hall rental business plan

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.

Other Business Plan Templates

Catering Business Plan Template

Bakery Business Plan Template

Coffee Shop Business Plan Template

Food Truck Business Plan Template

How to Start a Profitable Banquet Hall Rental Business [11 Steps]

By Nick Cotter Updated Feb 05, 2024

Business Steps:

1. perform market analysis., 2. draft a banquet hall rental business plan., 3. develop a banquet hall rental brand., 4. formalize your business registration., 5. acquire necessary licenses and permits for banquet hall rental., 6. open a business bank account and secure funding as needed., 7. set pricing for banquet hall rental services., 8. acquire banquet hall rental equipment and supplies., 9. obtain business insurance for banquet hall rental, if required., 10. begin marketing your banquet hall rental services., 11. expand your banquet hall rental business..

Starting a banquet hall rental business requires a comprehensive understanding of the market to ensure its success. A thorough market analysis will highlight potential opportunities and challenges, guiding your strategic decisions. Here's how to go about it:

• Research the demographics of your target area to understand the population's age, income levels, and social habits, which can influence demand for banquet services.
• Analyze competitors by visiting their venues, reviewing their services and pricing, and identifying their strengths and weaknesses.
• Assess the demand for banquet facilities by looking into the frequency of events like weddings, conferences, and community gatherings within your target market.
• Study local economic conditions that could affect disposable income and corporate budgets, as these factors directly impact event spending.
• Explore market trends, such as the popularity of themes, catering preferences, and technological advancements in event planning and management.
• Consider the impact of seasonality on your business, identifying peak times for events and how you can maximize revenue during off-peak periods.
• Engage with potential clients and vendors through surveys or interviews to get direct insights into their needs and expectations from a banquet hall.

Are banquet hall rental businesses profitable?

Yes, banquet hall rental businesses can be profitable. With the right strategy, a well-managed banquet hall rental business can generate a solid return on investment and create jobs in the local community. The key is to focus on providing an outstanding customer experience and developing a competitive advantage that sets the business apart from its competitors.

Creating a business plan is crucial for the success of your banquet hall rental business. It will serve as a roadmap, helping you navigate the complexities of the market and set clear objectives. Below are the key components to focus on when drafting your business plan:

• Executive Summary: Provide a brief overview of your business concept, mission statement, and the services you intend to offer.
• Market Analysis: Research your target market, analyze competitor offerings, and identify your unique selling proposition.
• Marketing and Sales Strategy: Outline how you plan to attract and retain customers, including advertising and promotional tactics.
• Operations Plan: Detail the day-to-day running of your banquet hall, including staffing, inventory management, and supplier relationships.
• Financial Projections: Present a clear financial plan with revenue forecasts, break-even analysis, and projected cash flow statements.
• Risk Assessment: Identify potential risks and outline strategies for mitigation to prepare for unforeseen challenges.

How does a banquet hall rental business make money?

A banquet hall rental business makes money by renting out their space for events, such as weddings, birthday parties, and corporate functions. The business can charge an hourly or daily rate for the rental, as well as offer additional services such as catering or decoration to increase their revenue. An example of a target audience for this business may be young couples looking to host a wedding reception in a popular banquet hall. It is important for this type of business to have the right amenities and services that cater to the needs of its target market.

Creating a brand for your banquet hall rental business is crucial in standing out in a competitive market and attracting your ideal clients. Your brand embodies the essence of your services, the experiences you offer, and the emotional connection you establish with your customers. Below are key steps to help you develop a compelling and memorable brand for your banquet hall rental business:

• Define Your Unique Value Proposition: Clearly articulate what sets your banquet hall apart from competitors. Is it the location, the architecture, the level of service, or unique features?
• Identify Your Target Audience: Understand who your customers are. What type of events do they host? What are their needs and preferences?
• Choose a Brand Name and Logo: Select a name and design a logo that reflects the style and sophistication of your banquet hall. It should resonate with your target audience and be easily recognizable.
• Establish Your Brand Personality: Decide on the tone and personality of your brand. Is it elegant, modern, traditional, or perhaps eco-friendly? Your brand personality should be consistent in all your marketing materials.
• Develop a Visual Identity: Create a color scheme, typography, and imagery that align with your brand personality and appeal to your clientele.
• Create a Brand Message: Craft a compelling message that communicates the experience your clients will have. This should be used consistently across all marketing channels.

How to come up with a name for your banquet hall rental business?

Coming up with a name for your banquet hall rental business can be a challenge. It should be memorable, easily recognizable, and representative of the business's purpose. Consider selecting words that evoke the feeling of celebration and special events, such as 'jubilee,' 'festive,' or 'occasion.' Combining these words with a location element can also be effective, such as 'Boulder Festive Events' or 'Celebration Hall Denver.' Finally, consider choosing a name that is unique or even humorous to help set your business apart.

Formalizing your business registration is a crucial step in establishing your banquet hall rental business. This ensures that your operation is legally recognized, protects your personal assets, and enhances credibility with customers. Follow these steps to ensure that your business is properly registered:

• Choose a business structure that best fits your needs, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation.
• Register your business name with your local or state government, ensuring it is unique and not already in use.
• Obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes, even if you don't have employees.
• Apply for the necessary business licenses and permits specific to banquet hall operations in your area, which may include a general business license, liquor license, and health department permits.
• Register for state and local taxes, such as sales tax and employment taxes, to ensure compliance with tax regulations.
• Consider registering for trademarks or service marks to protect your brand identity and logo.
• Ensure that all registrations are kept current with renewals as required by your local and state laws.

Resources to help get you started:

Explore invaluable resources designed specifically for banquet hall rental entrepreneurs aiming to stay ahead with market trends, operational excellence, and strategic growth planning:

• EventMB: Offers a wealth of reports and articles on event industry trends, marketing, and management practices. Visit here .
• Special Events Magazine: A go-to publication for news, trends, and best practices in the event planning industry, including banquet halls. Visit here .
• Catersource: Provides insights specifically tailored to catering and event professionals, valuable for those managing banquet halls with catering services. Visit here .
• The Balance Small Business: Offers comprehensive guides and articles on starting and managing a banquet hall business. Visit here .
• Wedding Industry Research: Contains data and analytics for understanding wedding market trends, beneficial for banquet halls focusing on weddings. Visit here .
• International Live Events Association (ILEA): This professional association brings together professionals from various facets of event planning, providing networking opportunities and resources for banquet hall owners. Visit here .

Launching a banquet hall rental business requires compliance with local laws and regulations to ensure your operations are legal and safe. The process of obtaining necessary licenses and permits can be intricate and varies by location. Below are the critical steps you should follow:

• Research Local Requirements: Contact your city or county clerk's office to find out the specific licenses and permits required for a banquet hall in your area.
• Zoning and Land Use Permits: Verify that the property is zoned for commercial use and obtain a land use permit if required.
• Building and Safety Permits: If you're constructing a new hall or renovating an existing structure, you'll need building permits. Also, ensure that your hall meets all safety codes.
• Health Department Permits: If your banquet hall will serve food, you'll need to pass a health inspection and obtain a permit from the local health department.
• Liquor License: If alcohol will be served, apply for a liquor license, which can be a lengthy process, so plan accordingly.
• Business License: Obtain a general business license to operate legally within your municipality.
• Entertainment License: If you plan to have live music or other forms of entertainment, this license may be necessary.
• Fire Department Permit: You may need this permit to ensure that the hall meets fire safety regulations, especially regarding occupancy limits.

What licenses and permits are needed to run a banquet hall rental business?

In order to run a banquet hall rental business, you will likely need to obtain a business license as well as a food establishment license, liquor license, and health department permit. Additionally, you may need to secure a fire department permit and building occupancy permit in order to ensure that your facility meets all local fire and safety regulations. In some locations, you may also be required to obtain specific zoning and land use permits before opening the banquet hall.

Securing your finances is a crucial stage in launching your banquet hall rental business. A dedicated business bank account will help you manage your finances effectively, while obtaining the necessary funding will enable you to cover the initial costs of your venture. Follow these steps to set a solid financial foundation:

• Choose a Bank: Research banks that offer business accounts with low fees and good customer service. Consider banks that provide additional support to small businesses.
• Open Your Account: Gather necessary documents such as your business license, EIN, and incorporation papers. Open a business checking account to handle transactions and a savings account for reserves.
• Understand Your Costs: Calculate the total startup costs, including renovations, equipment, and initial working capital for your banquet hall.
• Explore Funding Options: Consider a business loan, line of credit, or investors. Look into small business grants and crowdfunding as alternative funding sources.
• Prepare Financial Projections: Create financial projections to present to potential lenders or investors, showing your business's potential profitability.
• Build a Relationship with Your Bank: Maintain regular communication with your bank to stay informed about any financial products or services that could benefit your business.

