Seven Simple Tips on Setting Up An Event Venue
Event venues are fast becoming money spinners. These venues are leased on an hourly basis for hosting weddings, professional seminars, corporate events, award ceremonies, reunions, church services and an assortment of other events. When venturing into event venue business, there are certain pre requisites that should be in place. Here are some helpful tips.
Tip 1: Demand
Ensure there is a demand for an event venue in your proposed location. You can do so by conducting a business feasibility study. I remember trying to book a particular venue for my wedding in November 2011 and the closest available date was in March of 2012… precisely the last weekend in March *sigh*. Evidently, that location’s lack of options resulted in a scramble for dates thus emphasizing the need for more venues.
Tip 2: Find a Niche
This will be important if you are setting up a venue in a location where there are competing facilities. Specifically identify your target market. This is where you will concentrate your marketing efforts. For example, if you decide to focus on the wedding event market, develop relationships with bridal shops, churches, jewelry shops and wedding planners. If your target market is corporate clients, build relationships with businesses within the location and among corporate event planners.
Tip 3: Draft a Business Plan
People often neglect this tip but it is indeed helpful. The business plan will be the road-map that identifies your business purpose, target market and the required human and capital resources. Business plans typically include a budget itemizing monthly leasing or mortgage expenses, taxes, insurance, wages, utilities, advertising and other required costs. Thus, it puts your goals into good perspective.
Tip 4 Finance the Operations
This is capital intensive, depending on the type of venue you intend to set up, the amount you need to get started would be based on a detailed calculation of the start-up costs and monthly operating costs for about a year. The major cost would be leasing or purchasing land and/or building or setting up a marquee or renovating an existing structure to function as the venue. Financing options include personal finances and loans from your family and friends, commercial bank loans, angel investors or venture capital investments.
Tip 5 Statutory Permits
Ensure you liaise with the local authorities for license and permits where necessary. This is very important in order to avoid demolition or other sanctions. You might have to hire a lawyer (like me yeh) to handle this bit.
Tip 6: Online Presence/Social Media
Have your venue listed on amgvenues.com.ng Create an account for your venue on as many social media platforms as possible and most importantly. You can’t afford to overlook this! This gives your venue a wider visibility beyond your locality amongst other benefits. Don’t forget to visit the website.
Tip 7: Staff
Hire professional staff, including a manager, event host, event coordinator, staff and vendor services coordinator. As you develop your staff, ensure that they undergo training in case of emergencies and first aid. Create an employee policy and procedure manual that clearly outlines the core operations and responsibilities of the staffing team. This should include the chain of command for the banquet operations.
Competition – Ensure to research the competition in your proposed location. One can stay ahead of competition by offering promotional discounts and other complimentary services to stay ahead.
Charlie Okpala LLB BL ACIArB (UK) LLM