Emmanuel Adewole
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- Age:
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- Experience:
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Welcome to the future of
events!
SAME SUN
STUDIOS
BUSINESS PLAN
A detailed outline of The Same Sun Studios
business plan
Rebecca Hildebrand
Table of Contents
NON-DISCLOSURE AND CONFIDENTIALITY AGREEMENT ............................................................................. 3
EXECUTIVE SUMMARY .................................................................................................................................. 4
Service Offering......................................................................................................................................... 4
The Market ................................................................................................................................................ 5
Strategy ..................................................................................................................................................... 6
Competitive Comparison .......................................................................................................................... 6
Positioning Statement............................................................................................................................... 7
Financial Forecast ..................................................................................................................................... 7
Vision Statement ....................................................................................................................................... 8
Mission ...................................................................................................................................................... 8
Mission Statement .................................................................................................................................... 8
Keys to Success ......................................................................................................................................... 9
Core Philosophies.................................................................................................................................... 10
Objectives ............................................................................................................................................... 11
COMPANY SUMMARY ................................................................................................................................. 12
Startup Summary .................................................................................................................................... 12
Company ownership ............................................................................................................................... 14
Company Locations and Facilities ........................................................................................................... 14
PRODUCT AND SERVICES ............................................................................................................................ 16
Product Description ................................................................................................................................ 16
Service Description ................................................................................................................................. 17
Competitive Comparison ........................................................................................................................ 17
MARKET ANALYSIS ...................................................................................................................................... 18
Industry Overview ................................................................................................................................... 18
Event Planning Industry in Canada ......................................................................................................... 19
Target Market ......................................................................................................................................... 20
Market Segmentation ............................................................................................................................. 20
Target Market Segment Needs ............................................................................................................... 23
Market Trends......................................................................................................................................... 23
Event Market Drivers .............................................................................................................................. 24
Market Growth ....................................................................................................................................... 24
Competition and Buying Patterns ........................................................................................................... 24
1
Service Business Analysis ........................................................................................................................ 25
STRATEGY AND IMPLEMENTATION ............................................................................................................ 27
Marketing Strategy ................................................................................................................................. 27
Positioning .............................................................................................................................................. 29
Pricing Strategy ....................................................................................................................................... 29
Payment Options .................................................................................................................................... 29
Publicity and Advertising Strategy .......................................................................................................... 30
Sales Strategy .......................................................................................................................................... 31
Sales Forecast.......................................................................................................................................... 31
SWOT ANALYSIS ...................................................................................................................................... 32
OPERATIONS AND MANAGEMENT ............................................................................................................. 34
Legal Issues ............................................................................................................................................. 34
Insurance Issues ...................................................................................................................................... 34
Risk Assessment ...................................................................................................................................... 34
Human Resources ................................................................................................................................... 35
Simplified HRM Target ............................................................................................................................ 36
Management Team ................................................................................................................................. 36
Staffing .................................................................................................................................................... 37
Staffing Requirements ............................................................................................................................ 38
Confidentiality Agreement...................................................................................................................... 38
Personnel Plan ........................................................................................................................................ 38
FINANCIAL SUMMARY................................................................................................................................. 40
Important Assumptions .......................................................................................................................... 40
Financial Outline ..................................................................................................................................... 40
Start-up Cost ........................................................................................................................................... 41
Projected Expenses ................................................................................................................................. 42
Sales Forecast.......................................................................................................................................... 44
Cash Flow Statement .............................................................................................................................. 44
Profit and Loss......................................................................................................................................... 46
Break Even Total Sales ............................................................................................................................ 48
2
NON-DISCLOSURE AND
CONFIDENTIALITY AGREEMENT
The undersigned, hereby agrees that all financial and other information that is, has, and
will receive concerning The Same Sun Studios is confidential and will not be disclosed to
any other individual or entity without prior written consent.
The Information shall remain the property of Same Sun Studios and shall be returned to
the Same Sun Studios promptly at its request together with all copies made thereof.
It is acknowledged by reader that information to be furnished in this business plan is in
all respects confidential in nature, other than information which is in the public domain
through other means and that any disclosure or use of same by reader, may cause
serious harm or damage to the Same Sun Studios.
Recipient acknowledges that no remedy of law may be adequate to compensate the
Same Sun Studios for a violation of this Agreement and Recipient hereby agrees that in
addition to any other legal or other rights that may be available in the event of a breach
hereunder, Same Sun Studios may seek equitable relief to enforce this agreement in any
court of competent jurisdiction.
This document is a business plan, and it does not imply an offering of securities.
3
EXECUTIVE SUMMARY
Welcome to the future of events! The Same Sun Studios brings to the community of
Comox a new breath of air in the event and music market. By combining innovations,
age-long values, going the extra mile, special music talent, and using cutting edge eventplanning techniques, we will lead the event market in Comox, providing the improved
quality results, every time.
The Same Sun Studios is an equal opportunity business making its expertise,
experience, and multiple top-notch services available to help its customers have
remarkable and memorable events. Our top-quality event planning services, music
teaching, training and performance, and state-of-the-art event centers will guarantee us
a fair market share in the Canadian event industry. Through these and other additional
services, the Same Sun Studios aims to be the number one resource for any event in
Comox and its environment.
Service Offering
The Same Sun Studios is the one-stop event center that intends to offer our various
customers a beautiful experience while also exceeding their expectations with the
various services that we intend to offer them at our event center. Our intention at the
Same Sun Studios is to make a profit just like any other business. So in addition to our
core service, we will offer other services as well to create multiple sources of income for
our business.
All our services will be offered within the permissible laws of the service industry as well
as the laws of Canada. We will operate primarily as an event center and secondarily as a
service company. Our commercial buildings will be used as a center to host all kinds of
indoor events, while the residential building will be used as a suite and operational
office. We will also provide services like event planning, wedding planning, music
courses, site search and suggestions, and seminars.
4
The Market
The event center business is becoming a popular one as new event centers are opened
every week somewhere in the world. Most businesses in the hospitality industry are also
leaning towards this trend by constructing multi-purpose halls or renovating existing
facilities to be able to tap into the trend of hosting parties and conferences.
There are new categories of venues that are now being added which create diversity to
the other services in the market. These venues are unusual and are also growing in
popularity as they are regarded as funky and edgy and are preferred by the younger
generation, especially as they do not require overnight accommodation.
