If you’ve ever had the idea of starting your own business, an event venue business might be a great option for you. It’s a lucrative industry, and there are many different ways to approach it.
But, starting any kind of business could be a terrifying experience, particularly for novice entrepreneurs. So, if you are looking to start an event venue business, read on to learn about the basic steps you need to take.
Decide the Type of Venue
Each type of venue business has its own set of pros and cons that you’ll need to consider. For example, a bar might be easier to open and run than a restaurant, but it also might have shorter profit margins. A club, on the other hand, could be more difficult to get off the ground but could potentially make more money in the long run.
Depending on the type of venue you chose, you’ll be able to answer some of your other concerns, such as the style and interior, and the atmosphere you want to give out, and you can proceed with creating the business plan.
Create a Business Plan
A business plan is your business written entirely on paper. Every minor detail will be stated in that document, and you’ll be able to see your business weaknesses and improve them. At the same time, you’ll keep track of your success by updating the business plan annually.
Depending on what kind of events you want to hold in your venue, you’ll need to have a business plan, either created by yourself or a professional. For instance, if you are starting a wedding venue business, you need a wedding venue business plan that will have all the information and details about your upcoming endeavor.
Find a Location
Finding the right location for your venue is much more complex than you think. Pay attention to the following detail about the venue:
- Your venue should be close enough to the central area for easy access and far enough for comfort and the ability to blast the speakers depending on the event.
- You’ll need to make sure that the venue can comfortably accommodate the number of guests you anticipate hosting. You can opt for a venue to accommodate 200, 500, or even 1000 people.
- Consider the ambiance of the space. You’ll want to make sure that it reflects the style and tone of your event venue business.
Start Marketing Your Venue
It’s time to get the word out about your event venue. There are a few key things you need to do in order to start marketing your event venue. You can start by writing compelling content for your business, and start building an online and social media presence.
To reach a wider audience, share your content on social media, send out email newsletters, and even consider creating some paid advertising campaigns. The more people you can get to see your content, the better chance you have of generating interest in your event venue.
Have a User-Friendly Website
Your website should be easy to navigate and should provide all the necessary information that potential customers might need, such as your contact information, directions, and pictures or videos of your venue.
In addition, your website should be mobile-friendly, as more and more people are using their smartphones and tablets to browse the internet. Once you get your website up and running, make sure you promote it on social media platforms as well.
Discounts and Promotions
People are more likely to come to you and seal the deal if you meet them halfway and help them out by offering discounts and promotions. There are different ways to do this:
- Offer free places. If you’re hosting a big event with over 200 people, make a proposition to your potential clients by giving them a few free spots in your venue.
- Give them a percentage discount. If you have a big event ahead, you can offer your clients a percentage discount on the final price. The optimal discount that will keep your clients happy while making you a profit is anywhere around 20-30%.
- Get them a specific sum discount. Another option for you as an owner is to take a specific sum out of the final amount and present it to your clients. Keep in mind that you need to make the calculations individually for every client, as their final sums depend largely on the event, size, time, and date.
The basic 6-step guide to starting your own event venue that will bring you tremendous profits. From deciding the type of venue to creating the business plan and attracting clients, the only thing left is for you to set up the legal paperwork and get your business going.