particular area. Check with your local city planning office.

In the UK, you need to know that different premises have different use classes. There is an excellent guide to planning classes by the Planning Geek.

Create Your Event Venue Business Plan

A venue owner must have a business plan that outlines the goals, strategies, and resources of an event venue business. It serves as a roadmap to guide event organizers in making sound decisions and helps them stay focused on their event objectives.

A detailed event venue business plan is critical for success when starting a venue business. A business plan should not only include the venue’s mission, goals and objectives but also outline the target markets, event fees, marketing plans, event logistics and event budgets.

When creating a business plan for an event venue, event organizers should consider factors such as market research and industry trends to help them identify the event types and event services that will generate the most revenue.

In addition to this, event organizers should also consider event pricing and event fees, budgeting for event staff & event supplies, and developing marketing plans to reach event attendees.

By creating a comprehensive business plan, owners can make sure their event venue is well-prepared for event bookings and event attendees.

If you want to learn how to create an effective venue business plan, then Skillshare has just what you need! Their online courses provide event organizers with the knowledge they need to craft event plans that will help them reach their goals and maximize their potential. With our easy-to-follow lessons, event organizers will have all the resources they need to create detailed plans that include market research, industry trends, event pricing & fees, budgeting for staff & supplies, marketing plans and more!

Sign up today and get started on your journey towards success as an event planner! The link below gives you one month of free access to all of their courses.

But let’s look at some of the specific areas you should include in your venue business plan.

Develop Your Event Venue Business Model

The event venue business model is a vital strategy event organizers should consider when starting an event venue business. Developing a sound business model can help owners better anticipate potential costs and profits, as well as identify the event types and event services that can generate the most revenue.

Event Venue Business Pricing

When venue owners are creating their business model, they should consider factors such as event fees, event staff/supplies, event space layout/design, marketing strategies and customer service practices.

The top three pricing strategies for event venues are hourly, package, and event-based:

Hourly event venue pricing is a popular approach for event organizers due to its flexibility and simplicity. An event venue typically charges an hourly rate for the use of their space, which event organizers must pay regardless of the event type or the number of guests.
Package event venue pricing strategy is ideal for event organizers who are looking to book their event space for multiple uses throughout a period of time. An event venue charges a flat fee for the use of the event space for an extended period, which provides event organizers with a discounted rate and more predictable costs.
Event-based event venue pricing is a great option for event organizers who need to book event space for specific event types. An event venue typically charges an event-based rate for the use of their event space, which takes into account the amount of time needed, the number of guests and other event services that may be required.

Event Venue Business Catering

It would help if you considered where to offer catering services for the venue; there are several factors to consider. It is essential to determine if your event venue has the necessary kitchen facilities and equipment to prepare and serve food.

If not, you may have to invest in the right supplies and tools needed for a successful event catering service.

Business plans are essential for an event venue business that need to raise finance. An entire business plan is a must-have when seeking investments, as investors will want to know all the details of your event venue and services.

Event Venue Business Promotion

Marketing event venues can be a daunting task, but it doesn’t have to be. Sadly it is not just about setting up social media accounts; it takes a bit more than that.

With the right strategies in place and some creativity, event organizers can create an event venue that is both inviting and functional for their guests.

With the right plan of action in place, event organizers can ensure their event venue stands out from the competition and attracts potential customers.

In my experience, there is no silver bullet to doing this, as a wide range of factors such as location, target audience, and marketing costs impact what you can do.

MY KEY TIP: Understand who your target audience is and which marketing channels work best to reach out to them!

Here are some ideas to consider

Create a website with photos, videos, and information about the event space to showcase its features and capabilities.
Utilize social media platforms to reach a broad audience and promote the event space. You may want to consider advertising on things like Facebook to get the best traction.
Partner with local event planners and vendors to promote the event space to their clients.
Reach out to local media outlets to generate press coverage for the event space.
Offer special deals or promotions for first-time bookers.
Host open houses or tours of the event space to give potential clients a firsthand look.
Create a referral program to incentivize current clients to refer friends and family.
Use targeted online advertising to reach potential clients in your area.
Network with other event venues to cross-promote each other’s spaces.
Make sure the event space is easily searchable on Google and other search engines by optimizing the website and listing it on online directories.

How to register your Event Venue Company

I must stress that you have a responsibility to check the requirements for this in your local jurisdiction. If in doubt, consult local legal or financial professionals who would be able to advise you best.

As a venue owner, you will be responsible for all of the small business administration, including business expenses, operating expenses, startup costs and cash flow.

That said, a broad overview of business options in the United States and the United Kingdom looks like this.

United States

When registering a company in the United States, event organizers should be aware of several key steps involved. To register a business in the US, owners must decide what type of business entity they want to form and then follow the necessary procedures for registration.

The different types of business entities in the United States include sole proprietorship, partnership, limited liability company (LLC), corporation, and non-profit organization. Each type of business entity has unique advantages and disadvantages that event organizers should consider before deciding which one is best for their business.

For more information, check out the US. Small Business Administration website here.

United Kingdom

In the United Kingdom, event organizers have several business entity options to choose from when registering a company. These include sole traders, partnerships, limited companies, charities, and Community Interest Companies (CICs).