Companies are now picking brands that identify with their corporate values and brands,
as this is seen as being appreciated by their customers and other stakeholders. Also,
guests to these meetings are likely to see the venue as a reflection of the company’s
goals.
Venues have also begun to shift towards smarter designs that not only make them
accessible but smart as well, which mean accommodating all kinds of transportation to
save attendees added stress. Venues have also seen the need to ensure that those
attending events can connect with the outside world, by ensuring that connectivity is
being provided for at events. This has become a priority for event centers and is one
detail that clients appreciate.
Event centers are no more focusing on just providing halls for use but also adding other
services as well such as catering, event coordination, wait staff, music, bartending, décor
and rentals of several of equipment not included in the contract.
Growth in the event planning industry in Canada is largely dependent on corporate
profit and corporate marketing budgets, as most of the industry revenue comes from
business-to-business (B2B) events. Industry revenue is also determined by the ability of
Canadian consumers to spend and is, therefore correlated with employment and
disposable income.
5
Over the last five years, the rising corporate profit is expected to largely fuel growth in
the event planning industry, as well as the rising disposable income of Canadians. The
current market size is valued at over $2bn (CAD), with several businesses rising over
1300 participants. The industry is estimated to employ over 12,000 people, with some
giant companies in the industry.
Strategy
Our client base is predominated by middle to upper-class individuals, couples or
families, public and private organizations. We look at the needs of these markets and
cater to them. We promise the same great results, every time.
When marketing to individuals, the idea of releasing them from the task, freeing their
time for family and friends, and the promise of a worry-free event, in a top-notch facility
are the buzz words and concepts. Our marketing is predominantly by word of mouth or
visual connection to large events these individuals have participated in or worked at.
When marketing to public or private organizations, the idea of greater efficiency for the
money and a professional event without error, in a secured and classy center would be
the key concept. Groups, especially large ones, do not wish to deal with problems that
arise due to oversight on their part, and disagreements between the groups. If the
guarantee of worry-free, error-free events is available at a cost-benefit to them, there
appears to be no better choice.
Competitive Comparison
The Same Sun Studios will set itself apart from every other event centers that offer one
service or two. We will be known as the event place, where all event needs can be met
effortlessly. Although our primary business is the event center, we will also massively
market our event planning, music teaching, hosting, suite availability, and sourcing
services. Above all, we will offer our customers the convenience of all these services in
one location. Online bookings and reservations will also support these services. Most
importantly, our one-stop modern event center, multi-services, and convenience will set
us largely apart from the competition.
6
Positioning Statement
We will strive to position ourselves as the number one place to go for quality and timely
events and music education in the state. We strive to be the go-to player when it comes
to anything events, both for individuals, organizations, agencies, and families. Due to
our services’ demand aggregation, multi-service offering, and cross-platform mode of
operation, our services will offer the best music and event services to customers at
budget-friendly prices. This will help us greatly increase customer’s acceptance, multiply
the customer base, and generate more revenue for the stakeholders.
Since we are categorized under luxury companies, there are two kinds of luxury
companies, those that work to try to charge more, and those that strive to charge less;
we will be the latter. In our early years of operation, we will place a large and evergrowing customer base over early profits. However, recent market studies show that
businesses with this differentiation strategy of larger databases generate higher revenue
which turns to higher net profit margin in the long run.
Financial Forecast
The Same Sun Studios financial projections are conservative yet very bright. We will
consciously work to sign up customers, gain momentum to generate appreciable sales,
and consciously build a good customer base with a robust marketing scheme. Our digital
platforms will help give us a solid financial footing, as it helps us in generating a vast
customer base at a relatively low operating cost, which is a pointer to positive financial
growth.
The digital platform will help us market better locally and nationally, helping us reach
our customers faster and at a cheaper rate. Our sales revenue for year one is strategically
and cautiously projected to be $450,000 and net cash flow of $436,500, growing to
$660,000 and net cash flow of $633,500 in the second year, and finally climbing to
$970,000 and net cash flow of $937,000 in the third year. Our operating costs have
been carefully kept on the low to allow for more profitability and company growth.
7
Financial projections
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
year 1
Year 2
Revenue
Year 3
Net cash flow
Vision Statement
We will be the destination people want to be when it comes to events.
Mission
Same Sun Studios offers top-class event experiences with flawless execution to all
clients’ categories in the Surrey, BC region.
We will build a large loyal client base for our services, as we continue to add, refine, and
specialize in great experiences for our customers as our business grows, which will help
enable us to provide jobs for creative people.
We will be a community where people are willing to belong to, to receive top attractions,
excellent treatment, and great memories without stress.
Mission Statement
Keeping in tune with the needs of the market, utilizing state-of-the-art technology and
the latest trends, while ensuring that our clients receive the individual attention they
deserve.
8
Keys to Success
Many factors are responsible for running a successful Event business in Canada’s
market. Over the years, business successes are more associated with more than just
financial figures, but some key business decisions capable of driving business growth.
Same Sun Studios will adhere to the following keys that will be hugely instrumental to
its success:
Excellent Location: Convenience is essential to our business model. We need to be
close to our market because we are not trying to get people to travel or walk long
distances to reach us. We will be situated in a prime location downtown Comox, in
the Comox Valley on Vancouver Island, which is easily accessed by a local airport,
and close to the waterfront.
Updated Marketing Strategy: The business is entering into a phase 1 growth
cycle, and thus a comprehensive marketing strategy will be the key to the success of
this phase. In response to the dynamic nature of today’s market, we will constantly
update our marketing efforts to get ahead of the ever-competitive market, to possess
a fair share of the market.
Strict Financial Controls: We will create procedures, policies, and means to
monitor and control the direction, allocation, and usage of our financial resources.
This will be done through thorough budgeting, projection, timely updating, and
overlap and anomaly detection. We will ensure a significant profit is made on every
event planned.
Managing and exceeding clients’ expectations: We operate in the luxury
industry, and so we will ensure we provide services that meet with the clients’
standards. We know that our potential clients are well endowed financially, and want
to be provided with a high-quality service; therefore, they will only continue to use
our service if they are completely satisfied. Through this, we will promote long-term
reputation, which will result from friendly, professional services that encourage
customers to return and refer.
Superlative Communication: We will keep our staffs and clients updated about
in-house planned events through messaging and newsletters. We will promote staffs
9
and customers’ feedback and inputs to ensure the development of super business
processes tailored to Clients’ needs.
