Business Plan Merry Kingdom

8/3/2019 Business Plan Merry Kingdom

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BUSINESS PLAN FOR MERRY KINGDOM

MERRY KINGDOMis a small business designed to meet the needs of the ever changing

social world.

Event management is the application of project management to the creation and development

of festivals, events and conferences.

Event management involves studying the intricacies of the brand, identifying the target audience, devising

the event concept, planning the logistics and coordinating the technical aspects before actually executing

the modalities of the proposed event. Post-event analysis and ensuring a return on investment have

become significant drivers for the event industry.

The recent growth of festivals and events as an industry around the world means that the management

can no longer be ad hoc. Events and festivals, such as the Asian Games, have a large impact on their

communities and, in some cases, the whole country.

The industry now includes events of all sizes from the Olympics down to a breakfast meeting for ten

business people. Many industries, charitable organizations, and interest groups will hold events of some

size in order to market themselves, build business relationships, raise money or celebrate.

Objectives

MERRY KINGDOM is a small business aimed at the big time. In order to reach its lofty

goals, MERRY KINGDOM must focus on the mission behind the vision. It will take all the

employees, owners, founders, and vendors daily living the vision thatMERRY KINGDOM

represents.

Mission

In an ever changing, fast-paced world, success is determined by good choices for lasting

effects. Communication is essential. MERRY KINGDOM strives to be the best choice of

clients by helping to ease their event planning burden. Through consistent, predictable

professionalism, MERRY KINGDOM will ensure a worry and hassle-free event at a

reasonable price.

Keeping in tune with the needs of the market, utilizing the latest technology and trends, all whileensuring the client receives the individual attention they deserve, is the vision and daily mission

of MERRY KINGDOM; The Event Planning Specialists.


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Keys to Success

Our keys to success include:

1. The commitment to quality by every person who is part of the team.

2. Sell specially selected products to these clients to further meet their event needs.3. Communicate with our client base through the website and personalized communication

techniques.

4. Retain clients to generate repeat purchases and initiate referrals.

Products and services

Our service is something which is intangible like :

Wedding planning

Party planning

Organising music concerts

Fashion shows

Conducting MICEs

But our strong hold is on wedding planning and the common services we are going to

provide includes:

Mehndi Night Ceremony Ring Exchanging Ceremony

Wedding Ceremony

Traditional Ceremony

Post Wedding Feast

Wedding requirements also includes:

ATTIRE:

Wedding Dress(both)

Bride's Shoes (both)

Hair & Make UpJewelry Accessories

Parents Dress

Relative Dress/Gifts

PHOTO & VIDEO

Videographer

Photographer

Film & Developing


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Photo Framing

Photo Albums

MUSIC

Musicians/Soloist/DJ

Sangeet

OrchestraVenue

Selection of Venue

Decoration

Set creation

lighting

Sound Systems

Food & Drinks

Selection of cater

Food Selection

Drinks Selection

OthersInvitation Cards

Pooja Samagri

Transportation

Food Packets

Accomodation of Guest

Although MERRY KINGDOM is primarily a service business, we also offer products to aid our

customers in planning the event themselves. The following products are tools used inside our

operation for the best possible results:

1. Party PackThe Party Pack is a complete kit for any party. It includes decorations, lighting effects guide,disposable theme cameras, cutlery, plates, napkins, cups, punch mix (or recipe), snack supplies(or recipe), tablecloths, theme music (where applicable), invitations, thank-you cards, and astep-by-step guide to planning, putting together,and hosting the event.

2. Step-by-Step GuidesThese booklets include a calendar to map out the event, a step-by-step guide on what isneeded for and how to put together a successful, worry-free event, resource information,popular refreshments with recipes, games, and tips to put their event in the record books. Theevents available include birthdays for all ages, meetings, retreats, parties, vacations, andspecial occasion celebrations such as graduations, holidays, showers, weddings, and

receptions.3. Event Planning Software

Due to be released June 2000, this cutting-edge tool will allow the client all the resources andvisual aids for their event planning. They will be able to play with decoration themes, listen totheme music, design invitations, thank-you cards, and RSVP cards, use the interactive planningcalendar, and much more. This software will bring their event into the millennium with cuttingedge technology that is designed to save time and money.


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4. Resources ManualThis valuable guide acts as a review for all the resources located in the surrounding area. Aranking is given to the various services, such as caterers, decorators, disc jockeys, bands, andfacilities. This manual gives the client the freedom of making a choice based on experience.

EXECUTIVE SUMMARY

MERRY KINGDOM is a proposed venture that will offer comprehensive Event Planning

services for the society of Kerala. MERRY KINGDOM offers the personalized

services the target market desires and can afford in a way that is unique from concept

to implementation.

