Monday, 10 June 2019

How to Start a Party Planning Business

This is a planning logistic business designed to take stress of planning a party and other occasions, off the chest of the celebrant. Party planners have the responsibility of providing food and drinks, arranging and decorating the venue, provide attendants, bouncers, DJ. and most of the deals only involve food, drinks and decoration.

The business is most suitable for unemployed ladies, female graduates, caters. The planner first addresses the scope of the contract with the client and gives her quotation. This has to be very conservative as there are other bidders for the contract.
            Market/Competition
Wedding, celebration, anniversaries, parties, rallies, village get together, age grade reunions, burial ceremonies, are all potential market for party planners. The business is highly competitive and customer satisfaction is the best marketing strategy. Always have your complimentary card and contact point handy.
            Material/Machinery
Coolers, plates, cups, cutlery, Gen set, flowers, balloons, fancy fabrics e.g. satin.
Source of Material: it's sourced from the open market.
             Cost/Profit Estimates
Material cost 4 coolers (medium N20,000.00(5,000*4)
Plates, cups, cutlery  N25, 000.00
Flowers, balloons     N2,500.00
Cooking utensils    N20,000.00
Fancy fabrics and backdrop N40,000.00
Total= N107,500.00
 Input                              Cost
Pre-Operational cost,  15,000.00
Machine/materials.      107,500.00
Working capital.            50,000.00
Total   N171,500
An average planner aims to make 30-50% of the total contract sum from the deal. She is able to achieve this because she already by as most of the materials on ground and hires or buys the one she does not have. Most middle class parties fall between  N20, 000.00-N100,000.00 in the village and N100,000.00-N300,000.00 in towns.
Management
Planners always require extra hands in the execution of the contracts. They sometimes contract other as subcontractors.
Training
No specialized training skill required, but a detailed understudy of the party planning and catering knowledge as experience could make a difference.

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