Excellent Client relationship: We will protect clients’ interests and liability even
when it requires unpopular decisions. We will balance expert opinions and advice
with care for the clients’ preferences and vision.
Professional showmanship: We will exhibit professional showmanship before,
during, and after events. We will create an authority level of professionalism through
our services and all public relations. This will be further propagated with a blog on
all our services, to drive traffic and also let the clients see us as professionals with
adequate knowledge of the industry.
Strategic partnerships: We will form strategic alliances and partnerships with
businesses that are intertwined with ours. Businesses like hotels, resort centers,
motels, travel guides, tourism providers, etc. These alliances will help with referrals
and client base growth.
Extra services: We will provide timely, reliable, money-saving extra services
suggestions on-site and online which best reflects the clients’ needs. Services such as
hotels and resorts, restaurants, tourist attractions, etc.
Core Philosophies
Clients’ Satisfaction: We are in business primarily for our Clients’ satisfaction,
which will be propagated through all-round client relations friendliness and service
gratitude.
Innovation: We are in a competition with the industries and our yesterday’s
standard daily; to keep giving our clients the best experience.
Integrity: Integrity and straightforwardness is our operational beacon, with our
clients, partners, and stakeholders.
Top Expertise: Hiring and retaining quality staffs in every role for efficiency and
effectiveness in pursuit of increased productivity with consideration for cost, quality,
and clients’ satisfaction.
10
24/7 Support: We understand that the business of the 21st century is speed-based,
and we will function accordingly. We will respond to all clients’ needs, inquiries, and
feedback swiftly.
Attentiveness: We will be attentive to our clients and staffs to allow for maximum
growth, expansion, and service satisfaction. We will provide a transparent
opportunity for clients’ feedback to help us grow our business per clients’ needs.
Objectives
Following our success philosophy, we aim top-excellence at service quality, market
dominance, and financial status. Our objectives are aimed at excellence in terms of
market leadership, service quality, financial health, growth, and stability. These
objectives are summarized in the following points below:
We aim to be the leading name in Events in the state.
Renovate and upgrade the interior of the buildings
Attain a 20% market share by the end of the fifth year.
Hire and retain a facility manager to run the logistics of the new space.
Attain sustainable profitability in a few years.
Exciting Return on Investments for founder-owner with buoyant income
multiplication possibilities.
Get words out about our new business to everyone living downtown.
Work-life balance for founders, managers and employees.
Repayment of all forms of debt from startup financing by the end of the third year.
Produce a positive return on investment for the building acquisition by the end of the
second year
Utilize the ballroom on 40% of days by the end of the third year
11
COMPANY SUMMARY
The Same Sun Studios is an equal opportunity business making its expertise,
experience, and multiple top-notch services available to help its customers have
remarkable and memorable events. Our top-quality event planning services, music
teaching, training and performance, and state-of-the-art event centers will guarantee us
a fair market share in the Canadian event industry. Through these and other additional
services, the Same Sun Studios aims to be the number one resource for any event in
Comox and its environment.
Startup Summary
Startup expenses showing the estimated distribution of expenses and assets, funded
through a combination of owner’s equity capital and external investment, are
summarized in the financial table below:
Startup cost
Price (CAD)
Expenses
Legal fees
$800
Stationery
$100
Brochures
$100
Insurance
$1200
Utilities (Electricity, Internet, prepaid mobile Tariff)
$5,300
Leased Equipment
$2,000
12
Expensed Equipment
$5,000
Digital launch and maintenance
$3,500
PR, Marketing and Branding
$10,000
Janitorial services
$2,000
Renovations
$100,000
Wages and Salaries
$50,000
Property taxes
$10,000
Miscellaneous
$10,000
TOTAL STARTUP EXPENSES
$200,000
ASSETS
Long-term equipment
$5,000
Furniture
$5,000
Property Acquisition
$1,200,000
Cash Required
$60,000
Other current asset
$30,000
13
TOTAL STARTUP ASSETS
$1,300,000
TOTAL REQUIREMENTS
$1,500,000
Startup Cost
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Startup Expenses
Startup Assets
Total Investment
Startup Price
Company ownership
Same Sun Studios will be a privately owned and operated sole proprietorship business
based in Comox, BC, Canada. The company will be incorporated with the Corporations
Canada, and run as an official business. The owners Rebecca and Mark Hildebrand, will
have equal shares in the company.
Company Locations and Facilities
Same Sun Studios will be located inside the city of Comox, in the Comox Valley on
Vancouver Island, BC, Canada. The facilities contain two commercial buildings for
events and a residential building for an operational office and a mini-suite for guests.
The properties are located at 2182 Comox Ave, Comox, BC, V9M 1P7. Here is the
directory for the property: http://www.vancouverislanduniqueproperty.com/.
14
We will maintain a high degree of professionalism through our operational office located
on the site. All offices will be equipped with the necessary latest in business technology,
such as telephone systems, computers, fax machines, printers, walkie-talkies for events,
etc.
15
PRODUCT AND SERVICES
The Same Sun Studios is the one-stop event center that intends to offer our various
customers a beautiful experience while also exceeding their expectations with the
various services that we intend to offer them at our event center. Our intention at the
Same Sun Studios is to make a profit just like any other business. So in addition to our
core service, we will offer other services as well to create multiple sources of income for
our business.
All our services will be offered within the permissible laws of the service industry as well
as the laws of Canada. We will operate primarily as an event center and secondarily as a
service company. Our commercial buildings will be used as a center to host all kinds of
indoor events, while the residential building will be used as a suite and operational
office. We will also provide services like event planning, wedding planning, music
courses, and seminars.
Product Description
Our major business products are the commercial and residential buildings which will be
used for events and suite purposes, respectively.
The commercial buildings will be used for events such as:
Weddings, Receptions, and Showers
Seminars and Concerts
Meetings, Training, and Retreats
Conferences and Workshops
Company Banquets and award ceremonies
Fundraisers and corporate parties
Funeral
Retreats
Exercise and Yoga facility
16
The residential building will be used for suite purposes to attract event owners or those
in need of our services who need temporary accommodation close to the center. This
will serve as another source of income to drive business goals and objectives.
