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Business Plan
28th March 2014
Wedding VowsPrajakta Talathi
Owner, Wedding Vows
181, Victoria Street, Parramatta, Sydney, NSW, Australia - 2150
ABN: Applied
ACN: Applied
2014
Wedding Vows – Business Plan 2014
Page 1
Contents Business Plan Summary ..................................................................................................................... 4
The Business ................................................................................................................................... 4
Registration Details .................................................................................................................... 4
Products/Services ...................................................................................................................... 4
The Market ..................................................................................................................................... 5
Target Market ............................................................................................................................ 5
Marketing Strategy .................................................................................................................... 5
The Future ...................................................................................................................................... 5
Vision Statement ........................................................................................................................ 5
Goals and Objectives .................................................................................................................. 6
The Finances .................................................................................................................................. 6
The Business ....................................................................................................................................... 7
The Concept ................................................................................................................................... 7
Business Details.............................................................................................................................. 7
Products/Services ...................................................................................................................... 7
Registration Details ........................................................................................................................ 8
Business Premises .......................................................................................................................... 9
Business Location ....................................................................................................................... 9
Buy/Lease ................................................................................................................................... 9
Organization ................................................................................................................................... 9
Management & Ownership ...................................................................................................... 10
Key Personnel........................................................................................................................... 10
Products and Services .................................................................................................................. 12
Wedding Planner...................................................................................................................... 12
One-Stop-Shop ......................................................................................................................... 16
Training Institute ...................................................................................................................... 17
Market Position of Products/Services...................................................................................... 18
Anticipated Demand ................................................................................................................ 18
Pricing Strategy ........................................................................................................................ 18
Value to Customer ................................................................................................................... 19
Growth Potential ...................................................................................................................... 19
Wedding Vows – Business Plan 2014
Page 2
Innovation .................................................................................................................................... 19
Research & Development ........................................................................................................ 19
Creative Activities .................................................................................................................... 19
Insurance ...................................................................................................................................... 20
Workers Compensation ........................................................................................................... 20
Business Assets ........................................................................................................................ 20
Risk management......................................................................................................................... 20
Legal Considerations .................................................................................................................... 21
Operations ................................................................................................................................... 21
Sustainability Plan ........................................................................................................................ 23
Environmental/Resource Impacts............................................................................................ 23
Community Impact & Engagement .......................................................................................... 23
Strategies ................................................................................................................................. 23
The Market ....................................................................................................................................... 23
Market Research .......................................................................................................................... 23
Environmental Analysis ................................................................................................................ 24
Wedding Trends ....................................................................................................................... 24
SWOT Analysis.............................................................................................................................. 25
Target Market / Customers:......................................................................................................... 26
Key Customers ......................................................................................................................... 26
Customer Demographics .......................................................................................................... 26
Customer Management ........................................................................................................... 30
Competitor Analysis ..................................................................................................................... 30
Competitor Details ................................................................................................................... 31
Marketing Targets ........................................................................................................................ 31
Sales & Marketing Objectives .................................................................................................. 31
Sales Forecast ........................................................................................................................... 31
Marketing Strategy ...................................................................................................................... 32
Advertising & Sales .................................................................................................................. 32
Unique Selling Position ............................................................................................................ 32
Advertising & Promotional Strategy ........................................................................................ 33
The Future ........................................................................................................................................ 33
Vision Statement .......................................................................................................................... 33
Mission Statement ....................................................................................................................... 33
Wedding Vows – Business Plan 2014
Page 3
Core Values .................................................................................................................................. 33
Goals and Objectives .................................................................................................................... 34
Action Plan ................................................................................................................................... 34
The Finances .................................................................................................................................... 34
Key Financial Objectives & Financial Review ............................................................................... 34
Financial Objectives ................................................................................................................. 34
Finance Required ..................................................................................................................... 35
Assumptions ............................................................................................................................. 35
Start-up Costs for 2014 ................................................................................................................ 36
Balance Sheet Forecast ................................................................................................................ 38
Profit and Loss Forecast ............................................................................................................... 40
Expected Cash Flow ..................................................................................................................... 41
Break Even Analysis ..................................................................................................................... 42
Appendix .......................................................................................................................................... 43
Wedding Vows – Business Plan 2014
Page 4
Business Plan Summary
The Business The Wedding Planner business details are as below:
Registration Details
Business Name: Wedding Vows
Business Structure: Sole Trader
ABN: Applied
ACN: Applied
Business Location: 181, Victoria Street, Parramatta, Sydney, NSW, Australia - 2134
Date Established: Will be starting on 2nd May 2014
Business Owner(s): Sole Owner – Prajakta Talathi
Relevant Owner Experience: Owner has experience in organising small scale events for her
department in, Infosys. Also, owner has some experience in planning and executing family
weddings and other such events.
Products/Services
Wedding Planner
Wedding Vows, Wedding Planner section provides whole range of services such as Location &
Venue, Catering, Guest Hospitality, Design & Décor, Security, Wedding Communication,
Entertainment, Engagement & Other Ceremonies, Styling, Honeymoon and Wedding Photo
shoots.
One-Stop-Shop
One-Stop-Shop is an “All in one wedding shop – under one roof!” It helps cater all the wedding
needs under one platform. Since weddings are usually tailor-made, this business doesn’t call for
inventory management. Basic things need to be kept handy which include but are not limited to
booklets and catalogues, few samples and basic furnishing. The services offered will be Designer
Boutique, Florists, Invitation & Supplies, Decorative Supplies, Wedding Accessories and Gifts.
Training Institute
Wedding Vows has its own Training Institute to provide On-Job-Training and also to create future
Event Management and Wedding Professionals. At the institute the student or trainee will get a
hands-on experience of managing an event from the scratch, developing required business skills
and learning to successfully market an event.
The course provides tutorials combined with case studies and hands-on experience to develop the skills such as:
• Public Relations
• Consumer Behaviour
• Marketing
Wedding Vows – Business Plan 2014
Page 5
• Event management
• Communication and Interpersonal Skills
The Market
Target Market
Wedding Industry is a multi-billion dollar industry, everyone around is the potential client. In spite
of this, the target market is brides, grooms, and their family members who need the services of a
wedding planner the most. Apart from the primary customer target of brides, grooms and their
family members, the next segment of customers is anniversaries and similar events.
Additionally, the ethnic group or the multicultural group in NSW especially Sydney will be
targeted who get married in their respective home countries but host post marriage events like
reception or cocktail parties in Australia.
Another set of customers are the customers of one-stop-wedding-shop who would purchase
things like wedding return gifts and their packaging, wedding dresses, gowns and suits,
honeymoon packages etc. A niche target segment for Indian culture weddings and ethnic
shopping merchandise, accessories and other materials required to perform Indian weddings will
also be tapped on.
Besides weddings and similar events arrangements, an additional training service will be
provided.
Marketing Strategy
Wedding Vows will leverage the opportunity of providing Ethinic Wedding Planning service and
thereby gain the first mover advantage. Booth at Bridal Fairs and public malls will help in
attracting new customers. Rather than putting all the money in one form of advertising, Wedding
Vows will take advantage of different advertising platforms such as:
Online: Website, Blogs, Social media, Pay-per-click online ads
Offline: Business Cards, Brochures and Pamphlets, Print ads, Direct mails, Networking,
Promotional methods, Bridal booth at fairs and malls
Having multiple revenue options is a unique selling position of Wedding Vows. Everything under
one roof gives a cutting edge to Wedding Vows in this competitive market. Also, coming from
marketing background and from India, it facilitates the process of catering to the niche Indian
customer segment.