Setting the right pricing for your banquet hall rental services is crucial for attracting clients while ensuring profitability. Carefully consider your costs, competition, and the value you offer when determining your rates. Here are some guidelines to follow:

• Assess your expenses: Calculate all costs associated with the operation of your banquet hall, including mortgage or rent, utilities, staff wages, maintenance, and marketing. Ensure your pricing covers these costs and allows for a reasonable profit margin.
• Analyze the market: Research prices set by competitors and ensure your rates are competitive but also reflect the quality and unique features of your services.
• Offer tiered pricing: Create different packages to cater to a variety of budgets and event sizes, providing flexibility and options for your clients.
• Include value-added services: Consider offering inclusive pricing that bundles essential services like catering, decoration, and audio-visual equipment to provide added convenience for your customers.
• Consider dynamic pricing: Adjust your prices based on demand, season, and booking lead time to maximize revenue during peak seasons and fill the hall during slower periods.
• Communicate clearly: Ensure that your pricing structure is transparent, with no hidden fees, to build trust with clients and avoid misunderstandings.

What does it cost to start a banquet hall rental business?

Initiating a banquet hall rental business can involve substantial financial commitment, the scale of which is significantly influenced by factors such as geographical location, market dynamics, and operational expenses, among others. Nonetheless, our extensive research and hands-on experience have revealed an estimated starting cost of approximately $33200 for launching such an business. Please note, not all of these costs may be necessary to start up your banquet hall rental business.

Setting up a banquet hall rental business requires careful selection of equipment and supplies to ensure your venue can cater to a variety of events. It's essential to invest in high-quality, durable items that will withstand frequent use and appeal to prospective clients. Consider the following essentials when acquiring your banquet hall rental equipment and supplies:

• Tables and Chairs: Opt for sturdy, versatile tables and chairs that can be arranged in multiple configurations for different events.
• Tableware: Purchase enough plates, glasses, cutlery, and serving pieces to accommodate large gatherings, ensuring they are elegant and uniform.
• Linen: Stock up on high-quality tablecloths, napkins, and chair covers in neutral colors that can be accented with themed decor.
• Audio-Visual Equipment: Invest in a professional sound system, microphones, and projectors for presentations and entertainment needs.
• Lighting: Acquire adjustable lighting systems to create the right ambiance for various occasions.
• Decor: Have a range of decorative items like centerpieces, drapes, and props to offer clients customization options for their events.
• Catering Equipment: Ensure you have a well-equipped kitchen or portable catering supplies for food preparation and service.
• Cleaning Supplies: Maintain a stock of cleaning products and tools for quick turnovers and spotless presentation.

List of software, tools and supplies needed to start a banquet hall rental business:

• Banquet Hall Rental Space: $500 - $2000 per event
• Catering Supplies & Equipment: $150 - $400
• Cutlery and Serveware: $50 - $300
• Linens and Tablecloths: $50 - $200
• Tables and Chairs: $200 - $800
• Audio Visual Equipment: $100 - $500
• Entertainment Packages: $100 - 1000+
• Furnishings and Decoration: $50 - 500+
• Lighting and Special Effects: 50-300+
• Clean Up Services: 150-400

Securing the right insurance is a critical step in safeguarding your banquet hall rental business. It not only protects your property but also provides peace of mind for both you and your clients. Here are some guidelines to help you obtain the necessary business insurance:

• Research different types of insurance coverage such as general liability insurance, property insurance, liquor liability insurance (if alcohol will be served), and business interruption insurance.
• Consult with a knowledgeable insurance agent or broker who specializes in commercial insurance to determine the specific needs for your banquet hall.
• Compare quotes from multiple insurance companies to find the best coverage options at a competitive price.
• Ensure that the insurance policy covers all aspects of your business, including special events, equipment, and staff.
• Consider additional coverage for extreme circumstances, such as natural disasters or pandemics, which could impact your business operations.
• Review and understand the policy details, including deductibles and coverage limits, before making a decision.
• Keep your insurance policies up-to-date and reassess your coverage annually or whenever there are significant changes to your business.

Once your banquet hall is ready for guests, marketing your rental services becomes a critical step to ensure a steady stream of clients. A well-thought-out marketing strategy will help you reach your target audience, showcase your venue's unique features, and build a strong brand presence. Here are some effective ways to market your banquet hall rental services:

• Develop a Professional Website: Create a visually appealing website with high-quality photos of your banquet hall, detailed descriptions of services, pricing, and a simple booking process.
• Utilize Social Media: Leverage platforms like Instagram, Facebook, and Pinterest to showcase events, share customer testimonials, and engage with potential clients.
• Network with Event Planners: Build relationships with local event planners and vendors who can recommend your venue to their clients.
• Offer Promotions: Consider providing introductory discounts or package deals to attract early customers and generate buzz around your services.
• Invest in Online Advertising: Use targeted ads on social media and search engines to reach potential customers who are actively looking for banquet hall rentals.
• Encourage Word-of-Mouth: Provide exceptional service to encourage clients to refer friends and family to your banquet hall.

Once your banquet hall rental business has established a solid foundation and a good reputation, it's time to consider expansion. This can help you cater to a larger clientele and increase profitability. Below are several strategies to grow your banquet hall rental business effectively:

• Invest in marketing: Enhance your online presence with a professional website and engage in social media marketing to reach a broader audience.
• Upgrade facilities: Add state-of-the-art amenities and update decor to attract higher-end events and clients.
• Offer package deals: Create comprehensive event packages that include catering, decoration, and entertainment services to provide added convenience for your clients.
• Build partnerships: Collaborate with event planners, caterers, and local businesses to offer combined services and referrals.
• Expand your space: If demand is high, consider renovating to add more space or acquiring additional properties to host multiple events simultaneously.
• Diversify event types: Cater to various events such as corporate meetings, exhibitions, and conferences in addition to weddings and parties to ensure year-round business.
• Implement technology: Use event management software to streamline bookings, payments, and coordination for improved efficiency and customer experience.

Get instant access to detailed competitive research, SWOT analysis, buyer personas, growth opportunities and more for any product or business at the push of a button, so that you can focus more on strategy and execution.

Table of contents, building a winning hall rental business plan.

• 25 May, 2024

Starting Your Venue Rental Business

If you’re aspiring to start a hall rental business, it’s crucial to begin with a solid foundation. This section will guide you through the initial steps of developing a business plan and understanding the startup costs involved.

Developing a Business Plan

One of the most important steps in starting a hall rental business is developing a comprehensive business plan. This plan serves as a roadmap, outlining your market analysis, business strategy, and financial projections. It also provides valuable insights and guidance when presenting your venture to potential investors or lenders.

A well-crafted business plan should include the following key elements:

• Executive Summary: A brief overview of your hall rental business, highlighting its unique value proposition and key objectives.
• Market Analysis: Thoroughly research your target market, including the demand for event venues, competition analysis, and your target audience. This will help you identify opportunities and position your business effectively.
• Business Structure and Organization: Outline the legal structure of your business (e.g., sole proprietorship, partnership, LLC) and describe the management team’s roles and responsibilities.
• Services and Facilities: Clearly define the types of events and services your venue will offer, including any additional amenities or special features that set you apart from competitors.
• Marketing and Sales Strategy: Detail your strategies for attracting clients and generating revenue. This should include your pricing strategy, promotional activities, and online marketing efforts.
• Financial Projections: Provide a realistic financial forecast, including startup costs, revenue projections, and anticipated expenses. This will help you assess the feasibility and profitability of your hall rental business.

For more detailed guidance on developing a business plan, refer to our article on how to start a hall rental business.

Understanding Startup Costs

Before launching your hall rental business, it’s important to have a clear understanding of the startup costs involved. These costs can vary depending on factors such as location, size of the venue, and desired amenities. Here are some key expenses to consider:

• Rent/Mortgage: The cost of securing a suitable venue. This can be a significant expense, particularly in prime locations.
• Operating Expenses: This includes utilities, insurance, maintenance, and day-to-day operational costs.
• Employee Costs: Staffing requirements, including salaries, benefits, and training.
• Build-Out/Renovations: The cost of transforming the space into a functional and appealing venue, including any necessary renovations, decor, and furnishings.

In addition to these general startup costs, there are specific expenses related to legal compliance and marketing:

• Licenses and Permits: Obtain the necessary licenses and permits to operate legally, such as a business license, zoning permits, and health and safety permits if serving food and alcohol.
• Insurance: Protect your hall rental business with essential insurance coverage, including general liability insurance, property insurance, and liquor liability insurance if serving alcohol. Insurance is a critical expense to mitigate potential risks and liabilities.

It’s important to note that additional costs, such as website development, advertising campaigns, and promotional materials, play a crucial role in attracting clients and marketing your hall rental business ( Bonnie Hawthorne ).

For a more detailed breakdown of startup costs and further insights, refer to our article on hall rental business startup .

By developing a comprehensive business plan and understanding the startup costs involved, you will be better equipped to navigate the initial stages of starting your hall rental business. These foundational steps set the stage for long-term success and provide a clear direction for your venture.

Pricing Strategy for Venue Rentals

To build a successful hall rental business, it’s crucial to develop a pricing strategy that attracts customers and maximizes revenue. In this section, we will explore two important aspects of pricing: the importance of transparent pricing and the creation of set packages.

Importance of Transparent Pricing

Transparent pricing is vital for securing event bookings and creating a positive customer experience. By offering a simple and easily understandable pricing structure, you can build trust with clients and generate more bookings ( Perfect Venue ). Transparent pricing allows clients to compare prices and options when looking for event spaces, helping them choose the venue that offers the best value for their money ( Perfect Venue ).