Service Description
We will provide some additional services to help drive our company goals and market
dominance. Mark will provide these services; a musician and music teacher and Rebecca
Hildebrand; an experienced event planner and wedding specialist. The services will we
provide include but not limited to:
Event Planning
Hosting
Sourcing
Music Teaching
Event Planner Training
Site search and suggestions
And many more.
Competitive Comparison
The Same Sun Studios will set itself apart from every other event centers that offer one
service or two. We will be known as the event place, where all event needs can be met
effortlessly. Although our primary business is the event center, we will also massively
market our event planning, music teaching, hosting, suite availability, and sourcing
services. Above all, we will offer our customers the convenience of all these services in
one location. Online bookings and reservations will also support these services. Most
importantly, our one-stop modern event center, multi-services, and convenience will set
us largely apart from the competition.
17
MARKET ANALYSIS
Industry Overview
The event center business is becoming a popular one as new event centers are opened
every week somewhere in the world. Most businesses in the hospitality industry are also
leaning towards this trend by constructing multi-purpose halls or renovating existing
facilities to be able to tap into the trend of hosting parties and conferences.
Globally according to reports, the hotel industry has also recognized the importance of
having centers to host and service meetings to its revenue base and has started
expanding its offer to cover these areas. This has helped to boost the bottom line for
most of these hotels.
Asides hotels, educational institutions such as colleges and Universities have started
focusing on increasing the number of conferences centers available to clients. Other
unusual institutions such as museums, theatres, cinemas, zoos, castles, theme parks,
aquaria, football stadia and racecourses, have also started making centers available to
host meetings and other events.
There are new categories of venues that are now being added which create diversity to
the other services in the market. These venues are unusual and are also growing in
popularity as they are regarded as funky and edgy and are preferred by the younger
generation, especially as they do not require overnight accommodation.
Companies are now picking brands that identify with their corporate values and brands,
as this is seen as being appreciated by their customers and other stakeholders. Also,
guests to these meetings are likely to see the venue as a reflection of the company’s
goals.
Venues have also begun to shift towards smarter designs that not only make them
accessible but smart as well, which mean accommodating all kinds of transportation to
save attendees added stress.
18
Venues have also seen the need to ensure that those attending events can connect with
the outside world, by ensuring that connectivity is being provided for at events. This has
become a priority for event centers and is one detail that clients appreciate.
Event centers are no more focusing on just providing halls for use but also adding other
services as well such as catering, event coordination, wait staff, music, bartending, décor
and rentals of several of equipment not included in the contract.
Event Planning Industry in Canada
This industry organizes, promotes and manages events, such as business and trade
shows, conventions, conferences and meetings. It may also manage and provide staff to
operate the facilities in which these events take place. This industry does not include
establishments that organize, promote or manage live performing arts, sports events or
festivals.
Growth in the event planning industry in Canada is largely dependent on corporate
profit and corporate marketing budgets, as most of the industry revenue comes from
business-to-business (B2B) events. Industry revenue is also determined by the ability of
Canadian consumers to spend and is, therefore correlated with employment and
disposable income.
Over the last five years, the rising corporate profit is expected to largely fuel growth in
the event planning industry, as well as the rising disposable income of Canadians. The
current market size is valued at over $2bn (CAD), with several businesses rising over
1300 participants. The industry is estimated to employ over 12,000 people, with some
giant companies in the industry.
Event planners are expected to increasingly embrace new technologies to manage
registration, logistics and promote events. This, in turn, will likely ease labour-intensive
processes and reduce wage costs. A larger percentage of event planners in Canada host
non-profit, community, parties, or educational events. A considerable percentage look
into networking events, while a small percentage host training and workshops. Most
19
event planners agree that facility rental dominates the even cost, while promotion and
marketing are one of the most recurring expenditures in the industry.
Target Market
The target market for this industry is quite huge as there are events that are being
thrown now and then consisting of different types of the crowd, which makes for a huge
customer base for event centers, event planners, musicians, and music teachers.
Therefore, our event center cannot be restricted to just hosting weddings, parties,
fundraising and business meetings. Still, it can host any event that our client deems
worthy of celebrating or carrying out. Our strategic location in Comox has offered us
ample opportunity to be able to tap into the target market.
From the result of our market research, we have found that we are in business to offer
our wide range of services to the following groups of people;
Couples
Business organizations
Government agencies
Non-profit organizations
Religious bodies
Educational institutions
Financial institutions
Celebrities
Children
Individuals and families
Military departments
Music lovers
Market Segmentation
The breakdown of the market for event centers and planning falls in a wide, very diverse
grouping. Individuals, as well as organizations, demand the services we provide. In
20
order to provide the greatest depth of information, the market segments have been
broken down into private and public organizations and age groups.
Private Organizations and Businesses
Private organizations make up the single largest portion of our customers’ base. Private
organizations such as businesses, corporations, and political parties host the most
events on the largest scales; therefore, these events generate larger revenues per event.
The majority of larger-scale holiday functions will fall under this segment.
Public Organizations
Government agencies host many events annually. We hope to alleviate the pressure of
event planning for public employees and take their event to the deserved destination.
The second single largest segment, the public sector, can save money and give back to its
community at the same time. These events are moderate in scale with middle to low
revenues generated.
Segmentation
public org
private org
private org
public org
Age Segmentation
21
Under 24: Persons under the age of 24 that are ready to patronize us and use our
services mainly focus on music education, seminars, etc. The revenue generated will
range from moderate to high, depending on the event. Majority of weddings will also fall
in this segment, making it a highly rewarding segment for both our buildings and
wedding planning service.
Age 25-55: Most persons in this segment are employed, middle to upper-middle-class
families. They are mostly too busy to plan events themselves and are always organizing
an event at least once annually. We will be in constant touch with this segment; contact
will be moderate in length but occur regularly to reduce disturbance. Most of the events
in this category will generate average revenue, with a few generating low revenues. The
majority of special occasion planning and events will take place in this segment.
Ages 56 and above: Many persons of this age are retiring and throwing a party to
celebrate. They also celebrate anniversaries and birthdays of significant years and still
making sure that there children’s events are well taken care of. Most holiday parties, and
other special occasions, such as wedding receptions and reunions, will occur in this
segment, so it promises to generate moderate to high revenue.
