Report on New venture creation (Event Emporium)

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Table of Contents
Introduction......................................................................................................................................3

Mission Statement...........................................................................................................................3

The Business Concept......................................................................................................................4

The Team.........................................................................................................................................5

The Market.......................................................................................................................................6

Marketing Strategy..........................................................................................................................6

SWOT Analysis...............................................................................................................................7

Finances and Start-Up Support........................................................................................................7

Conclusion.......................................................................................................................................9

References......................................................................................................................................10
Introduction
Potential business owners can learn about an idea's viability by studying the details laid out in a
business plan. When deciding whether or not to invest time and money into a new product or
service, it's vital to first assess the market's present value. The worldview of a dedicated
inventor-turned-business owner benefits from this expansion (Tipper, 2013). A well-thought-out
strategy allows for more efficient management of resources and lowers the likelihood of
financial losses due to unforeseen events (Schlagenhauf, 2022). In addition to serving as a guide
for decision-making, management and staff can also use business plans to establish clear lines of
responsibility and accountability.

Mission Statement
Event Emporium is about making the events that an organization wishes to make very efficient.
In this modern era, different enterprises and single people wish to make their moments more
formal or more memorable so that, they can maintain their organizational tasks more efficiently.
Event Emporium specializes in producing events at a high level of efficiency for organizations
that want to put on their shows. In this day and age, a variety of businesses and individuals want
to make their moment more official or more remembered so that they can keep their
organizational duties running more smoothly (Wagen & White, 2018). For those enterprises,
Event Emporium will be available in the market as an event planner. The planning of the events
will be analyzed. Formal or informal any kinds of events on behalf of the company or the
enterprise, also personal events will be arranged through the Event Emporium. Not only that,
Event Emporium will provide the facility of capturing moments through the photographic
session, which is another level of the business. This organization will be offered on the market as
an event planner for such businesses. The strategy that was used to organize the events is going
to be investigated. Event Emporium will organize any kind of event, whether formal or casual,
on behalf of the company or the enterprise, as well as personal occasions, if desired (Drucker,
2014). In addition to that, this organization will also supply the capacity of capturing moments
through the photographic session, which is an additional level of the business. Because of the
success of the Event Emporium plan, there will be a greater demand in the market in the days to
come, which will ultimately be to the benefit of the general populace. Event Emporium's idea
will make them create more market demand in the future days and because of it, the people will
be benefitted.

The Business Concept

The business concept is about event planning. Event planning is an opportunity in the market
which will make a market segment for arranging events. Event Emporium’s event will be
analyzed by Event Emporium and will be decided on making the business more enhanced in
making the organizational events more enhanced. The core of the business idea is centred on
event planning. The opportunity in the market that will result in the creation of a market segment
for the arranging of events is event planning. Event Emporium will perform an analysis of the
company's event, and a choice will be made on how to improve the business by boosting the
quality of organizational events (Allen & Allen, 2011). Event Emporium will take the place of
the existing event planner in the future market and organize events such as trade exhibitions,
conferences, meet-ups, launch parties, and other similar gatherings. This is a method of bringing
the cost of the market down to its absolute minimum. Instead of making regular payments to a
department, the corporation may just contact Event Emporium whenever they have the idea to
organize an event. This is merely one concept for cutting costs, and the company has many more
ideas just like it (Meredith, 2014). These other ideas are what will ultimately influence the
customers' choice of whether or not to use the services of this organization. Trade shows,
conferences, meet up, launching parties etc. will be arranged by Event Emporium instead of the
existing event planner in the future market.

This is a kind of reducing the market cost to a minimum. Whenever the company will make up
their mind to set an event, it can just call Event Emporium instead of paying a department
regularly. This is just a cost-saving idea and like it, there are more ideas available in the
company which will make their decision to consume the services of Event Emporium. Arranging
the photographic session is included inside the organization which will be provided to them
along with the package. Instead of it, the people of the organization will have to make their
decision for hiring new people for this work. However, the packages will be kept reasonable in
price and this will not make any problems for Event Emporium (Larson & WIKSTRÖM, 2013).
The photo shoot is part of the deal, and it will be given to them together with everything else.
Instead of that, the people who make up the organization will have to decide for themselves
whether or not to bring in new employees to do this work. Despite this, the prices of the
packages will be kept at a manageable level, and the business will not experience any difficulties
as a result.