The Future
Vision Statement
The vision of Wedding Vows is
… to be the best in class by delivering services that will add value to couples and will also
help create a marketplace for wedding professionals
Wedding Vows – Business Plan 2014
Page 6
Goals and Objectives
The main goal of Wedding Vows is to make the most special day of the couples’ life both memorable and pleasurable. The objectives are:
1. To be the most courteous and famous wedding planner in Sydney
2. To be deliver the best in class service
3. To make Indian weddings popular in Australia
4. To add value to the couple’s most dreamt of day
5. To make profit by making the special day of couple more memorable and delightful
The Finances Wedding planner is a low capital investment business hence breaking even in the year of start will
not be an issue. Along with making arrangements of wedding, the other source of revenue is
having a one-stop-shop and training services which require some initial capital. The main short
term objective is to break even and start earning profits within 6 months of starting the business.
The estimated start-up cost in the year 2014 is $ 14,000. Additionally, cash-in-hand required for
emergency or other unplanned activities will be $2,500. Hence, the total funding required to
start the business in 2014 will be $ 16,500. The whole cost of the business will be self-funded. The
net estimated profit in year 2014 is $29,923
Wedding Vows – Business Plan 2014
Page 7
The Business
The Concept Every wedding has a story to tell and every couple wants it to be a fairy-tale!! But in today’s busy
life, couples do not have time to perform different errands required for making their dream
wedding a reality. A Wedding Planner (WP) aids such couples in planning and executing the D-Day
as always imagined by the couples at the altar. It is job of a WP to fulfil the desires and wishes of
the couples to have a perfect marriage within their budget and defined timelines.
The job of a WP is to not just manage the wedding ceremony but also to facilitate the events pre
and post wedding. A WP should turn the couples’ day of love into an unforgettable event that
they would cherish for the rest of their lives!
The first step that a WP takes towards bringing to life the envisioned wedding is getting to know
the couples, their likes and dislikes and preferences. After considering these factors, the WPs
further try to bring in a fresh perspective and innovatively design, plan and manage the event.
Business Details At “Wedding Vows” we work as team to give you the perfect wedding day that you always
envisaged. While sticking to the theme as chosen by you we focus on the minute details and
provide you support and guidance on each event.
Wedding Vows will have three revenue generating legs namely: Wedding Planner Service,
Training Institute and One-Stop-Shop.
Products/Services
Wedding Planner
Wedding Vows, Wedding Planner section provides whole range of services such as Location &
Venue, Catering, Guest Hospitality, Design & Décor, Security, Wedding Communication,
Entertainment, Engagement & Other Ceremonies, Styling, Honeymoon and Wedding Photo
shoots.
Wedding Vows – Business Plan 2014
Page 8
One-Stop-Shop
One-Stop-Shop is an “All in one wedding shop – under one roof!” It helps cater all the wedding
needs under one platform. Since weddings are usually tailor-made, this business doesn’t call for
inventory management. Basic things need to be kept handy which include but are not limited to
booklets and catalogues, few samples and basic furnishing. The services offered will be Designer
Boutique, Florists, Invitation & Supplies, Decorative Supplies, Wedding Accessories and Gifts.
Training Institute
Wedding Vows has its own Training Institute to provide On-Job-Training and also to create future
Event Management and Wedding Professionals. At the institute the student or trainee will get a
hands-on experience of managing an event from the scratch, developing required business skills
and learning to successfully market an event.
The course provides tutorials combined with case studies and hands-on experience to develop the skills such as:
• Public Relations
• Consumer Behaviour
• Marketing
• Event management
• Communication and Interpersonal Skills
Registration Details Business Name: Wedding Vows
Business Logo:
Trading Name: Not Applicable
Date Established: Will be starting on 2nd May 2014
Wedding Vows – Business Plan 2014
Page 9
Location(s): Sydney, NSW, Australia
Business Structure: Sole Trader
ABN: Applied
ACN: Applied
GST: Not Applicable
Domain Names: Not Applicable
License and Permits: Applied
Business Premises
Business Location
Wedding Vows would have a cosy set up in the courtyard of our residence. My spare room would
serve the purpose of meeting room. A One-stop-shop, which will serve the purpose of a boutique
and shop/storage room, will be put up. This One-stop-shop will be a shade constructed adjacent
to the garage. Additionally, garage will be used as the classroom.
Buy/Lease
The owner’s living home will be used to conduct the business, hence buying or leasing property
will not be required.
Organization Wedding Planner is an event management business handled presently by the owner alone.
Within a year permanent employees will be hired. The staff required for Wedding Planner will be,
full time Event co-ordinators and a team of helpers (depending upon the size of the event). One-
Stop-Shop will have a sales person and store manager. Owner will be providing the training,
hence no need of teaching staff for the Training Institute.
Wedding Vows – Business Plan 2014
Page 10
Management & Ownership
Names of Owners
Wedding Planners will be owned by and started by Prajakta Talathi.
Details of Management & Ownership
The owner will be running the business and will be completely involved in the whole and sole
affairs of the business. As the business grows, assistants and event co-ordinators will be hired.
Experience
Post Bachelor of Engineering in Information Technology, Prajakta worked for 4 years in IT Industry
in Infosys Limited, India. Later, she pursued her Global MBA in Marketing from SP Jain School of
Global Management.
Prajakta was a part of Students Union Council for 4 years in her college and was responsible for
conducting technical and social events. She has also organised corporate events for her
department in Infosys for 3 years. Additionally she has assisted in organising family events.
Key Personnel
Current Staff
Job Title Name Expected Staff Turnover
Skills or Strength
Owner & Founder
Prajakta Talathi Not Applicable Holds a Global MBA degree in Marketing; Possesses comprehensive problem solving abilities, excellent communication skills, ability to deal with people, willingness to learn, time and budget management; Is a team facilitator, hard worker, ambitious, goal-oriented, resilient, adaptable and resourceful
Required Staff
Job Title No. of Personnel
Expected Staff Turnover
Skills Necessary Date Required
Event Co-ordinator
2 2-3 years Relevant qualification, excellent communication and negotiation skills,
June 2014
Prajakta Talathi
Owner
Mr. ABC
Event Co-ordinator
Event Assistants
Mr. PQR
Store Manager
Sales Person
Wedding Vows – Business Plan 2014
Page 11
smart and quick thinker, good team manager and ability to deal with people
Event Assistants
Depending on the scale of
the event
1-2 months Hard worker, resilient, team worker, adaptable, resourceful and reliable
May 2014 and
ongoing
Store Manager
1 1-2 years Leadership skills, time management, budgeting and analytical skills, decision making and communication skills
June 2014
Sales Person
1-2 1-2 years Good communication skills, public relations, courteous to help, knowledge about wedding industry related materials, customer service skills, confident and convincing
June 2014
Recruitment Options
Wedding Vows aims to recruit best-in-class employees through open and fair process. Job
vacancy will be advertised using:
1. Advertising Agencies Wedding vows will outsource the recruitment activity to physical agencies or online job agencies. Turnover of assistants can be 1-2 months and also these are basically part-time helpers or contractual labours. Hence, a contract can be signed with the agencies to assist the hiring process.
2. Standard Advertising Job vacancies will be posted on online job sites or databases, career fairs, campus interviews (Part-time assistants), local newspaper.
3. Expression of Interest Wedding Vows will encourage their existing staff to choose their field of interest for e.g.
someone who was responsible for lights and decoration wants to learn and practice his
skills in catering and hospitality can voice his interest and accordingly if possible, he can
be accommodated.
