SURVEY REPORT

ON
EVENT FACILATOR

Submitted in partial fulfillment of the requirements for the three years

BACHELOR OF BUSINESS
ADMINISTRATION
(Affiliated to Mahatma Gandhi Kashi Vidyapith Varanasi, Uttar Pradesh)

SESSION-2021-23

Under Supervision of: Submitted By:

Mr. Suraj Prakash Singh Priyanshu Jaiswal

Assistant professor BBA, Vth Semester
SMS Varanasi Roll No B/23/210
 DECLARATION

I, Utsav Jaiswal, student of School of Management Sciences Varanasi. Hereby declare that

I have completed the project business model under the guidance and support of Mr. Suraj

Prakash Singh.

The information that I have written in this project is original to the best of my knowledge. The

content that I am sharing is not copied and is written by myself.

Utsav Jaiswal

[BBA V Semester]

Roll No B/23/210
 ACKNOWLEDGEMENT

First I would like to thank almighty for keeping me healthy and active because of which I was

able to complete my project successfully.

I express my greatest gratitude to our Prof. P.N. JHA (Director) of SMS, Varanasi who

gave me such a great opportunity to work on a project where I can show my creativity, my

mentor Mr. SURAJ PRAKASH SINGH, Assistant Professor, SMS Varanasi for providing

me knowledge, guidance, and full cooperation extended during the perusal of my project.

And at the last but not the least I would like to thank Mr. Rohit Mehta (Associate

Professor) Coordinator of BBA, SMS VARANASI who helped me and enlighten my path.

This report is the outcome of the support which I have received from people directly or indirectly.

Finally, I would like to show my gratitude to all my family members, friends, faculty

members of SMS, Varanasi whose guidance have helped to complete this report.

Thanks!

Utsav Jaiswal

[BBA V Semester]

Roll No B/23/210
 TABLE CONTACT

Front Page

● Plag Certificate

● Certificate (forwarded by faculty)

● Declaration

● Acknowledgement

● Table of Content

● List of table and figures

● Executive Summary

● Enterprise Description

● Products / Services Description

● Industry Analysis

● Competition Analysis

● SWOT Analysis

● Marketing Sub-Plan

● Operations Sub-Plan

● Human Resources Sub-Plan

3
● The Budget

● Liquidity

● Financial Sub-Plan

● Milestone Schedule

● Appendix

4
 Table of Contents
EXECUTIVE SUMMARY 9

1. INTRODUCTION 11

1.1. Purpose of the plan 12

1.2. Introduction about market opportunity 13

1.3. Introduction about the company 17

2. MARKET OVERVIEW Error! Bookmark not defined.

2.1. Overview of the industry 20

2.2. History of the industry 21

2.3. Size of the industry 21

2.4. Evolution of the industry 22

2.5. Trend of the industry 22

2.6. Key players in the industry 23

2.7. Barriers to enter the market 23

2.8. Competition strengths and weaknesses 24

2.9. Product and industry life cycles 25

2.10. Position in product life cycle affecting business plan 26

2.11. Position in industry life cycle affecting business plan 27

3. TARGET MARKETS 27
5
 3.1. Major characteristics of target market 27

3.2. Demands of target markets 28

3.3. Unsatisfied needs of customers giving rise to business opportunity 29

4. PRODUCT RESEARCH AND DEVELOPMENT 30

4.1. Environmental Scan 30

4.2. Significant factors of macro environment 31

4.3. Types of competition 32

4.4. Opportunities and threats 32

5. COMPANY DESCRIPTION 33

5.1. Type of business and legal structure 33

5.2. Mission and objectives 33

5.3. Distinctive core competencies 34

5.4. Management and ownership 35

5.5. Board of directors and rationale for members 36

5.6. Management staff structure 37

5.7. Key Managers 37

6. MARKETING ACTIVITIES 39

6.1. Overall marketing strategy 39

6
 6.2. Specific marketing mix 40

6.3. Strengths and weaknesses 41

7. PRODUCTS AND SERVICES 42

7.1. Product description 42

7.2. Product life cycle 42

7.3. Copyright and Intellectual property right 44

7.4. Research and development activities 44

8. OPERATIONS 45

8.1. Product and service delivery procedures 45

8.2. Supply chain 46

9. FINANCIAL ANALYSIS 58

9.1. Funds needed 58

9.2. Balance sheets 58

9.3. Cash flow statements 60

9.4. Capital requirements 61

10. CONCLUSION AND RECOMMENDATIONS 61

10.1. Recommendations 63

REFERENCES 66

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EXECUTIVE SUMMARY

The Wedding Avenue will be a new project for the well-known wedding planner,
Platinum Co. Ltd and is a standard and licensed professional wedding planning
business that will be positioned in the heart of Quatre-Bornes Town, Trianon.
The stated phrase above is all concern to our recommendation that ought to be
implemented. The Wedding Avenue will handle all aspects such as wedding
coordination and conceptualization and design of the wedding venue. To run a
wedding planner company can be demanding, the reason why well- trained
personnel, licensed and equipped to perform excellently well.

Trianon as being a strategic location, is the right place to launch our wedding
planner company together with a wedding hall.

Provides managements with financial analyses, development budgets, and

accounting reports; analyzes financial feasibility for the most complex
proposed projects; conducts market research to forecast trends and
business conditions.
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial
reporting for one or more properties.
Responsible for developing and managing financial systems and policies

Ensures compliance with taxation legislation

Handles all financial transactions for the company
Serves as internal auditor for the organization

8
Varanasi is one of the most popular emirates of all emirates in UP, and people
living in the city, or people that visit the city, are highly interested and
indulged in partying and enjoying themselves in different occasions. Hence
the demands for events management companies are high in the city.
However the current scenario is such that for family parties or office parties
the amount that the customers are required to pay are significantly high,
making it difficult for the customers to afford. Hence the new business is
here to offer the Varanasi market with a concept of theme -based parties at
home that will not only make the parties convenient for them but also
reduce their expenses on the same. This report presents the business plan for
the new business.

