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Entrepreneurship

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Report on Entrepreneurship

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Aims And Objectives

  • Wedding Bells is being set up to effectively maintain appropriate customer relationship and establish the company as a potential organisation in the service industry. Owners, through this business aim at increasing their financial strength and earn more money to ensure better services to customers in the future (Drucker, 2014).
  • This organisation would be a supplement to the main income of the owners of Wedding Bells.
  • The owners of the company, through this business, aim at providing job opportunities to their family members as well to attain harmony within the organisation and achieve better outcomes through integrated efforts of the members.

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Section 1- The Business

Description of business and aims

The type of business under which Wedding Bells would operate is hospitality industry, where the services provided by organisation would be associated with weddings as well as events and parties of its customers in Birmingham.

There is a range of services provided by Wedding Bells like music, catering, design and decorations according to the needs of clients. These services vary in nature according to demands of its customers.

Wedding Bells is a start-up organisation set up to fulfil the needs of upper, upper middle and middle class individuals who seek services related to wedding as well as event planning to celebrate their special occasions (Kirzner, 2015).

Wedding Bells would be a partnership organisation. This means that owners would divide the share in their company as per the partnership deed been formed by them through mutual consent. According to the deed, all the partners would have equal share in the company in 1:1:1 ratio which makes them equal bearer of risks and profitability.

Licenses

Various licenses are required for Wedding Bells in order to ensure government support while operating their business and providing effective services to their customers (Dees, 2017). These licenses are mentioned below:

  • One of the most prominent licenses is Phonographic Performance Ltd license application which is associated with playing recorded music in public. It is an essential legal requirement to be followed by each and every organisation associated with event and wedding planning .
  • Temporary Event Notice (TEN) or premises license is also required to be obtained by Wedding Bells which would allow them various benefits as providing entertainment services like Dancing, Music, etc. and sale and provision of alcohol within the premises (Temporary Events Notice (England and Wales), 2019).

Cost

The cost of starting up of business would be approximately £1,300,000, wherein all the partners of Wedding Bells would be contributing equal amount of capital which is approximately £4, 33,300.

Personal Budget

PARTICULARS

I YEAR

II YEAR

III YEAR

RENT

90000

93000

95000

INVESTMENT

300000

307000

500000

TOTAL

390000

400000

595000

MARKETING OUTLAY

100000

270000

250000

PROMOTION

60000

30000

25000

DECORATING MATERIAL

720000

600000

650000

CATERING

30000

34000

35000

TOTAL

1300000

1334000

1555000

The owners of Wedding Bells have always been inclined towards developing their management and analytical skills. In addition, they possess effective leadership qualities and creative skills that are essential for making a business successful (Kuratko, 2016).

Out of the three owners, while Thomas and Arthur have been employees in the same field, John does not possess any experience within this field and is his first venture of the sort. However, he is undertaking training sessions to develop competence required to handle the business.

There are different aspects within the services provided by Wedding Bells which makes it unique in the marketplace. For instance, the company offers new and innovative design and effective catering services to its customers using different methods and processes.

Wedding Bells is being managed by owners who have performed extensive market research to analyse the preference of customers and hired a team of skilled individuals to develop concepts into real services. Emphasis of this company is on provision of unique services and impressive designs which are a treat to the eyes for customers (Burns, 2016).

Products and Services provided

Wedding Bells currently deals in providing marriage and event services to the users. Organisation provides appropriate catering, design, decoration as well as music services which makes these events more effective. In future however, the firm might plan to include tour packages for newly-wed couples and travelling services to guests as well. A complete customisation makes the offerings different from competitors.

The features of services provided by Wedding Bells include analysis of customer expectation through personal interactions. The catering, design and decorations are dependant completely upon preferences of the consumers. Benefits associated with the services includes a complete power to customer to decide the kind of event and marriage they want. Another benefit is the range of packages provided by firm which helps them decide the same according to their monetary capacity.

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Wedding Bells is operating at an initial stage, despite of which, this marriage and event planning organisation is gaining momentum in terms of preference and profitability. This company anticipates a stronger market position in the future and establishment of a competent place in the UK (Storey, 2016).

The services provided by Wedding Bells are quite different from that of its competitors in the market as it effectively takes customers’ preference into account before planning on the designs and decorations. Moreover, the company, with its effective access to innovative technology and talented staff, tend to experiment with their services for provision of the most effective type of services to the customers (Zahra and George, 2017).

A complete customisation is promised by Wedding Bells which is rare and almost impossible to find in current markets with presence of thousands of designs. Furthermore, the company uses real time planning software like Eventbrite and Whova Event Management software. These factors assist the firm and its owners to make their services unique from the market and all the more desiring.