Training Programs
Wedding Vows has its own Training Institute. Also, it facilitates on-job-training to enhance skills of its staff. The staff including the owner will be continuously trained for:
Sales and Marketing
Customer Relationship Management
New Trends in Wedding Industry
Soft skills and interpersonal skills
Event Management
Time and Budget Management
Skill Retention Strategies
At Wedding Vows, major skills retention strategy is volunteering or expressing your activity of
interest because we believe that if someone is passionate about something, he will give in his
best. Apart from volunteering, Wedding Vows will also continuously provide trainings and
feedback to ensure that skills are retained and developed.
Wedding Vows – Business Plan 2014
Page 12
Staff will generally be communicated their roles and responsibilities verbally, but for management
purpose, it will also be documented in the data of the particular event. For managing events, a
team will be formed and there will be a team in charge who will be responsible for his team and
team task.
Products and Services Wedding Vows will have three revenue generating legs namely: Wedding Planner Service,
Training Institute and One-Stop-Shop.
Wedding Planner
Wedding Vows, Wedding Planner section provides whole range of services as detailed below:
Location & Venue
Location and venue selection is the most crucial and stepping stone for a creating a memorable. It
sets the mood of the event. Whether it is a wedding at the couple’s dream location, exquisite
plaza or banquet hotels, beach front wedding or community halls, Wedding Vows will set the
perfect back-drop for that special day with its negotiation, management, suggestions and
coordination.
Care needs to be taken to choose the desired location suitable for the client’s status, preference,
budget and dates especially for Indian weddings which depend upon the auspicious date and
time.
Catering
To make your wedding the most unforgettable event for people, food served should be insatiable,
palatable and delightful. Right from traditional food items to international delicacies, Wedding
Vows will ensure that a wide variety is offered to feast upon.
While providing catering services to Indian Weddings, food menus especially vegetarian and non-
vegetarian should be taken care of.
Wedding Vows – Business Plan 2014
Page 13
Guest Hospitality
People are sensitive towards how warm and welcome they feel at family events and weddings.
Guest Management is a daunting affair and Wedding Vows will ensure that guests are well
assisted to and taken care of. Wedding Vows will take care of people sentiments and make them
feel at home in an elegant and classy manner.
From arranging accommodations to managing tours and entertainment, Wedding Vows will help
in providing guests with a pleasurable experience to be remembered to years to come.
Design & Décor
Pleasant sight is a road to happy mind! Wedding Vows ensures that the picturesque and
aesthetics compliment the venue and the couple. Our team will help the couple to transcend and
transform their dream wedding into reality.
Whether it is a traditional marquee or an elaborate, big-fat set design or a simple yet elegant
décor, Wedding Vows will provide what the couple has dreamt of.
Security
Hope for the best, prepare for the worst! Wedding Vows will ensure that the wedding day goes
smooth and hazard free and hence will manage the unforeseen circumstances.
Also, it will take care of all technicalities and legal formalities and make sure that all the necessary
permissions and licenses are procured.
Wedding Vows – Business Plan 2014
Page 14
Wedding Communication
Wedding Vows will help reaching out your loved ones and ensuring that the D-day becomes more
special with their presence. We understand that in today’s busy life, couples do not have time to
visit guests personally and call them for their wedding. Hence, we will help in sending out
personalized, stylish and innovative communication by which invited guests will feel that it is a
personal invitation.
Some of the ways to reach out people are the good old traditional invitation cards, thank you
cards, etc. Contemporary means are to create wedding websites and make use of different
wedding stationeries.
Entertainment
What you see, you might forget; what you hear, you might forget; but what you do, you will never
forget! Wedding Vows will ensure that the couples and their guest experience the most
memorable and enjoyable day by offering them various entertainment packages.
Be it celerity performance or celebrity presence, a blazing flair bartender of best in town DJ,
Wedding Vows will add that glamour quotient to all their weddings.
Engagement & Other Ceremonies
May it be a formal engagement or a rather creative way of letting people know about your love
and commitment, Wedding Vows will help keep this day intimate and personal and take care of
all the arrangements.
Mehendi, Shagun, Sangeet are the most looked forward events in any Indian Weddings and we
see to it that we make these events the most looked up to events.
Wedding Vows – Business Plan 2014
Page 15
Styling
Every bride dreams that she looks the best on her day! Our stylists make sure that the bride not
just looks the best but also feels the best that it will be difficult for the groom to take his eyes of
her. Wedding Vows will help choose jewellery, accessories, dresses, etc that will complement the
bride.
Wedding Vows will assist in selecting wedding trousseau, appointing hair and make-up assistant,
managing designer appointment for grooming both the bride and the groom. Additionally, we
also know that though wedding day is the bride’s day but closed relatives feel that they are on
display! Thus, we ensure that they too look good on the wedding day.
Honeymoon
We know that after the huge celebration of their love, couples need to rejoice their love in the
cosy comfort of each other’s arms. Wedding Vows will leave you in awe and help create
memories lasting forever by providing with a customized package designed around the couple’s
likes and preferences.
Whether couples want a conventional honeymoon destination like France, Mauritius, Rome or
Italy or a more exotic location like Bora Bora Islands, Bali, Barbados or Hawaii we make it happen
for you.
Wedding Vows – Business Plan 2014
Page 16
Wedding Photo shoots
There is no feeling as best as reliving the best moments of your life! How else can one do it if not
by means of photographs and videos!
Wedding Vows with the help of professionals will help you capture and freeze your precious
moments. Wedding album will be ready for couples once they are back from their honeymoon.
One-Stop-Shop
One-Stop-Shop is an “All in one wedding shop – under one roof!” It helps cater all the wedding
needs under one platform. Since weddings are usually tailor-made, this business doesn’t call for
inventory management. Basic things need to be kept handy which include but are not limited to
booklets and catalogues, few samples and basic furnishing.
The services offered will be:
Designer Boutique
This section will have outfits for brides, grooms and family members. It will have western clothes
as well as traditional or Indian ethnic drapes like lehengas, sherwanis, sarees, salwar-kameez etc.
Also, we arrange jewellery and other accessories to get along with the outfit.
Florists
Wedding Vows will showcase its expertise through stunning ceremony floral arrangements,
fabulous centre pieces and magnificent wedding bouquets and garlands.
Wedding Vows – Business Plan 2014
Page 17
Invitation & Supplies
Wedding Vows offers a wide variety of wedding stationery. By using beautiful embellishments
suck as flowers, ribbons, artwork etc. over speciality papers, we help design tailor-made wedding
invites.
Decorative Supplies
Need a romantic set-up or a stunning backdrop? Wedding Vows hires out an enormous range of
decorative supplies. Supplies can be centrepieces, linen, arbours, bollards, carpets, bamboo,
sashes, chairs, etc. Using these supplies, we help give life to the couple’s ideas.
Wedding Accessories
We provide a range of gorgeous accessories to add class and fun to the special day. Accessories
like baskets, pillows, flower petals, etc.
Gifts
Wedding Vows help you say Thank You to guests in a creative way. Appreciation can be shown
using the modern gifts like engraved or customized gift articles or traditional gifts like glassware,
Indian return gifts etc.
Training Institute
Wedding Vows has its own Training Institute to provide On-Job-Training and also to create future
Event Management and Wedding Professionals.
Wedding Vows – Business Plan 2014
Page 18
At the institute the student or trainee will get a hands-on experience of managing an event from
the scratch, developing required business skills and learning to successfully market an event.