Recent market research indicates a specific and growing need in the area for the event

planning and consulting services and products. MERRY KINGDOMoffers the market it

will serve. The market strategy will be based on a cost effective approach to reach this

clearly defined target market. Although the population of the district is more than

100,000, the market has a significant quantity of relatively wealthy households that are

conscious of the appearance of their events or occasions.

The approach to promote MERRY KINGDOM with be through establishing relationships

with key people in the community and then through referral activities once a significant

client base is established. MERRY KINGDOMwill focus on developing solid and loyal

client relationships offering design solutions based on the client's taste, budget, use,

and goals.

Company Location and Facilities.

We decided to start up our new venture in event planning in Calicut-, Kerala. A room is

dedicated to support a work area, a client contact work center, and display samples of designconcepts, products, and past work.


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Challenges faced by MERRY KINGDOM

Limited budget is our major challenge inorder to work in such a place like Calicut

A lot of the staff are new to the company

Competetitors who are having a lot of experience in the field is also a major challenge

Address:

MERRY KINGDOM

SMV COMPLEX

MAVOOR ROAD, CALICUT

Product Description

Although MERRY KINGDOM is primarily a service business, we also offer products to aid our

customers in planning the event themselves. The following products are tools used inside our

operation for the best possible results:

Party PackThe Party Pack is a complete kit for any party. It includes decorations, lighting effects guide,disposable theme cameras, cutlery, plates, napkins, cups, punch mix (or recipe), snack

supplies (or recipe), tablecloths, theme music (where applicable), invitations, thank-youcards, and a step-by-step guide to planning, putting together,and hosting the event.

Step-by-Step GuidesThese booklets include a calendar to map out the event, a step-by-step guide on what isneeded for and how to put together a successful, worry-free event, resource information,popular refreshments with recipes, games, and tips to put their event in the record books.The events available include birthdays for all ages, meetings, retreats, parties, vacations,and special occasion celebrations such as graduations, holidays, showers, weddings, andreceptions.

Event Planning SoftwareDue to be released June 2000, this cutting-edge tool will allow the client all the resourcesand visual aids for their event planning. They will be able to play with decoration themes,

listen to theme music, design invitations, thank-you cards, and RSVP cards, use theinteractive planning calendar, and much more. This software will bring their event into themillennium with cutting edge technology that is designed to save time and money.

Resources ManualThis valuable guide acts as a review for all the resources located in the surrounding area. Aranking is given to the various services, such as caterers, decorators, disc jockeys, bands,and facilities. This manual gives the client the freedom of making a choice based onexperience.


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Target Market

Our target markets are middle to upper-middle class families, couples, individuals, or

private and public organizations. We chose these groups because they are 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 toplan large events are too large a constraint to place on people not trained in the area of event

planning.

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-togethers. MERRY KINGDOM fills the need by being

available to take on the burden of planning so that people can spend time on more important

things, like family and friends. The demand for this service can only increase considering the

rise in incomes, population, and need for interpersonal relations in the workplace.

How is this challenge/opportunity addressed today?

Event counts by category, significance and platform, by time period.

Number and percentage of Events resulting in Incidents and Changes or requiring

human intervention, by time period.

Number and percentage of Events caused by Problems or Known Errors, by time period.

Number and percentage of Events related to performance issues, by time period.

Business StrategyWe have discussed our client base as being predominately middle to upper-middle 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 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 moneyand a professional event without error would be the key concept. Groups, especially large ones,

do not wish to deal with problems that arise due to oversight on their part. If the guarantee of

worry-free, error-free events is available at a cost benefit to them, there really appears to be no

better choice.


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Execution Strategy

MERRY KINGDOM is a small business designed to meet the needs of the ever changing

social world. MERRY KINGDOM is, in part, the answer to demands of the social world, on the

working family, heavily-burdened office, out-of-town business, or special occasion in need of

special recognition. As a business, we understand the needs of public and privateorganizations. As parents and family members, we understand the needs of setting special time

apart from other events in our lives.

Ownership: We decided to start business in partnership basis of two.

Startup summary

Through careful planning on the part of the founders, the start-up costs for Occasions are

minimal. The star up cost investment funds were acquired through bank loan by giving

documents of private property of both partners.