By clearly displaying venue prices on your website, you communicate the value of your space to potential customers and justify your pricing. This transparency helps clients accurately plan and budget for their events, reducing the risk of unexpected costs and helping them stay within their budget ( Perfect Venue ). Consider creating a pricing page on your website that provides detailed information about the cost of different event spaces and any additional services or amenities you offer.

Creating Set Packages

Offering set packages that include the venue rental price along with a range of services can be an effective strategy to increase venue bookings and provide an attractive deal for clients. These packages can include services such as catering, audiovisual equipment, decorations, and event planning assistance. By bundling these services together, you can simplify the event planning process for clients and provide them with a comprehensive solution for their event needs.

Creating set packages is particularly beneficial during slow seasons when booking rates may be lower. By offering bundled packages at a competitive price, you can attract more customers and increase revenue. Additionally, set packages make it easier for clients to understand the overall cost of their event and eliminate the need for them to individually select and price each service.

When designing set packages, consider the preferences and needs of your target market. Tailor the packages to different types of events, such as weddings, corporate meetings, or social gatherings. This allows clients to choose the package that best suits their specific event requirements.

By implementing transparent pricing and offering attractive set packages, you can effectively market your venue rental business and increase your chances of securing bookings. Remember to regularly review and update your pricing strategy to remain competitive in the market.

Marketing Your Venue Rental Business

To successfully attract clients and maximize bookings for your venue rental business, effective marketing strategies are essential. In this section, we will explore two key online promotion strategies: online promotion strategies and utilizing venue search platforms.

Online Promotion Strategies

In today’s digital age, promoting your venue online is crucial to capture a significant portion of booking opportunities. According to Social Tables , approximately 67% of the buyer’s journey for booking an event space is conducted digitally. To make the most of this trend, consider the following online promotion strategies:

Mobile-Friendly Website : Ensure that your venue has a mobile-friendly website. Research by Google shows that users with a negative mobile experience are 62% less likely to purchase from a brand in the future. A seamless mobile experience is essential for attracting and retaining potential clients ( Social Tables ).

Social Media Presence : Leverage social media platforms like Facebook and Instagram to showcase your venue’s unique features, services, and past events. Paid advertising on these platforms can help you reach tailored audiences and effectively market your space to potential clients ( Social Tables ).

Email Marketing : Build an email list of potential clients and past customers who have shown interest in your venue. Regularly send newsletters and updates about upcoming events, promotions, and new offerings. This personalized approach can help maintain engagement and encourage repeat bookings.

Visual Content : Utilize high-quality photos and videos of your venue to create visually appealing content that showcases its beauty and versatility. Consider investing in professional photography or videography to capture the essence of your space.

Utilizing Venue Search Platforms

Venue search platforms play a crucial role in increasing your venue’s visibility and attracting new clients. More than 50% of event planners use the web as their primary source for finding venues, making it essential to have a presence on these platforms ( Social Tables ). Here are a few key steps to utilize venue search platforms effectively:

Optimize Listings : Create detailed and accurate listings on popular venue search platforms. Include high-quality photos, comprehensive descriptions, available amenities, pricing information, and any unique selling points your venue offers. This information will help potential clients make informed decisions.

Reviews and Ratings : Encourage past clients to leave positive reviews and ratings on venue search platforms. Positive feedback can significantly impact the decision-making process for potential clients. Respond promptly and professionally to any reviews, addressing any concerns or issues raised.

Communication and Inquiries : Regularly monitor inquiries and messages through venue search platforms. Promptly respond to inquiries, providing detailed information and addressing any questions or concerns. Timely and helpful communication can help build trust and increase the likelihood of bookings.

By implementing effective online promotion strategies and utilizing venue search platforms, you can increase your venue’s visibility and attract potential clients. Remember to consistently monitor and adapt your marketing efforts to stay ahead of the competition. Additionally, developing a strong brand identity and culture, as well as providing exceptional customer service, are crucial elements in standing out in the market and ensuring the success of your venue rental business.

Maximizing Revenue Opportunities

To maximize revenue opportunities for your hall rental business, it’s important to explore additional amenities and services that can attract a wider range of customers. Additionally, hosting workshops and events can provide a unique and profitable extension to your business offerings.

Additional Amenities and Services

Offering additional amenities and services can enhance the value proposition of your venue rental business. Consider providing options such as:

• Catering services: Partnering with local caterers or having an in-house catering team can offer convenience to clients who are looking for a comprehensive event experience.
• Audiovisual equipment: Providing state-of-the-art audiovisual equipment, including sound systems, projectors, and screens, can attract clients who require these services for presentations or performances.
• Event planning assistance: Offering event planning services or connecting clients with trusted event planners can simplify the planning process for customers and increase the likelihood of repeat business.

By offering these additional amenities and services, you can differentiate your venue from competitors and attract clients looking for a one-stop solution for their event needs.

Hosting Workshops and Events

Hosting workshops and events can be a profitable extension to your hall rental business. By utilizing your space for craft workshops, instructional classes, or motivational events, you can attract a diverse range of participants. This can be achieved by partnering with local organizations or talented individuals who can provide engaging and relevant workshops.

To successfully host workshops and events, it’s important to establish clear responsibilities for advertising and handling participation fees. By clearly defining these aspects, you can ensure a smooth collaboration and a mutually beneficial arrangement with workshop facilitators.

Furthermore, consider opening up your venue for corporate businesses to host meetings and retreats after successful workshops. This can lead to potential long-term working relationships and recurring bookings, providing a steady stream of revenue.

Remember, it’s crucial to promote your workshops and events through various marketing channels, such as your website, social media platforms, and local event listings. This will help attract participants and increase the visibility of your venue as a hub for learning and networking.

In addition to workshops, you can explore hosting other events, such as musical performances or gaming tournaments. These events can attract a niche demographic and generate revenue through ticket sales, entry fees, or catering services. By showcasing your venue’s entertainment facilities, you can also increase the likelihood of future bookings for similar events.

By maximizing revenue opportunities through additional amenities and services, as well as hosting workshops and events, you can create a well-rounded and profitable hall rental business. Remember to continuously assess market trends and customer preferences to stay ahead of the competition and provide exceptional experiences for your clients.

Ensuring Business Success

To ensure the success of your hall rental business, two key factors to focus on are providing exceptional customer service and monitoring financial performance. By prioritizing customer satisfaction and maintaining a close eye on your financial health, you can build a strong foundation for your business.

Providing Exceptional Customer Service

Offering excellent customer service is essential for the success of a venue rental business. From the first point of contact to the final event, it’s crucial to prioritize customer satisfaction. Here are some strategies to consider:

• Train and empower your staff: Invest in comprehensive training for your staff members to ensure they have the necessary skills and knowledge to provide exceptional service. Encourage them to go above and beyond to meet customer needs and expectations.
• Maintain clear communication: Regularly communicate with your clients to understand their specific requirements and preferences. Respond promptly to inquiries and address any concerns or issues that may arise during the planning or event execution process.
• Pay attention to details: Focus on the little things that can enhance the customer experience. This includes ensuring clean and well-maintained facilities, providing personalized touches, and being attentive to individual needs.
• Seek feedback and act on it: Encourage clients to provide feedback on their experience with your venue. Actively listen to their suggestions and implement changes when necessary to continuously improve your service.

By providing exceptional customer service, you can generate positive reviews, foster customer loyalty, and increase the likelihood of repeat business and referrals. For more guidance on marketing your venue rental business, refer to the section on Marketing Your Venue Rental Business.

Monitoring Financial Performance

Monitoring the financial performance of your hall rental business is crucial to ensure its long-term success. By regularly comparing your actual financial performance to the projections in your business plan, you can assess the health of your business and make informed decisions. Here are some steps to consider:

• Track revenue and expenses: Maintain accurate records of all revenue streams and expenses related to your venue rental business. This includes rental fees, additional services, operating costs, and maintenance expenses.
• Analyze profitability: Regularly review your profit margins to understand the financial health of your business. The average profit margin for a mid-sized venue rental business typically ranges from 15% to 40% ( FinModelslab ). Monitor profitability to identify areas for improvement and ensure your business is on track.
• Compare against financial forecasts: Regularly compare your actual financial performance to the projections outlined in your business plan. This will help you identify any discrepancies and take corrective measures if needed. Utilize financial analysis tools or seek professional assistance to help you interpret and analyze your financial data.
• Identify growth opportunities: By closely monitoring your financial performance, you can identify areas where you can optimize revenue or reduce costs. This will help you make informed decisions about financing, cash flow management, and investment opportunities.

Regularly monitoring your financial performance will provide you with valuable insights into the overall health of your business. It will enable you to make data-driven decisions and take proactive steps to ensure the long-term success and sustainability of your hall rental business.

By providing exceptional customer service and closely monitoring your financial performance, you can establish a solid foundation for your hall rental business. These strategies will not only enhance customer satisfaction but also help you make informed decisions to drive growth and profitability. For more guidance on building a winning hall rental business plan, refer to the previous sections on Starting Your Venue Rental Business and Pricing Strategy for Venue Rentals.

Standing Out in the Market

In the competitive landscape of the hall rental business, it’s crucial to find ways to stand out from the crowd. By offering unique features and cultivating a strong brand identity and culture, you can attract customers and differentiate your venue rental business from the competition.