Sole traders are legal entities that are owned and managed by one individual. This type of business entity is attractive to event organizers because it requires little paperwork and is relatively easy to set up. There is personal liability associated with this route which means you are personally responsible for any debts of the business.

Partnerships involve two or more people who share ownership of a business. At the same time, limited companies are owned by shareholders. They have limited liability, meaning that any losses incurred by the business cannot be attributed to the shareholders’ personal assets.

A Limited Liability Company (LLC) is an attractive option for event organizers in the UK as it offers several benefits. Firstly, an LLC offers limited liability, meaning that the event organizer’s personal assets are protected from any losses incurred by the business.

For more information, check the UK Government business advice website here .

In all cases, you must register your event venue business with the appropriate tax authority to pay the required taxes on any profits you make. This is the IRS in the United States and HMRC in the United Kingdom.

Get the Required Business Licenses and Permits

As with the previous section, you should consult with local legal professionals to fully understand the proper licenses and permits you will need to operate your business.

In most countries, you will need a license or permits to operate an event venue, including serving alcohol (liquor license) and live musical performances.

Designing and setting up the space

Event venues should be multifunctional because they offer organizers who book events a unique opportunity to create an atmosphere and experience that attendees will never forget.

What hirers will look for

With the right design and layout, hirers of your venue can customize the space to accommodate any event- corporate meetings, team building activities, private social events, trade shows, conferences, and many more.

When designing an event space, you should consider the likely event goals, event attendees, event technology requirements, and event budget of potential hirers.

Clients will want to make sure that the event space layout allows for adequate walking space, seating capacity for all guests, access to power outlets for event AV equipment such as projectors or microphones, and event lighting that is appropriate for the event.

Finally, event planners will also consider the event furniture they want to include in their event space, such as tables, chairs, and couches.

Event furniture can be rented or purchased to fit any event style. It will depend on your initial startup budget as to whether you buy these outright or hire them in the initial period of operation.

Optimize the layout for your business model

Optimizing the event venue layout is key to creating a successful business model. Being flexible allows incoming event planners to use the space as their see fit.

In my experience, when you are doing client visits to the space, affording them the maximum flexibility to create their event means you are much more likely to win the event.

A word of caution here, no event venue can be all things to all clients or customers. It is worth designing the space to suit a handful of event types, hopefully, the ones you identified in your market research.

Consider the flow of people in the event space.

A key consideration should be maximizing guest flow and comfort, as this will have a significant impact on event success.

Unless the type of event calls for it, don’t just pack an event space with tables. You need to think about how much space people have to move around.

An exception here would be any kind of music event venue, like a concert, where you actually want a decent amount of people to create a great atmosphere.

To ensure smooth movement, you should consider factors such as allowing room for guests to mingle and providing adequate seating arrangements.

It’s also important to consider the venue and how best to use it. Event organizers will pay special attention to lighting, furniture, and decorations.

Consider the technical equipment needed.

The technical equipment requirements for your potential venue space will vary wildly, and so will the costs!

You might only need a few socket outlets for a yoga class, right through to significant power requirements for large concerts.

You will need to decide whether or not you should rent additional equipment, such as audio-visual equipment (e.g. projectors), sound systems, dance floors and stage lighting.

In some cases, hirers may also consider hiring event production professionals who can support planning and organization.

Finally, any venue rental business needs to plan for event security, which might include hiring event security personnel or event organizers need to ensure that the event venue has proper safety measures in place. This may also include security systems like CCTV.

Ultimately, event organizers will want to create an event venue space that is both inviting and functional.

Managing And Running An Event Venue Business

Hire great staff..

Hiring great staff for event venue businesses is essential for successful event planning, organization, and execution. To ensure you hire the best possible event staff, event venue businesses should take a thoughtful and comprehensive approach to recruitment.

The first step to hiring great event staff for event venue businesses is creating a detailed job description outlining the qualifications and responsibilities necessary for the position.

The job description should include skills such as planning, organization, communication, and customer service experience. It should also list specific requirements such as knowledge of event technology, availability outside of normal office hours when needed, or special certifications or licenses.

Get Business Insurance for Your Event Venue Business

Insuring an event venue business is an essential part of running a successful event. Event organizers should consider getting event insurance to protect themselves and their guests from potential losses.

Insurance policies for event venues are designed to protect event organizers and event attendees from potential losses. Event venue insurance offers liability and event cancellation coverage, providing event organizers with the peace of mind that their event will be protected. Liability coverage protects event planners in case event attendees suffer bodily injury or property damage while at the event and event cancellation.

Developing policies and procedures for booking and hosting events

It would be best if you had robust policies in place to deal with things when they go wrong. This could include policies on cancellation, entry, food hygiene or the admittance of children.

Event Venue Business FAQs

Do i need a business loan.

If the event venue is already established and equipped, then a business loan may not be necessary.

What is a venue checklist?

A venue checklist is an important tool for event planners, as it helps to ensure that all necessary steps have been taken and all details have been accounted for when opening a venu

Do I need a business bank account?