The course provides tutorials combined with case studies and hands-on experience to develop the below skills:
• Public Relations
• Consumer Behaviour
• Marketing
• Event management
• Communication and Interpersonal Skills
The course taught within 3 months of time frame will be: • Marketing Management
• Sales Techniques
• Event Concepts and Designs
• Global Business Environment
• Visitor Economy
• Event Management and Operations
• Creative Thinking and Innovation
Market Position of Products/Services
Services offered by Wedding Vows are high in quality but at the same time it fits in the customer’s
wallet. Weddings are highly personalized and customised and hence the service is high-end for an
elaborate, big-fat set wedding. For a simple yet elegant décor services are offered at budget
prices.
Anticipated Demand
Chances of repeat customer for a wedding planner are very minor. But through word of mouth,
new customers are attracted or else customers approach to get services for their friends, family
members and relatives. The best part of Wedding Planner Business is there is always a wedding to
plan! Promotions or recessions, people do get married.
Pricing Strategy
Wedding Planner is a freelance consultancy for couples who are soon-to-be married. The various pricing options available are:
• Flat Fees
• Expenses percentage
• Hourly Consultancy Fees
• Combination of Expenses percentage and hourly consultancy fees
• Commissions
Wedding Vows – Business Plan 2014
Page 19
At Wedding Vows, packages will be offered and pricing will be based on the factors like: • Wedding Theme and package chosen
• Size of guests
• Services offered
• Percentage of Expenses
Value to Customer
Moreover the Core Values – CUPID helps in creating a lasting relation with the customers and the
suppliers and hence creating a healthy and reliable value chain.
Growth Potential
The industry is expected to grow by 6.5% every year to $ 4.7 billion over the next 5 years with
around 119,000 weddings, approximately 1.08% growth taking place per year. Couples save over
a period for their special day to become more special and statistics also say that more than 60%
of the couples go over their budget for their weddings.
Innovation
Research & Development
Trends in wedding industry keep on changing. As a Wedding Planner, one needs to be constantly
updated with the new trends and fashion currently followed.
Also, since there are so many different ethnic groups in Sydney and each ethnicity follows their
tradition, a Wedding Planner needs to research the culture and tradition of those ethnic groups.
Creative Activities
As a Wedding Planner, there is tremendous scope for creativity and innovation. Every couple
would want their wedding day to be unique and different. It is the responsibility of the planner to
suggest some creative ideas to the couple.
6.70% 7.55%
7.90%
8.25%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
2013-2014 2014-2015 2015-2016 2016-2017
Growth % in Wedding Industry, Australia
Growth % in Wedding Industry, Australia
Wedding Vows – Business Plan 2014
Page 20
Insurance Permanent Employees of Wedding Vows will be insured as per the industry policy. On the other
hand, contractual employees will not be life insured, but the events will be insured which will
cover the risk of these employees.
Workers Compensation
Life Insurance of permanent employees will be covered by Wedding Vows. This will be included as
a part of their compensation. Currently the Annual Insurance Premium is $200 per person.
Business Assets
Business assets such as property, inventory and classroom furniture is insured for natural
calamities as well as for fire, burglary or any other damage.
Risk management Explicit and careful planning will maximise the probability of success of the event. The below
table highlights the potential risks which can occur in the Wedding Planning Industry.
Risk Likelihood Impact Strategy
Suppliers or Vendors do not show up
At every event there are chances of some or the other supplier not showing up or if does, messing around
Depending on the nature of the supplier, its impact can be negligible to critical
Make follow-up calls with the vendors and suppliers. Create a plan – B for such incidents. Have a list of second best and ready-to-serve suppliers
Accidents at the venue
With good security planning, likelihood of occurrence is minimal
Depending on the nature of the accident can be minor to fatal
Prepare a good, full proof security plan. Familiarize with the location and nearby police station, hospital and fire brigade. Keep an emergency kit handy
Unexpectedly large number of guests
May occur rarely Major on the arrangements made
Check with catering and accommodation team and ask the vendor or suppliers to make arrangements accordingly
Unfavourable Weather
Possible during outdoor weddings
Severe Look out for nearby shady place where the rest of the ceremony can be continued. If there is no such place, construct a temporary shade at the venue in advance
Technical or logistical issues
Seldom Depends on the type of issue
Keep your technical experts and their tool kit ready. Be prepared with alternative means
Budget overshoot
Seldom Major Keep the couple and the family informed. Show them the expense track and for critical and expensive expenses, consult the customer
Open Bar Seldom Minor to Major Make sure the person under the
Wedding Vows – Business Plan 2014
Page 21
Consequences influence of alcohol is attended. Get help from friends and family members
Thefts Rare Depends on the value of the item stolen
Keep your security personnel on toes. Safeguard all the gift items and expensive jewelleries. Ensure that the bride’s and the groom’s rooms are always locked
Bride or Family members Emotional outburst
Common Customers generally tend to freak out during such emotionally overwhelmed events
Get help from family and friends. Talk to people at personal level. Improve your communication and interpersonal skills
Risk mitigation can be planned using experience and knowledge of oneself and of others. Make
use of insights to solve problems. Use the conventional problem solving techniques or develop
innovative one, but by all means make use of presence of mind and without panicking solve these
challenges.
Additionally, feasibility study and analysis of past data can be performed for contingency
planning.
Legal Considerations Australian rules and regulations demand that any business done with customers should have a
signed contract. Hence, contract mentioning the terms and conditions clearly should be prepared
before the planning process is begun or advance fees are taken.
Operations Vendors and suppliers will provide with the necessary arrangement for the wedding. For the One-
Stop-Shop, just-in-time inventory, tailor-made order and made-to-order deliveries are followed.
Once the availability is confirmed and the order is confirmed (advance fees is received), will
Wedding Vows place the order request to the respective supplier/vendor.
Since there is a heavy reliability on the third party, Wedding Vows need to ensure that the lead
time is zero and the desired order is received on time and with good quality.
Vendors & Suppliers
Apart from customers, vendors form a very important part of value chain. Get help from fellow
wedding professionals, attend networking events and check reliable recommendations before
any vendor is finalised. Reputation is at stake if the people with whom business is conducted are
not at par with the standard of Wedding Vows.
It may not be always possible, but it is good to give vendor some time to ensure quality delivery.
Also since Wedding Vows service is a high-end service, suppliers too need to follow this
competency and deliver good quality timely service. It will also help to make decent negotiations
Wedding Vows – Business Plan 2014
Page 22
but at the same time to see that both vendors and Wedding Vow is at profit and at the same time
customer is still able to manage the dream wedding within budget.
Main suppliers/vendors for wedding industry will be: • Caterers
• Stylist
• Boutique or Designer
• Jewellery or accessory provider
• Henna designer
• Music / Band
• Decorator
• Security
Inventory
Since weddings are usually tailor-made, this business doesn’t call for inventory management.
Basic things need to be kept handy which include but are not limited to booklets and catalogues,
few samples and basic furnishing. Also, just-in-time inventory, tailor-made order and made-to-
order deliveries are followed.
Technology (Software)
At present, the customer profile and database will be maintained in physical format and excel
sheet. Similarly, vendor and employee database will be maintained. Once the business kicks off,
software such as CRM, ERP and Payroll Management System will be bought and used.
For design simulations of the set at venue, 3D CAD software such as Sketchup, Autodesk and
other such freeware software can be used.
Trading Hours
Wedding Vows office hours will be 9 am to 5 pm. But since this is more onsite job, there will not
be any strict timelines which will be followed.
Communication Channels
Vendors and customers will generally be contacted over telephone (landline and mobile phone),
internet text or calls or video calls, emails and faxes etc.
