As part of my work, I engage and contract a lot of event space businesses to implement our project activities. We recently had to wrestle with one of the event space owners, who ensured we would never rent his space for our events again. Also, during that particular event, we had many attendees with their eyes on the space to rent themselves for their events, too. After encountering the space, they decided never to set foot in it again. Event space businesses are all about reputation to me, and some other important things that I will get to tell you more about later in that piece. This is not the only thing I plan to include here. Albusi has excellent ideas to give you an event space business plan example to follow.
I hope you are as excited about this as I am.
Alright, let’s dive more into this.
Here’s how this 2-minute read will follow:
Why Are Event Space Businesses A Good Idea?
When just thinking about my organization and how much we utilize the services of space businesses, I find many reasons entrepreneurs should consider this a strong business idea.
Now, in a time when AI and virtual settings are taking over, organizations and companies are looking for new, innovative ways to plan their events. They are looking for unique spaces that offer not just a space but also other features that make their planned events look very catchy and exciting.
Personal and professional experience aside, what does the research say about the growth of this industry?
A Deloitte piece on the future of hospitality says almost the same idea I am discussing. First, there is a growing demand for unique and memorable hospitality experiences. Again, organizations are looking for something different. Another exciting idea is that event spaces offer more than just accommodation compared to hotels and other venues, so they always have the potential to differentiate their services.
What Went Wrong With The Event Space Business We Visited?
Simply put, they only thought about giving us a space only, not an experience. We rented an event space with coffee and lunch breaks, a projector, and a mic. And we invited high-end people to the event. In terms of space, it was good overall, with good seating and lighting in the room. However, the service was everything we never hoped to experience during an event we were planning.
My first encounter was when they were not flexible in any way to support us in planning the day. Our attendees were late, yes, but this usually happens, and we communicate with the event space reps to smooth things so everyone can win. They were very rigid about the timing of everything, which made the whole conversation hard for them. The second thing was when they claimed to have an event right after ours, so they decided to line up and wait for us to leave the room as if they were kicking us out! See what I am saying here? It’s all about a whole experience, never about a spot to rent for a couple of hours. And I just want to remind you that one of the CEOs attending our event came to us at the end and said they were thinking about renting this space for their upcoming events, but it would never happen after that day. It was a short sad story, but part of the marketing plan of the event space venue was now ruined.
An Event Space Business Plan Example
We have plenty of examples for you to draft your event space business plan.
But just to make this easier for you, check out this.
VenueVibe is a real-content template that can serve you very well as a guide to modify and apply to your current event space business plan. We have Google Docs available here and a whole piece by Albusi’s CEO providing more guidelines on this. The article with the guidelines details the important parts of a business plan, including the executive summary, market and company information, operations and organizational plan, and, lastly, the timeline, go-to-market, and financials. A very strong ending to this article is linking the charts’ source file so you are able to see how you can present this. An income statement, in this case, is more than enough. However, if the event space business has been in operation for a longer time, then a full three-statement model could be better.
More Than An Event Space Business Plan Example
We have more than a business plan example or template for you.
In addition to these, we have many other downloadable pitch decks and business plan templates on Albusi’s website that serve as excellent guidance to prepare business tools for your event space business.
If you are not keen on any of this, no problem; we also build your own! The Albusi team can craft a one-of-a-kind pitch deck and business plan just for you! This is another exceptional service to entrepreneurs that you should check out.
Another thing that you will need in any event space business is experience. So, if you need to talk more about your idea, you can come to one of our freelancers. They will help you with everything you need to plan for your business. They are great at pitching and will help you with the tweaks you need to pitch your idea to others.
Meet The Author Of This Article
I’m Jenny Ayman, a project manager in the development field with specific knowledge and experience in capacity building and entrepreneurship programs. I aspire to transfer the hands-on experience I gain in my professional career through writing.
Also, if you need help planning your business, I recommend checking out some of our freelancers’ business plans or pitch decks!