It is essential to open a dedicated business bank account when starting an event space business. This will help you keep track of your income and expenses and manage your finances more effectively.

BusinessPlanTemplate.com - The World's Leading Business Plan Template Directory

Event Venue Business Plan Template [Updated 2024]

Event Venue Business Plan

If you want to start a successful event venue business or expand your existing business, you need a business plan.

The following event venue business plan template gives you the key elements to include in a winning an event space business plan.

You can download our Event Venue Business Plan Template (including a full, customizable financial model) to your computer here.

Below are links to each of the key sections of a sample event space business plan.

Executive Summary – One of the most important sections, the Executive Summary should provide a high-level overview of the event venue business. If you are seeking funding such as a business loan, this section will also include a brief description of the financial status of your business and any use of funds.
Company Overview – The Company Overview will provide more details about the mission, vision, physical location, and overall legal structure of your event venue business. This section should include your company’s history, ownership structure, and key personnel.
Industry Analysis – In this section, you will provide an overview of the event industry and how your business fits into the local market. This includes a review of the event venues you consider competitors, their pricing strategies, and customer demographics.
Customer Analysis – In this section, you will analyze your current and prospective customer base. You’ll also include a description of the type of events that you host at your venue such as corporate events, birthday parties, wedding receptions, etc.
Competitive Analysis – The Competitive Analysis will identify your competitors and discuss how you plan to position your event venue business within the marketplace. You’ll also analyze your competitor’s strengths and weaknesses to identify your competitive advantage.
Marketing Plan – In your marketing plan, you will outline your marketing strategies and initiatives. This includes how you plan to promote your event venue business (print advertising, social media, etc.), target customers, attend networking events, and build relationships with prospective clients.
Operations Plan – The Operations Plan will provide a detailed overview of the day-to-day operations of your event venue business. This includes staffing, scheduling, event planning, and managing local vendors.
Management Team – In this section, you will discuss the background and qualifications of your management team. This includes an overview of each member’s relevant experience as it relates to managing event spaces.
Financial Plan – Finally, the Financial Plan will provide a review of the key reports, operating expenses, and financial projections for your venue business. This includes a profit and loss statement, a cash flow analysis, and a balance sheet.

Click below to see each section of our free event venue business plan template. You can also click here to get our sample event venue business plan pdf .

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Event Venue Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

Event Venue Business Plan Template

Whether you are a seasoned event planner or just starting out, having a comprehensive business plan is essential to your success. Our free event venue business plan template is designed to guide you through the process of creating a detailed and effective plan for your event venue business. It includes all the necessary sections such as executive summary, market analysis, marketing strategy, financial projections, and more. With our free template, you will have a solid foundation to build your business on and increase your chances of success.

Get the free business plan template here!

Are you thinking about starting an event venue business? One of the most crucial steps to success is creating a comprehensive business plan. A well-written business plan not only helps you to stay focused on your goals but also attracts potential investors and partners.

Our free event venue business plan template that provides a detailed and structured approach to creating your business plan. Our template is designed to help you create a plan that is tailored to your business, outlining everything from market analysis and marketing strategy to financial projections.

With our free event venue business plan template, you will have a solid foundation to build your business on. Our template covers all the essential sections that are necessary for a successful business plan, including:

Event Venue Business Plan Executive Summary:

The executive summary is a brief introduction to your business plan that provides a snapshot of your event venue business. This section should highlight the key points of your business plan, including your business objectives, target market, and financial projections.

Market Analysis: The market analysis section provides an overview of the event venue industry, including the trends, competition, and potential customers. You should identify your target market, analyze your competition, and explain how your business will differentiate itself from others.

Marketing Strategy: In the marketing strategy section, you should describe how you plan to promote your event venue business to potential customers. This section should also include a budget for marketing expenses and a timeline for implementing your marketing plan.

Operations Plan: The operations plan provides an overview of how your event venue business will function on a day-to-day basis. This section should include information about the location, facilities, equipment, and staffing required for your business to operate.

Financial Projections: The financial projections section provides an overview of your business's expected financial performance. You should include your projected revenue and expenses, as well as your expected profits and cash flow.

By using our free event venue business plan template, you will have a clear and structured approach to creating your business plan. Our template is designed to help you develop a plan that is tailored to your specific business needs, allowing you to make informed decisions and stay focused on your goals.

Don't wait any longer, download our free event venue business plan template today and take the first step towards building a successful event venue business!

Event Venue Business Plan Frequently Asked Questions

Why do i need a business plan for my event venue business.

A business plan is essential for any business, including an event venue. It provides a roadmap for your business and helps you stay focused on your goals. It also serves as a tool to attract potential investors and partners.

What should I include in my event venue business plan?

Your event venue business plan should include an executive summary, market analysis, marketing strategy, operations plan, and financial projections. These sections provide a comprehensive overview of your business, including your target market, competition, marketing strategy, operations, and expected financial performance.

How do I determine my target market?

To determine your target market, you should conduct market research to identify your potential customers. Consider factors such as age, income, location, and interests. You should also analyze your competition and identify any gaps in the market that your business can fill.

How do I create a marketing strategy for my event venue business?