Advertising and sales promotion communication channel will be direct emails, tele-sales, internet
blogs and social media sites and other means of online advertisement.
Payment Types
Payment will be accepted and made in the form of cash, cheque and online transfers. Card will
also be accepted.
Credit Policy
Credit can be maintained with Suppliers or Vendors with whom the business is done on daily
basis. The terms and conditions will be as per the contract signed between the two parties.
No credit policy will be followed while dealing with payments from customers.
Wedding Vows – Business Plan 2014
Page 23
Sustainability Plan
Environmental/Resource Impacts
Weddings are a once in a lifetime event and hence people including couples, family members and
friends are little careless towards environment and resources. Wastage of food, water and other
resources such as electricity is observed.
Community Impact & Engagement
Music and chattering can create noise pollution and disrupt the peace and harmony in the
neighbourhood. Fireworks and other ceremonies can cause air pollution and anger the local
community.
Strategies
Following can be done to minimise the impact on environment and community: • Any leftover food can be donated to orphanages and old-age homes in the locality
• Take permission or inform the neighbourhood before any ceremony
• Ensure proper resource utilization
The Market
Market Research Wedding industry is a $ 3 billion industry in Australia where a couple spends more than $ 30,000
on their wedding and around 116,000 weddings take place per year. The industry is expected to
grow by 6.5% every year to $ 4.7 billion over the next 5 years with around 119,000 weddings,
approximately 1.08% growth taking place per year. Couples save over a period for their special
day to become more special and statistics also say that more than 60% of the couples go over
their budget for their weddings.
The effective wedding industry revenue spilt-up can be seen as:
$4.0
$4.3 $4.5
$4.7
116000
117253
118519
119799
115000
116000
117000
118000
119000
120000
$3.6
$3.8
$4.0
$4.2
$4.4
$4.6
$4.8
2013-2014 2014-2015 2015-2016 2016-2017
# o
f W
ed
din
gs
Re
ven
ue
in b
illio
n $
Revenue in billion $ # of Weddings
Wedding Vows – Business Plan 2014
Page 24
Environmental Analysis
Wedding Trends
Figures from Australian Bureau of Statistics state that the relative wedding rate is declining from
7.1 weddings per 1,000 of the population in 1988 to 5.5 weddings per 1,000 of the population in
2011, yet the actual number of weddings is increasing per year. This pattern can be attributed to
the recent trends in the wedding industry. Recent wedding trends in Australia are:
Trend 1 – Couples marrying at a later age
The average age of couples getting married has increased from 26.1 for grooms and 24 for brides
in 1989 to 29.6 for grooms and 27.6 for brides in 2011. This trend implies that couples are in a
position to finance their own wedding rather than merely relying on their parent’s money.
Trend 2 – Couples living-in together before marriage
Recently the number of Australians over the age of 15 cohabiting with a partner before marriage
has attributed to a growth of 4.3% since 1991. The Wedding Industry needs to adapt and appeal
to such couples, maybe with their children, and also with couples who will set up their homes
together after the wedding.
Trend 3 – Shift in wedding season
March in Sydney is the best month for weddings because of the summer season. But recently to
avoid the busy wedding season, couples choose to get married in October or November and make
the optimum use of daylight hours. Thus, there is no longer any seasonality in the wedding
industry.
Wedding Vows – Business Plan 2014
Page 25
Trend 4 – Increasing civil ceremonies
There has been a significant rise in civil ceremonies. 63% couples in 2011 got married in the civil
ceremony; whereas out of the remaining 37%, one third had Catholic services and two thirds had
other ethnic marriages. Wedding planner has to cater to such variety of marriages.
Trend 5 – Increasing inter-racial marriages
Around 21% of weddings take place between non-Australian and Australian born partners. Here,
wedding planner will need to blend both the cultures and give rise to a new style of wedding
adopting both the cultures and ethnicities.
Trend 6 – Marrying for the second or third time
In 2011, only 50% weddings were first-time weddings. 56% grooms and 46% brides who were
divorced between 2000 and 2002 are getting remarried. Currently the divorce rate is reduced to
2.3 divorces per 1000 of the population. Couples tend to spend less when they are remarrying.
This means that a wedding planner will have to adjust things in a stringent budget.
Trend 7 – Economic fluctuations
Though by far there has not been much of an impact on the wedding industry but soon there is a
probability of reduction in the size and scale of the weddings. Weddings are financed using
various means of loans and credits, in its absence compromises on the romantic venues and
expensive dresses will have to be made.
Trend 8 – Destination weddings
Apart from romantic venues, couples are choosing more intimate weddings held at their homes,
in garden marquee or holiday homes etc. Some choose to go to exclusive places and get married
and spend all that they can for this one special day. Wedding planner has much at task in such
weddings.
SWOT Analysis Strengths
• First to provide Indian Wedding Planning Services
• Professional services • Domain Knowledge • Excellent relationships with
contemporary vendor and supplier • Skilled, trained and courteous staff • Value Added Services
Weakness • Lack of experience • Novice in industry • No visibility of the company • Inability to meet the unexpected
increase in demand
Opportunities • Create contact with hotels • Expansion of business to State Victoria • Grow the business with the help of some
trustworthy partner • Tap new market potential • Emerging Industry
Threats • Large well-established competitors • Will have to cut down prices if
competitors do • Economic fluctuations • Trained students of Wedding Vows
institute can cannibalise the business • High turnover of event assistants
Wedding Vows – Business Plan 2014
Page 26
Target Market / Customers:
Key Customers
Since marriage is a multi-billion dollar industry, everyone around is the potential client. In spite of
this, the target market is brides, grooms, and their family members who need the services of a
wedding planner the most. Over 40,000 marriages were registered in 2012 in New South Wales
State which creates a sizable market potential for wedding industry.
Apart from the primary customer target of brides, grooms and their family members, the next
segment of customers is anniversaries and similar events. Additionally, the ethnic group or the
multicultural group in NSW especially Sydney will be targeted who get married in their respective
home countries but host post marriage events like reception or cocktail parties in Australia.
Another set of customers are the customers of one-stop-wedding-shop who would purchase
things like wedding return gifts and their packaging, wedding dresses, gowns and suits,
honeymoon packages etc. A niche target segment for Indian culture weddings and ethnic
shopping merchandise, accessories and other materials required to perform Indian weddings will
also be tapped on.
Besides weddings and similar events arrangements, an additional training service will be
provided. This service is available for those who wish to be future wedding planners or event
organisers. Training will be given in corporate retreats, event management, etiquette training,
personality development and other related skills development training.
Customer Demographics
The primary customers for wedding planner are the brides and grooms. In 2013, the median age
for marriage is 31.4 for grooms and 29.4 for brides. The median age of couples is increasing day-
by-day which means that couples have disposable income and hence need not rely on their
parents to finance their weddings. This has increased their budget for weddings and
honeymoons.
25.6 26.5
27.3
28.3 28.8
27.6
29.4 28
29.2 29.9 30.1
30.8 29.6
31.4
22
24
26
28
30
32
1992 1996 2000 2004 2008 2011 2013
Median Age
Brides Grooms
Wedding Vows – Business Plan 2014
Page 27
The below graph shows segmentation of primary customers of wedding industry:
An approximate 5% CAGR (Compound Annual Growth Rate) is observed. This shows that the
industry is growing and will continue to grow. Using the above data and assuming 5% growth as
per the trend, the following can be projected for the year 2014.