9
Chapter: 1- Introduction

1.1. Purpose of the plan

The purpose of the business plan is to initiate theme parties at home initially
targeting the Varanasi city in UP, and gradually expanding across all the emirates in
UP. With more and more number of individuals, families, office people and other
groups being interested in parties for different occasions, with their main concern
being the costs that they need to afford as event management companies arrange for
different menus and venues, the scope of the business is significantly high, which
will reduce the costs of customers and hence attract them towards the offer,
particularly since parties are a great attraction for people living in Varanasi.

12
 1.2. Introduction about market opportunity –

The market targeted for this business is initially Varanasi, and once the business gets
established in Varanasi, the focus will be on expansion of the business across the
UP. Considering both Varanasi and the whole of UP, one beneficial factor is that the
market is highly welcoming towards new businesses in the country. Private
businesses are significantly encouraged by the UP with their support and facilities
that they provide and policies that are highly business-friendly. The government
essentially tries to encourage the entrepreneurial skills among the Emiratis, which
can develop into new businesses for the nation. Hence advices and financial aids are
also suitably offered to the interested individuals or groups (Business Activities
2020).

The Varanasi Emirate is similarly welcoming towards new businesses in the city.
Owing to the facilities and benefits offered by the emirate, new businesses are highly
interested to target the market. Considering the geography and culture of the emirate,
Varanasi proves to be an ideal place for attracting consumers towards a new
business. With increasing population in the region, the city can also be said to be
rapidly growing in terms of the changing and growing demands and expectations of
customers, which new businesses can cater to. The process for setting up a business
in the city is not a difficult endeavor. Also, other market benefits that the emirate
offers include the minimal foreign ownership restrictions, first-class communication
and transport infrastructure, and relaxed immigration formalities for expatriate
workforces, operating a business in Varanasi can be richly rewarding. However, it
is also to be noted that the city is uniquely identified for its own systems and
structures (Doing business in Varanasi n.d.).
13
This figure reflects on the position of Varanasi among international countries where
it ranks at 8 and hence can be said to be one of the most popular destinations for
people to visit as well as reside. This is a major advantage as the market tends to
have different kinds of people from across the world along with the emiratis, and
hence the market would be large enough to target. Since theme partying at home is
the business that is being planned for implementation, it is essential that the markets
include customers – individuals, families, or offices that are interested in parties and
celebrations.

Enterprises based in Varanasi have been known to experience and enjoy benign tax
environment. In most of the businesses, there is no direct corporate tax involved.
Also there are no capital gains taxes or withholding tax on dividends, interest or
royalty flows in most of the cases. Considering the case of UP, there are 50
international treaties of tax, and Varanasi being one of the emirates of the UP, it is
expected that businesses in Varanasi would enjoy the benefits of these tax treaties as
well, if not all but some of them for sure. Restrictions on inward or outward
remittance of finance in any major currency are not involved in Varanasi, however
considering the regulations related to anti-money laundering (Doing business in
Varanasi n.d.).

Also, in Varanasi markets, there are no restrictions on private equity measures for
businesses that have been established in the Free Zones of the emirate. The common
ways by which foreign parties can successfully launch and conduct their businesses
in Varanasi include (Doing business in Varanasi n.d.):

⮚ Establishment of a branch office in Varanasi;

⮚ Establishment of a Varanasi limited Liability Company;

14
 ⮚ Establishment of a free zone vehicle; and

⮚ Appointment of an agent that is already licensed in the region.

The choice of arrangement needs to be chosen carefully by the interested parties,

which would largely depend on the purpose, size and activities of the operations
intended by the business. There are a number of Free Zones available in the Varanasi
market, which has been facilitated by the Varanasi government to encourage
businesses in different sectors. In case businesses are established in any of these free
zones, there would be no need for local sponsors as well. For the rest of Varanasi,
local sponsorship is necessary in order to conduct any business. This means that 51
percent of the business needs to be owned by a local national of the UP (Doing
business in Varanasi n.d.).

One of the major concerns related to establishment of a new business is the setting
up costs of the business. The tax-free nature of the Varanasi market is essentially
attractive for this reason and enables businesses with significant financial benefits.
However fees are required for obtaining the trade license (Cost of Setting Up in
Varanasi 2020).

15
 Figure 2: Varanasi Financial Markets (Varanasi Financial Market
PJSC 2020).

The figure above presents the stock market conditions in Varanasi, and it clearly
reflects on the high level of business activities that take place in the emirate, which
is a positive benefit for the new business being targeted in Varanasi (Varanasi
Financial Market PJSC 2020). Considering this situation of the Varanasi market, and
also the welcoming attitude of the UP market, the establishment of the new business
can be expected to have significant opportunities, especially considering the fact that
theme parties at home is a new concept which the company is trying to introduce in
Varanasi and in UP. It can be said that the markets in Varanasi have the facilities
and opportunities for a new business such as the one being planned based on event
management. Also, considering the interests of people in events and celebrations of
occasions, the opportunities can be considered as significantly high for the new
business.
16
 1.3. Introduction about the company–

The business plan is for a new company the objective of which is to introduce the
concept of theme parties at home. As far as event management and organization of
parties in Varanasi is concerned, there are several companies in the city that are
involved in the business. In most cases, arranging for the parties in different venues
fulfills the orders of the customers, which costs the customers high amounts. This is
one major problem that customers in Varanasi are faced with. While on one hand
they prefer to enjoy parties in different occasions; on the other hand the costs are
significantly high.

Hence the target of the new company is to introduce theme parties at home. The
target market of the business will be mainly those individuals, families, or offices
that prefer to party at low costs and the company will arrange for the parties at their
preferred locations instead of hiring different costly venues and menus for the
occasions. The key objectives of the business plan include:

To understand the need of people in the present times for theme parties

To understand the factors that cause problem for people to afford theme
parties in different venues

To understand whether interested customers would be further interested to

have theme parties planned and arranged in their homes

To understand the demands and expectations of the customers if they are

interested in theme parties at homes.