To create a marketing strategy for your event venue business, you should identify your target market and develop a plan to reach them. This may include advertising, social media, and networking events. You should also set a budget for marketing expenses and create a timeline for implementing your marketing plan.

How do I create financial projections for my event venue business plan?

To create financial projections for your event venue business plan, you should research your market and competition to determine your expected revenue and expenses. You should also consider factors such as location, staffing, and equipment costs. Your financial projections should include projected revenue, expenses, profits, and cash flow for at least the first three years of your business. You can use a financial projection template to make the process easy!

We Know a Good Business Plan When we See One

Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.

Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.

Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.

Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.

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Here is a free business plan sample for an event venue establishment.

Have you been envisioning launching an event venue that becomes the go-to spot for celebrations and gatherings? Wondering where to start?

Look no further, as we're about to guide you through a comprehensive business plan tailored for an event venue.

Creating a robust business plan is a crucial step for any aspiring entrepreneur. It serves as a roadmap, outlining your vision, objectives, and the strategies you'll employ to turn your event space into a thriving enterprise.

To streamline your planning process, take advantage of our event venue business plan template. Our team of professionals is also on standby to review and refine your plan at no extra cost.

How to draft a great business plan for your event venue establishment?

A good business plan for an event venue must cater to the unique aspects of the event hosting industry.

Initially, it's crucial to provide a comprehensive overview of the event venue market. This should include current statistics and the identification of emerging trends within the industry, similar to what we've incorporated in our event venue business plan template .

Your business plan should articulate your vision clearly. Define your target market (corporate events, weddings, community gatherings, etc.), and establish the distinctive appeal of your venue (location, size, amenities, aesthetic, etc.).

Market analysis is the next critical component. This requires a thorough understanding of your competitors, market demands, and the preferences of event planners and attendees.

For an event venue, it is particularly important to detail the types of events you plan to host. Describe the versatility of your space, the range of services you offer (catering, audio-visual support, security, etc.), and how these services align with the expectations of your clientele.

The operational plan is vital. It should outline the location of your venue, the layout of event spaces, vendor partnerships for additional services, and the logistics of event management.

Emphasize the quality of your facilities, customer service excellence, and adherence to safety and accessibility standards.

Then, delve into your marketing and sales strategies. How will you attract event planners and secure bookings? Discuss promotional tactics, networking strategies, and client retention plans.

Incorporating digital marketing efforts, such as a professional website and active social media engagement, is indispensable in the modern marketplace.

The financial section is a cornerstone of your plan. It should encompass the initial investment, projected revenue from events, ongoing operational expenses, and the point at which you expect to break even.

Given that event venues can have variable income based on seasons and event types, it is critical to have a detailed financial plan. You can refer to our financial forecast for an event venue for guidance.

Compared to other business plans, an event venue's plan must pay special attention to booking and scheduling strategies, compliance with event-specific regulations, and the potential for high customization demanded by clients.

A well-crafted business plan will not only help you to define your operational and strategic vision but also to attract investors or secure loans.

Lenders and investors are interested in a robust market analysis, a realistic financial plan, and a clear operational strategy for managing events.

By presenting a thorough and substantiated business plan, you showcase your dedication to the success of your event venue.

To achieve these goals efficiently, consider using our event venue business plan template .

A free example of business plan for an event venue establishment

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for an event venue .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market data and figures.

The event venue industry is a dynamic sector with significant growth potential.

Recent estimates suggest that the global event industry is valued at over 1 trillion dollars, with expectations for continued expansion as social and corporate events rebound post-pandemic.

In the United States alone, there are thousands of event venues, contributing to a substantial annual revenue within the hospitality sector.

These statistics underscore the critical role event venues play in both the social and economic landscape, catering to a diverse array of events from weddings to corporate conferences.

The event industry is witnessing several key trends that are shaping the future of event planning and management.

There is a growing emphasis on unique and memorable experiences, with venues offering immersive and interactive elements to stand out.

Sustainability is becoming increasingly important, with clients seeking venues that implement green practices and reduce their environmental footprint.

Technology integration is on the rise, with virtual and hybrid events becoming more commonplace, necessitating venues to be equipped with advanced audio-visual capabilities.

Personalization is also a significant trend, with clients desiring customizable spaces that can reflect their event's theme and purpose.

Lastly, there is a heightened focus on health and safety protocols, ensuring that venues can host events while adhering to the latest guidelines and reassuring attendees.

These trends highlight the evolving nature of the event industry and the need for venues to adapt to the changing preferences of clients and attendees.

Success Factors

Several factors contribute to the success of an event venue.

Location is paramount, as a venue that is easily accessible and well-connected can attract a larger number of events.

The versatility of the space is also crucial; venues that can accommodate a wide range of event sizes and types are more likely to be in demand.

Modern amenities and state-of-the-art facilities can set a venue apart, providing the technological support needed for today's events.

Exceptional service is a must, with a dedicated team that can assist clients in planning and executing their events smoothly.

Finally, competitive pricing and packages, along with a strong marketing strategy, are essential for attracting and retaining clients in a competitive market.