Start-up Requirements

Start up expenses cost

Legal* 30000

Stationery 14000

Brochures 8000

Consultants 5000

Insurance 6000

Advance + 1 month rent# 60000

Expensed equipment 90000

TOTAL COST 213000


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*Legal cost

1

Obtain director identification number (DIN)

online from the Ministry of Corporate Affairs

portal (National)

1 day INR 100

2

Obtain digital signature certificate online from

private agency authorized by the Ministry of

Corporate Affairs (National)

3 days INR 1,500

3

Reserve the company name online with the

Registrar of Companies (ROC) (National)

2 days INR 500

4

Stamp the company documents at the State

Treasury (State) or authorized bank (Private)

1 day

INR 1,300 (INR 200 for MOA +

INR 1,000 for AOA for every INR

500,000 of share capital or part

thereof + INR 100 for stamp

paper for declaration Form 1)

5

Get the Certificate of Incorporation from the

Registrar of Companies, Ministry of

Corporate Affairs (National)

5 days INR 14,133 (see comments)

6 Make a seal (Private) 1 day

INR 350 (cost depends on the

number of seals required and

the time period for delivery)

7*

Obtain a Permanent Account Number (PAN)

from an authorized franchise or agent

appointed by the National Securities

Depository Ltd. (NSDL) or the Unit Trust of

India (UTI) Investors Services Ltd., as

outsourced by the Income Tax Department

(National)

7 days

INR 67 (INR 60 application fee +

12.36% service tax + INR 5 for

application form, if not

downloaded)

8*

Obtain a Tax Account Number (TAN) for

income taxes deducted at source from the

Assessing Office in the Mumbai Income Tax

Department

7 days

INR 57 (INR 50 application fee +

12.36% service tax)

9*

Register with the Office of Inspector, Shops,

and Establishment Act (State/Municipal)

2 days

INR 6,500 (INR 2000 + 3 times

registration fee for trade refuse

charges)

10*

Register for Value-Added Tax (VAT) at the

Commercial Tax Office (State)

12 days

INR 5,100 (registration fee INR

5000 + stamp duty INR 100)

11*

Register for Profession Tax at the Profession

Tax Office (State)

2 days No cost

12*

Register with Employees Provident Fund

Organization (National)

12 days No cost


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13*

Register for medical insurance at the regional

office of the Employees State Insurance

Corporation (National

# Advance + 1 month rent = 50000+10000

Market Analysis

MERRY KINGDOM provides event planning in a wide range of applications. We guarantee

satisfaction in the areas of appearance, performance, and taste. The following is a sampling of

the types of events we plan every year:

1. Meetings, Trainings, and Retreats.2. Conferences and Workshops.3. Birthdays, Anniversaries, Graduations and Holidays.4. Weddings, Receptions, and Showers.5. Company picnics, banquets, and award ceremonies.

..... and any other event that needs to be planned.

Market Segmentation

The breakdown of the market for event planning, falls in a wide, very diverse grouping.

Individuals as well as organizations demand the services we provide. In order to provide the

greatest depth of information, the market segments have been broken down into private and

public organizations, and age groups.

1. Private Organizations and BusinessesPrivate organizations make up the single largest portion of Occasions' client base. Privateorganizations such as businesses, corporations, and political parties host the most events onthe largest scales, therefore, these events generate larger revenues per event. The majority oflarger scale holiday functions will fall under this segment.

2. Public OrganizationsGovernment agencies host many events every year. Occasions hopes to alleviate the pressureof event planning for public employees. The second single largest segment, the public sector,can save money and give back to its community at the same time. These events are moderatein scale with middle to low revenues generated. Emphasis is placed on the visibility of the eventfor public viewing. The majority of organizational family functions will fall under this segment.


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3. Age Breakdowns

Under 24: Persons under the age of twenty-four (24) using an event planner are rare at

best. We hope to tap the early college graduates who have begun their professional

careers but have not yet started their families. These events will focus mainly on themes

with moderate to high energy appeal. The revenues generated will range from moderate

to high, depending on the event. The majority of weddings will fall into this segment.

Ages 25-55: The persons that fall into this age group are employed, middle to upper-middle class families. The reason they choose event planners is they are too busy to doit themselves. Therefore, Occasions will be on hand for questions, contact will bemoderate in length but occur regularly so as not to disturb the daily life of the families.These events will generate moderate revenues, with a few generating low revenues. Themajority of special occasion planning will occur in this market segment.

Ages 56 and above: Persons over the age of 55 have reached the turning point of life.Many are retiring, others are celebrating anniversaries of significant years, and stillothers are seeing that their children's special events are taken care of. These events willgenerate moderate to high revenues depending upon the income level of the family(direct correlation to social status). Most holiday parties, and other special occasions,such as wedding receptions and reunions, will occur in this market segment.

UNIQUE SELLING PROPOSITION

There are a lot of event management and dining reservation products on the market today, allclaiming to do pretty much the same thing. we know that there is no other product on the

market that does exactly what our product does. Our technology platform is proprietary andentirely unique with intuitive features like our Event Lifecycle Technology and SmartReservation Technology. We offer both dynamic catering & event management and diningreservation & table management software modules that were designed to easily integrate withone another to provide a comprehensive tool for users to manage all functions with one product.Not to mention more than 20 add-ons or interfaces that range from room diagramming to no-feeonline dining reservation capability.