Potential Customers 2014
Brides & Grooms 1,915
Family Members 6,382
Other 1,277
1,500 1,575 1,654 1,737 1,824
5,000 5,250 5,513 5,789 6,078
1,000 1,050
1,103 1,158
1,216
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2009 2010 2011 2012 2013
Market Segment Analysis
Brides & Grooms Family Members Other
Brides & Grooms 20%
Family Members 67%
Other 13%
Forecasting Potential Customers, 2014
Wedding Vows – Business Plan 2014
Page 28
Indian Ethnic Group Demography
The below data obtained from Australian Government, Department of Immigration explains the
immigration trend of Indians:
Thus from the Indian Population growth rate, it can be observed that majority of the population
grew during 1970-2000. Hence, now the 2nd or 3rd generation of these migrants will be residing in
Australia out of which few maybe of marriage-able age, say 25% of the Indian population.
Moreover, India has been one leading migrants in Australia. Below graph shows the top leading
migrant countries:
-
75,000
1,50,000
2,25,000
3,00,000
3,75,000
17
1
2,1
99
3,8
96
14
,21
5
25
,81
1
43
,47
1
80
,23
6
1,2
9,1
86
1,5
1,8
59
1,8
3,3
96
2,2
4,0
00
2,5
8,3
33
2,7
5,4
75
2,9
7,2
43
3,2
6,2
61
3,6
6,3
12
Indian Population
Indian Population
0%
20%
40%
60%
80%
100% 82% 68%
85%
61%
18% 21% 22% 15%
7% 8% 10% 12%
Growth Rate of Indian Population
Growth Rate
Wedding Vows – Business Plan 2014
Page 29
Below data from Australian Bureau of Statistics shows that Indians residing in Australia belong to
one of the highest earning groups in Australia. An average Indian earns more than the median
individual weekly income. Hence, Indians have more Marginal Propensity to Consume or more
disposable income to spend. The data can be seen as below:
Chinese Indian Overall
Population 4,03,193 2,08,488 234,12,282
% of total population 1.72% 0.90% 100%
Median Age 35 31 37
Median Individual Weekly Income $328 $663 $577
From the last census in 2011, total Indians in Australia are 297,243 out of which maximum are in
the state Victoria (111,787) followed by the state of New South Wales (95,387), Queensland
(30,259) and Western Australia (29,915). State-wise distribution of Indians in Australia can be
seen as:
-
10,000
20,000
30,000
40,000
50,000
2010 2011 2012 2013
23,164 21,768
29,018
40,051 24,768
29,547 25,509 27,334
25,738 23,931 25,274
21,711
Top Countries of Immigration in Australia
India China UK
Wedding Vows – Business Plan 2014
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From the demography and income details of Indians in Australia, it looks a feasible market for a
wedding planner to tap on the Indian Ethnic group in Sydney, Australia.
Customer Management
Customers are the most crucial part of any business. There are many essential things which need
to be taken care of while managing the customers, especially anxious brides.
New customers can be contacted by using the data obtained from the booth at Bridal Fairs,
boutique suppliers, booth in malls, etc. Wedding planner and event management industry thrives
on maintaining good public and customer relations.
Few steps which can be followed in order to maintain healthy and sustaining relation with the
customer are:
Customers will be reached out within 48 hours of first meeting. Customers are very busy
and many people contact them hence it will be beneficial to contact while them the
meeting is still fresh in their mind.
Customers will be given a prompt service / reply. There is nothing more pleasing than an
immediate query response.
Service packages will be offered instead of hourly rates for consultancy.
Service to every customer will be customized and personalized and all possible
expectations and demands will be met.
Customers will be helped to create budgets, schedules, guest lists and to undertake other
wedding planning activities.
Quality service will be provided and sales promises will be kept (Under-promised and
over-delivered).
The client will be kept informed and value will be added in every meeting.
Each customer will have a separate data file in which all the details of the customer will
be stored. Details such as budget, dates, venues, themes, dresses, gifts, etc. For the time
being physical files and excel sheets can be maintained, once the business is in full swing,
these can be replaced by good CRM software.
Customers will be contacted using their cell phones and at the time decided. Only if not
available, customers will be contacted via emails.
Any mail, personal or promotional, will be personalised, that is will have the addressee’s
name and details such as where and how we had met and the interest which the
customer had shown in the service offered, etc.
Customers will be encouraged to visit and like Facebook pages, to follow on Twitter and
Pinterest and to visit company website and blogs wherein wedding tips will be shared.
Even after the ceremony is successfully completed, customer relationship will be
maintained to keep the trust and also to ensure that other potential customers can be
made through existing customer’s contacts.
Competitor Analysis There exists huge competition in wedding industry. There are well established and well
networked wedding planners presently in Sydney and its neighbourhood.
Wedding Vows – Business Plan 2014
Page 31
One of the differentiating factors about Wedding Vows is that it has a segment catering to the
niche Indian ethnic community present in Sydney. The target market here is the Indian
Community residing here since 1980 and their second generation will be in Sydney and have their
wedding ceremonies performed in Sydney. Providing traditional Indian Style wedding planning
service to such customers will give Wedding Vows competitive advantage.
Competitor Details
Below is a list of competitors in Sydney
Competitor Established
Date Value to Customers Strengths Weaknesses
Nightingales 1994 Offers wedding packages to suit any budget without compromising on the style and quality
15 years in the industry; long term relationship with clients Both Elite and Budget weddings
Caters only to local Australian or English weddings
Couture Wedding Planning
2006 Creates realistic wedding budget
Maintains good contacts in the industry
Caters only to local Australian or English weddings
Bells N Whistles
2005 Creates events specific to budget, needs and desires
Organizes weddings and other events and Customizes events as per the customer’s wants
Takes 50% advance before providing any service
Elite Events 2004 Offers all services and performs them in style
Organizes weddings and other events one at a time and Gives a family oriented feel and approach
Not good contacts with suppliers
Girl Friday Weddings
2012 Provides full service as well as part planning
Market capture across Sydney and Melbourne
Caters only to local Australian or English weddings
Marketing Targets The target is to plan 5 weddings per month which will require around $ 2,500 shopping from one-
stop-shop. Also, training institute will have 5-6 students in 1 batch enrolled for short term 3
months course.
Sales & Marketing Objectives
The short-term sales and marketing objective is to break even and to start earning profits within 6
months of starting the business.
The long term objective is to plan the most elegant and elite, high profile weddings in Sydney and
Melbourne.
Sales Forecast
The Sales forecast for the year 2014 is:
Wedding Vows – Business Plan 2014
Page 32
Marketing Strategy Wedding Vows will leverage the opportunity of providing Ethinic Wedding Planning service and
thereby gain the first mover advantage. Booth at Bridal Fairs and public malls will help in
attracting new customers.
Advertising & Sales
Rather than putting all the money in one form of advertising, Wedding Vows will take advantage
of different advertising platforms such as:
Online:
Website
Blogs
Social media
Pay-per-click online ads
Offline
Business Cards
Brochures and Pamphlets
Print ads
Direct mails
Networking
Promotional methods
Bridal booth at fairs and malls
Unique Selling Position
Having multiple revenue options is a unique selling position of Wedding Vows. Everything under
one roof gives a cutting edge to Wedding Vows in this competitive market.
$0
$50,000
$1,00,000
$1,50,000
$2,00,000
$2,50,000
Year 1 Year 2 Year 3
$35,697 $63,386 $61,115
$40,000
$55,000 $74,250 $45,000
$60,000
$81,000
Sales Forecast
Goods sold Fees Received Commission Received
Wedding Vows – Business Plan 2014
Page 33
Also, coming from marketing background and from India, it facilitates the process of catering to
the niche Indian customer segment. Understanding and fulfilling the desires of Indian couple
becomes easier. Sydney does not have a complete wedding planning package offered by any
wedding planner and hence Wedding Vows will get the First-Mover advantage.