By focusing on these key elements, an event venue can establish a strong market presence and build a reputation for excellence in the hospitality industry.

The Project

Project presentation.

Our event venue project is designed to cater to the diverse needs of the community by providing a versatile space for a variety of events, from weddings and corporate gatherings to community meetings and private celebrations. Strategically located in an accessible area with ample parking, our venue will offer a modern, customizable space equipped with state-of-the-art audiovisual technology, elegant decor, and adaptable layouts to accommodate events of all sizes.

We will ensure that each event is a memorable experience by providing exceptional service, attention to detail, and a range of amenities to meet the specific needs of our clients.

Our event venue aims to become the premier choice for event planners and individuals seeking a sophisticated and flexible space that can be tailored to create the perfect atmosphere for any occasion.

Value Proposition

The value proposition of our event venue lies in its adaptability, location, and commitment to providing a seamless event experience. We offer a unique blend of elegance and functionality, ensuring that every event is not only successful but also leaves a lasting impression on its attendees.

Our dedication to customer satisfaction is reflected in our personalized service, which includes event planning support, catering coordination, and technical assistance. We strive to exceed expectations by creating an environment that is both welcoming and impressive, making every event a standout occasion.

As a hub for social and professional gatherings, our venue is committed to fostering connections and enriching the community through the power of shared experiences.

Project Owner

The project owner is an experienced event planner with a passion for bringing people together. With a background in hospitality management and a keen eye for detail, they are well-equipped to create a venue that exceeds the expectations of clients and guests alike.

Having organized numerous successful events, the owner understands the importance of a reliable and flexible event space. They are committed to providing top-notch service and creating a venue that adapts to the evolving trends and needs of the event industry.

With a strong vision for creating memorable experiences and a dedication to excellence, the project owner is the driving force behind this venture, aiming to establish a leading event venue that serves as a cornerstone for celebrations and professional events in the community.

The Market Study

Market segments.

The market segments for our event venue are diverse and cater to a wide range of events and functions.

Firstly, we have corporate clients who require professional settings for conferences, meetings, and team-building events.

Secondly, we cater to individuals and families seeking a beautiful and accommodating space for personal celebrations such as weddings, anniversaries, and birthday parties.

Additionally, our venue attracts event planners and promoters who are in need of a versatile space for hosting concerts, exhibitions, and community events.

Lastly, we serve non-profit organizations and educational institutions looking for a venue for fundraisers, galas, and seminars.

SWOT Analysis

A SWOT analysis of our event venue business reveals several key factors.

Strengths include a prime location, versatile event spaces, state-of-the-art facilities, and a strong reputation for excellent customer service.

Weaknesses might involve limited parking space, high operational costs, and the challenge of maintaining a high occupancy rate throughout the year.

Opportunities can be found in the growing demand for unique event experiences, potential partnerships with local businesses, and the ability to host hybrid events that combine in-person and virtual attendance.

Threats could include the emergence of new competitors, economic downturns affecting event budgets, and changes in event trends that require constant adaptation.

Competitor Analysis

Competitor analysis in the event venue industry indicates a competitive landscape.

Direct competitors include other local event venues, hotels with conference facilities, and specialized function halls.

These competitors vie for a share of the market by offering unique selling points such as location, pricing, and additional services.

Our competitive advantages include our flexible space configurations, cutting-edge audiovisual technology, and exceptional in-house catering services.

Understanding the strengths and weaknesses of our competitors is crucial for crafting strategies that emphasize our unique offerings and superior customer experience.

Competitive Advantages

Our event venue stands out due to its strategic location, versatile spaces that can be customized for any event, and our commitment to providing a seamless event experience.

We offer comprehensive event management services, including planning assistance, on-site support, and access to a network of trusted vendors for decor, entertainment, and more.

Moreover, our dedication to customer satisfaction ensures that every client receives personalized attention and support to make their event memorable.

We are also committed to sustainability, implementing eco-friendly practices in our operations, which resonates with clients who value environmental responsibility.

You can also read our articles about: - how to establish an event venue establishment: a complete guide - the customer segments of an event venue establishment - the competition study for an event venue establishment

The Strategy

Development plan.

Our three-year development plan for the event venue is designed to establish us as a premier location for a variety of events.

In the first year, we will concentrate on building a strong reputation within the local community, focusing on exceptional service and versatile event offerings.

The second year will be geared towards enhancing our amenities and incorporating advanced technology to cater to a wider array of events, including corporate functions and tech conferences.

In the third year, we plan to expand our marketing reach to attract national and international events, while also exploring opportunities for partnerships with event planners and local businesses.

Throughout this period, we will remain dedicated to providing an outstanding customer experience, maintaining a state-of-the-art facility, and adapting to the evolving needs of our clients.

Business Model Canvas

The Business Model Canvas for our event venue focuses on diverse customer segments including wedding planners, corporate event coordinators, and local community groups.

Our value proposition lies in offering a customizable and sophisticated space with top-notch service for any event.

We market our venue through various channels, including our website, social media, and partnerships with event planning agencies, utilizing our key resources such as our versatile event spaces and dedicated staff.

Key activities include event hosting, space design, and client relationship management.

