-
Step 1
Research for a business plan. Think about possible locations, capacity, hours of operation and how to advertise in the research and business plan. Doing a competitive analysis proves insightful in answering questions related to these areas.
-
Step 2
Estimate the costs and expenses incurred by the reception hall. Example costs include labor, utilities, insurance, equipment and taxes. Try to determine revenues as well for the first few years. Present these projections in the business plan to illustrate when you predict to break even and make a profit.
-
Step 3
Apply for small business loans from local banks or from the Small Business Administration or solicit funding from investors. The SBS and SCORE can also help with writing the business plan. When determining how much money to request in the form of a loan or investments consider that start-up costs can range from $100,000 to $150,000 not including remodeling.
-
Step 4
Decide whether to build or refurbish an existing building. If you remodel an existing building, get estimates from contractors to include in the start-up costs.
-
Step 5
Consult with an architect for design and estimated costs for a new building and put it in your business plan. Get local permits and contractors to perform the build. Use the Better Business Bureau to find a reputable architect and contractors.
-
Step 6
Choose what services to offer and their associated costs. Examples include full catering, entertainment, linens, tables, chairs, decorations and party planning consulting. Another option to consider involves partnering with other service providers to reduce your costs. Having an exclusive deal with a DJ can mean savings for your clients, which can generate more business for you.
Comments
burgundy said
on 4/29/2008 Consider listing your reception location in a directory geared specifically to reception businesses such as http://www.ReceptionDetails.com