Market Share percentage
Age 56 & above
Under 24
Age 25-55
Under 24
Age 25-55
Age 56 & above
22
Target Market Segment Needs
Our target markets are middle to upper-middle-class families, couples, individuals, or
private and public organizations. We chose these groups because they are the most set of
people who attend or host events, most able to afford event planners, and have the least
amount of time to spare for event planning in general. Families demand attention,
employees are overburdened, and overwhelming detail needed to plan large events are
too large a constraint to place on people not trained in the area of event planning. Also,
most corporate organizations and family houses lack the space needed to host their
desired events.
The fast pace of the world we live in leaves little time for extra things we would like to
do, like plan events, parties, and social get-together. We fill the need of the market by
providing a destination suitable for all events, by being available to take away the
burden of planning, so people can spend quality time enjoying themselves with family
and friends off and on-events. The demand for this service can only increase considering
the rise in incomes, population, and the need for interpersonal relations in the
workplace.
Market Trends
Unique venue experience
Virtual event planning
Interactive live event entertainment
Photo mosaic wall
Audience participation
Shimmer walls
Video flip
A focus on diversity and inclusion
Strategic crisis communications
Cybersecurity
Community concerts
Talent shows
23
Event Market Drivers
The rise in the number of corporate events
The rise in Community programs
Increased number of start-up programs
The growing prominence of social networking sites
The rise in the convergence of information
Tourist attractions
Ports (Air and Sea)
The rise in community festivals
The popularity of music education
Market Growth
There are no specific indication of market growth in this pulverized and diffused market
due to low availability of statistical data and multi-service rendering. However, the
industry overview shows that there is a current boom in our Target market, and an
upsurge in demand for our services.
Competition and Buying Patterns
Competition in the event business in Comox state is slowly growing, however, strong in
nearby Courtenay. Our market research shows that there are few major players in
Comox offering our services. There is a community art school, few wedding venues,
limited community venues, and no bespoke music halls in Comox, though available in
Courtenay. These competitions include:
Kellycat Community Arts
The Filberg Heritage Lodge and Park
Blackfin Pub at the Marina
Town of Comox Facility Booking
40 Knots Vineyard and Estate Winery
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There are currently no bespoke music halls in Comox, however available nearby
Courtenay. The following are buying patterns that influence our business in today’s
industry:
Location
Pricing
Quality service
Focus and specialization
Multiple service provision
The large and spacious facility
Service Business Analysis
The Same Sun Studios is in a unique position of competition. We compete against hotels
with conference facilities, conference centers, other event planners both on the large and
small scale, music schools and teachers, persons within an organization who are
assigned the task of organizing an event, and people who wish to organize their events
without the benefit of assistance. The benefits and drawbacks of each of our competitors
as compared with the services we offer are hardly a match in quality and price.
Hotels and Conference Centers
Strengths: On-site facilities, equipment, and support staff. Ability to transport and
house persons for overnight stays. Able to internalize the costs of transportation and
equipment.
Weakness: Often very expensive, impersonal, rely on unskilled labour for support
staff. The error rate is high due to high volume and traffic from other events
happening at the same time.
Other Event Planners
Strengths: Have been in the market longer, have established a reputation and client
base.
Weakness: Reputation precedes them, no systems-based businesses designed to
produce consistent results; focus on smaller events, specialized events are mainly
25
focused rather than all events; do not have the supporting products to market with,
or instead of, event planning services.
Employees or Persons wishing to do it themselves
Strengths: Internalized cost of planning the event; able to add tiny personalized
touches that have meaning within the group or family.
Weakness: Consumes time that could be spent on other things; don't have access to
the best prices, services, and other needed resources available.
Music Schools
Strengths: focused learning and access to large musical resources
Weakness: Lack of personalized teaching, large event center and resources, and
high registration fees.
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STRATEGY AND IMPLEMENTATION
We have discussed our client base as being predominately middle to upper-class individuals,
couples or families, public and private organizations. We must then look at the needs of these
markets and cater to them. We promise the same great results, every time.
When marketing to individuals, the idea of releasing them from the task, freeing their time for
family and friends, and the promise of a worry-free event, in a top-notch facility are the buzz
words and concepts. Our marketing is predominantly by word of mouth or visual connection to
large events these individuals have participated in or worked at.
When marketing to public or private organizations, the idea of greater efficiency for the money
and a professional event without error, in a secured and classy center would be the key concept.
Groups, especially large ones, do not wish to deal with problems that arise due to oversight on
their part, and disagreements between the groups. If the guarantee of worry-free, error-free
events is available at a cost-benefit to them, there appears to be no better choice.
Marketing Strategy
Place: We will deal with customers and clients conveniently in their respective comfort zones.
Most of our meet up with clients will be at the clients' preferred meeting place, and we will
highly facilitate the use of our social and digital platforms to reduce client relationship hassle.
Our facility is uniquely structured for diverse kinds of events so that we will leverage our
building into our marketing efforts. We will try and reduce rent cost by not renting any other
building asides the stated one. Our current location is pivotal to our success, as it has enough
traffic to drive our business goals.
Product: All our services will be offered within the permissible laws of the service industry as
well as the laws of Canada. We will operate primarily as an event center and secondarily as a
service company. Our commercial buildings will be used as a center to host all kinds of indoor
events, while the residential building will be used as a suite and operational office. We will also
provide services like event planning, wedding planning, music courses, and seminars.
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Price: Normally, new businesses set their initial prices lower than their competitors. In our
situation, however, the business has higher costs for taxes, event setup, event staffing, and
promotions to increase customers' awareness and establish our brand name. We will set our
prices to match those of our competitors. The pricing scheme is based on a per-service price.
Moreover, we are targeting middle to upper-class citizens and corporate organizations, who
often pay less attention to price than the quality and convenience of service. People with higher
incomes are willing to pay more for features, customer service, quality, and convenience.
Promotion: We will advertise our new services through social media, public areas, corporate
offices, tables, restaurants, event sponsorships, charity, hotel reception tables, etc. We will also
make use of buses, shopping centers, relaxation centers, supermarkets, and big religious
organizations. We will offer a discount (to be decided) as an incentive for customers who sign
long-term contracts with us. We will also issue coupons with lower prices for loyal customers,
and to celebrate special days and anniversaries for registered private and corporate bodies.
Highlighted below are some of the marketing and promotion strategy we will be employing:
Local luxury-focused magazine with half-page colour ads showing a photo of the new space.
Develop a modern and mobile-friendly website to anchor all our digital marketing efforts.