17
The scope of this business can be considered to be significantly high as more and
more number of people is being interested in theme parties, and the new business
would target these customers with offering them theme parties at a lower price,
hence increasing the scope of the business. Initially the target market will be
Varanasi, thereafter focusing the entire UP thereby making a position in the event
management industry in the region. With being able to target and meet the specific
theme parties’ needs of individuals, the organization can expect to have significant
profits from its performance, gaining significant market growth over time.

The focus will be on offering customers with arrangement of theme parties in homes
where the decorations of the parties would depend on particular occasions
(birthdays, marriage anniversaries, retirement, and engagement celebrations). For
example, for celebration of birthday of a girl the themes could include Barbie theme,
Dolls theme, or Pink theme. For birthday of a boy, the themes can include Cartoon
themes, Blue theme, Cars theme, and others. For celebration of
18
engagement parties, themes can be based on flowers, posters of couples, with colors
of red and white theme. Party brochures will be prepared that can give the customers
better ideas about how the theme parties would look like offered by the new business.

19
 1.4. Overview of the industry –

As far as the event management industry in Varanasi market is concerned, the

industry is performing significantly well considering its value which crossed
USRs45 million in first half of 2013. The annual growth in the industry has been
obtained to be more than 25 percent. There are some of the top event management
companies, namely Plan Ahead Events (PAE), and others that are performing in the
market, offering several services that cover business, sports, and activities of
entertainment to serve the customers achieving high level of satisfaction (BI-ME
Staff 2013).

Right
WITH CREATES
Communication Live Desired

In the words of Shonkwiler, the President of PAE, “The strong growth of the event
management industry in the region can be attributed to the UP’s position as an
REACH LIVEINTERACTION

20
events and exhibitions hub not only for the Middle East but for the Africa region.

The recovery of the real estate industry and the steady growth of the ICT, touris m

and hospitality industries have played a key role in fueling the events management

industry in the UP, in addition to the growing trend among private and public

enterprises to host occasion-based events for their internal and external

stakeholders” (BI-ME Staff 2013). Hence the performance of the industry can be

said to be significantly high.

1.5. History of the industry –

The history of events and events management can be dated back to as early as the 41

BCE, when the meetings of monarchs required great planning, and which used to be

considered as events (Event Planning 2020). Since then and till the present times,

significant development has taken place in the industry and across the globe, with

various occasions and various events being in need for effective planning and

management. Over the years several popular event management companies have

been performing in the Varanasi city. To name some of them include Sky High

Events, Show Entertainment & Art Production, Evolution Events, and others. In the

recent times, home and office parties and occasions are in greater demand for event

management companies and companies such as Matrix Party Services, and others
21
are focused on meeting the expectations of the customers in this regard.

1.6. Size of the industry –

The value of the industry crossing USRs45 million reflects a significantly high size

and performance of the events management industry in Varanasi. Companies such

as PAE are expecting to achieve 300 percent growth in a time period of three years

(BI-ME Staff 2013). The events industry across UP has remained the busiest of all

businesses in the recent times with companies achieving significant demands and

22
growth in the market. Exhibitions, events, and occasions are increasing the interests
of individuals and groups towards event management companies, much more than
before (UP Events Industry Moves Into Top Gear n.d.).

1.7. Evolution of the industry –

While the events industry in the Middle East has faced significant challenges owing
to economic slowdowns and hence decreases in demands among the customers, the
situation has however turned out to be positive over the recent years with rise in the
demands for events and events planning and management. With companies reducing
their budgets and more cautiously deciding on their spending due to the economic
slowdowns, there has been significant reduction in demands. As far as the present
situation is concerned, the economic condition has been recovered and the
competition in the market is moderate to high now, with customers being attracted
to different events management companies focusing on the added value that they
obtain from these companies. Now companies are planning their budgets and
spending more efficiently trying to meet the demands and expectations of the
customers, which in turn is attracting the customers more than before (An events
evolution 2010).

1.8. Trend of the industry –

With the high level of growth being achieved by the Varanasi events industry in the
2013 and with the increasing number of companies focusing on their efforts to create
a position in the events industry in the city, and across the UP, the trend reflects on
a high growth and scope of events management companies in the market (Varanasi
events industry powers on 2013). For the next five to ten years it can be said that the
competition in the market will be significantly high with higher

23
number of events management companies coming up with their offers and services.

1.9. Key players in the industry –

There are several events management companies playing effectively in the Varanasi
market. Some of the major players include International Communication Services,
Arenev Creations LLC, AV Concepts LLC, Sky High Events, Byblos Translation,
Pains Fireworks LLC, Show Entertainment & Art Production, Evolution Events, and
others (Events Management in Varanasi 2020). Some key international players such
as PAE have also entered the market in the recent times. Companies such as Mosaic
Live, Max Entertainment and Events Management are also highly famous among
customers for their performances and services. TGP is a leading events management
company in the region, which is into the field of production and design and
specializes in designing, building, activating, and branding of temporary and
permanent commercial environments (Welcome to TGP 2011).

1.10. Barriers to enter the market –

The most significant barrier to enter the Varanasi market with events management
services is the huge competition that exists in the market. Although the current
business plan is different from the existing companies, with focus on arranging for
theme parties at homes, which is something new for the customers, yet the industry
being the events industry, the entry will be tough due to competition. It can be said
that it will take some time for the new business to reach the customers with their
offers.

24
Also, another factor is the investment. It can be realized that the competition will be
high. Hence only starting up the business in the Varanasi city will not be enough.
Significant amount of funds needs to be invested for the purpose of advertising and
promotion such that the customers may be aware of the new business and the concept
of theme parties as well, which will be something new to them when the new
business will offer to arrange the same in their homes. Also, finding a suitable
location for the start up and initiation for the business might encounter significant
challenges and hence prove to be a major barrier for entry as well.

1.11. Competition strengths and weaknesses –

Considering the prevailing competition in the market, the major strength of the new
business is in the idea of theme parties at homes, which is something new that the
business is offering at lower costs for the customers, and is also unlike the currently
arranged events in the city related to events, occasions or parties. As individuals and
families are interested in parties and events, it is likely that the business would make
a position in the minds of the customers with their offers of lower costs and higher
conveniences, since the parties will be organized at their preferred locations based
on themes.