Market Analysis

Market Analysis is an activity to analyse the overall marketplace in terms of its dynamic nature and different customer segments. It is important for Wedding Bells to effectively analyse each aspect which would help the company in determining its appropriate target market (Hitt and Duane Ireland, 2017). Moreover, it is of utmost importance as it would help the firm to gain a competitive advantage over other companies in the market and build a reputable share in the business. The various purchasers of its marriage and event planning services are divided within different segments mentioned below:

  • Geographical:Under this segment, customers are divided among various groups based on their geographical locations. All the geographical features are being included in this segment. For Wedding Bells, the owners are targeting customers from the urban areas of Birmingham.
  • Demographical:There are several characteristics within this customer segment which are included to further divide the group for effective targeting. Wedding bells would be appropriately dividing the overall market based on various characteristics like income, gender, age, religion and several other demographics. It would be including general public, within age group 18-60, who belong to upper, upper middle and middle class social groups with income level more than £10,000 per annum.
  • Psycho-graphical:Another major segment that could help Wedding Bells in finding its effective target market is dividing the customer group based on psycho-graphical segments. It divides market on the basis of various qualitative factors such as beliefs, attitudes, values as well as lifestyle of customers. Within this category, customers who tend to celebrate their important events, who believe in making their occasions special and seek to find effective and new-age wedding and event planning services would be chosen as the target market of Wedding Bells

The firm would effectively be reaching out to its customers through social media which is one of the most trusted and appropriate modern marketing method to promote services to one’s target customers. Wedding Bells would adequately be using this method as a strategy to attract their customers and enhancing their familiarity with its effective offerings.

Size of Market

Size of the wedding and event market of the UK has been seeing progressive growth in recent times. In addition, people are investing more on making their auspicious occasions even more special through adopting effective wedding and event services.

Wedding market of the United Kingdom is worth almost £10 billion each year. There are many customers within the country who acquire a range of services to make their weddings a memorable affair. People tend to cater their family members, friends and other members of their social circle through providing them with a range of services in their weddings (Each Year UK Weddings are Worth £10 billion, 2018). Following is the chart of average wedding cost throughout a year which is further subdivided into various other aspects:

As for events industry, the industry is worth more than £42 Billion, which makes it one of the most successful industries of the country. In addition to this, more than one third of the UK visitor economy is generated through event industry of the country, which is a huge contribution to the country’s GDP. Furthermore, top 10 event planning organisations within the UK have more than £3.5 Billion turnover (An Introduction To The UK Event Industry In Numbers, 2018).

Current Share and Overtime Changes

Since the company is new, it plans to gain momentum through its effective marketing campaigns and other effective strategies, which would be developed for attracting more customers towards their company. This would be the result after market analysis of how best the company can market itself. Furthermore, with its target market being customers of high end social groups, Wedding Bells is likely to capture appropriate market share since its inception. With time, the company will be launching new services solely aiming towards giving outstanding and flawless services to the customers to gain their loyalties and develop higher market share.

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Segments Underserved by Competition

There is a huge competition that has taken place within the event and marriage industry in the country that has raised various segments which are underserved as an outcome of this competition. These customer groups are individuals and couples over the age group of 65 years. With such an extensive customer range and rise of millennial groups, companies tend to target younger customers and base their strategies to win their loyalties. However, doing such task makes older customer groups quite underserved in the market.

For Wedding Bells, there are various opportunities present if the firm associates itself with the underserved segments of the market. The company must attract these individuals and groups through traditional marketing methods and must provide them with their services to enhance the scope of their success.

Marketing Plan

It is crucial for the wedding and event planning organisations to produce their marketing plan in ways which provides utmost benefits to the firm (Naudé, 2014). Marketing plan of Wedding Bells must include all the necessary elements about their services which induces develops a positive perception of the company in eyes of the customers. The company deals with effective wedding and event organising offerings and provides effective services like decoration, music and design. The target market of the firm constitutes individuals and groups from upper, upper middle and middle class people of Birmingham. There are various strategies to be adopted by Wedding Bells which is described below:

  • Product Strategies:

The product strategies of the company include providing its target customers with a range of different services like effective design, decorations, favourable music and outstanding catering services (Cooper and Folta, 2017). The strategy adopted by the company would be provision of diverse offerings according to the needs of each client which would further broader the product line to include more services in the future. As of new products, the company is planning to introduce Virtual Reality and Augmented Reality products for the customers to witness progress of their event management which would help in making more effective.

  • Pricing Strategies:

Wedding Bells would be working with teams of professional individuals having significant experience in this area and thus, its services would be quite effective and unique from rest of the companies in the market. To attain this and ensure a consistent financial gain, the organisation is planning to adopt Premium Pricing strategy (Frese and Gielnik, 2014). Choice of this strategy would reflect in the way this company would compete in the market. This strategy would help in developing perception of acquisition of quality services through the firm. It would enhance the scope of its market and competitive organisations would be forced to develop new strategy to overtake the company. Customers would pay the price quoted by Wedding Bells as all its services would be based on their choices. Moreover, its credit policies include giving set percentage of payment monthly, which would further enhance its effectiveness.