Promote the website through comprehensive search engine optimization and search engine
marketing around the event, music education and events, and event planning keywords for
the local area.
Email campaign of an e-brochure announcing the new space to all past and current clients
Create and send press kit with information and details on the new space to key clients and
press
Create a featured listing on local directories dedicated to event resources and venues
focused at the corporate market.
Promote the space at business fairs
Sponsor 2 non-profit events per year, all chosen for the exposure they receive to the press
and high net worth individuals.
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Positioning
We will strive to position ourselves as the number one place to go for quality and timely events
and music education in the state. We strive to be the go-to player when it comes to anything
events, both for individuals, organizations, agencies, and families. Due to our services' demand
aggregation, multi-service offering, and cross-platform mode of operation, our services will
offer the best music and event services to customers at budget-friendly prices. This will help us
greatly increase customer's acceptance, multiply the customer base, and generate more
revenue for the stakeholders.
Since we are categorized under luxury companies, there are two kinds of luxury companies,
those that work to try to charge more, and those that strive to charge less; we will be the latter.
In our early years of operation, we will place a large and ever-growing customer base over early
profits. However, recent market studies show that businesses with this differentiation strategy
of larger databases generate higher revenue which turns to higher net profit margin in the long
run.
Pricing Strategy
At the Same Sun Studios, our pricing system will be based on what is obtainable in the
industry, we don't need the intent to overcharge (except for premium and customized services),
and we don't intend to charge less than our competitors. Our management will put plans in
place to offer discount services to reward loyal customers, and premium registered customers.
The management will also reward customers who refer people to us with special discounts. The
prices of our additional services and future products will be the same as what is obtainable in
any part of Comox, or Canada.
Payment Options
Our payment policy is going to be all-inclusive because we are quite aware that different people
prefer different payment options as it suits them. Here are the payment options that will be
available at our facility and on our website:
Payment by cash
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Payment via Point of Sale (POS) Machine
Payment via online bank transfer (online payment portal)
Payment via Mobile money
Payment via digital wallets
Payment via credit cards
Because of the above, we will choose banking platforms that will help us achieve our payment
plans without any difficulty.
Publicity and Advertising Strategy
We are aware of the power of publicity and advertisement for new businesses like ours which is
why we created a budget that will help us access various publicity and advertising platforms
that will enable us to reach out to our potential market.
At the Same Sun Studios, we will ensure that we leverage on all conventional and nonconventional publicity and advertising technique to promote our business. Here are the
platforms we intend leveraging on to promote and advertise Same Sun Studios' services;
Encourage our loyal customers to help us use Word of Mouth mode of advertisement
(referrals)
Advertise our business in relevant print media and popular early morning radio stations.
Promote our business online via our official website
List our business on local directories
Sponsor relevant community programs
Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, et
al. to promote our brand. Here we will make use of targeted marketing.
Install our Billboards on strategic locations
Direct coupon mailing approach
Engage in roadshow from time to time
Distribute our fliers and handbills in target areas.
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Sales Strategy
We will start by matching our main competitor's prices, and we will be closely monitoring our
financials to make sure that we develop a sustainable business without heavily discounting our
services to win customers. The founders will initially handle all sales inquiries. We will also
train all our employees, especially those facing the customers, in customer service to make sure
that our customers are fully satisfied, as such customers will not only stay longer with us but
will also refer other customers to us. We will offer limited discounts to our customers with
recurring projects and also provide incentives for new customer referrals.
We deal with a diverse market of customers. Within each market segment, the closing of sales
will differ. Each approach is described as follows:
Private and Public Organizations
Sales will be concluded one to two days after the end of the event. A follow-up phone call will
be placed, informing the client of the remaining cost, number of attendees, and information
about the billing packet that will arrive at their offices. Feedback forms will be included in
these packets to ensure the client is being served as they deem appropriate. Then "thank you"
letters will be sent to finally declare the deal complete.
Individuals
Sales will be concluded with a follow-up phone call one to two days after the event. The phone
call will explain the remaining cost of the event, number of attendees, and information
concerning the billing. We will place some registered individuals on the billing cycle. Feedback
forms will be included in the package sent to the client. Thank-you cards will follow each event.
Sales Forecast
The sales forecast indicates that growth will be slow and steady. Growth will be slow because of
the time and effort needed to develop the customer database. Our operations won't be the
slowing element, but external market factors. There are a few risks that could hurt sales. They
are recession, business-crippling national policies, delivery tax, increase in taxation and license
charges, Transport and Traffic Management, Unpredictable Weather, etc.
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The following table and charts illustrate the sales forecast. We're sure this is a manageable
forecast.
Sales Forecast
Year 1 (CAD)
Year 2 (CAD)
Year 3 (CAD)
$320,000
$445,000
$600,000
Event Planning
$70,000
$120,000
$200,000
Music Teaching & training
$50,000
$80,000
$150,000
Suite
$10,000
$15,000
$20,000
$450,000
$660,000
$970,000
Sales
Event Center
Total Sales
SWOT ANALYSIS
Strengths:
Honed business skills
Thirty years’ experience planning and executing events.
Strong wedding coordination experience
Diversity in event management
Carpentry finishing and installation
Top music talent
First Aid certificate
Thirty years’ experience teaching music
Variety of instruments mastery
Pool of readily available resource men
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Weakness:
Low financial capacity
Availability of investors
Strong competition from already established competitors
Starting with little market share.
New neighborhood entry
Opportunities:
Absence of music school in Comox
Outside wedding venues
Uniquely built chapel for wedding ceremonies
Average income of professionals and high-end singles is increasing.
People wanting to free themselves of event planning stress due to increased busy
lifestyle.
Participation within a steadily growing service industry.
There is a high likelihood of repeat business.
The ability to decrease the fixed costs as the sales volume increases.
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OPERATIONS AND MANAGEMENT
Legal Issues
The Same Sun Studios will adhere strictly to all registration regulations per the laws and
regulations of Corporation Canada, and any other agencies monitoring event centers, planners,
and music training, or our operations equivalent. We will further ensure that asides
incorporation matters, we will watch out not to infringe on any Trademark security, Copyright
protection, Transactions, and privacy security. When we steer off these common issues, we can
be guaranteed total control over our business operations without distractions from legal issues
internally or externally.