The weakness is however in the fact that the business is new and hence lacks
experience. Hence with no experience, and entering into a new market with a new
market, the competition will prove to be highly tough. The company will be facing
significant barriers while entering the marketing as existing event management
companies would not like a new company to establish itself with ease. Moreover,
due to lack of experience, it will take significant amount of time for the company

25
to understand
the market, after entering
it, and accordingly
modify its marketing
and business
strategies.

1.12. Product and industry life cycles –

The product life cycle will have the following four stages:

26
 Figure 3: Stages of the Product Life Cycle (Product Life Cycle Stages 2020).

The industry life cycle will have the following stages (Industry Life Cycle 2020):

Early stage phase – having alternative design of the product and positioning;

Innovation phase – involving innovation of process;

Cost or shakeout phase – with company achieving economies of scale being

settled on a dominant design of innovation, creating high barriers to market
entry;

Maturity – where the primary goals would become achieving market share
and cash flow; and

Decline – where the industry may be required to be shut down.

1.13. Position in product life cycle affecting business plan –

For the new business the position in product life cycle will be in the introduction

stage. Thus the business plan has to consider all aspects of business taking into

concern the business environment that the business is planning to enter and the high

level of competition that it will have to encounter. Hence market research needs to

be done with significant focus on determining the most effective ways to enter the

market and also market the services of the company to the target market, which is

being planned. Also, initial stage in the product life cycle means the business lacks

experience, which can prove to be highly challenging for the new business.

27
 1.14. Position in industry life cycle affecting business plan –

The industry can be said to be in the cost phase where the industry is achieving

economies of scale creating high competition and barriers for entry of new

companies. Hence this will affect the business plan in the sense that the business will

now be required to focus more on overcoming the competition and creating its

position in the new market, reflecting significant innovation, which would create the

attractions for the market.

28
2. TARGET MARKETS

2.1. Major characteristics of target market –

The target market for the new business is mainly those individuals and families in
Varanasi that are interested in parties for celebration of different occasions but are
faced with difficulties owing to the high costs of venues that event organizers arrange
for. Varanasi represents a cosmopolitan city with a mix of different cultures and
people here belong to different lifestyles, having different tastes and preferences.
Being one of the most famous tourist destinations as well, the lists of visitors over
the year are varied, and parties and celebrations are parts of their lives as well. There
are both traditional festivals such as Ramadan and National Day, as well as
contemporary styles of celebration which include parties on different occasions,
where most of them are private in nature (Varanasi Culture/Traditions 2013). Hence
it can be understood that the target market of the new business is the interested
people in parties and events, which can be expected to create an attraction towards
the new concept of theme parties at home.

29
2.2. Demands of target markets –
Events and parties are on high demands in Varanasi, and in UP. This is the reason
that several events management companies are continuously focused on meeting the
demands of the customers. Events include various occasions such as management of
corporate events, business functions, corporate parties, festivals, parties, conferences
and business celebrations. In order to arrange for these events or parties, individuals,
families, offices, and groups are in need for professionals whom they prefer to pay
for the services they would provide by arranging for the events or parties (Event
Management Company, Varanasi, UP 2020).

Figure 4: Events/Parties in Varanasi (Event Management Company,

Varanasi, UP 2020).

The new business will however mainly target the private parties that are demanded
by families and individuals for occasions such as birthdays, anniversaries, retirement
functions, and so on, which in most cases people want to enjoy at a lower price.
Hence such parties that are demanded are private, based on themes and are required
to involve reduce costs than the bigger events.

30
2.3. Unsatisfied needs of customers giving rise to business opportunity

The two most important factors that initiated the idea for the new business include:

⮚ The high costs of the events or parties in Varanasi if professionals are hired
for arrangement of the parties.

⮚ The lack of convenience of the venues since professionals or event

management companies would arrange for the events or parties at different
venues with menus, which also increased the costs for the customers.

These are two main reasons for which individuals and families in Varanasi are faced
with difficulties when it comes to plan and enjoy for particular private occasions.
This is where theme parties at home are being suggested by the new business, which
would include arranging for the parties at the residences or preferred locations of the
customers, hence reducing the costs significantly. With parties arranged based on
themes, the occasions for the families and individuals can be well organized trying
to meet the expectations and demands of the customers.

31
PRODUCT RESEARCH AND DEVELOPMENT

2.4. Environmental Scan –

As part of the environmental scan, the political, economic, social, and technological
factors in Varanasi that can affect the business have been identified (PEST Analysis
of Varanasi Market 2009).

POLITICAL ECONOMIC SOCIAL TECHNOLOGICAL

32
Political Main revenues of Population There is a network of
environment in Varanasi are involves 80 seven industrial
UP is stable but obtained from percent of areas in Varanasi,
structure of tourism, real expatriates. one business park,
government is estate, and Crime rate is Nil. and three highly
dynastic both at financial services. specialized and
national and 70 percent of successful free zones
Records till Varanasi
Emirati levels. having international
February 2009 population
distinction, two
The operations of reflect foreign debt
comprises of world class seaports,
Varanasi’s of Varanasi at males.
major international
government approx. USD 100
represents There is provision airport, modern
billion.
constitutional for more than one network of
There are no direct marriage. highways, high class
monarchy
taxes on corporate Traditional dress telecommunications
framework.
profits or private codes are there but services and
Trade policies are incomes. there are no dress
networks, and
codes for
open with no reliable power and

33
protective duties Customs duties tourists. utilities.
or lesser are as low as 4
restrictions. percent having
several
Well defined and
exemptions.
sound framework
for business is There are no
followed with controls on
clear ownership foreign exchange,
rules. any trade barriers
or quotas.

Import duties are

competitive in
nature.