  • Placing Strategies:

The placing strategies of the company include provision of its diverse services within UK for at least a year. Reason of sticking to a specific location is that it would aid Wedding Bells in developing loyal customer base and enhance its domestic profitability effectively.

  • Promotional Strategies:

Wedding Bells is targeting people belonging to upper, upper middle as well as middle class social groups for its wedding and event services. The company is planning to use social media as an effective measure to reach its target market (Kerr, Nanda and Rhodes-Kropf, 2014). By using social media portals such as Facebook, Instagram, Twitter and YouTube, Wedding Bells would use compelling videos, effective photography and live stream marketing to motivate these customers to acquire their services and prefer them over other companies in the market. The message through their marketing would focus on customised services and complete modification as per customer needs and wants. According to the set budget, the marketing and promotional activities of the company would cost £1,50,000 - £1,70,000 and would be implemented within 4 months.

Competitor Analysis

Within Birmingham, there are various organisations that are quite popular and respected in the city. Some of these organisations are AK Brides, Elle Affairs and Engaged Wedding Libraries. These companies too provide a range of services to customers including decorations, effective wedding planning and catering. However, these organisations adopt cost effective strategies to develop their customer base.

Location

Wedding Bells would be operating throughout the UK. However, the firm would be headquartered in McLaren Building, Birmingham, which, according to owners, is one of the most favourable locations for this company.

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The firm has been situated in the building through leasing. It has been provided a lease for 10 years and the terms include monthly payment of rent and the lessee could use services of the building. However, non-payment of rent for consecutively three months might result in the firm to hand over the property back to the owners.

The floor provided to Wedding Bells was effectively furnished; however, there were renovations and modifications needs to be done to make the property effective and attractive enough for long-term use. The cost incurred for the same will be around £60,000.

McLaren Building of Birmingham which is the head office of Wedding Bells is 21 storey building and was built in early 1970s. The surrounding areas of the building include City Centre, Eastside, Birmingham Snow Hill as well as Birmingham Moor Streets.

This location chosen by the owners is considered to be one of the most effective commercial areas of the city. Moreover, the company surrounds itself with high-end business organisations and few of the most prominent areas of footfall which would increase its presence, preference and familiarity among the people of the UK.

Competition

As mentioned above, there are few companies that might turn up to be potential competitors of the firm in initiation as well as in the future. These companies include AK Brides, Elle Affairs and Engaged Wedding Libraries. Through effective market research, analysing their patterns and forming effective target customer groups, the firm would be developing its strategies according to its customers which would help the firm in performing better than its competitors in the market. During market entry, other companies tend to modify their operations in order to attract more customers and build strong loyalty towards themselves through effective marketing and promotional activities.

Management and Operations

The owners are planning to build a management team composing individuals with no less than 5 years of experience in wedding and event planning. Wedding Bells would have key functional areas like Marketing, Sales, Finance, HR, Creative and Materials Department. Each of these mentioned units would be headed by respected managers whom the employees would report to. These in turn would report to owners themselves. Salaries of managers would approximately be £15,000, while the employees would receive £10,000 for their work. The company has effective management and event consultants available outside the firm to provide guidance of better management of the organisation.

Personnel

The personnel needs of the firm require managers, planners, decorators, musicians, Disc jockeys and effective personnel working in teams to make the business a success. They must have effective planning and analytical skills. However, training would be provided to use software, appropriately designing and decorating set ups, communication, etc. The firm has ample amount of individual for its initial stage to effectively set the company in the market. In the future, the firm would surely expand its operations which would require it to hire more accounting personnels, creative directors, decorators, marketing organisations, etc.

Conclusion

Thus, it is concluded that entrepreneurship is an essential activity to effectively set up a business in the market. It is essential to form a business plan which lays down a work frame for the owners to work upon. Lastly, financial projections would effectively help the company in making projections to effectively set up benchmark and ensure smooth flow of money.

References

  • Burns, P., 2016.Entrepreneurship and small business. Palgrave Macmillan Limited.
  • Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters.The Blackwell handbook of entrepreneurship. pp.348-367.
  • Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. InCase Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
  • Drucker, P., 2014.Innovation and entrepreneurship. Routledge.
  • Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship.Annu. Rev. Organ. Psychol. Organ. Behav..1(1). pp.413-438.
  • Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research.The Blackwell handbook of entrepreneurship. pp.45-63.
  • Kerr, W.R., Nanda, R. and Rhodes-Kropf, M., 2014. Entrepreneurship as experimentation.Journal of Economic Perspectives.28(3). pp.25-48.
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