The Team
The team for Event Emporium will be analyzed through the people and it will be more enhanced
in terms of making the business operation more enhanced. In the team of Event Emporium, there
will managers and directors at the first lineup of this organization. They will respond to evaluate
everyone's work and make operations in all of the business sectors to make it more enhanced in
the field. Moreover, they will respond to make the organizational activity more enhanced in the
market. The overall business tasks will be monitored through this lineup (Allen & Allen, 2011).
Also, the people will have to acquire the qualities of innovation, creativity, customer service
centric, evaluation and forecasting for enhanced performance in the field of the business. The
second lineup will conduct with the people who are considered managers and they are the
middlemen between the field service and the first lineup (Morrow, 2015). They will have to
make sure that, the decision which is taken by the first line of people will be implemented in the
field perfectly. The last remaining stage is the field lineup in which the people will implement
the plan of Event Emporium. Ultimately with the hand of the field service management, the
event will be launched for any business sector. All of the stages are important to make the
business, but this is the last and most important sector.
 CEO

Marketing
Sales Manger Service Manger
Manger

Figure 1: Organizational structure

The Market
The Market is opportunistic in that, customers will feel hesitant in making a bond the very first
time but, the customers will make their trust enhanced once, they will have good services and
products. Event Emporium will provide not only the best services to the customers but also they
will provide satisfactory services to the customers. The market is so opportunistic that clients
will hesitate to form a bond the first time around, but once they receive quality services, they will
increase their level of trust. This market is slightly competitive because some companies manage
the small events to be made in the market (Häring, 2015). But in a broad sense, there are no
companies available. Moreover, Event Emporium will be able to provide a wide variety of
services in the market (Any kind of event, whether formal or casual, on behalf of the company or
the enterprise, as well as personal occasions, if desired). So this market is new in this sense and
more customer involvement will be there. So, the market may not very much competitive
initially, but in the end, there may have more companies available in the market.

Marketing Strategy
Product: The product of Event Emporium is the services of making events. This organization
will be offered on the market as an event planner for such businesses. The strategy that was used
to organize the events is going to be investigated. Event Emporium will organize any kind of
event, whether formal or casual, on behalf of the company or the enterprise, as well as personal
occasions, if desired.

Place: The services will be provided to the customers from a place which is more demandable in
the market (Gerritsen & Older, 2014). Glasgow is an interesting and affordable place to make the
product available in the market and start their journey.

Promotion: Different promotional activities will be needed to analyze Event Emporium (Peter &
Donnelly, 2013). In the beginning stage, Event Emporium will have to use the promotional
method of social media, direct selling, advertisement etc.

Price: People will be interested in buying the services from here because of the price (Williams,
2019). As the price is not so more and also, there the services are available for the product, this
will maintain to have the best organization within the best prices.

SWOT Analysis

Strengths-
- Potential market
Weakness-
- Will increase demand
- Building trust may
- Customer centric take some more time
business and services
- Publicity needed
- Customer loyalty
- Fund availability

Opportunity
- Market establishment
process is easier
- Potential market
- Customers demand
may fulfill
Threats
- Easy entrants of new
business in the market
- Substitute products
also may cause of
threats

Figure 2: SWOT analysis of Event Emporium

Strengths: The market is potential for Event Emporium in this current market situation. Also,
the demand will increase day by day (Burrow et al., 2017). Along with this customer loyalty will
include a lot more efficient journey to the organization in the market.

Weakness: In the very beginning building trust may not happen and the people of the entire
organization may fall into disappointment (Monty, 2014). However, they will overcome it by
providing their services.