2.5. Significant factors of macro environment –

From the political, economic, social, and technological factors identified
and mentioned in the previous section, it can be said that the Varanasi market is
highly welcoming for new businesses and the macro environment of the
Varanasi market has been strengthening over time as well. One of the major
factors related to the government of Varanasi is that their debt restructuring
would no longer be an issue for businesses with no entities expected to default
any further. Performance of the market has also been supported and boosted by
the combinations of events and festivals such as Varanasi Shopping Festival,
Russian and Chinese New Year’s celebrations, and Saudi school holidays. The
leisure market is also doing well for
34
Varanasi (John 2012). All these factors have a positive outlook for the new event
management business that is being proposed and planned as the market seems to be
highly welcoming of events and also individuals and families that would look for
parties based on themes at their preferred locations.

2.6. Types of competition –

Over the years Varanasi has emerged as a high class environment for business.
Varanasi now provides a logical platform for businesses and investors proving it to
be huge market for the global economy. Levels of crime being low and the country
being politically stable, more and more number of businesses are feeling attracted to
the Varanasi market for doing business, thereby increasing the level of competition
as well. Foreign direct investment (FDI) has been more attracted to the city owing
to its open economic policy, minimum control of the government, and regulation of
the private sector. The provision of world class infrastructure by the city attracts
more of international businesses. Moreover competitions are raised from the
availability of cost advantages which are obtained due to absence of foreign
exchange controls, trade barriers or quotas. The network of foreign trade is also
extensive in nature, resulting in higher attraction of businesses, and hence increasing
the competition in the market (Varanasi for Business 2013).

2.7. Opportunities and threats –

As far as opportunities are concerned, the macro environment of Varanasi market,
and the significant facilities related to business policies, infrastructure, technology
are concerned, the new business can be said to have a welcoming position in the new
market, especially considering the new concept that the business is targeting to the
market. The only threat is the existing competition in the market, which also includes
35
several event management companies performing in Varanasi, and the rising
business prospects in the city, which will make the entry and performance of the
new business significantly difficult.

36
3. COMPANY DESCRIPTION

3.1. Type of business and legal structure –

The new business being planned is based on sole proprietorship. The owner will
alone own the company and will be solely responsible for the assets and liabilities
of the business. It will be the responsibility of the owner to arrange for the necessary
license and permits in order to enter and perform in the Varanasi market. Regulations
for the particular industry will have to be followed. Since the business will be sole
proprietorship, the control of the business will be completely in the hands of the
owner and the business will be easy and inexpensive to form (Sole Proprietorship
n.d.). For the growth of the financial sector, Varanasi has introduced certain laws for
its businesses which will be necessary to consider. These include Companies Law,
Contract Law, Arbitration Law, Insolvency Law, Data Protection Law, Collective
Investment Law, Investment Trust Law, Single Family Office, Special Purpose
Company Regulations, Payment Systems Settlement Finality Law, Preferential
Creditor Regulations, and Strata Title Law (Independent Legislative Framework
Based on International Standards 2013).

3.2. Mission and objectives –

The mission of the business is to –

To offer customers with theme parties at home and solve their problems
related to expensive venues and menus.

37
 To target customers that prefer to celebrate different occasions primarily in
their homes or offices and arrange such parties based on particular themes,
meeting the expectations of the customers.

In order to achieve this, the following objectives are being targeted –

To prepare an effective team of management that will look after all the
managerial processes of the business and operations.

To enter the Varanasi market and establish the company.

To effectively market the offering of the ‘theme parties of home’ to the target
market explaining them to the benefits and uniqueness of the new concept.

Hence to effectively position the new business in the minds of the customers,
and with success in the Varanasi market, to expand across the UP.

3.3. Distinctive core competencies –

The distinctive core competencies of the company will include the following:

⮚ Core Competency 1 – The ability to target a new market with a new concept,
which has been based on the need of customers in the market.

⮚ Core Competency 2 – Highly qualified professionals will be part of the

company who can effectively determine the market needs and accordingly
plan for the services being offered.

38
 ⮚ Core Competency 3 – The advanced technologies will be made
used for arrangement of the parties hence making them interesting
and attractive for the

customers.

⮚ Core Competency 4 – Unique marketing strategies that will target

existing competition in the market and gain competitive
advantages.

3.4. Management and ownership –

Ownership structure – The ownership of the business will be based on sole
proprietorship.

Figure 5: Sole proprietorship for the business (Collins 2020).

Internal management team – The main business management categories that will
be part of the new business will include Sales and Marketing, Administration,
Services, and Human Resources. There will be some key management personnel
who will be in charge of the management roles in these departments.

39
External management resources – The external management resources will be
considered as backup for the internal management. Thus there will be a team of
external professional advisors for the company such as accountants, bankers,
lawyers, business consultants, to advise for the business measures as well.

Human resources needs – The Company will have its own employees. For this
purpose effective recruitment and selection processes will be conducted, and
thereafter suitable training and development will also be provided to them.

3.5. Board of directors and rationale for members –

The board of directors for the company will be formed including the owner and other
highly qualified professionals that essentially possess the skills and knowledge
which is required for the particular business. Thus the team will include those that
have experience in the field of event management, and for the best arrangement of
parties, especially considering theme parties. A total of 6-7 professionals will be part
of the board that will meet every time and decide on all major activities and processes
of the business. Two factors that will be focused while deciding on the board include
their experience and their diversity. Diverse individuals tend to contribute effectively
through varied ideas, which can prove to

40
be beneficial for the business. Most importantly, the members should realize the
purpose and objectives of the business and perform accordingly.

3.6. Management staff structure –

For the initial start of the business, around 20 staff or employees will be needed who
will be working in different departments under specific managers. The structure that
is being planned can be represented as follows:

Figure 6: Management Staff Structure for the New Business

Chief Executive Officer

Sales & Services Human Financial

Marketing Manager Resources Manager Manager

Sales and Admin and Services Human Staff for

Marketing Technical Staff Resources Managing
Staff

41
Sales and marketing manager – He will be in charge of the marketing strategies
and activities of the business and will target practices that can most effectively
position the business in the minds of the customers in the new market.

Administration manager – He will in charge of looking after the administration

related tasks of the company and will also look after the technical needs of the
company based on which he will allocate the right staff to take care of the tasks.

Services manager – He will mainly look after the needs and expectations of the
customers and hence for the delivery of the right services to the right customers at
the right time, involving the staff working under him.