Unique Features and Offerings

To set your hall rental business apart, consider incorporating unique features and offerings that provide value to your customers. These could include:

Versatile Spaces: Design your halls to be flexible and adaptable, allowing them to accommodate a wide range of events and setups. This versatility will appeal to a broader audience and increase your potential customer base.

State-of-the-Art Technology: Stay up-to-date with the latest audiovisual and technological equipment, such as high-quality sound systems, projectors, and lighting. This will enhance the overall experience for event organizers and attendees.

Outdoor Spaces: If feasible, provide access to outdoor spaces, such as gardens or patios, that can be utilized for events or as a pleasant breakout area. Outdoor spaces can add an extra touch of uniqueness and appeal to certain types of events.

Specialty Services: Consider offering additional services that cater to specific event needs, such as event planning assistance, decoration services, or access to preferred vendors. These value-added services can make your venue more attractive to event organizers.

By incorporating unique features and offerings, you can create a memorable and distinctive experience for your customers, increasing the likelihood of repeat business and positive word-of-mouth referrals.

Brand Identity and Culture

Developing a strong brand identity and culture is crucial for your hall rental business. It helps create a unique experience and attracts customers who resonate with your values and mission. Consider the following strategies to establish a compelling brand identity:

Define Your Mission and Values: Clearly articulate your hall rental business’s mission and values, and ensure they align with the needs and desires of your target audience. This clarity will help you attract customers who share similar values and create a sense of connection.

Consistent Branding: Maintain consistent branding across all touchpoints, including your website, social media profiles, marketing materials, and physical space. This consistency helps build recognition and establishes a professional and cohesive image.

Exceptional Customer Service: Providing exceptional customer service is paramount in creating a positive reputation and fostering customer loyalty. Train your staff to deliver outstanding service, prioritize customer satisfaction, and handle any issues or concerns promptly and effectively.

High-Quality Facilities: Ensure that your venue is clean, well-maintained, and visually appealing. High-quality photos that showcase the venue’s aesthetic and amenities can make a strong first impression and attract potential customers ( Getonbloc ).

Delicious Catering: If you offer catering services, focus on serving great food that receives positive reviews. The quality of the food can significantly impact the reputation of your venue and contribute to its overall success ( Getonbloc ).

By investing in your brand identity and culture, you can establish a strong presence in the market and attract customers who appreciate the unique experience and values your hall rental business offers.

Remember, providing exceptional customer service, maintaining a high-quality venue, and continuously improving your offerings are key to achieving long-term success and standing out in the competitive hall rental market.

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Event Venue Business Plan Guide + Free Example

July 6, 2023

Adam Hoeksema

Finding the perfect venue for an event can be a daunting task, and running the perfect venue can be even more challenging. If you are looking to start your own event venue, this demands strategic thinking, careful planning, and a sharp eye for detail. It's not just about finding the right location; it's about understanding your target market, gauging competition, predicting costs, and generating profits. Sounds overwhelming? Fear not, we have your back!

In this blog post, we will take you step-by-step through the process of creating an effective and practical business plan for your event venue business. From defining your business concept and forecasting your financials, to marketing strategies and operational plans, we will cover it all. Moreover, we've included a free, downloadable event venue business plan example to provide you with a tangible resource to guide you through your own planning process.

Whether you're an aspiring entrepreneur who's new to the industry, an experienced event planner branching out, or simply exploring the idea, this comprehensive guide and free example are sure to make your journey to launching your own event venue a bit easier. Stay with us as we delve deeper into the world of event venue businesses and empower you to bring your vision to life.

Here is what I plan to cover in this post:

• Why write a business plan for an event venue?

What to include in an event venue business plan?

Event venue business plan outline, how to analyze the competition for your event venue.

• How to Promote an Event Venue?
• How to create financial projections for an event venue
• Event venue example business plan
• Event venue business plan FAQs

With that as our guide, let’s dive in. 

Why write a business plan for an event venue? 

The primary reason to write a business plan for an event venue is because your potential investors and lenders have asked for your business plan.  I can come up with all sorts of reasons why it might be smart to write a detailed business plan, but at the end of the day, the real reason is because writing a business plan is standing in between you and the startup funding that you need.  

If you are looking to secure an SBA loan, then this general overview on how to write a business plan for an SBA loan can be helpful.  It discusses the differences between writing a standard, long form business plan versus a lean startup business plan which will typically use a business model canvas.  I think this can be some helpful background, but we want to know more specifically how to write a business plan for an event center business.  The following is the outline we use for our event venue business plan template.   

Event Venue Plan Outline

I. executive summary.

II. Business Concept

III. Market Analysis

IV. Competition Analysis

V. Marketing Strategy

VI. Menu and Kitchen Operations

VII. Service and Hospitality

VIII. Financial Plan

Startup Costs:

• Projected Financial Summary:

Annual Sales, Gross Profit and Net Profit:

Key financial ratios:, income statement:, balance sheet:, cash flow statement:.

IX. Organizational Structure

X. Conclusion

As you review our business plan template I think you will get the idea of what to include in most of the sections, but I wanted to focus on a couple of unique sections of your business and provide some tools and techniques that I think might be helpful as you try to complete a competitive analysis and marketing section of your business plan. 

In order to analyze the competition in a given market for an event venue I like to try to pull both website traffic data and physical foot traffic data .  I use a few different tools to help find this data.  

How to Estimate Website Traffic for a Competitor

To estimate website traffic for a competitor I would start by looking up their website on a tool like Ahrefs which will show us how much organic website traffic they are getting.  For this example, let’s assume that our competitor is a wedding venue and winery called The Sycamore Winery .  We can see that they receive approximately 650 organic website visitors per month:

Additionally, with Ahrefs we can see which keywords are sending them the most organic traffic.  In this example, they are getting some traffic from wedding venue related keywords as you can see below:

You can look up all of your competitors with a tool like Ahrefs and find out which ones seem to be getting the most website traffic and from which keywords.  This can help you set an SEO strategy for your venue and determine which keywords to target first.  

How to Estimate Foot Traffic for a Competitor  

In addition to website traffic, it can be really powerful to estimate the actual foot traffic that a particular location might be getting.  This can help you get some understanding of how many events and people you might be able to expect at your event venue which can be important for your financial projections.  Ultimately, the number of events and the size of those events will likely correlate directly with your revenue, so estimating foot traffic can be a secret weapon as you analyze the competition.  

Using our foot traffic report service we can see that The Sycamore Winery has roughly 3,500 visitors per month. 

The report also allows us to see foot traffic by day, so we can see how busy various days are.  This would give you some indication of how many events you might be able to forecast on the weekends and weekdays.  

With that level of detail you may know more about your competitors than they know themselves, and it can really help you understand key drivers of business for your competitors.  

How to Promote an Event Venue? 

Another aspect of your event center business plan that I think I can provide some unique guidance in is how to promote your event venue.  There are obviously a number of ways to promote your wedding event venue such as: 

• Digital Marketing : Launch a visually appealing website that features high-quality photographs and videos of your venue. Incorporate an interactive virtual tour that enables potential customers to envision their event at your venue. Utilize SEO strategies to improve your venue’s visibility on search engines.
• Social Media Promotion : Use platforms like Instagram, Pinterest, and Facebook to showcase your venue. Post photos from real weddings and other events held at your location, behind-the-scenes shots, and testimonials from happy couples. Engage with your audience by responding to comments and direct messages promptly.
• Bridal Shows and Expos : Participate in local wedding expos and bridal shows. These events are a great opportunity to network with prospective clients and other wedding vendors. Provide potential customers with a tangible feel for your venue through pictures, videos, and brochures.
• Collaborate with Wedding Planners : Wedding planners can be your strongest advocates. Develop relationships with local and regional planners, and invite them to visit your venue. They can recommend your venue to their clients if they're impressed with what you offer.
• Online Wedding Directories : List your venue on wedding directories and websites like The Knot or WeddingWire. These platforms can significantly increase your venue's visibility to couples searching for a venue.

One area I want to spend a little bit of time on is how to promote your event venue with SEO.  If you can rank well for relevant keywords it can provide you with a long term competitive advantage.  So here is what I would do.  I would use Ahrefs as I showed you above and look up your competitors websites to see which keywords are sending them the most traffic.  You will see a column called KD which stands for keyword difficulty.  You should look for relevant keywords for your venue with a low KD – keyword difficulty – these are the keywords that you have the best chance at ranking well for early on.  

Additionally, I would use the Google Keyword Planner Tool , which is free, to see which keywords have the most search volume.  For example, I can see that Indianapolis Wedding Venues has roughly 3,600 monthly searches.  Using the keyword ideas function you can see search volume for other related keywords and identify smaller niche keywords that you are most likely to be able to compete in. 

These search volume estimates give you a good idea of how large the market is and ultimately can flow right into building assumptions for your event venue financial model . 

