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Entrepreneurship

University: Barony College

  • Unit No: 7
  • Level: Diploma
  • Pages: 14 / Words 3438
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 9838
Question :

This sample will let you know about:

  • Aims And Objectives of business
  • Elaborating Products and Services provided
  • Explaining the Market Analysis
Answer :
Organization Selected : N/A

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.

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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