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YOUnique Events
3012 4th Avenue South, Birmingham, AL 35233
Owned by Mary Hampton Morrison & Kristin Brown
Table of Contents
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Business Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Business Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Business Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Strategic Relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
S.W.O.T. Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Creative Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Materials & Start-up costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Administrative Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Location . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Legal structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Organizational structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Marketing Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Research & Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Birmingham Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Price Comparison . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Target Clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Marketing Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Marketing Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Earned Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Word-of-Mouth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Referrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Social Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Tradeshows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Corporate Social Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Business Associations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Marketing Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Pro Forma Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Cash to be Paid Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Sources of Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Three-year projections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Supporting Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Executive Summary
Executive Summary
Summary
YOUnique Events is a high quality event rental company located in downtown Birmingham. The company will feature a wide range of rental items to meet the needs of any wedding, social, or corporate event from small to large attendance, while offering dedication to creativity, quality, and value. Remaining a reasonably small and local company will allow YOUnique to give our customers undivided attention to detail as every customer’s needs is unique, special, and important. Being both a rental and event planning company will enable customers the unique advantage of personalizing the services they desire. Instead of clients being overcharged for services they do not need, our clients will save money and our business will save time and resources. YOUnique Events plans to open in January 2013.
Market Opportunity
Event planning has a significant presence in Birmingham from large to niche markets, varying in event size. While there is established competition in the area, there are no companies providing specialized event consultation and rental services. YOUnique Events will outshine competitors by being a ‘one-stop shop’ where customers will be able to plan their event with our highly qualified staff’s assistance and rent quality materials required to carry out their tailored event.
Funding Requirements
To start the company, YOUnique Events will require a $350,000 bank loan to account for both fixed and variable expenses such as purchase rental materials, rental property, startup costs, and bills. The loan will be set up as a 25-year term with semi-annual payments of $13,689.
Mission
YOUnique Events’ mission is to be Birmingham’s leading high-end rental and event planning company for events of all sizes. Our primary goal is to provide unprecedented service throughout your planning process, managing the small details to the big picture.
Personnel
YOUnique Events will be a small business consisting of two partners, and total of eight employees. The Creative group will have five members and the Delivery crew will have three members, with an additional three added from April to October due to seasonal event influx.
Financial Projections
For the first three years, profits for YOUnique Events will total $1,375,000. The bottom line will show a deficit of $295,100, but will decrease over time. As previously mentioned, a $350,000 loan will be taken from the bank to cover start-up costs and other business expenses. The total operating expenses for the first three years will total $804,100.
Business
Summary
Business Summary
Business Overview:
YOUnique Events is envisioned as a high quality event rental company. Weddings, corporate events, anniversaries, and other social gatherings are conducted daily with our society’s desire to interact and entertain. In this current economic condition, having high quality décor and services at these parties isn’t always a viable option. YOUnique Events will offer dedication to creativity, quality, and value. The company will feature a wide range of rental items to meet the needs of any wedding, social, or corporate event from small to large attendance. Remaining a reasonably small and local company will allow YOUnique to give our customers undivided attention to detail as every customer’s needs is unique, special, and important. Our highly experienced staff will assist with the selection of the perfect mix of elements to make each event a success.
The company’s competitive advantage is to be both a rental and event planning company that enables the customer to personalize the services they desire. Instead of clients being overcharged for services they do not need, our clients will save money and our business will save time and resources. YOUnique Events will be located in downtown Birmingham and will offer services to Birmingham and nearby cities. By keeping our radius of service fairly local, personal relationships can be formed and maintained with our clients and will allow us to better serve their personalized needs.
Our goal is to stay geographically anchored while moderately growing in our client base. As far as communication strategies, our company will utilize online and social media vehicles as key components of clientele growth. The company will also advertise using local events and publications.
Mission:
To be Birmingham’s leading high-end rental and event planning company for events of all sizes. Our primary goal is to provide unprecedented service throughout your planning process, managing the small details to the big picture.
Business Model:
Start-Up:
Initial costs to the business will be a one time purchase of high quantity, high quality materials necessary to host unique events. While purchasing the various materials will initially be extremely costly, rentals will eventually cover and exceed the costs. Our financial strategy is long term rather than short term, and once the initial costs are covered, profits will quickly increase.