How to Create Financial Projections for a Business Plan

Just like in any industry, the event venue business has its own set of factors that influence revenue, such as location, event demand, and pricing strategies. Utilizing an event venue financial projection template can simplify the process and boost your confidence. Creating accurate financial projections goes beyond showcasing your venue's ability to host events; it's about illustrating the financial path that leads to profitability and the realization of your vision for creating unforgettable event experiences. To develop precise projections, consider the following steps:

• Estimate startup costs for your event venue, including venue acquisition or lease, renovations or decor, permits, licenses, and initial marketing expenses.
• Forecast revenue based on projected event bookings, pricing per event, and potential revenue streams such as catering services or equipment rentals.
• Project costs related to event preparations, staffing, and other event-specific expenses.
• Estimate operating expenses like utilities, maintenance, insurance, and administrative costs.
• Calculate the capital required to launch and operate your event venue, covering initial expenses and providing working capital for sustained operations.

While financial projections are a vital part of your event venue business plan, seek guidance from experienced professionals in the event industry. Adapt your projections based on real-world insights, leverage industry resources, and stay attuned to emerging event trends to ensure your financial plan aligns with your goals and helps you create a successful and in-demand event venue.

Example Event Venue Business Plan

Presented below is the text for our sample event venue business plan. To make it easier for you, we offer a downloadable Google Doc version of this event venue business plan template here . This allows you to edit it and make it truly yours. Furthermore, we provide a video walkthrough that will assist you in tailoring the business plan to suit your unique event venue concept.

Table of Contents

Ii. market analysis, iii. product and service offerings, iv. marketing and sales strategy, v. operations and management, vi. financial projections.

Startup Costs

Financial Summary

Annual Sales, Gross Profit and Net Profit

Key Financial Ratios

Income Statement

Balance Sheet

Cash Flow Statement

VII. Conclusion

The proposed event venue is a state-of-the-art facility located in the heart of the city, catering to a wide range of events including weddings, corporate events, and social gatherings. The venue has a total capacity of 300 guests and boasts a spacious ballroom, a cozy lounge area, and a fully equipped kitchen.

The target market for the venue is the high-end segment, which is expected to generate a significant portion of the revenue. The estimated startup costs for the business are $500,000, which will be funded through a combination of personal savings and a loan from a financial institution.

The business is owned and operated by a team of experienced event professionals who have a deep understanding of the industry and a passion for creating unforgettable experiences. The team's goal is to make the venue a preferred destination for event organizers and guests alike.

The Market Analysis section provides an overview of the event venue industry and the target market.

The event venue industry has experienced steady growth over the past decade and is expected to continue growing in the coming years. The high-end segment of the market is particularly attractive due to the increasing demand for premium event experiences.

The target market for the venue includes corporate clients, wedding planners, and social event organizers. The primary customer demographics are affluent individuals and businesses located in the city, as well as those from nearby cities who are looking for a luxurious event venue.

The venue will differentiate itself from its competitors by offering a combination of exceptional service, high-end amenities, and a prime location. The venue will also leverage technology to enhance the customer experience and streamline operations, making it easier for event organizers to plan and execute their events.

The Product and Service Offerings section provides a description of the venue's features and services.

The venue has a total capacity of 300 guests and includes a spacious ballroom, a cozy lounge area, and a fully equipped kitchen. The ballroom is equipped with state-of-the-art audiovisual systems and can be configured to accommodate a variety of event setups. The lounge area is perfect for intimate gatherings and cocktail receptions, while the kitchen provides ample space for catering and food preparation.

In addition to the venue itself, the business will offer a range of services to enhance the customer experience, including event planning and coordination, catering, and lighting and sound support. The venue will also partner with local vendors to provide event decor, florals, and photography services.

The pricing for the venue will be competitive with other premium event venues in the market, with a range of packages available to meet the needs of different types of events. The pricing strategy will be based on a combination of demand and cost considerations, with the goal of maximizing revenue while delivering exceptional value to customers.

The Marketing and Sales Strategy section provides an overview of how the venue will reach potential customers and generate revenue.

The marketing plan for the venue will focus on three primary channels: digital marketing, events and promotions, and partnerships. The digital marketing strategy will include a strong presence on social media, a website optimized for search engines, and targeted online advertising campaigns. The events and promotions strategy will include hosting events and open houses at the venue to showcase its features and services. The partnership strategy will include working with wedding planners, corporate event organizers, and other local businesses to promote the venue and generate referrals.

The Operations and Management section provides a description of the venue's organizational structure and day-to-day operations.

The venue will be owned and operated by a team of experienced event professionals who will be responsible for the overall management of the business. The team includes a General Manager, an Operations Manager, and an Event Coordinator.

The General Manager will be responsible for the overall strategic direction of the business, including financial management, marketing and sales, and customer relations. The Operations Manager will be responsible for day-to-day operations, including staffing, scheduling, and vendor management. The Event Coordinator will be responsible for event planning and coordination, ensuring that each event runs smoothly and meets the expectations of the customer.

The venue will utilize a booking and event management system that integrates with the financial and operational systems, making it easier to manage bookings, track revenue, and provide excellent customer service. The venue will also have a robust staffing plan, including a team of event staff and catering staff, to ensure that each event is staffed appropriately.

All of the unique financial projections you see here were generated using ProjectionHub’s event venue  financial projection template . Use PH20BP to enjoy a 20% discount on the template. 

The Financial Projections section provides an overview of the startup costs and the financial performance of the business.

The estimated startup costs for the business are $500,000, which will be funded through a combination of personal savings and a loan from a financial institution. The startup costs include the purchase of equipment and furnishings, leasing costs for the venue, and initial marketing expenses.

Financial Summary:

Watch how to create financial projections for your very own event venue:

The Conclusion and Appendices section provides a summary of the key points of the business plan and supporting documentation.

In conclusion, the event venue business is poised for success due to the growing demand for premium event experiences, the experienced ownership and management team, and the state-of-the-art facilities and services offered. This business plan outlines a comprehensive strategy for reaching potential customers, generating revenue, and delivering exceptional value to event organizers and guests.

Event Venue Business Plan FAQs

How do i start an event venue business.

To start an event venue business, you'll need to identify your target market and niche, secure a suitable location, design and set up the venue space, obtain necessary permits and licenses, establish relationships with event planners or vendors, and create marketing strategies.

What amenities should I consider offering in my event venue?

Amenities to consider offering in an event venue include seating and furniture arrangements, audiovisual equipment, lighting and sound systems, catering facilities or partnerships, restrooms, parking or valet services, and any unique features specific to your venue.

How can I attract clients to book my event venue?

To attract clients, develop a visually appealing website and online presence, showcase your venue's unique features through high-quality photos and virtual tours, offer customizable packages, provide exceptional customer service, and establish relationships with event planners or industry professionals.

How to create pricing packages for an event venue?

Pricing models for event venues can vary, and may include hourly rates, package rates based on event duration and services, tiered pricing based on the size or type of event, or customized pricing based on specific client requirements. Research the local market and industry standards to determine your pricing strategy and if you'll include any equipment rental options.

How can I effectively manage bookings and scheduling for my event venue?

You can effectively manage bookings and scheduling by utilizing event management software or tools, maintaining an up-to-date calendar, streamlining the booking process through online forms or platforms, having clear communication channels with clients, and having dedicated staff to handle inquiries and event coordination.

About the Author

Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.

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• Business plans

Event Venue Business Plan Template

Used 4,872 times

Launch and grow your event venue with our customizable business plan template.

e-Sign with PandaDoc

Created by:

​ [Sender.FirstName] [Sender.LastName] ​

​ [Sender.Company] ​

Prepared for:

​ [Recipient.FirstName] [Recipient.LastName]

​ [Recipient.Company] ​

Company: [Sender.Company] ​

Address: [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] ​

Executive Summary

​ [Sender.Company] has a vision of (Vision.Statement) and our mission statement to achieve that vision is (Mission.Statement). Our company will focus on developing the event venue with the following details:

Service: (Service.Description)

Leadership: (Leadership.Description)

Industry: (industry.Description)

Competitors: (Competitors.Description)

Financial Status: (Financial.Description)

Our Future Plans: (FuturePlans.Description)

​ [Sender.Company] is uniquely qualified to deliver a successful event venue business due to the following reasons:

(Business.Strength)

Company Overview

​ [Sender.Company] is an event venue with (Number) halls and (Number) meeting spaces on the property. It is located near (Location), close to the city center, and strategically located to provide access to any other establishments clients require. Each venue is maintained to a high standard and contains the latest computer technology for meetings.

Clients can access a beautiful event venue ideal for special occasions such as weddings, birthday parties, anniversaries, and more. However, the meeting rooms are also adequately equipped to deliver an excellent venue for conferences, business meetings, and more.

Business Description

​ [Sender.Company] is a brand focused on (Company.Focus). Our event venue will reflect that focus with a modern and high-class design. On the property, there will be the following venues:

We will add an example of what you should list for the venues here, but be sure to swap it out with your particular venues.

Small party venue – Closed, inside space – Holds 40 to 50 people – $(Hire.Amount)

Three ballrooms – Inside room with outside doors – Holds a maximum of 300 people – $(Hire.Amount)

(Number) (Venue.Type) – (Short.Description) that can hold (Number) people – $(Hire.Amount)

Our Packages

​ [Sender.Company] will offer clients a mix of event packages besides the flat rate to rent each venue hall.

Industry Analysis

The event venue industry depends on the per capita income of households willing to spend money on events. However, it also links to the business market and conferences held in the area. As such, [Sender.Company] researched the current market and identified a niche we can fill: (Niche.Description).