Human resources manager – He will look after selection and recruitment of the
right candidates for the business, and also for arranging for their training and
development.

Financial manager – He will look into the matters related to financing and financial
management of the business.

42
 4. MARKETING ACTIVITIES

4.1. Overall marketing strategy –

Figure 7: Overall Marketing Strategy for the New Business

The overall marketing strategy of the business involves understanding the exact
needs and expectations of the customers – in terms of their party needs, theme based
parties, and lower costs. Based on such understanding and market analysis, including
the existing competition, the marketing mix has been developed defining the price,
product, promotion, and place for the new business.
43
 4.2. Specific marketing mix –
The marketing mix for the new business has been planned and is being proposed as
follows:

✔ Product – The product that the new business is offering is a new concept of
partying. Theme based parties will be offered to the target market that is facing
problems owing to the current method of arranging parties through event
management companies, involving high costs. The new business offers to
arrange for occasional and theme based parties at the individual’s or family’s
residences or preferred places by the customers.

✔ Price – The customers are already disappointed with the huge costs involved
in arranging for the parties. Hence reasonable prices will be offered by the
new business, which will attract the customers more towards the new concept.

✔ Place – The target market currently chosen is Varanasi. However once the
business establishes successfully in Varanasi, it will expand across the UP.
The target market includes those individuals and families that are party loving
in nature, and require professionals to arrange for the same.

✔ Promotion – Promotion of the business will be done through advertising

measures, based on the use of the media such as television, radio, or printed
media. The internet technology will also be made used through development
of social networking pages and website for the business. Campaigns can also
be targeted to target different areas of the market to let customers know about
the new company.

44
 4.3. Strengths and weaknesses –
The strengths and weaknesses of the marketing strategy and mix being planned for
the new business can be tabulated as follows:

Strengths Weaknesses

● The strengths of the marketing ● The major weakness of the

strategy lie in understanding the strategy can be faced with the
exact needs of the customers and existing competition and event
targeting them with what they are management companies in the
expecting. market, which might prove to be
barriers for effectively pursuing
● Lower pricing strategy will prove
the marketing activities of the new
to be beneficial for the business in
business.
attracting greater number of
customers.

45
5. PRODUCTS AND SERVICES

5.1. Product description –

The offering of the new business is basically a service that will arrange for theme
based parties for its customers. The focus will be on offering customers with
arrangement of theme parties in homes where the decorations of the parties would
depend on particular occasions (birthdays, marriage anniversaries, retirement, and
engagement celebrations). For example, for celebration of birthday of a girl the
themes could include Barbie theme, Dolls theme, or Pink theme. For birthday of a
boy, the themes can include Cartoon themes, Blue theme, Cars theme, and others.
For celebration of engagement parties, themes can be based on flowers, posters of
couples, with colors of red and white theme. Party brochures will be prepared that
can give the customers better ideas about how the theme parties would look like
offered by the new business. The idea is to make it cheaper and convenient for the
customers to enjoy their occasional parties.

5.2. Product life cycle –

The product life cycle for the new business can be represented through the following
figure:

46
 Figure 8: Product Life Cycle of the New Business (PLC – The Product Life
Cycle n.d.).

These will be the four stages of the product life cycle for the new business:

Stage 1: Introduction and launch of the business/service –

This is the stage where the new business will be launched in the new market, which
is Varanasi. This will include researching the market based on which business and
marketing decisions would be finalized. During this phase, the costs for the company
will be high and the profits will be low till the time the company is positioned in the
minds of the customers.

Stage 2: Growth and development –

This is the phase when the service/business can be expected to create its position in
the market and accordingly the sales and profits should gradually be rising. Thus
return for investment should be able to be achieved during this stage.

Stage 3: Maturity and competition –

47
During this stage it can be expected that the competition will increase and hence lead
to increasing costs for the company which will require indulging more into
advertising and promotion. Offers and discounts will be offered to retain existing
customers and attract new ones, during this stage.

Stage 4: Saturation and decline –

This stage would reflect sales and profits declining for the business, which may
occur due to new entrants in the industry, higher costs, or change in preferences of
customers, and other reasons. Depending upon the situation, the business may be
shut down or diversified.

5.3. Copyright and Intellectual property right –

Intellectual property (IP) rights arise when there is a new invention or ideas being
presented and implemented. Hence protecting the new ideas is a necessity for a new
business, such as the one being discussed in this business plan. As for the new
business is concerned, the idea of theme parties at home is a new idea/concept being
suggested and hence needs to be protected. Copyright protection can rightly be
applied which is free and automatic as well. With copyright protection the business
will receive a legal protection for the original ideas being expressed through the
business and its owner. For copyrights there is no need for registering for the
ownership for assertion or receiving protection. The original ideas and works can
both be protected with copyrights for the business (Protect your business name or
idea 2020).

5.4. Research and development activities –

This will include activities of investigation by a special team to research and
understand the exact needs of the customers and hence develop for the services and
48
the right processes that can meet the expectations of the customers. For this business,
the focus will be particularly on the type of parties the customers or the target market
in Varanasi and UP is looking for, the themes that can best suit the different
occasions, the best processes and technologies that can be used to arrange for the
parties at the preferred locations of the customers at costs that can be easily
affordable by the customers.

49
6. OPERATIONS

6.1. Product and service delivery procedures –

The business offers a
service of arranging
for theme parties at
home. For effective
delivery of the
services, the SAS
service delivery
process can be
considered as
effective. It involves a comprehensive set of tried and tested procedures that focuses
on maintaining the quality, integrity, availability, and agility of the application,
network infrastructure, and services. Designing of the network is the initial stage
focused by SAS service delivery process. The processes will be considered based on
the particular needs of the business. The components of the network would be
arranged and configured by the team of SAS. Also, the monitoring and management
of the network will be obtained by the service desk of SAS (Service Delivery Process
2020).

50
 6.2. Supply chain –
The supply chain for the business can be represented through the following figure:

Figure 9: Supply Chain for the Business

For this business, the raw materials would include all those materials that will be
necessary for arranging for the theme parties at homes. Hence suppliers will be
required for providing those materials. Manufacturing might be required for
particular decoration materials that will be used for the parties. Distribution would
include carrying all necessary materials to the customer’s site for arrangement of the
parties. Hence these are the main factors that will be involved in the supply chain of
the business.