Insurance Issues
Our business model comes with some risk, and so we will need to spend well on insurance to
secure our business. In the early years of our operation, we will focus our insurance project on
the following:
Property insurance,
Renters insurance,
The Special Event Liability Insurance
Event Cancellation Insurance
Liquor liability insurance
Since we are starting with little employees, we will not need to make use of Workers'
Compensation insurance. This will only be paid for as our employee's list expands over the
years.
Risk Assessment
Our business industry risk is quite low since we are not going to be producing products. We are
more of a service company rather than a product, which is liable to more risks. The risk in our
business involves:
34
Event and Production Equipment,
Crowd Management,
Children participation,
Transport and Traffic Management,
Staff and Volunteer Safety
Medical Assistance Requirements,
Unpredictable Weather,
Potential Fire Hazards,
Food safety, and
Aggressive Behavior.
Most of these risks can be well monitored and managed through thorough planning and
attentiveness to details. We will ensure the availability of first aid treatment at our venues,
coordination of transport and traffic with an individual identity, employment of security
operatives, availability of several fire extinguishers at event venues, good and suitable event
equipment storage, clean food handling and preparation, among many other safety measures.
We will continually strive to reduce the effect of the industrial risk of the business drastically to
achieve our business objectives.
Human Resources
People are the single most vital element in our business' operation. We value our managers and
staff as the most critical element in running quality and satisfactory operations. For all events
and services, the managers and the teams need to be all on the same page of operations. We
have found that friendly, strong managers make friendly, healthy crew people. From that crew
comes the next generation of managers and quality operation. The customers can see it in the
quality of service, how satisfactory and relaxing it is, and how customer-friendly our business
and venues are.
One of the most significant factors in the event business is the mood of the customers. Suppose
a potential customer feels welcome and comfortable while getting the desired service at top
quality, at the right time for the right value. In that case, there is a guarantee for repeat service
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and word-of-mouth marketing. This form of marketing is one of the most effective advertising
strategies in our industry.
Our human resource process will be streamlined to make good use of ready to work labour and
volunteers who are also easy to train. We will employ staffs that share the philosophies of the
company to minimize distractions while we focus on business growth.
Our Human resource practice will focus on the turnover rate of managerial employees,
turnover rate of non-managerial employees, labour productivity, and Return on assets. Our
recruitment process will ensure we are staffed with the best staff available who are eager to
learn and develop because we will be a learning company that works to grow more into what
the customer wants from time to time. We will continuously project into the future, to beat the
market needs, and so we will be staffed with enthusiastic team members. Our staffs will be
trained from time to time to ensure quality delivery of service and business continuity.
Simplified HRM Target
Required number of employees
The budget on each employee role
What type of Employee Needed?
Specific job description and role of required Employee
When the Employee is needed
Where and how fast to find the Ideal Employee
How best to manage each Employee for business continuity.
Management Team
Rebecca and Mark Hildebrand will lead our management team. At startup, these two will be
the sole managers; however, as the business expands, we will recruit more people who will
serve in managerial roles. The management team will be carefully selected with a preference
for candidates who are ardent managers with honed managerial and sales skills through
experience. Mark and I have both owned our businesses, and are familiar with what it takes to
make that work.
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The two paramount managers have gathered experience planning and executing events from
no budgets to unlimited budgets, and carpentry finishing, installations and music teaching.
The founders and managers have gathered experience in the event industry over the years with
an acute knowledge in business decision making, growth and marketing.
We have developed a management system skilled in staff and customer management,
alongside building an excellent reputation with our various business partners and networks.
The management team will devote their time to the Same Sun Studios' growth and
development, driving company goals, and mission with an all-time commitment.
Rebecca has thirty years of experience as a big-time event planner with a focus on wedding
ceremonies. While working primarily as a wedding planner and coordinator, she has
coordinated corporate and private functions. In the last four years, she has been actively
involved with Mark in building a community-size music festival with a tripled population over
the period.
Mark has had his businesses in finishing carpentry, installations, and in teaching music. He
has been teaching music for the last thirty years, offering a variety of styles on several
instruments. As well, he has his level 3 First Aid certificate, which is key to the business
operations.
Both the managers possess the necessary experience to cover any services needed that the
facilities can cater for. The managers have also developed an effective and working relationship
with diversely skilled people who are good in skills needed to execute business goals, such as
renovation experience, award-winning theatre managers and directors, etc. The management
team is teachable, embraces innovations, and hardworking, ready to get help, skilled in
resource gathering, and possess a huge network of supporters and skilled labours.
Staffing
We will be starting small to conserve and minimize operating costs, making sure we hire the
quality staff needed for the job. The managers will be the major staff at startup and will recruit
as business operation demands over time. Most work needed by the business will be
outsourced to freelancers and contract staffs to save recurring costs.
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We have adopted an effective interview process designed to staff the company with highly
qualified people for each position. Each applicant will be rated and evaluated according to a
pre-defined set of standards developed for each job.
Staffing Requirements
Our staffing project will be based on the following requirements:
Outstanding organizational skills.
Diligence and attention to detail.
Exceptional interpersonal skills and a friendly demeanour.
Excellent written and verbal communication.
Physical stamina and high energy levels.
Good problem-solving skills.
Ability to perform under stress.
Excellent multitasking ability.
Conflict management skill.
Confidentiality Agreement
At the Same Sun Studios, we will ensure that our in-house employees sign a confidentiality
agreement. The confidentiality agreement with our employees and partners is to protect our
business, operating systems, policies, and procedures. Having a confidentiality agreement in
place is essential to protect the business' secrets, and show our employees that we take our
business seriously.
Personnel Plan
At the Same Sun Studios, our personnel list will comprise of our managers, contract staffs, and
volunteers in the early years. Highlighted below in the table is an estimate of our wage
structure:
Roles
Year 1
Year 2
Year 3
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Founders
$0
$3,000
$10,000
Marketers
$2,000
$3,500
$5,000
Digital Platform designers & manager
$1,000
$1,500
$1800
Contract Staffs & Volunteers
$5,000
$7,000
$10,000
Janitorial and Security
$1,000
$1,500
$2,200
$16,500
$29,000
TOTAL
$9,000
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FINANCIAL SUMMARY
Important Assumptions
Our financial plan depends on important assumptions. The key underlying
assumptions are:
Growth will be moderate, cash flows steady.
Revenue will increase at the rate of 10% for the next three years. Sales rate keeps
improving
Costs will increase at a rate of 3% to 5% per year.