Our revenue streams are generated from venue rental fees, in-house catering services, and additional amenities like audio-visual equipment rentals.

Our costs are mainly associated with venue maintenance, staff salaries, and marketing efforts.

Access a detailed and editable version of our Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered around showcasing the versatility and elegance of our venue.

We aim to attract a diverse clientele by highlighting our ability to tailor events to their unique needs, from intimate gatherings to large-scale conferences.

Our approach includes virtual tours, targeted social media campaigns, and hosting showcase events to demonstrate our venue's potential.

We will also establish relationships with local businesses and event planners to foster referrals and repeat business.

Engaging with our community through sponsorships and partnerships will further enhance our visibility and reputation as a top-tier event space.

Risk Policy

The risk policy for our event venue is focused on mitigating risks associated with event hosting, client satisfaction, and facility management.

We adhere to strict safety protocols and regularly review our emergency and security procedures to ensure the well-being of our guests.

We conduct routine maintenance checks to uphold the quality and aesthetics of our venue, and we have a comprehensive cost management strategy to maintain financial stability.

Additionally, we carry comprehensive liability insurance to protect against potential claims related to property damage or personal injury.

Our priority is to provide a safe, reliable, and exceptional event experience for all our clients.

Why Our Project is Viable

We are committed to establishing an event venue that stands out for its quality, flexibility, and customer-focused approach.

Given the growing demand for specialized event spaces, we believe our venue will meet the needs of various clients looking for a memorable location for their events.

We are enthusiastic about the opportunity to become a cornerstone in the event hosting community and are prepared to adapt our strategies to ensure the success of our business.

We look forward to the bright future of our event venue and the lasting memories we will help create for our clients.

You can also read our articles about: - the Business Model Canvas of an event venue establishment - the marketing strategy for an event venue establishment

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for an event venue and our financial plan for an event venue .

Initial expenses for our event venue include the acquisition or lease of a suitable space, renovations to tailor the venue to various event types, obtaining necessary permits and licenses, investing in high-quality audio-visual equipment, furniture, and decor to create a versatile and attractive setting. Additionally, costs will be incurred for brand development and targeted marketing strategies to establish our presence in the event planning industry.

Our revenue assumptions are based on a comprehensive analysis of the local market demand for event spaces, taking into account the increasing need for venues that can accommodate a range of events from corporate gatherings to social celebrations.

We anticipate a gradual increase in bookings, starting conservatively and expanding as our venue becomes more recognized for its exceptional service and facilities.

The projected income statement outlines expected revenues from event bookings, service fees, and potential partnerships with vendors, alongside expenses such as maintenance, staffing, utilities, and promotional activities.

This results in a forecasted net profit that is essential for assessing the long-term viability of our event venue business.

The projected balance sheet will display assets including property, equipment, and any improvements made to the venue, as well as liabilities such as loans and operational expenses.

It will provide a snapshot of the financial standing of our event venue at the conclusion of each fiscal period.

Our projected cash flow statement will detail the inflows from event bookings and outflows for operational costs, enabling us to predict our financial requirements. This is crucial for maintaining a healthy cash balance and ensuring smooth operations.

The projected financing plan will enumerate the sources of funding we intend to tap into to cover our initial costs, such as bank loans, investor capital, or grants.

The working capital requirement for our event venue will be meticulously tracked to guarantee that we have sufficient funds to manage day-to-day expenses, including staff wages, inventory of event supplies, and maintenance costs.

The break-even analysis for our venture will calculate the number of events and the pricing structure required to cover all our costs, including the initial investment, and to begin generating profits.

It will signal the point at which our event venue becomes a profitable enterprise.

Key performance indicators we will monitor include the occupancy rate of our venue, the average revenue per event, customer satisfaction ratings, and the return on investment to gauge the efficiency of the capital deployed in our business.

These metrics will assist us in measuring the financial performance and overall success of our event venue.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for an event venue establishment .

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Press release: Canvas Event Planning opens in Sussex County

Based on their belief that every event and space is a blank canvas, two local women have launched a new event planning and decorating business in Coastal Sussex.

Canvas Event Planning, LLC is now available to help plan and coordinate corporate, non-profit, and personal events ranging from fundraisers to business gatherings and private events such as baby showers and themed parties.

Canvas also specializes in commercial and residential interior decorating, with experience in designing and decorating everything from coffee shops and restaurants to customized home and office décor for holidays or seasonal looks.

Canvas is a partnership between two friends and collaborators, Kyra Elmer and Julie Sammons. Both women live in the Long Neck area and have been involved in event planning and decorating for years.

Elmer is a graduate of Cornell College and has an MBA from Keller Graduate School of Management. She and her husband have owned and operated an ice cream shop and restaurant in Dewey Beach, and Kyra has over 20 years of experience managing and providing administration for Country and Rock bands. She’s also has experience planning events of all sizes including album release parties, open houses, holiday and themed parties, and corporate luncheons.

