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Hi everyone Eric Goldstein from Underwear today to talk to you about one of the most popular topics on our blog How to Spartan event venue I've talked to quite a few people in this business over the years and let me tell you I get the appeal You're essentially in the party business If you like helping people have a good timewhetherthats weddings concerts or anything else that requires a beautiful space and food anddrinksits the right line of work for you But keep in mind its still work Making sure that every night's event ISA success isn't easy and until you're profitable enough to hire someone else to manage day-to-day operations you'll need to be constantly on your toes to address any issues that come up Lets not get ahead of ourselves though We first need to understand the logistics of starting an event space and learn what goes into building a successful business Here are five steps to starting your own event venue Step number one is done your research I know this isn't the most fun step audit seems obvious This step is pretty much the same for every type of business that you'd want to start but its especially important when opening avenue Questions about location viability competition target market and local laws are crucial to address really early on Your goal here is to put together a business plan that addresses a few important questions We've got some resources on our blog that can help you write a solid business plan but here are a few things to keep in mind You want a business plan that covers An executive summary of what your businesses who's involved in making it a reality your current financing and what your goals are for the next 3-5 years A market analysis that describes the event venue industry gives an overview of your specific target market outlines your target pricing and lists research on competitors A marketing and sales plan, so you can hit the ground running when it's time to get the word out about your business Financial projections like capital expenditure budgets and cash flow forecasts If you're doing research and find yourself stuck try reaching out to organizations like the National Association for Catering advents or if this will be a wedding venue the Wedding International Professionals Organization or find a mentor via SCORE These organizations can provide you with guidance and resources as you create your business plan Step two is find your location If you're interested in starting an event venue you probably came to this video with a location in mind Maybe it's an old venue near your home thatyouve dreamed about turning into a space of your own or a building you've come across in your travels around your city Or maybe you don't have a place in mindset, but you'll know it when you see it As you can imagine your location is one of the most important aspects of running a successful event venue business Not only will your space and the surrounding area play a big role in how well your business does but its one of...
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