Advertising & Promotional Strategy
Wedding Vows will implement the following strategy:
Advertisement
In local newspaper, Yellow Pages, etc.
Peer Relationships
Maintain good contacts with other wedding planners, vendors and suppliers
Social Media
Make use of Facebook, Twitter, YouTube, Pinterest etc. to publicise Wedding Vows
Word of Mouth Referrals
There is no better advertising than a positive customer feedback. Happy customers will refer the
service to other customers and hence help in creating new customer base.
The Future
Vision Statement The vision of Wedding Vows is
… to be the best in class by delivering services that will add value to couples and will also
help create a marketplace for wedding professionals
Mission Statement “Making Memories Memorable” is what we strive for. We intend and put all our efforts and
energy to turn your day of love into an unforgettable event and the memories that you will
cherish for the rest of your life.
Core Values Wedding vows works by abiding to its core values, which is “CUPID”.
C – Collaborative U – Unique
P – Passionate I – Integrity
D – Diversity
Wedding Vows – Business Plan 2014
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Goals and Objectives The main goal of Wedding Vows is to make the most special day of the couples’ life both memorable and pleasurable. The objectives are:
1. To be the most courteous and famous wedding planner in Sydney
2. To be deliver the best in class service
3. To make Indian weddings popular in Australia
4. To add value to the couple’s most dreamt of day
5. To make profit by making the special day of couple more memorable and delightful
Action Plan Working as a Wedding Planner requires continuous improvement, deeper understanding of client
needs and acquiring new skills. The following action plan will be followed:
The Finances
Key Financial Objectives & Financial Review
Financial Objectives
Wedding planner is a low capital investment business hence breaking even in the year of start will
not be an issue. Along with making arrangements of wedding, the other source of revenue is
Know your services to be
rendered
Explore the options which
will be provided to the
customers
Develop relationships
with the vendors and
suppliers
Get the required
permissions and licenses and register
Wedding Vows
Create a user friendly
website. Link it to social
networking sites
Create a brand Provide good quality service
Increase revenue
Become the best in class Wedding
Planner
Wedding Vows – Business Plan 2014
Page 35
having a one-stop-shop and training services which require some initial capital. The main short
term objective is to break even and start earning profits within 6 months of starting the business.
Finance Required
Wedding planner services do not need major up-front investment except for the marketing,
advertising and promoting services expenses. The investment is required for one-stop-shop and
training institute.
The goods in the shop will be taken either on credit in exchange of some deposit or pre-ordered
by customer whereas training institute will require a classroom and some basic furnishing for
savings or own money can be used. Since both these services will be provided from home, no
rental or property investment is required.
In order to minimize the start-up costs, furnishing will be second hand but in good condition
furniture. Since Wedding Vows is a multiple revenue source business some expenses are common
whereas some are independent. Let us consider these start-up capital requirements:
Common Requirements
1. Legal and registration fees
2. Marketing and advertising – Bridal fairs, brochures, etc.
3. Research
4. Telephone instrument and telephone line
5. Internet connection
6. Bulk email service
7. Interior and refurbishing rooms and spare garage to give a professional look
8. Equipment expenses – Laptop, printer and fax; kettle and refrigerator for serving
beverages to guest
9. Stationery
10. Insurance
Wedding Planner Requirements
1. Theme catalogues
2. Sample material for different themes
One-Stop-Shop Requirements
1. Booklets and catalogues
2. Sample goods
3. Deposit for goods purchased
Training Institute Requirements
1. Study desks / Benches
2. Boards
3. Course Material
Assumptions
As per the trend analysis, there exists no seasonal variations in weddings these days
4-5 weddings of approximate budget $30,000 per month and 5 students enrolled for
training
Wedding Vows – Business Plan 2014
Page 36
20% growth between Year 1 & 2; 30% growth between Year 2 & Year 3 and 5%
depreciation
Salary paid by hourly-daily basis / contract basis depending on the situation
Second hand benches, vehicles will be bought – vehicle will be bought using Year 1 profit
Utilities Expenses and Transportation expenses will be $150 per month each
Income Tax for working professionals is 25%
Start-up Costs for 2014 The estimated start-up costs in the year 2014 are:
Description Amount in AUD
Common Expenses
Legal and registration fees $400
Marketing and Advertising $2,000
Research $200
Telephone instrument and telephone line $200
Internet connection $100
Bulk email service $50
Interior and Refurbishing $2,500
Equipment expenses $1,500
Stationery $250
Insurance $300
TOTAL COMMON EXPENSES $7,050
Wedding Planner
Theme catalogues $600
Sample material $1,400
TOTAL WEDDING PLANNER EXPENSES $2,100
One-Stop-Shop Requirements
Booklets and catalogues $450
Sample goods $2,500
Deposit for goods purchased $1,200
TOTAL ONE-STOP-SHOP EXPENSES $4,150
Training Institute
Study desks / Benches $200
Boards $50
Course Material $450
TOTAL TRAINING EXPENSES $700
TOTAL START-UP EXPENSES $14,000
Wedding Vows – Business Plan 2014
Page 37
Additionally, cash-in-hand required for emergency or other unplanned activities will be $2,500.
Hence, the total funding required to start the business in 2014 will be:
Description Amount in AUD
Expected Start-up Expenses $14,000
Cash-in-hand $2,500
TOTAL FUNDING REQUIRED $16,500
Since not a huge capital investment is required, borrowing money from the bank is not required.
Own money will be used to start the business.