Further, we found some statistics on the market that bode well for our event venue business plan:

Competitor Analysis

The primary competitor in the area is (Primary.Competitor), as this brand specializes in all event types and has a similarly sized property. Its strengths are (Strengths), while we have identified the following weaknesses:

Other competitors to consider are (Secondary.Competitor) and (Tertiary.Competitor). The market segments into (Market.Segment).

Further, the competitor pricing in the current industry is:

We have identified several ways in which [Sender.Company] gains an edge over these competitors:

Once you have shown the competition, you must show how you will approach your entry into the market. You have to show that you have the edge over the competitors and what sets your venue apart.

Customer Analysis

​ [Sender.Company] will serve the residents of (Location) but also market in surrounding areas of (Location), (Location), and (Location). This marketing will give us a vast customer base, especially as many travel for events and conferences. The demographics of the immediate area around the event are as follows:

This location also has several establishments of interest, which benefits the event venue. Clients of interest are:

Suppliers of interest are:

Client Segmentation

Marketing Strategy

​ [Sender.Company] has the following unique value propositions that make it the best choice in the area:

(BrandImage.Proposition)

​ [Sender.Company] will implement an encompassing market strategy to reach the target audience using the following methods:

Public Relations

Ongoing Customer Communications

Social Media

Phone Prospecting

Pre-Opening Events

Pricing Strategy

Operations Plan

The significant functions [Sender.Company] must fill to execute this business model:

Administrative and general tasks like legal, bookkeeping, marketing, and more

Sourcing and storing equipment

Hiring and training staff

Corporate sales to groups and individuals

Janitor and maintenance personnel to keep the venue in top shape

We will reach these milestones in the next (Period):

Management and Staff Hiring

(Owner.Name)

(Owner.Quote)

(Owner.Photo)

(EventsManager.Name)

(EventsManager.Quote)

(EventsManager.Photo)

(CEO.Quote)

(CEO.Photo)

(MarketingManager.Name)

(MarketingManager.Quote)

(MarketingManager.Photo)

​ [Sender.Company] will look into hiring employees for the following positions by the (Date):

(Number) Service Staff (If you provide your own catering)

(Number) Chefs (If you provide your own catering)

(Number) Sales staff

(Number) Managers

Financial Plan

Capital requirements.

​ [Sender.Company] requires an initial capital of $(Amount) to start this business venture, which we break down below:

Financial Forecast

The expected Annual Income: (5YearAnnualIncome.Statement)

The expected Profit and Loss Statement: (5YearProfitLoss.Statement)

The expected Annual Balance Sheet: (5YearAnnualBalance.Sheet)

The expected Annual Cash Flow: (5YearAnnual.CashFlow)

The Break-Even Analysis: (BreakEven.Analysis)

Both parties understand and agree that their signature below signifies their agreement to all the terms and information outlined in this event venue business plan.

​ [Recipient.FirstName] [Recipient.LastName] ​

Care to rate this template?

Your rating will help others.

Thanks for your rate!

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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

Looking for business plan writers?

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.

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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

Back to All Business Ideas

How to Start an Event Space Business in 13 Steps

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

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

Starting your event venue business? Here are the most vital considerations:

• Choose a location — Select a location with adequate space for hosting events, including main event areas, restrooms, storage, and parking. Ensure it is easily accessible for clients and guests.
• Define your niche — Decide on the types of events you will host, such as weddings, corporate events, parties, conferences, or concerts. 
• Special permits — Depending on your services, you may need additional permits, such as liquor licenses or entertainment permits .
• Event equipment — Invest in high-quality event equipment, such as tables, chairs, lighting, audio-visual equipment, and staging. Ensure you have a variety of options to cater to different event needs.
• Décor and amenities — Offer a range of décor and amenities, such as linens, centerpieces, and catering equipment, to enhance the appeal of your venue.
• 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 on the market.
• Legal business aspects — Register for taxes, open a business bank account, and get an EIN .
• Partnerships — Build relationships with local vendors, event planners, and service providers to generate referrals and collaborate on projects.

Interactive Checklist at your fingertips—begin your event venue business today!

You May Also Wonder:

How profitable is an event venue?

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.

What skills do I need to be a venue manager?

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. 

How can I attract clients and promote my event venue?

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. 

What kind of additional services can I offer for my event venue business?

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. 

What steps should I take to ensure the safety and security of guests at my venue?

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. 

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

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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 the type of events your business will host

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

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”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

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. 

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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

Here are the key components of a business plan:

• 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.
• Local SEO  — Regularly update your Google My Business and Yelp profiles to strengthen your local search presence.
• 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!

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Venue Name
• Create an Event Venue Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Event Venue Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run an Event Venue - Start Making Money!

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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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Planning Pod Blog

Fresh insights and best practices for event professionals.

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.”

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.

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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How to Start an Event Venue Business

Starting a event venue business can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn how to open an event space successfully.

Importantly, a critical step in starting an event venue is to complete your business plan. To help you out, you should download Growthink’s Ultimate Event Venue Business Plan Template here .

Download our Ultimate Event Venue Business Plan Template here

15 Steps To Start an Event Venue Business

• Choose the Name for Your Event Venue Business
• Develop Your Event Venue Business Plan
• Choose the Legal Structure for Your Event Venue Business
• Secure Startup Funding for Your Event Venue Business (If Needed)
• Secure a Location for Your Business
• Register Your Event Venue Business With the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Event Venue Business
• Buy or Lease the Right Event Venue Business Equipment
• Develop Your Event Venue Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your 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. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your event space business:

• Make sure the name is available. Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
• Keep it simple. The best names are usually ones that are easy to remember, pronounce and spell.
• Think about marketing. Come up with a name that reflects the desired brand and/or focus of your event space.

2. Develop Your Event Venue Business Plan

One of the most important steps in starting an event venue business is to develop your event venue business plan . The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

To enhance your planning process, incorporating insights from a  sample event venue business plan  can be beneficial. This can provide you with a clearer perspective on industry standards and effective strategies, helping to solidify your own business approach.

Your business plan should include the following sections:

• Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your event venue business.
• Company Overview – this section tells the reader about the history of your event venue business and what type of event venue business you operate. For example, are you exclusively a wedding venue or do you host all sorts of private events? Is your space a large banquet hall or another type of event space?
• Industry Analysis – here you will document key information about the event venue industry. Conduct market research and document how big the industry is and what trends are affecting it.
• Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, are they in a particular income bracket? Where do they live? What do they look for in an event venue?
• Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
• Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
• Product : Determine and document what products/services you will offer
• Prices : Document the prices of your products/services
• Place : Where will your business be located and how will that location help you increase sales?
• Promotions : What promotional methods will you use to attract customers to your event venue business? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing. You might also attend networking events to promote your business.
• Operations Plan – here you will determine the key processes you will need to run your business operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
• Management Team – this section details the background of your company’s management team.
• Financial Plan – finally, the financial plan answers questions including the following:
• What startup costs will you incur?
• How will your event venue business make money?
• What are your projected sales and expenses for the next five years?
• Do you need to raise funding to launch your business?

3. Choose the Legal Structure for Your Event Venue Business

Next you need to choose a legal structure for your event venue business and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole Proprietorship

A sole proprietorship is a business entity in which the owner of the event venue business and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small businesses. It is an agreement between two or more people who want to start a event venue business together. The partners share in the profits and losses of the business.

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for an event venue business include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a event venue business is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.

Once you register your event venue business, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

4. Secure Startup Funding for Your Event Venue Business (If Needed)

In developing your event venue business plan, you might have determined that you need to raise funding to launch your business.

If so, the main sources of funding for an event venue business to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in an event venue business that they believe has high potential for growth.

5. Secure a Location for Your Business

A major step to starting your event venue business is to find and secure a location. Many event venues rely on beauty, historical significance, or unique features to bring in customers, which can all be challenging characteristics to find or create on a budget. Just remember that even a simple space can be made into something elegant and photo-worthy with a bit of work.

You’ll also need to find a space that is large enough to accommodate your guests and has all the necessary amenities, such as restrooms, a catering kitchen, and parking. If you’re on a tight budget, you may need to get creative with your space. For example, you could rent a large warehouse and turn it into an event venue with the help of some DIY decor.

Once you’ve found the perfect location for your business, be sure to sign a lease or purchase agreement. This will protect you from any legal issues that could arise down the road.

To find the right space, consider:

• Driving around to find the right areas while looking for “for lease” signs
• Contacting a commercial real estate agent
• Doing commercial real estate searches online
• Telling others about your needs and seeing if someone in your network has a connection that can help you find the right space

6. Register Your Event Venue Business With the IRS

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).

Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

Finish Your Business Plan Today!

7. open a business bank account.

It is important to establish a bank account in your event venue business’ name. This process is fairly simple and involves the following steps:

• Identify and contact the bank you want to use
• Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
• Complete the bank’s application form and provide all relevant information
• Meet with a banker to discuss your business needs and establish a relationship with them

8. Get a Business Credit Card

You should get a business credit card for your event venue business to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company.

When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.

9. Get the Required Business Licenses and Permits

Every state, county and city has different business license and permit requirements.