Sammons has a BA from Bloomsburg University and after a career in education she started using her flair for decorating and event planning working with homeowners in decorating new and existing spaces with her company Second Chances Interior Decorating. She served as marketing director for the Rehoboth Chick Fil A restaurant and planned many special events, and has provided consulting and decorating services for commercial spaces, studios, cafes and private residences. She considers her specialties to be holiday decorating and repurposing décor for a fresh look on a budget.

If you’re staring at a blank canvas with your upcoming event or decorating project, perhaps Canvas Event Planning and Decorating can help take it to the next level. Initial consultations are free.

Learn more at www.CanvasEventPlanning.com or contact Kyra Elmer or Julie Sammons via email using [email protected] or [email protected] . Or call, 302-381-5327.

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Wednesday 1 May 2024 14:13, UK

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Sam says it suggests the mayor is trying to run on his credentials as an independent campaigner rather than under the unpopular Tory brand.

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Officers have raided the homes of the first people to be deported to Rwanda.

It comes following the recent passing of the Safety of Rwanda Act, which declared the central African nation safe following concerns raised by the Supreme Court last year.

A video released by the Home Office showed officers entering homes and bringing out people detained in handcuffs, before putting them in the back of secure vans.

According to the government, "operational teams within the Home Office have been working at pace to safely and swiftly detain individuals in scope for relocation to Rwanda, with more activity due to be carried out in the coming weeks".

It comes after a failed asylum seeker voluntarily chose to go to Kigali once their application to stay in the UK failed.

The Rwanda plan has been a major policy for the Conservative government since April 2022, but has faced repeated legal challenges.

The government has previously said it has 2,200 "detention spaces", alongside 200 new caseworkers and 500 "highly trained escorts" ready.

It added that planes have been booked, with flights set to take off in nine to 11 weeks' time.

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COMMENTS

Event Venue Business Plan Template & Example (2024)
Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.. 1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market ...
Here's How to Make an Event Venue Business Plan (2024)
Here's our guide to creating an event venue business plan: 1. Do some initial research. Understanding your event space is a critical step in creating your business plan. Before listing, envision all potential uses for your space. Additional points to keep in mind: Consider the characteristics of the neighborhood. Identify your target market.
How to Start an Event Venue Business: A Comprehensive Guide
Consider factors such as the time, money, and resources it will take to get your space up and running. 2. Create a business plan. It's important to have a solid business plan in place before you start sinking money into your venue. A business plan outlines your goals, target market, products, pricing, marketing strategy, and financial ...
How to Start an Event Venue Business
Hire a Team. Open for Business. 1. Choose the Name for Your Event Venue Business. The first step to starting a event venue business is to choose your business' name. This is a very important choice since your company name is your brand and will last for the lifetime of your business.
Sample Event Venue Business Plan
This article will provide a sample business plan for an event venue business following our proven event venue business plan format and including all necessary sections. Download our Ultimate Event Venue Business Plan Template here. It is important to keep in mind that this is a sample to be used as a guide to help you create your own custom ...
How to Start an Event Venue Business: Two Experts ...
Building out your processes and internal operations ahead of time is critical to generating revenue as you prepare to open your new venue. Planning Pod's all-in-one platform gives new event facilities 20+ easy-to-use tools to set up systems for managing booking calendars, sales, client communications, contracts, billing, payments and more.
Event Venue Business Plan Example + Template & How to Write One
It charges an average of $2,500 per event. Some of the main indirect competitors of Oren Co are: Pearl Hotel: This is an indoor event venue that offers a luxurious and modern setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co's location.
Event Venue Business Plan Template [Updated 2024]
Event Venue Business Plan Template. If you want to start an Event Venue business or expand your current one, you need a business plan. Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their Event Venue businesses.
Create The Best Business Plan For Event Venue Spaces
If you're already running your own event venue business, list the business background. Business Strengths & Weaknesses: The business plan is about fortifying your weaknesses and solidifying your strengths. Create an objective overview of both in your event venue business plan. Event Venue Milestones: For event spaces already booking clients ...
Event Venue Business Plan Template
Use this free Event Venue Business Plan Template when you're launching a new event space and need a structured blueprint to attract investors and outline your operational strategy. It's a valuable tool to ensure your venture is well-prepared for success in the competitive event industry. . Company: [Sender.Company] .
Guide to Starting an Event Venue Business
An event venue business plan should include: Executive summary. Company overview. Industry analysis and competitive analysis. Customer analysis. Operations plan. Marketing plan. Funding request. Financial plan with detailed expenditures and a three- to five-year revenue forecast.
How to Start an Event Venue: The 6-Step Guide
Let's Go. 1. Do your research. Before starting an enterprise, it is important you educate yourself on the challenges and requirements needed to be successful. The same is true when trying to ...
Event Venue Business Plan Guide + Free Example
Discover the key to successful event venue business planning with our in-depth, step-by-step guide. Master the art of crafting a solid event venue business plan, from conducting effective market research to creating accurate financial projections. ... while the kitchen provides ample space for catering and food preparation. In addition to the ...
How to Start an Event Venue: 10 Tips to Follow
The good news is that there are tons of resources available to help you with the steps needed to start an event venue. While organizations such as the Small Business Administration offers guides to writing a business plan, we recommend following an example that is specific to owning an event venue business. 4. Do the paperwork.
How to Start an Event Venue Business in 2024
Executive Summary: Summarize your event venue business's goal to provide an attractive, versatile space for a variety of events, from weddings and corporate gatherings to community events. Business Overview: Describe your venue's focus on renting space for events, featuring amenities like a main hall, catering facilities, and audio-visual ...
Event Venue Business Plan [Free Template]
If you are planning to start a new event venue business, the first thing you will need is a business plan. Use our sample event venue business plan created using Upmetrics business plan software to start writing your business plan in no time.. Before you start writing your business plan for your new event venue business, spend as much time as you can reading through some examples of services ...
Start An Event Venue Business: A FREE Guide
A detailed event venue business plan is critical for success when starting a venue business. A business plan should not only include the venue's mission, goals and objectives but also outline the target markets, event fees, marketing plans, event logistics and event budgets. When creating a business plan for an event venue, event organizers ...
Event Venue Business Plan Template [Updated 2024]
Operations Plan - The Operations Plan will provide a detailed overview of the day-to-day operations of your event venue business. This includes staffing, scheduling, event planning, and managing local vendors. Management Team - In this section, you will discuss the background and qualifications of your management team.
Here's how to establish a profitable event venue
When it comes to revenue, this too will vary. You can estimate your event venue's revenue accurately with our tailored financial plan for event venues. Urban event venues can experience monthly revenues ranging from $20,000 to over $200,000, leading to annual revenues between $240,000 and $2.4 million.
Free Event Venue Business Plan Template
Our free event venue business plan template is designed to guide you through the process of creating a detailed and effective plan for your event venue business. It includes all the necessary sections such as executive summary, market analysis, marketing strategy, financial projections, and more. With our free template, you will have a solid ...
Event Venue: get a solid business plan (pdf example)
July 14, 2023. Starting an event venue establishment is a great idea because it provides a space for people to come together and celebrate special occasions, and it can be a lucrative business venture that generates a steady stream of revenue. But, before launching anything, make sure you have a business plan in place.
Event Venue Business Plan Sample (Free)
A free example of business plan for an event venue establishment. Here, we will provide a concise and illustrative example of a business plan for a specific project. This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary.
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Event Venue Business Plan Template

