Business Plan For Amanda S Ballroom Reception Marketing Essay

Business Plan For Amanda S Ballroom Reception Marketing Essay

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Amanda's Ballroom Reception is a newly established wedding reception venue business that caters for couples of ALL ages, nationalities and traditions who wish to engage in the beautiful sacrament of marriage. The sole owner of the business, Ms. Amanda Abboud, will take full responsibility for any debts incurred in the business, and receiving no profits during the establishment phase of the business, making it a Sole Trading Business, that is, an unincorporated business with unlimited liability.

Although the business consists of one owner, employees are needed to assist the running of the business including a manager, receptionist, caterers/cooks, waiters, a host and cleaners. The business needs to ensure that all employees abide by all legislations, including OH&S and EEO legislation acts, to prevent injury and sustain a great and enjoyable working environment at all times. Amanda's Ballroom Reception consists of no more than 20 employees, and because it is a non-manufacturing organisation, is classified as a Small Business.

Amanda's Ballroom Reception is located in the Bankstown area as the business concentrates on hosting mainly traditional Lebanese weddings, because of the high number of Lebanese residents in the area, as well as other multicultural feasts and celebrations which helps meet demand. Although Bankstown consists of a number of very popular wedding reception venues already established, it increases competition for all businesses, but will also provide greater variety for the community, as only one big wedding reception in a large suburb will not suffice.

Amanda's Ballroom Reception business was created to give consumers a wide variety of options to offer the fairytale wedding people dream of through food, catering, decorations and setting. Amanda's Ballroom Reception is a tertiary industry whose prime function is to provide a service for those couples ready to take each other's hand in marriage. It is also a market niche, as it specialises in providing celebrations of marriage. It aims to gain consumer loyalty and trust by providing honesty and great service to the public, sustaining a healthy environment to work for all employees, producing sufficient amounts of profit in order for the business to expand and become national, and expand awareness by advertising outside the local area through various forms of media.

The legal structure of Amanda's Ballroom Reception is a Sole Trader where only the owner takes full responsibility for any debts, and receives little or no profits during the establishment phase. Amanda's Ballroom Reception will therefore be an unincorporated business, which comes with unlimited liability, which means that any debts incurred in the business will fall solely under the owner/s responsibility, that that they must repay debts by selling person assets in order to earn any source of funds. The establishment and growth phase of the business will definitely face ups and downs, especially as the owner is an entrepreneur taking the risk in opening a new business with little skill or knowledge, but with greater consumer awareness the business will hopefully become successful and profitable. Amanda's Ballroom Reception will contain no more than 20 employees, including caterers, cookers, cleaners and decorators, making it a small business.

The location in which the business will open is the Bankstown area because it business will concentrate on hosting mainly traditional Lebanese weddings with customary food, music and entertainment because of the high population of Lebanese in this area, as well as many other multicultural weddings and feasts which will help meet demand. Considering this area contains a number of other wedding reception venues, it will allow larger variety for consumers.

Amanda's Ballroom Reception is associated with providing a service for those couples looking to get married. Not only does the business provide a venue and food, but will create an enjoyable atmosphere for all ages during a great celebration. Amanda's Ballroom Reception is a responsible event organiser and offers what any other business would plus much more. This business is definitely recommended because the service is outstanding and consumers will get exactly what they ask for, which is the key quality of providing a great service to the community.

The prime function of the business is providing great service for the community. Putting a smile on people's faces is definitely important to the business, as gaining consumer loyalty and trust is very important, which is exactly outlined in the firms mission statement. From satisfying customers, the business will slowly become more profitable which is one of the main aims of any business existing.

Not only does this wedding reception venue business offer a great variety of reception rooms, entertainment and food, but the business will also help organise a unique ceremony or any couples beforehand. By providing any requirements by to customers to create their dream wedding, it offers anything you can think of to create a day that a husband and his wife will not forget.

The purpose of writing a business plan is to ensure the greatest likelihood of success to the owner/s. It is important that all internal stakeholders understand clearly what needs to be done, and keep actual up-to-date market research in order to gain realism and accuracy in forecasting. This process should result in choosing the most appropriate and beneficial strategy, enabling the business to achieve its goals. Also, the business plan should be updated regularly to ensure it parallels a changing business environment. Usually, the major goals remain the same but the strategies used may differ according to different internal or external environmental factors. The business plan must be realistic in order to meet all goals required.

Writing out a business plan will help in making Amanda's Ballroom Reception all the more successful, with well planned strategies and goals to generate a flourishing business. A plan is a scheme or method of taking action, which will make all elements of a successful business all the more clear. A mission statement included in the plan will initiate a start of the vision the business hopes to be in the future.

The main competitive advantages of the business over competitors is that not only does it cater for a specific nationality, tradition or age group, but has a wide range of choices to suite everybody's taste or idea of a PERFECT wedding. The latest wedding reception venue business in Bankstown will most likely attract attention by a highly populated area, where they may like to trial the newest business and compare to existing businesses nearby. A definite competitor in the area is the very popular reception venue, The Bellevue. Establishing Amanda's Ballroom Reception close-by will definitely increase competition and tension for both businesses, but at the same time will provide greater variety for the community, as only one big wedding reception venue in a large suburb will not suffice.

After calculating this with the figures for Amanda's Ballroom Reception, the ratio of these figures is well under 20%, which is considered a financially unhealthy business; insolvent. The main factor for this is that this is a newly established business, and funds do not come as easily, especially with high expenses the business must begin to pay. A new business may also find it difficult to attract investment. The legal structure of Amanda's Ballroom Reception is a Sole Trader, and so the owner may find it difficult to raise money alone to pay off any debts and expenses, especially with the pressure of unlimited liability (it is solely under the responsibility of the owner/s). Another factor may be that there is a smaller amount of capital than desirable. Increasing the number of shareholders will increase the amount of capital for the business. An increase in capital will increase the amount of Owners Equity, and therefore decrease the businesses' solvency ratio. To increase the number of shareholders, the business must have more customers invest money by having shares, and this will be achieved by higher consumer loyalty and trust, as well as more advertising and awareness of the business and the outstanding services it provides.

As months progressed for Amanda's Ballroom Reception, sales revenue increased at a more reasonable amount. This may be due to the success of the great service provided, and greater consumer awareness as they begin to generate money into more advertising. Costs of goods sold were determined by adding opening stock and purchases, and then subtracting the closing stock. By adding up the funds generated from sales + costs of good sold, helped determine the gross profit. As any business would, Amanda's Ballroom Reception has expenses that must be paid. The cost of all these expenses would be subtracted from the gross profit, to then determine the business' net profit.

In comparison to the net profit generated for the business in May, the business has now earned a net profit which can be reimbursed back into the business to be able to purchase more or higher quality stock, given to employees in the form of fringe benefits or high wages and salaries for their contributions to the business, or the business may owner may choose to keep this profit for personal reasons.