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This will give you a reference point about what to expect based on the square footage you require.
Even if you consider purchasing an existing business with an owner that’s ready to exit, both options require some know-how and insight to make your own budget and capital estimations.
Remember, the more sophisticated, polished and detailed your project plan for the venue, the more likely that the process will quickly exceed seven figures.
You know how to manage your schedule and what makes an event great. What else does one really need to know to do it well and make an old tired space their shiny new money tree?
After all, you enjoy a celebration now and again, right?
Your front cover should detail your event name, the title of the document (for example, [Event Name] Business Plan 2018-2021), the date created, and your contact details. Your table of contents should be a way for someone to easily understand the contents of your business plan.
Use numbers and titles to clarify the main sections and include any subheads within those sections.
Catering kitchens also require a significant amount of prep space for large, working teams to plate food and get it out quickly.
If your commercial property requires significant build-out, don’t forget the costs of architects, structural engineers (especially if the property is historic), general contractors, plumbers, electricians, and other specialized contractors for sound, lights, projectors, screens and high-speed Wi-Fi that’s suitable for lots of simultaneous connections.
If you’ll have your own parking, don’t overlook the cost of the parking lot and any finishing it will require.
Other spaces to consider adding to your new venue are a bridal party suite, meeting room breakouts and other small rooms for offices, coat check, etc.