Dear Ladies and gentlemen,
Today I stand before you all with much exhilaration and burning passion for the world of event planning and management. I feel so much thrilled because I’m going to launch an ” Event Management Company” and as an owner, I am hugely excited about this entrepreneurial journey ahead.
I am proud to present my event planning and management company: “The Elite Event Hub”.
Our goal is simple but bold—to craft extraordinary experiences that go beyond expectations. We are dedicated to making your vision tangible and true to each detail.
Description of My Business
Event planning and management are among the fastest-growing industries, offering various opportunities to entrepreneurs. Organizing every part of events, from casual get-togethers to far-reaching congresses, conferences, and festivals, fell under the auspices of event planners and managers. Together, they create budgets, choose locations, schedule suppliers, and handle logistics.
The Marketplace
The event management industry is a noteworthy and growing field.
Bangladesh’s event management industry also continues to grow. Scores of companies and individual organizers offer any type of service for holding any kind of event in the country. Multiple websites, professional service providers, and corporations focus on arranging multiple events. Corporate and governmental events also spur the development of the sector. There seems to be perpetual change and competition in the market.
Growth Opportunity
There is immense growth potential for the event management and planning industry.
Currently, this industry is slightly concentrated; there are a lot of small operators making all effort to gain market share. On the other side, this opens up avenues for fresher to settle their feet and scale their operations.
The event management and planning industry is envisaged to grow at an 8.1% yearly rate from 2022 to 2027.
Projection of Revenue and Profit Forecasting
Year 1: Building a Solid Base: Most of the efforts would be towards brand building with reputation establishment.
- Target smaller/scale-down events with local clients
- Aim only for slightly conservative, hard-hitting sales targets
- Projected revenue: $50,000, with a profit of $8,000.
Year 2: Customer Base Expansion: Using the success record of the first year as a marketing tool for the business.
- Build strategic vendor and venue relationships.
- Run focused marketing campaigns to begin attracting corporate customers.
- Projections: $ 200,000 in revenues, $ 30,000 in profits.
Year 3: Consolidation and Growth
- The acquired reputation and clientele will serve as launch pads.
- Service offerings will be diversified to appeal to more varied and diversified events.
- More staff will be added, and the operational capacity will be developed in that regard.
- Expected revenue, $500,000; profit, $75,000
Funding’s Impact: Maximizing profits with purpose
The organization needs $25,000 in deposits to be established. The money that will be awarded from this grant will be applied toward the equipment, advertising, and rent related to opening a business.
Loan and Dues Repayment
The loan and associated commitments will be repaid over the seven years. A $1,000 loan payment and a $5,000 dues payment each month
Sales, Marketing, and People
The business will need many people, among them:
- A business partner, He must have some skills in the field of managing events.
- A squad of managers and planners for the events
- A group of salespeople and marketers
- A financial advisor
- A legal expert
In a short summery, This department will be handled by a whole team of managers and planners who have experience in events. A marketing and sales department will be required to develop the leads and convert those leads into customers. Lawyers and financial consultants will also be available to assist the company in managing its finances and following all rules and regulations.
Limitations
The issues faced by event management companies are numerous. Some of them include the following:
- Budget management: ascertaining and balancing between the demand made by the client and financial constraints.
- Time management: handling multiple events and staying within stringent deadlines.
- Vendor Coordination: Managing and organizing the different vendors that are called in for the execution of an event.
- Customer Expectation: Meeting specified requirements and changing specifications.
- Logistics and Coordination: Making sure that everything goes off without a hitch and nothing is left to chance in terms of planning.
- Overcoming Setbacks, Unexpected Ones at That.
- High-Pressure Situations: Exacting tasks and demanding clients
- Fluctuation of Demand: Seasonal management of cash flow within peak and low periods of events
- Competition: Making an impact in the highly competitive event management business.
Key Responsibilities and Activities of this Event Management and Planning Company
Normally, Our event management and planning company deals with various activities or responsibilities taken up to execute any event successfully. Some of the normal chores in business include:
- Conceptualization of Events:
Part of it is consulting the clients about the overall vision of the event, aims, and requirements regarding any type of event and proposing a concept aligned with that.
- Budgeting and Financial Management: Budgeting any event, financial management, and cost estimation of the related costs build up linkages to make the events a successful proper allotment of monetary resources.
- Venue Selection and Management:
Finding venues for the event to take place, vendors to be contracted, logistic arrangements, and finally setting up and managing a venue.
- Supplier Management:
The identification of a collected pool of reliable suppliers—all caterers, audiovisual providers, flower/decor vendors, photographers, entertainment services, etc.
- Event Logistics: Acquire a step by step event plan and a well-detailed timeline and production schedule; logistic requirements arranged in transportation, accommodation, food and beverage, audio-visual needs, and complete staging for an event.
- Registration and Ticketing if needed
Setting up online registration systems, managing attendee registrations, ticketing, and customer support regarding all questions related to registration.
- On-Site Coordination:
Oversee all on-site activities on the event vendor setup, flow of an event, management of registration/check-in, problem and emergency troubleshooting, and rules that ensure the experience at an event is as smooth as possible.
- Event Evaluation and Reporting:
This includes the post-event evaluation of the success of an event by gathering feedback from clients and event participants and putting together a comprehensive report by sharing event outcomes.
- Protective Risk Control:
Be prepared to inform about risks that might be involved and have a contingency plan in case of an event going wrong.
- Theme and decoration planning:
The events manager can aid in choosing the theme of the event, the specific design of the event space, and the overall look and feel to create an atmosphere of desire.
- Entertainment Coordination:
Arranging and conducting meetings, seminars, workshops entertaining shows, and any additional events that still need to attract an audience.
Naturally, they vary according to the scale and type of the event.
Our Booking Systems
- Online Booking System: User-friendly interface to browse online, select dates and events, and make safe online payments. Real-time availability information and instant booking confirmation.
- Mobile App: Exclusively developed for iOS and Android, the app provides the functionality for users to discover, book, and manage events on mobile cell phones with the same functionality as the website.
- Offline Booking System: For in-person support, customers can contact customer care or visit our actual office. Personalized direction and assistance during the offline reservation procedure.
From our combined mobile app, online, and offline features, we ensure a seamless and flexible booking experience. Customers get the usability of online reservations, portability from the app, and the custom touch from contacts made in person.
Conclusion
At Elite Event Hub, we believe in working together. We will be concerned to your requirements and try to get your main purposes truly. We work hermetically with you to overpast an event successfully that sheds your modus and captures the spirit of that moment. Our team will make sure the experience is harmonious from start to end with devotion to be perfect. You all are welcome in our “The Elite Event Hub”.