Most of all, our people help us stand out above the crowd of software providers. We still believein a good old fashioned handshake, a voice on the other end of the line and customer servicethat goes above and beyond at a time when it seems to have fallen by the wayside.


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MARKET ASSESSMENT

Certain strategies are followed under marketing event

Identifiable target market

Accurate positioning

Good channels of distribution

An effective launch strategy

Category domination

Delivery of a promise

SWOT Analysis

In SWOT Analysis:

'S' stands for Strengths

'W' stands for Weaknesses

'O' stands for Opportunities

'T' stands for Threats

It is a strategic planning tool which is used to identify and analyze the strengths, weaknesses, opportunities and

threats involved in our project. SWOT analysis can also be done on your organization.

Strengths:

These are the attributes of our organization which are helpful in achieving project's objectives .our strengts

includes

experienced event team,

high motivation level,

excellent PR ect

.

Weaknesses:

These are those attributes of our organization which are harmful in achieving project's objectives. .

social loafing,

lack of funds,

inexperienced event team,

low energy level,

lack of media and corporate contacts etc.

Opportunities:

These are those external factors which are helpful in achieving the project's objectives. It includes

little competition,

favorable economic conditions,


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support from the local authorities,

availability of the state of the art infrastructure etc.

Threats:

These are those external factors which are harmful in achieving the project's objectives. It includes:

high competition,

little or no support from local authorities,

bad weather, poor infrastructure,

high lab our rate, unavailability of raw material etc.

It is very important that you conduct SWOT analysis before developing an event plan to develop a st rategy which

maximizes the potential of strengths and opportunities of your project and at the same time, minimizes the

impact of the weaknesses and threats.

Analysis ReportAfter conducting market, competitors, product/service research and SWOT analysis, create a report which contain

details of all the research work done by you. Documentation of your research work is important, later for event

evaluation. Your analysis report will also help you in getting sponsorship for your event.

Sales and distribution

MERRY KINGDOM deals with a diverse market of clients. Within each market segment, closing of

sales will differ. Each approach is described as follows:

1. 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 total 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. Form

letter thank-yous will be sent following each event.

2. Individuals

Sales will be concluded with a follow-up phone call one to two days after the event. The phone call will explain the

total cost of the event, number of attendees, and information concerning the billing. Individual parties of any age

group are placed on a billing cycle. Invoices will be sent out the 25th of the month and will be due the 10th of the

following month. Feedback forms will be included in these packets to ensure the client is being served as they deem

appropriate. Thank-you cards will follow each individual event.


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Competition

MERRY KINGDOM, although young, draws from the age-old tradition of going above and

beyond what is expected, every time. Our systems for event planning have been drawn up,

evaluated, practiced, worked, and reworked to ensure the maximum efficiency while minimizing

the possibility of error. We employ local vendors who have the same desire to be the best at

what they do, while providing un-matchable services. Thus, we give back to the community by

providing jobs outside of our organization. We encourage new and upcoming small businesses

who provide a service within our need base to step up to the challenge of being the best through

their contract with MERRY KINGDOM.

Financial Plan

Service-based businesses require little funds to start-up, and as they grow and expand, less

funds to maintain. The charts and graphs that follow will show that investment up front

allows Occasions to function debt-free with little overhead. This gives Occasions a quicker

break-even point and increased profit margins from the start. As Occasions grows, the debt-free

philosophy will be maintained until it is impossible to function during growth periods without

financial assistance.

Start up expenses cost

Legal 30000

Stationery 14000

Brochures 8000

Consultants 5000

Insurance 6000

Advance + 1 month rent 60000

Expensed equipment 90000

TOTAL COST 213000


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Break even point

The break-even point is based on the assumption that we will produce 22 events per

month and average approximately Rs.24000 per event. In the current situation, we average

more than this assumption for our public and private organization events. These currently make

up 18 of the 22 average events hosted per month.

The break-even point will appear more rapidly for Occasions than for other types of

home-based businesses. Start-up costs are limited to minimal equipment, there is little or no

staff to pay in the beginning, and contracted companies will handle any additional equipment

required for the planned events.

ROAD MAP


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TEAM PROFILE

MERRY KINGDOM EVENT MANAGEMNET

Team: 1) SMITHA M

2) MEERA RAKHI R NAMBIAR

Farook Institute of Management StudiesCalicut.

Tel No:0495 2440658/2440648

E-mail: [email protected]


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Documents

Business Plan Merry Kingdom