Business Hypothesis: Assumptions 6-10
We will acquire the majority of our customers through our family members and friends or word of mouth. We will also advertise at bridal shops, by attending bridal expos, and local newspapers and magazines. Our customers will become aware of our service by business cards and flyers. We will evaluate our services by providing surveys and hosting sessions that alow customers to provide feedback. Our business will make money through the package deals we provide our customers to purchase and we will deliver these services by having meetings and face to face conversations with our customers.
Our business will make money by allowing customers to rent our building location and also through our designed packages that are based on amount of work we as a business will be doing. There are also a couple things that will add revenue such as renting a projector and screen and designing invitations for the customer. Our customers will be willing to pay for our services because we are professional, unique, successful, and they won’t be stressed. We believe that they are currently paying all the suppliers for their event individually where as we will add up their total cost and they will pay a lump fee in which we will pay the suppliers. The easiest way to collect money is through a down payment and then pay in full after the event.
Some of our key partners would include photographer, flower shop, bakery, DJ, bartender, and landlords for venues. They will provide us with professional photography, beautiful flowers, delicious food, wonderful music, and scenic areas. We believe that they will partner with us because they will be our exclusive partner and provide them with a steady customer base. The relationship with our partners will be personal with our business and customers, they will be a part of the process. Our key suppliers will be mostly a party supply store that will allow us to rent tables, chairs, tents, and stereo system. We will use these suppliers because they are reliable and will provide things need to host an event. The type of relationship with the suppliers will be a “cash and carry.” Just pay them for their services and that’s all.
Other resources we will need includes: an event planning team, graphic designer, computers, projector, camera, internet, a building/office space, and a sign. Our ideal location would be somewhere busy but with plenty of parking space, possibly have an office space above a venue that could be rented. Somewhere in a big town such as Des Moines, Iowa.
Some of our key start up cost would include buying equipment, paying for a building, and legal fees which should all be fairly inexpensive, around $10,000. Our ongoing expenses might include utilities, taxes, advertising, phone, and internet. Our business will be value-driven and we believe that people will come to us because we are professional, detail oriented and want the customer to have input along the way.