Slow-growth economy, without major recession.
No unforeseen changes in the popularity of business model
Access to loan and financing sufficient to fulfil campaigns and expansion plans.
Financial Outline
The following sections outline our financial plan:
Start-up Cost
Projected Expenses
Sales Forecast
Cash Flow
Profit and Loss
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Start-up Cost
Startup expenses showing the estimated distribution of expenses and assets, funded
through a combination of owner’s equity capital and an external investment, are
summarized in the financial table below:
Startup cost
Price (CAD)
Expenses
Legal fees
$800
Stationery
$100
Brochures
$100
Insurance
$1200
Utilities (Electricity, Internet, prepaid mobile Tariff)
$5,300
Leased Equipment
$2,000
Expensed Equipment
$5,000
Digital launch and maintenance
$3,500
PR, Marketing and Branding
$10,000
Janitorial services
$2,000
Renovations
$100,000
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Wages and Salaries
$50,000
Property taxes
$10,000
Miscellaneous
$10,000
TOTAL STARTUP EXPENSES
$200,000
ASSETS
Long-term equipment
$5,000
Furniture
$5,000
Property Acquisition
$1,200,000
Cash Required
$60,000
Other current asset
$30,000
TOTAL STARTUP ASSETS
$1,300,000
TOTAL REQUIREMENTS
$1,500,000
Projected Expenses
We assume a slightly higher gross margin than industry standards for Canadian event
management and center industry because we have multi-choice services to serve our
customers which generates more than average income.
42
Because we're new to this business, we've adjusted the profitability into normal range by
adding a relatively large amount of additional un-itemized expenses. That gives us a
buffer for the additional unforeseen expenses that we expect will come up. If they don't,
then we'll be more profitable than normal.
Our expenses have been kept relatively low to allow for profitability. Here is a
representation of our projected expenses for the next three years:
Year 1 (CAD)
Year 2 (CAD) Year 3 (CAD)
Wages and salary
$9,000
$16,500
$29,000
Marketing, Advertising, Promotion
$5,000
$8,000
$15,000
Depreciation
$0
$0
$0
Credit card transaction fee
$300
$450
$700
Property taxes
$10,000
$10,000
$10,000
Utilities
$500
$850
$1,000
Leased Equipment
$1,000
$1,500
$2,000
Insurance
$200
$200
$300
Facility cleaning and Maintenance
$500
$500
$500
Others
$1,000
$1,500
$2,000
Total General Expenses
$27,500
$39,500
$60,500
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Sales Forecast
Highlighted below is our projected sales forecast showing a steady revenue growth over
the years:
Sales Forecast
Sales
Year 1 (CAD)
Year 2 (CAD)
Year 3(CAD)
$320,000
$445,000
$600,000
Event Planning
$70,000
$120,000
$200,000
Music Teaching & training
$50,000
$80,000
$150,000
Suite
$10,000
$15,000
$20,000
$450,000
$660,000
$970,000
Event Center
Total Sales
Cash Flow Statement
The statement of cash flow shows the incoming and outgoing cash of the business. Our
cash situation is great. Although we begin with little extra cash, our increased growth
allows us to make up for lost time. Our cash balance is always above the mark with the
cash flow not too far behind. We have no negatives in our cash analysis.
Projected Cash Flow
Year 1(CAD)
Year 2(CAD)
Year 3(CAD)
Cash Received
44
Cash from Sales
$450,000
$660,000
$970,000
$0
$10,000
$30,000
$450,000
$670,000
$1,000,000
Founders Investment
$15,000
$5,000
$0
External Investment
$1,400,000
$100,000
$0
Subtotal Cash Received
$1,865,000
$775,000
$1,000,000
New long-term liabilities
$0
$0
$0
Sales of other current asset
$0
$0
$0
Sales of long-term asset
$0
$0
$0
$27,500
$39,500
$60,500
$1,400,000
$100,000
$0
$0
$0
$0
$500
$1,000
$1,000
$0
$0
$0
Cash from Receivables
Subtotal Cash from Operations
Expenditures
Operating Expenses
Startup Cost
Loan payment (+Interest)
Long-term asset
Long-term liabilities principal
repayment
45
Additional Cash Spent
$500
$1,000
$1,500
Subtotal Expenditures
$1,428,500
$141,500
$63,000
Net Cash Flow
$436,500
$633,500
$937,000
Cash Balance
$436,500
$1,070,000
$2,007,000
Projected Cash Flow-
-
-
-
500000
0
Year 1
Year 2
Revenue
Expenditure
Year 3
Net Cash Flow
Cash Balance
Profit and Loss
The profit and loss demonstrate modest increases in revenues over the three expected
years with adjustments for inflation.
Profit and Loss
Year 1 (CAD)
Year 2 (CAD) Year 3 (CAD)
46
Income
Sales
$450,000
$660,000
$970,000
Subtotal Cash received
$450,000
$670,000
$1,000,000
Investor Relations
$1,415,000
$105,000
$0
Total Revenue
$1,865,000
$775,000
$1,000,000
$15,000
$25,000
$40,000
$435,000
$635,000
$930,000
97%
96%
95%
$27,500
$39,500
$60,500
$1,400,000
$100,000
$0
$500
$1,000
$1,000
$0
$0
$0
$500
$1,000
$1,500
$15,000
$25,000
$40,000
$1,443,500
$166,500
$103,000
Total cost of sales
Gross Margin
Gross Margin%
Expenses
Operating Expenses
Startup Cost
Long-term asset
Long-term liabilities repayment
Additional Cash Spent
Total cost of sales
Total Operating Expenses
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Operating Income
$421,500
$608,500
$897,000
British Columbia tax (higher
$50,580
$73,020
$107,640
Investment Servicing
$300,000
$450,000
$600,000
Net Profit
$70,920
$85,480
$189,360
rate – 12%)
-
Year 1
Year 2
Revenue
Year 3
Operating Income
Net Profit
Break Even Total Sales
Due to the high fixed costs of the venue, the monthly breakeven is rather high, as shown
below. Revenue is higher for The Same Sun Studios events due to the event venue rental
fee and greater leverage to provide additional services to clients, than for revenue from
off-site events.
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Total Sales Break Even Analysis
Monthly revenue break-even
116,053
Assumptions:
Estimated percent variable cost
4%
Estimated Fixed costs
$103,417
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