Nearly all states, counties and/or cities have license requirements including:

• General Business License – You will need to apply for a general business license in the city or county where your event venue will be located. Business license applications are usually very simple, but fees vary by location.
• Occupancy Permit – An occupancy permit is also required in order to operate an event venue. This permit is issued by the local fire department and ensures that your venue meets all the fire safety guidelines.
• Beer or Liquor License – If you plan to serve alcohol at your events, you will need to apply for a liquor or beer license. The application process and fees vary by state, so you’ll need to check with your local government office to find out what’s required.

Depending on your location and the type of event venue you launch, you will have to obtain the necessary state, county and/or city licenses.

10. Get Business Insurance for Your Event Venue Business

Business insurance policies that you should consider for your event venue business include:

• General Liability Insurance – General liability insurance will protect your event venue from any third-party bodily injury or property damage claims that might arise.
• Property Insurance – This will protect your event venue from any physical damage or theft.
• Workers’ Compensation Insurance – If you have employees, you will need this insurance to protect them in case they are injured while working at your event venue.
• Business Interruption Insurance – This insurance will protect your venue from lost income if your business is forced to close due to a covered event, like a fire or severe weather.
• Liquor Liability Insurance – If you serve or sell alcohol at your event venue, you will need this insurance to protect yourself from any liability claims that might arise from someone becoming intoxicated and injuring themselves or others.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs.  

How to Finish Your Ultimate Event Venue Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your event venue business plan?

With Growthink’s Ultimate Event Venue Business Plan Template you can finish your plan in just 8 hours or less!

11. Buy or Lease the Right Event Venue Business Equipment

To get your event venue business off on the right foot, you’ll need to invest in some essential equipment. This includes items like chairs, tables, linens, dishware, decorative items, and audio-visual equipment.

You may be able to find some of these items used, but it’s important to also have some replacement items on hand in case of breakage or damage. You’ll also need to factor in the cost of renting items like tents, stages, and dance floors if you don’t plan on purchasing them outright. Some events may also require specialty items that you can consider leasing.

From the business side, you will need a phone, computer, printer, reliable internet connection, and basic office supplies. You might also consider looking into security systems.

12. Develop Your Event Venue Marketing Materials

Marketing materials will be required to attract and retain customers to your event venue business.

The key marketing materials you will need are as follows:

• Logo – Spend some time developing a good logo for your event venue business. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
• Website – Likewise, a professional event venue business website provides potential customers with information about the products and/or services you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
• Social Media Accounts – Establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your new event venue business. Events like weddings get lots of local social media attention and can help generate new customers for an event space.

13. Purchase and Setup the Software Needed to Run Your Event Venue Business

There are a few different types of software that can make running an event venue business easier.

A good booking system can help you keep track of reservations and ensure that your events are properly staffed. Some popular booking systems for event venues are HoneyBook, Tripleseat, and iVvy Venue Management.

If your booking software does not include a way to accept payments, you should also look into a point of sale (POS) system like Square, or something to help you manage all your finances like Quickbooks.

Finally, a good customer relationship management (CRM) tool such as ActiveCampaign can help you stay in touch with your existing mailing list and generate new bookings. Some booking systems may also include CRM tools, so make sure to explore all their features before buying new software.

Research the software that best suits your needs, purchase it, and set it up.

14. Hire a Team

You might find yourself filling many roles as you launch a small event venue, but will likely need to build a team of event professionals to be successful in the long term. Your employees might include an event planner, catering manager, and marketing specialist. Together, these individuals will be able to help you create a successful event venue business.

When hiring employees for an event venue business, it is important to find individuals who have the necessary skills and experience. One way to do this is to post job openings online and review resumes. It is also important to interview potential employees and ask them questions about their experience and what they can bring to the business.

15. Open for Business

You are now ready to open your new event venue business. Start promoting your venue in as many places as you can and reaching out to potential clients to make bookings. You might also host a grand opening event to let prospective clients check out the new event space.

If you followed the steps above, you should be in a great position to build a successful business and you will know everything you need about how to start a venue business. Below are answers to frequently asked questions that might further help you.

How to Start an Event Venue Infographic

How To Start an Event Space Business FAQs

Is it hard to start an event venue.

It is not easy to start an event venue, but it is definitely doable with the right planning and execution. Starting an event venue requires a lot of coordination, from finding the perfect location to getting all the necessary permits and licenses. However, with careful planning and execution, opening an event venue can be a very rewarding experience. Following the steps outlined above will help you get started.

How Can I Start an Event Venue Business With No Experience?

You can absolutely start an event venue business with no experience. In fact, many event venue businesses are started by first-time entrepreneurs. The key is to have a clear vision for your business and to be willing to put in the hard work to make it a reality. The most important thing you can do to get started is research the industry and your local market. You might also consider looking into online courses or training events for event venue managers.

How Much Does It Cost To Start an Event Venue Business?

Event venues and related businesses, such as catering and photography, require a significant investment.

The average startup costs for an event space range from $200,000 to $500,000.

Here are a few key costs that are associated with launching a venue:

Rent/Mortgage

This is the number one cost associated with launching a venue business.

Depending on where you get your real estate, your rent will vary quite a bit. Depending on how large of a space you need to buy or build and its location, this cost could be thousands upon thousands of dollars.

Luckily, there are many different types of commercial loans and other ways to finance this expense so it’s not impossible to get started without all the cash upfront.

Operating Expenses

These expenses are ongoing throughout the life of your business, so you need to make sure you plan accordingly to not go broke over time. You’ll have things like insurance, equipment replacement or rental (if you choose), employee wages/benefits, taxes, etc.

All these ongoing expenses add up very quickly if you’re not managing them well.

Employee Costs

You need to have the right staff members on your team to be successful. You can pick and choose who you hire for each position, but don’t forget that there’s a cost associated with every employee on your team.

Build-Out/Renovations

You’ll probably need to renovate or build out your facility to turn it into the type of space you want it to be. This is an ongoing expense, but you’ll see a large spike here during the initial buildout of the business.

Can You Start Your Own Venue Business On A Budget?

Like with most businesses, if you are investing in starting a venue business on a shoestring, it may be difficult to get things off the ground. It's not impossible if you're creative (a garage sale can be used to help raise funds), but the risk is that you won't have enough money to cover monthly expenses throughout the first year of operation.

There are several ways to obtain the funding you need to start a successful venue business. You can apply for a loan, utilize your local SBA office for guidance on writing a business plan and obtaining funding from the government.

In this tough economic climate, it's important to be creative if you want to launch a new idea or venture with very little money involved. If you have a great concept paired with a well-written business plan, your chances of obtaining a loan to help you get started are greatly increased.

How Does an Event Venue Make Money?

Venue operations vary greatly depending on the size of the event facility and its target audience.

For example, some event venues may charge a flat fee for hosting an event which allows them to focus on catering to individuals or companies that host events regularly (such as universities). Other venues may choose to work with outside caterers and allow them to take care of the day-to-day operations.

There's no foolproof way to ensure that you'll earn a profit as a venue, but it's important that you understand the needs and wants of your target market so that your business can be profitable.

Is Owning an Event Venue Profitable?

Businesses in this space can be highly profitable, but profits vary depending on several factors. Location, size of the venue, and type of events hosted are just a few of the many things that influence how much revenue the owner will bring in.

What Type of Event Venue Business Is Most Profitable?

There are many different types of event venues, and each has its own unique set of profitability factors. To maximize profits, it is important to choose a venue type that is well suited to the target market and location. Wedding venues are usually profitable when managed correctly, but the type of venue that will bring in the most profit really depends on demand in your area.

What Are the Ongoing Expenses for an Event Venue Business?

There are some costs that you will need to pay on a regular basis in order to keep your business up and running. Some of the most common ongoing expenses for an event venue business include rent, utilities, insurance, wages, and marketing.

Rent is likely going to be your biggest expense, as you will need to find a suitable location for your venue. The amount of rent you pay will depend on the size and location of your venue.

Utilities, such as electricity and water, will also need to be paid on a regular basis. The amount you pay will again depend on the size of your venue and the number of events you host.

Insurance is another important expense, as it will protect your business in case of any accidents or damages that occur on your property. You will need to get both general liability insurance and property insurance.

Paying your employees is also an ongoing expense. If you have any staff working for you, you will need to pay them a salary or hourly wage.

Finally, you will need to spend money on marketing in order to attract clients to your venue. There are many different marketing strategies you can use, such as print ads, online advertising, and word-of-mouth marketing.

How Much Do Event Venue Owners Make?

It is hard to estimate how much venue owners make because the amount of money that a venue owner can make varies depending on a few different factors.

One of the biggest factors that affect how much a venue owner can make is their location. Venues located in larger metropolitan areas will typically bring in more revenue than those located in smaller towns.

Size of Venue

The size or square footage of the venue is also a major factor. Venues that can accommodate a lot of people will generally bring in more revenue than those that are on the smaller side.

Type of Events

The type of events that a venue hosts also has a big impact on how much money the owner can make. Venues that host a wide variety of events will typically have higher revenue than those that specialize in hosting one type.

Generally, owners of professional, full-service banquet halls and meeting facilities can expect to make $45,000 to $100,000. Those that do not have banquet facilities can expect to make significantly less revenue.

What Are Some Important Questions To Ask Yourself When Starting an Event Venue Business?

Where will the venue be located.

The location of your venue is the most important factor when it comes to determining if you will make any money or not.