51
 SWOT ANALYSIS

SWOT analysis will guide us in formulating other business strategies that will
help the company to grow its business and favorably compete in the Wedding
Planners [Link] a company, we look forward to maximizing our strength
and opportunities and also to work around our weaknesses and threats. The
result of the SWOT analysis highlighted the following:

Strength:

Our core strength lies in the power of our team; our [Link] Wedding
Avenue will be well positioned in town with the right demography and we are
confident we will attract loads of individual clients.

Weakness:

As a new professional wedding planner company, it might take some time for
our organization to break into the market and gain acceptance in the already
saturated Wedding Planners industry; that is perhaps our major weakness.

Opportunities:

The opportunities available in the Wedding Planners industry is massive

considering the number of wedding and other events that takes places on
weekly basis. The Wedding Avenue is ready to take advantage of any
opportunity.

52
Threat:

Some of the threats are competition among different wedding planners as key
players in the market. Optimism will ensure that things will continue to
work for our good through competitive prices and outstanding services by
the wedding hall.

53
 FINANCIAL SUB-PLAN
Forecast
Key Assumptions

Good social media and positive response. We need advocates in social

media.
Consistent posting in Twitter and Facebook
No surprises in economic trends
Ability to convert some existing relationships into clients
Home office works

Financing
Use of Funds
Through careful planning on the part of the founders, the start-up costs for
Occasions are minimal. It began as a home-based business with little overhead, and
it continues to demand fewer outlay of funds as a service-based business. The start-
up cost investment funds were assets saved from prior earnings by the owners who
did event planning on a part-time basis before establishing themselves as a business.

It is the wish of the founders to remain a debt-free establishment. However,

recognizing that in reality not all variables are controllable, outside financing is a
viable option. Both founders own homes and have a perfect credit rating.

Legal Rs200

Stationery etc. Rs300

Brochures Rs185

Consultants Rs200

Insurance Rs145

Rent Rs150

Expensed Equipment Rs1,985

54
Other Rs200

TOTAL START-UP EXPENSES Rs3,365

Sources of Funds
The business owners will contribute 25,000 to cover startup expenses and
expansion.

Statements
Projected Profit & Loss
2019 2020 2021

Revenue Rs347,352 Rs410,000 Rs460,000

Direct Costs Rs62,523 Rs73,800 Rs82,800

Gross Margin Rs284,829 Rs336,200 Rs377,200

Gross Margin % 82% 82% 82%

Operating Expenses

55
Salaries & Wages Rs152,600 Rs209,500 Rs236,055

Employee Related Expenses Rs30,520 Rs41,900 Rs47,211

Utilities Rs1,500 Rs1,500 Rs1,500

Rent Rs15,600 Rs15,600 Rs15,600

Insurance Rs3,000 Rs3,000 Rs3,000

Startup Costs from Use of Funds Rs3,365

Sales and Marketing Rs29,115 Rs18,000 Rs21,000

Total Operating Expenses Rs235,700 Rs289,500 Rs324,366

56
Operating Income Rs49,129 Rs46,700 Rs52,834

Interest Incurred Rs1,119 (Rs1) Rs0

Depreciation and Amortization

Gain or Loss from Sale of Assets

Income Taxes Rs12,003 Rs11,675 Rs13,208

Total Expenses Rs311,345 Rs374,975 Rs420,374

Net Profit Rs36,007 Rs35,025 Rs39,626

Net Profit/Sales 10% 9% 9%

57
Projected Balance
Sheet
Starting Balances

Startup Costs from Use of Funds

Rs3,365

Total Expenses Rs311,345 Rs374,975 Rs420,374

Net Profit Rs36,007 Rs35,025 Rs39,626

Net Profit/Sales 10% 9% 9%

Cash

Total Current Assets

Long-Term Assets

Accumulated Depreciation

58
Total Long- Term Assets

Total Assets

Accounts Payable

Income Taxes Payable

Sales Taxes Payable

Short-Term Debt Rs0

Prepaid Revenue

Total Current Rs0

Liabilities

59
Long-Term Debt

Long-Term Liabilities

Total Liabilities Rs0

Paid-In Capital

Retained Earnings Rs0

Earnings

Total Owner’s Equity Rs0

Total Liabilities & Rs0

Equity

60
Projected Cash Flow Statement
2019 2020 2021

Net Cash Flow from Operations

Net Profit Rs36,007 Rs35,025 Rs39,626

Depreciation & Amortization

Change in Accounts Receivable (Rs51,469) Rs9,029 (Rs5,240)

Change in Inventory

Change in Accounts Payable Rs8,508 (Rs1,048) Rs800

Change in Income Tax Payable Rs8,982 (Rs6,063) Rs382

Change in Sales Tax Payable Rs4,168 (Rs568) Rs600

Change in Prepaid Revenue

Net Cash Flow from Operations Rs6,196 Rs36,375 Rs36,168

63
Investing & Financing

Assets Purchased or Sold

Net Cash from Investing

Investments Received Rs25,000

Dividends & Distributions (Rs50,000)

Change in Short-Term Debt Rs0 Rs0 Rs0

Change in Long-Term Debt

Net Cash from Financing Rs25,000 Rs0 (Rs50,000)

Cash at Beginning of Period Rs0 Rs31,196 Rs67,571

64
Net Change in Cash Rs31,196 Rs36,375 (Rs13,832)

Cash at End of Period Rs31,196 Rs67,571 Rs53,739

65
FINANCIAL ANALYSIS

6.3. Funds needed –

Since the business is targeted at a small scale for the initial establishment, funds of
around AED 30,000 are expected to be invested. Of this amount, around 30 percent
will be invested by the owner, while the rest of the amount will be borrowed from
the bank. The funds are being planned considering the fact that the parties will be
arranged mostly at the residences of the customers, or their offices, and hence there
will not be requirements for separate venues which would otherwise prove to be
costly both for the business as well as the customers.