Event Venue Business Plan

Event Venue Business Plan Sample & Template

Event Space Business Plan FAQs

What Are the Main Types of Event Venues?

What Are the Main Sources of Revenues and Expenses for an Event Space?

How Do You Get Funding for Your Event Venue Business Plan?

What are the Steps To Start an Event Venue Business?

Where Can I Get an Event Venue Business Plan PDF?

Other Business Plan Templates

How to Start an Event Venue Business: A Comprehensive Guide

How to start an event venue

2. Create a business plan

3. Find the perfect location

4. Obtain the necessary permits and licenses

5. Take care of business

Pick a business structure

Figure out your taxes

Best small business tax software

Open a business bank account

Top banks for small businesses

6. Figure out your pricing

7. Secure funding

Business line of credit

Compare the best business lines of credit

Small business microloans

Traditional commercial loans

8. Hire a sales manager - and the rest of your staff

9. Start buying stuff

10. Market your event venue

Compare the top website builders for small businesses

Related Reading

Planning Pod Blog

How to Start an Event Venue Business: Two Experts Share 20 Secrets for Opening an Event Space

#1 – Researching your target audience, competition and location area is easily the most important step in opening a new venue

#2 – Devising a business plan makes the process of launching an event space business vastly smoother

#3 – Getting your pricing right will prevent lost business and vanishing margins

#4 – Planning out your space thoroughly before you build will add value for your customers

#5 – Surprise your clients with unique and flexible design elements

#6 – Decide early on if you are a venue rental business or event producer (or both)?

#7 – If something isn’t right with your buildout, speak up with your contractor now (or risk living with elements that turn off your clients)

#8 – Design your venue to impress your most difficult client

#9 – Full kitchen or prep kitchen? Decide which is going to work best for your space, your audience and your bottom line

#10 – You can still make money outsourcing to caterers, too.

#11 – Establish vendor relationships early on

#12 – Hire flexible, multi-skilled staff who can do everything

#13 – Start your marketing efforts long before opening your event space (at least six months out)

#14 – Hire a sales manager six months prior to opening

#15 – Don’t skimp on venue management software and tools … and have them in place when you hire your sales manager

#16 – Don’t forget to institute safety measures and policies … and don’t try to save by not insuring yourself

#17 – Have all your furnishings, equipment and supplies on-hand and available three months before opening day

#18 – Practice makes perfect and mock-ups can help sell new clients

#19 – Make the most of your grand opening

#20 – Become a integral part of your community and it will pay huge dividends

Starting an event space? Don’t forget to talk to seasoned pros like Dianne and Michael

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Event Venue Business Plan: How to Start and Grow Your Event Space Business

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Event Venue Business Plan Template

Event Venue Business Plan FAQs

What Is an Event Venue Business Plan?

Why Do You Need a Business Plan for an Event Venue Business?

What Are the Sources of Funding for Event Venue Businesses?

Where Can I Find a Sample Business Plan For An Event Venue?