You can choose to open in a high-traffic, well-known area along with the great potential for growth in your local market. The other option is to find an underused space that may not have much foot traffic but offers great rates on rent might just be right for you.

The downside to this strategy is that you will need to put together marketing campaigns and advertising methods to reel people in which always costs more than renting low and selling high.

Your rent will also determine how much profit you take home so be sure to do your research before signing anything.

What Types of Events Will You Host?

Depending on the type of events you host will determine how many employees you need, what equipment is needed, and how much money you will make.

For example, if you are hosting concerts at your venue then you will want to hire security for the safety of the attendees. If it is a smaller event with fewer guests expected, then maybe just one or two security guards should be good enough.

The amount of money you will make also depends on the cost of hosting the event. If it is a business meeting, you might not charge as much in fees as if it was hosted at your venue.

How Big is Your Venue?

The size of your venue will affect your bottom line in more ways than one when it comes to hosting events.

For example, if your venue is too small you will not be able to fit many guests so, therefore, charge less for the space and attendance fees. If it is too big, then you will need more staff to accommodate every guest promptly.

How Will You Be Different?

Before opening, you need to know the things that make you different from other venues.

This can be anything from competitive pricing, customer service, or the location itself. Think about how you will attract potential clients and what happens once they walk through the front door.

Will you have a restaurant with great food? Will you have an outdoor area for patrons to mingle and enjoy themselves? Many questions need to be asked before opening your doors.

The more, the better since it will set you apart from other venues which can only help your business succeed.

What Is The Price for Your Services?

When it comes to the price you charge for your services, this all depends on what type of venue you are running.

For example, if you are hosting a wedding at your place, make sure to check out different venues in your area that will host that specific event since their prices might be better than yours.

Start by looking at different venues in your area that offer similar services. Once you have a list of potential competitors, study their pricing model and come up with something comparable.

What Is Your Budget?

The budget you have set aside is the fourth factor for opening your business.

This includes everything from advertising costs, equipment and staff salaries to rent and taxes. Without a proper budget in place, you will not succeed.

To calculate how much money you need to get started, add up all of your expenses then subtract that number from your income. This will help you fine-tune your venue and make it more profitable for the success of your business.

Before starting a venue, you need to know what type of events you want to host, how big your place is, the different types of people who will be attending your events, and so on and so forth. Knowing all the information before you even start thinking about your business is important to its success.

When it comes to figuring out what types of events, just make a list of all the possible things that can be done at your venue and narrow down the type of clients you want attending each event. Your budget also plays a huge role in starting a venue, so make sure to get the right number of customers.

Overall, just be marketable and study your competitors to find out their prices and what is successful for them to get your business

How Can I Make an Event Venue Business Successful?

There are a few keys to making a new event venue business successful.

This is a big one and takes time. You need to have some sort of business plan as far as how long things will take for each step of your own business. You need to know how much things will cost you in terms of rent, utilities, equipment, insurance – everything that your operation will require.

You also have to think about what you’re going to do differently from everyone else in this space so figure out where your target audience is and how you can fit into it with a great product or service offering. Be sure to make comparisons based on similar businesses in different markets when doing this market research.

There’s a lot of competition out there, but if you do something better than the others, people will come to your venue. Have a great idea for a venue that is different from what is currently available in the market. This can be something like a unique theme, location, or type of event that you plan to host.

You don’t necessarily need to invest a huge amount upfront. Think about how much revenue you can bring in and then think about whether that justifies the investment down the road. Be open to this growth and start small, but to grow and scale your business over time (and hire help as needed).

Determine Your Marget Market

You can create marketing materials that cater to different types of customers (like brides, corporations, festivals) but it’s not enough just to know your target audience – you need to understand their wants and needs so you can communicate these effectively in everything from sales calls to venue website copy. Find out what’s most persuasive when marketing to customers with this type of business.

How Can Venue Owners Stay Ahead Of Their Key Competitors?

One way that venue owners can maintain a competitive edge is by offering discounts for customers who are willing to book events well in advance of the date they want the event held. This idea might help venue managers compete with hotels, convention centers, and exhibition halls that offer business travelers rooms at discounted rates if they book well in advance.

Using social media accounts, such as Facebook and Twitter, also helps customers find out about upcoming bookings. Keeping customers informed is good customer service, but it also builds loyalty for those customers who have never used a venue before. Reach out to satisfied clients to obtain positive reviews for your website and social media profiles.

How Do I Advertise My Venue?

Many businesses making the transition to hosting their events don't advertise because they are unsure of the best way to go about it. There are many different options available when advertising, so use your creativity and brainstorming abilities to figure out which ones will work for you.

A few options that can be considered to find customers are hosting open houses, sending out flyers to local businesses, listing your event space on business directories and social media websites, and visiting popular spots in your area to leave fliers.

How Big Is the Event Industry?

The event industry is a massive market that does not stop growing. The market is currently about $3 billion with continued growth each year. This number includes all aspects of party and event planning including event venues, arenas, amphitheaters, clubs, bars/pubs/restaurants, etc.

What Are the Key Segments of the Event Venue Industry?

The events industry can be segmented into these categories: music concerts, festivals, sports, exhibitions & conferences, corporate events & seminars, and others.

Music Concerts

Music concert venues are the biggest segment in the industry due to their massive popularity throughout the world, especially in live music venues.

Music festivals are where people go to see a variety of different genres all at once and then party hard with other people who enjoy similar musical tastes.

Sport Venues

These events allow people to see their favorite players and teams compete against each other in a stadium or arena.

Exhibitions & Conferences

They provide a chance for companies to showcase their products and services to potential clients and customers.

Corporate Events & Seminars

These events allow companies to hold large meetings or conferences in an attempt to spread the word about their brand, products, and services.

Other Venues

Other venues include everything from restaurants and bars to nightclubs and hotels. These types of venues can be found in any major city and allow customers to do a variety of different things such as view sports games, listen to live music, or dance the night away with friends.

What External Factors Affect the Event Venue Industry?

As new event venues are created, there are new external factors that affect the industry. Taking a closer look at the external factors allows for accurate data from the industry to be produced. External factors include the following:

As with all industries, economic factors heavily affect event venues. The success or failure of an industry depends upon the state of the economy. If the economy is in a recession, then businesses are less likely to spend money on extravagant events, which means there will probably be fewer events at venues.

The population of a certain area also affects the industry. If there are very few people in a certain area, then that can limit the number of events held at a venue.

Another external factor is the number of competitors within a specific area. This directly affects prices and what kind of special events will be hosted as well as how often they are hosted. If there are fewer competitors, then this means higher demand and prices for customers.

Social media is another external factor that affects the industry. Event venues need to be aware of what their clients are saying about them on social media. There should not be any negative comments because it could cause potential customers to think negatively about the venue as well.

The last of the major external factors is the weather. Bad weather can cause people to have less of an urge to attend events at outdoor venues, which means there will probably be fewer people attending these types of events during unfavorable conditions.

Who Are the Key Competitors in the Event Venue Industry?

The key competitors in the event industry are primarily hotels, convention centers, and exhibition halls.

In the event industry, hotels serve as a primary competitor for event venues. Hotels typically offer similar services to that of an event space, such as catering and transportation.

In addition, convention centers work closely with hotels in promoting their facility through advertising and marketing opportunities. The hotel-convention center industry is a close-knit one, with many large hotel corporations also owning a convention center.

However, when it comes to developing relationships with potential clients, it is important to note that clients perceive hotels and exhibition halls to be more convenient than convention centers when planning meetings.

Convention Centers

The main competitor in this space is convention centers, which are generally larger venues that have more capacity for hosting gatherings. Convention centers are seen as a valuable marketing tool by many businesses for holding trade shows and attracting new customers.

However, there is often little incentive to hold smaller-scale events at convention centers due to their relatively high cost. Most convention centers are tied to cities or states that help pay for their upkeep. They are used not only by exhibitors but also by individuals looking for venues for wedding receptions, parties, family gatherings, etc. Convention centers also can host concerts and provide audio-visual equipment.

Exhibition Halls & Event Centers

Most of these large halls are considered “public assembly facilities” where people can gather together to listen to political or commercial speakers or watch performances. The type of event held depends on the size of the hall and its amenities. The more amenities provided in connection with an exhibition hall, the more expensive it will be to hold an event there.

What Are the Key Customer Segments in the Event Venue Market?

The key customer segments in the venue market are businesses and individual consumers.

Businesses use event venues for a variety of purposes, including meetings, conferences, trade shows, and product launches. Businesses account for the majority of event venues’ revenues. Many corporations, especially larger ones, have a dedicated meeting department that typically oversees their needs in this area.

Individuals

Individual consumers also rely on event venues. They use venues to host weddings, engagements, birthday parties, fundraisers, showers, and family events such as reunions or holiday gatherings. Individual consumers account for the second-largest source of revenue for event venues. In recent years, there has been an emphasis on attracting individual potential clients because they spend more money than businesses do per event.

Where Can I Download a Event Venue Business Plan PDF?

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

Additional Resources in the Event Venue Industry

• Event Manager Blog: meetings.skift.com
• Professional Assoications for Event Venue Owners: www.corporateeventnew.com/top-22-professional-associations-event-planners

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