Opportunity: As it is said, the market is potential and the people will have to conduct with the
opportunity timely for better output, so the market for Event Emporium is potential.

Threats: Easy entrants of new business in the market are regular and common threats. Also,
Substitute products may cause threats.

Finances and Start-Up Support

Different sources will provide financial help. Event Emporium's financing will be arranged
through a variety of sources, including commercial banks, government funding, individual
savings, etc. Investors who fall under the heading of venture capitalists invest a sizeable sum of
money in return for a stake in the business (Burrow et al., 2017). Typically, this sum is higher
than what angel investors would contribute. Angel investors are rich people who are prepared to
invest money in exchange for a share in their company. The angel investor will be given some
Event Emporium stock in exchange. Although many investors collaborate in groups, some prefer
to go it alone (Ramsey, 2013). Overdrafts and other conventional bank loans continue to be a
common way for firms to start. If used appropriately, they can be a quick and simple way to
obtain the funds required to expand the company. During Event Emporium's early phases, it was
customary for the company owner's family and close friends to make investments. This choice is
best for start-ups that require early assistance to demonstrate the viability of their business plan
and pave the way for future sources of funding.

Startup cost analysis:

Start-up cost Charge

Website for Event Emporium £1130
Business utensils £1256
 The professional symbol £230
Website making and developing £210
Decoration equipment £205
License £470
Commercial and publicity £4930
Total cost £7431

To set up Event Emporium, this idea is being thoroughly explored and examined. Even though
customers can buy those items online or from other people, this is the only place where they can
get the best deal. Given this, the potential is a fantastic use of time (Ramsey, 2013). They will
find the best offer and the best pricing here, even though they could buy such things somewhere
else, such as online or from another user. The potential is therefore quite helpful in handling this
situation. The profitability of Event Emporium may be understood by potential investors. This
anticipated cash flow chart may persuade investors to invest.

The forecasted cash flow is given in the below

Cash arrival:
Revenue from the service of Event Emporium £46,500
Indirect cash inflow (Bonus and others) £8,750
Cash discharge :
Website Maintenance cost £5,250
Account payable £5,000
Employee salary £19,500
Training and development £15,500
Interest expense £2500
Net balance £7,500

Conclusion
Conducting with the clients ought to be made available, as a result of which they might not be
able to make it in the long term. Nevertheless, if they don't realize how important this one piece
of advice is. Developing Ness's knowledge and focusing on the fulfilment of its client's needs
will result in the provision of superior services. In addition to that, the business will be required
to disperse all of its funds within an appropriate time frame. 
References

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Burrow, J., Kleindl, B.A. and Becraft, M.B. (2017) Business management. Boston, MA: $$b
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Cleland, D.I. (2016) Strategic management of teams. New York: Wiley.

Drucker, P.F. (2014) Management: Tasks, responsibilities, practices. New York: Harper & Row.

Gerritsen Dorothé and Olderen, R.van (2014) Events as a strategic marketing tool. Wallingford,
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Häring, I. (2015) “Event analysis: Initial situation and hazard source,” Risk Analysis and
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Meredith, J.R. (2014) Project Management in practice. Hoboken: John Wiley.

Monty, D.A. (2014) “Building trustworthiness,” Trust-Based Selling, pp. 69–82. Available at:
https://doi.org/10.1007/978-1-4842-0874-8_8. 

Morrow, T. (2015) International Business in an enlarging Europe. Houndmills, Basingstoke,

Hampshire: Palgrave Macmillan.

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Ramsey, D. (2013) The total money makeover: A proven plan for financial fitness. Nashville,
TN: Nelson Books, an imprint of Thomas Nelson. 
Schlagenhauf, P. (2022) “New microbes, new infections, new editor, New Directions,” New
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https://doi.org/10.1016/j.nmni.2022.100968. 

Tipper, H. (2013) New business. Nabu Press. Toronto: Dundurn.

Wagen, L.V.der and White, L. (2018) Event management: For tourism, cultural, business and
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