6.4. Balance sheets –

The projected balance sheet for the business has been planned as follows:

Balance sheet for the first year of the business –

Assets Amount (in AED) Liabilities Amount (in AED)

Cash 2,000 Accounts payable 0

Accounts 0
receivable

Inventory 0 Total liabilities 0

Land 0

Building 0 Owner’s equity

Equipment 8,000 Paid in capital 10,000

66
Other assets 0 Owner draws 0

Retained earnings 0

Total equity 10,000

Total assets 10,000 Total liabilities 10,000

and equity

Balance sheet for the second year of business –

Assets Amount (in AED) Liabilities Amount (in AED)

Cash 1,500 Accounts payable 500

Accounts 2,500
receivable

Inventory 0 Total liabilities 500

Land 0

Building 0 Owner’s equity

Equipment 8,000 Paid in capital 10,000

Other assets 0 Owner draws 0

Retained earnings 1,500

67
 Total equity 11,500

Total assets 12,000 Total liabilities 12,000

and equity

6.5. Cash flow statements –

Cash flow statements for the first two years of business –

Particulars Year 1 (Amount in Year 2 (Amount in

AED) AED)

Beginning Cash Balance 2000 13,800

Cash In:

Cash sales 0 2,000

Accounts receivable 0 2,500

collections

New loans 20,000 0

New investment 0 0

68
Cash Out:

Equipment Purchased 8000 3000

Expenses paid 100 200

Inventory on hand 0 200

Principal payments 100 200

69
Ending Cash Balance 13,800 14,700

6.6. Capital requirements –

The initial capital requirements for the business would include the capital that will
be necessary for expenses for launching the company in the new market. In order to
obtain the exact needs, the marketing plan for the business will be strategically
developed. The products and services of the business have been described and
strategies would include the possible means to establish the business in the new
market, and hence requirements of capital will be essential for purchase of land,
building of the office, for advertising and promotion, and for delivering the services
being offered. Costs will also be incurred for the development of the processes and
services that will rightly be able to meet the demands and expectations of the
customers. Funds around AED 5,000 will be spent on advertising and promotion of
the business as well.

7. CONCLUSION AND RECOMMENDATIONS

The business plan has been focused on developing and presenting a new concept of
theme based parties at home, focused to be initially targeted in the Varanasi market,
and gradually spreading across the UP. Now, considering the current situation and
macro environment of the Varanasi market, over viewing its political, economic,
social, and technological environment, it can be said that Varanasi would prove to
be highly welcoming for the new business. Particularly focusing on two factors, such
a conclusion can be drawn.

70
 Firstly, the Varanasi government welcomes new businesses providing them
with facilities and infrastructure, which are essential for the success of a
business.

Secondly, individuals and families in Varanasi are highly interested in

occasional parties which currently are organized by events management
companies, and the costs for such arrangements are huge for the people to
afford.

Considering these two factors, it can be said that the concept of theme based parties
at home will be interesting and attractive for the market, particularly because it will
reduce the costs for the customers and also make it more convenient for them to
enjoy each occasion that they want.

The market is another issue, which can be considered to be highly competitive

particularly owing to the presence of a number of events management companies
already in the region. It can be said that the initial entry for the business in the new
market will be tough and there could be significant barriers from the existing players
in the market. However, with an effective marketing mix, the new business should
be able to target the market well. It has been obtained that the business is focused on
understanding the exact needs of the customers and meeting them. Hence this would
essentially create a position in the minds of the customers. Although the start up
might require significant amount of effort and time, but it can be well expected that
the business will run successfully with passage of time.

The most essential factor that makes me business suitable and feasible for the
Varanasi market is the existing trend in the sector. The rising population of the city
and the changing preferences of customers are creating further demands for event’s

71
organizers. The new business can be said to be rightly targeting the target
market with an absolutely new idea that is not only attractive and cheaper
for people to afford, but also highly convenient and effective for families and
friends who want to party together. And, Varanasi is a market where
newness is welcome by all. More importantly, the current offerings of the
events management companies are unable to satisfy the needs of the
customers, and hence the offering of the new business can be concluded to be
feasible and should be implemented with due effort.

7.1. Recommendations –
The following recommendations would be suggested for the implementation
of the new business –

Market research needs to be conducted on a frequent basis.

While it is essential for the initial start up of the business, such
research needs to continue in order to note any changes in the
preferences of the customers, which then the company would be
required to address essentially, to retain its existing customers, and
also attract new ones.

The marketing of the new business is one of the most essential factors for
the establishment of the business and spreading about it among the
customers. Unless the marketing strategies are effectively implemented,
chances are that the new market would not be well aware of the company
or its services. Also, people need to know the uniqueness of the new
business in order to get attracted to it. Hence it is recommended that
particular focus is given on the marketing management and team
72
selection, which would be responsible for the marketing decisions and
activities for the business.
It is already established that the concept of the new business is new for
the Varanasi market. However, since there are existing events
management companies in the region, and the competition is high, it can
be expected that the same concept will be tried to be indulged by other
competitors as well. Hence continuous innovations and uniqueness is
essential for the new business to keep it distinct from other competitors
in the market. Depending on the needs of the customers, new designs
and ideas will have to be developed on a regular basis. Moreover, it is
recommended to offer customers
with discounts and offers as well to keep them attracted with the
company.

Finally the selection of the board of directors, the management teams, and
the staff need to be done with extreme care since human resources are
the most essential part of an organization that will be responsible for all
decision making and accomplishment of tasks. Hence due time and care
should be allotted while creating the teams and also while allotting them
with individual tasks and responsibilities. Employees should also be well
trained to communicate effectively with customers to create a positive
relationship between the company and the customers, highly essential
for keeping them
attracted to the company and its services. It is also recommended to
encourage the human resources management team to indulge into training
and development sessions for the staff, to keep them updated with the
current market scenarios, changes needed for the business, and other
73
factors which might otherwise affect their business. Employee motivation
is recommended to keep them encouraged and motivated towards their
work, which will result in their high performance and effort for the
business and hence success.

74
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