Description Amount in AUD
Assets
Non-cash Assets from Start-up $0
Cash at Start-up $2,500
Other Assets $0
Total Assets $2,500
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable $0
Other Current Liabilities $0
Total Liabilities $0
Capital
Planned Investment $16,500
Additional Investment Requirement $0
Total Capital $16,500
Start-up Funding
Expected Start-up Expenses ($14,000)
Balance after Expenses $2,500
Total Funding Required $16,500
Total Common Expenses
50% Total Wedding Planner
15%
Total One-Stop-Shop
Requirements 30%
Total Training Institute
5%
Estimated Start-up Expenses
Wedding Vows – Business Plan 2014
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Below graph gives the overview of start-up funding required in 2014:
Balance Sheet Forecast The forecasted balance sheet for the next 3 years is:
Year 1 Year 2 Year 3
Current Assets
Cash $22,766 $28,458 $38,418
Petty cash $2,500 $3,125 $4,219
Inventory $5,006 $6,258 $8,448
Accounts Receivable $11,686 $14,608 $19,720
Fixed assets
Leasehold $0 $0 $0
Property & land $0 $0 $0
Renovations/refurbishing $2,375 $2,256 $2,143
Furniture $238 $226 $214
Vehicles $0 $10,200 $9,690
Equipment $1,425 $1,354 $1,286
Course Material $428 $406 $386
Total Assets $46,423 $66,889 $84,524
Current Liabilities
Accounts payable $1,245 $846 $958
Interest payable $0 $0 $0
Accrued wages $0 $0 $0
Long-term liabilities
Loans $0 $0 $0
Total Liabilities $1,245 $846 $958
Capital $16,500 $16,500 $16,500
Retained Earnings $29,923 $50,389 $68,024
Total Capital $45,178 $66,043 $83,566
Total Liabilities and Capital $46,423 $66,889 $84,524
Net Worth $45,178 $66,043 $83,566
$0
$5,000
$10,000
$15,000
$20,000
Assets (Cash) Expenses Investment Loan
$2,500
$14,000 $16,500
$0
Start-up Funding
Amount in AUD
Wedding Vows – Business Plan 2014
Page 39
$0
$20,000
$40,000
$60,000
$80,000
$1,00,000
Year 1 Year 2 Year 3
$46,423
$66,889
$84,524
$1,245 $846 $958
$45,178
$66,043
$83,566
Balance Sheet Forecast
Assets Liabilities Capital
$0
$20,000
$40,000
$60,000
$80,000
$1,00,000
Year 1 Year 2 Year 3
$45,178
$66,043
$83,566
Net Worth Forecast
Net Worth
Wedding Vows – Business Plan 2014
Page 40
Profit and Loss Forecast The forecasted profit and loss statement for the next 3 years is:
Year 1 Year 2 Year 3
Sales
Goods sold $35,697 $63,386 $61,115
Fees Received $40,000 $55,000 $74,250
Commission Received $45,000 $60,000 $81,000
Gross Profit/Net Sales $1,20,697 $1,78,386 $2,16,365
Expenses
Accountant Fees $50 $50 $50
Advertising & Marketing $2,000 $1,500 $2,500
Bank Fees & Charges $0 $0 $0
Bank Interest $0 $0 $0
Credit Card Fees $0 $0 $0
Utilities (electricity, gas, water, telephone) $1,800 $1,800 $1,800
Lease/Loan Payments $0 $0 $0
Rent $0 $0 $0
Vehicle Expenses $1,800 $1,800 $1,800
Repairs & Maintenance $250 $250 $250
Stationery & Printing $250 $300 $350
Insurance $300 $300 $300
Catalogues or Booklets $1,050 $1,200 $1,400
Salary and Compensation $53,100 $76,200 $85,800
Total Expenses $60,600 $83,400 $94,250
Profit Before Interest and Taxes $60,097 $94,986 $1,22,115
Interest Expense $0 $0 $0
Taxes $30,174 $44,597 $54,091
Total Taxes and Interest $30,174 $44,597 $54,091
Total expenses $90,774 $1,27,997 $1,48,341
NET PROFIT $29,923 $50,390 $68,024
$0
$20,000
$40,000
$60,000
$80,000
Year 1 Year 2 Year 3
$29,923
$50,390
$68,024
Net Profit Forecast
Net Profit Forecast
Wedding Vows – Business Plan 2014
Page 41
Expected Cash Flow The forecasted cash flow for the year 2014 is:
EXPECTED CASHFLOW 2014 Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
OPENING BALANCE $16,500 $17,022 $17,544 $18,066 $18,589 $19,111 $19,633 $20,155 $20,677 $21,199 $21,721 $22,244
Cash Incoming
Sales $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056 $10,056
Other income $728 $728 $728 $728 $728 $728 $728 $728 $728 $728 $728 $728
Total Incoming $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784 $10,784
Cash Outgoing
Purchases $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514 $2,514
Accountant fees $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4 $4
Advertising & Marketing $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167
Utilities (electricity, gas, water) $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Telephone $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Motor vehicle expenses $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Repairs & maintenance $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21
Stationery & printing $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21 $21
Membership & affiliation fees $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10
Licensing $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23 $23
Insurance $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25 $25
Catalogues $88 $88 $88 $88 $88 $88 $88 $88 $88 $88 $88 $88
Income tax $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515 $2,515
Salary and Compensations $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425 $4,425
Total Outgoing $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262 $10,262
CLOSING BALANCE $17,022 $17,544 $18,066 $18,589 $19,111 $19,633 $20,155 $20,677 $21,199 $21,721 $22,244 $22,766
Wedding Vows – Business Plan 2014
Page 42
Break Even Analysis To break even with the initial capital investment of $14,000 in 6 months, approximately $2,334 per
month needs to be earned. This is assuming that there is no additional fixed cost per month.
Product / Service provided are:
1. Wedding Planner
2. One-Stop-Shop
3. Training Institute
Average price of each product sold comprises the total average of all the above services i.e. $10,056.
The commission for wedding planner is 2.5% and average wedding cost is $30,000. Also, assuming 5
weddings will be planned per month, hence price of service will be 30000*2.5%*5 = $3,750
Course fee is $2,000 and 5 students will be undertaking the course in each class of duration 3
months. Hence, monthly price of the training service will be 2000*5/3 = $3,334
Assuming goods worth $35,657 are sold in the Year 1. Hence, price of the product sold per month is
35657/12 = $2,972
Cost of product / service is assumed to be 25%, hence the total cost is 25% of $10,056.
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$1
7,0
22
$1
7,5
44
$1
8,0
66
$1
8,5
89
$1
9,1
11
$1
9,6
33
$2
0,1
55
$2
0,6
77
$2
1,1
99
$2
1,7
21
$2
2,2
44
$2
2,7
66
Cash Flow Forecast, 2014
Cash Flow Forecast, 2014
Wedding Vows – Business Plan 2014
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Appendix
Wedding Industry Revenue Generation Division
Wedding Industry Revenue
Venue Hire - $ 1.4 bn 33.40%
Clothing - $ 942.3 m 21.90%
Food - $ 668.3 m 15.50%
Photography - $ 498.3 m 11.60%
Flowers, Stationery, Misc - $ 758.3 m 17.60%
Source: Sydney Morning Herald & Wedding Industry Australia
Expected Growth in the Wedding Industry
Growth % in Wedding Industry, Australia
2013-2014 6.70%
2014-2015 7.55%
2015-2016 7.90%
2016-2017 8.25%
Source: Sydney Morning Herald & Wedding Industry Australia
Market Segment Analysis
2009 2010 2011 2012 2013
Brides & Grooms 1,500 1,575 1,654 1,737 1,824
Family Members 5,000 5,250 5,513 5,789 6,078
Other 1,000 1,050 1,103 1,158 1,216
Source: Wedding Industry Australia
Forecasting Potential Customers in 2014
Brides & Grooms 1,915
Family Members 6,382
Other 1,277
Median Marriageable Age
1992 1996 2000 2004 2008 2011 2013
Brides 25.6 26.5 27.3 28.3 28.8 27.6 29.4
Grooms 28 29.2 29.9 30.1 30.8 29.6 31.4
Source: Australian Bureau of Statistics
Indian immigration Trend
1971-1980
1981-1990
1991-2000
2001-2005
2006 2007 2008 2009 2010 2011 2012 2013
Growth Rate
82% 68% 85% 61% 18% 21% 22% 15% 7% 8% 10% 12%
Source: Immigration Department, Australia
Wedding Vows – Business Plan 2014
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Top Countries of Immigration in Australia
India China UK
2010 23,164 24,768 25,738
2011 21,768 29,547 23,931
2012 29,018 25,509 25,274
2013 40,051 27,334 21,711
Source: Immigration Department, Australia
Ethnic vs Non-Ethnic Marriages
Number of Marriages in NSW
Australian's Marriages 29,739
Australian - Non-Australian's Marriages 6,687
Non-Australian's Marriages 4,555
Source: Wedding Industry Australia
Sales Forecast
Year 1 Year 2 Year 3
Sales
Goods sold $35,697 $63,386 $61,115
Fees Received $40,000 $55,000 $74,250
Commission Received $45,000 $60,000 $81,000
Gross Profit/Net Sales $1,20,697 $1,78,386 $2,16,365
Packages
Destination Wedding
Wedding Vows – Business Plan 2014
Page 45
Honeymoon Packages
Theme Weddings