Competitive Advantage:
Our company will offer only high end products as well as highly trained event planning staff assistance at an affordable, competitive rate in the area. Staff teams which are specialized according to event size will work personally with clients to ensure their individual questions and needs are addressed. The client may pick and choose various services to design a specialized package. By keeping our company small and local, YOUnique Events will make each client feel like they are a priority. If our company does not offer any services or products that the client desires, we will assist the client in attaining these resources.
Communication Strategies:
A website will be created that is easy to navigate with a ‘build a table’ option where prospective clients can visualize different, available options provided through our services. Special promotions will be given for larger events and attendants. Promotions will also be given for referrals, to build our client numbers through word of mouth. Advertising will be done with appropriate trade publications, primarily local, and local events. Social media and online contests will generate awareness and online community, as well as generate prospective client leads in a cost-free manner. The online vehicles will allow our company to offer customer service to our clients.
Strategy:
Our strategy will rely on building and maintaining three basic components: strong relationships within company staff, strong relationships within the local community and clientele, and flexible creativity. Having a fairly small company with few employees will require close-knit relationships. The more smoothly each member works together and brainstorms ideas off one another, the more efficient, smooth, and successful our company may grow and prosper. Finding cohesive personalities who work well with others and have a heart to serve will be important when the company begins hiring employees as well as personality matching when the company pairs off employees for consulting larger events. The atmosphere at YOUnique Events will be informal to promote creativity, flexibility, and brainstorming/feedback. Our company believes keeping employees happy and satisfied is one of the first and primary steps to having a successful business.
Another perk for running a small business is the strong relationships we will be able to obtain and grow with the local community and clientele. Starting off, pleasing each client and meeting their personal and unique needs in a timely, friendly, efficient, and creative manner will be key to not only retain clients, but also to increase positive feedback, word of mouth, and eventually new clients. Building a strong relationship in the local community may increase business or corporate event planning for YOUnique Events, as well as increase referrals from community members to grow clientele. Keeping the local community satisfied as well as keeping clients happy with YOUnique Events’ service, quality, and final product is a crucial component to having a successful small business.
The third primary component of YOUnique Events’ strategy is to provide creative services within a flexible environment. Each event should be unique and tailored to the wants and needs of the client. Offering flexibility and various options to all clients based on their event size, purpose, location, and style will make each event one to remember and keep clients coming back for business. In addition, having a flexible plan for events including unexpected weather changes, unexpected guest attendee changes, etc., will also be important to clients as they will be able to trust the company and its performance and flexibility.
Strategic Relationships:
In a small business, building and maintaining relationships is a huge component of success. YOUnique Events plans to build strong relationships with local and national wholesalers and suppliers before the company even launches. This is necessary to grow our inventory and specialty items at the cheapest cost possible. This relationship will be important to maintain, as well, as newer inventory items will need to be purchased periodically as well as replacement items or specialty items for a specific clients’ requests.
Another integral relationship to obtain is with related local wedding and event industries, such as event venues, catering companies, and florists who may not want to take larger events themselves. Since the company will be small, having representation through word of mouth through trusted companies and venues will be a potentially major area for YOUnique Events clientele growth.
We also want to create a strong, working relationship with Birmingham media. Since a large portion of our marketing plan relies on earned media, these relationships will be vital to our success in building awareness.
As mentioned before, keeping clients pleased with the company and its work will be crucial for their further use of YOUnique Events. Keeping this strategic relationship healthy will also increase their word of mouth, etc. promotion of the business to others. Offering returning customers and previous customers discounts for referrals will be a strategic way to increase awareness and new business for the company.
Finally, relationships with local media will be a key strategic venue for future company growth. Local Birmingham magazines, such as About Town, The Buzz, and In Birmingham, offer various photos, articles, and promotional pieces about local events (so the company’s work could be featured) and local companies (so the company can be featured and advertised directly). In addition, having smaller, more in-depth publications feature the company would be helpful to spread word of the company’s existence, purpose, and work examples. Keeping a buzz on social media and emails about the company from current and past users as well as employees will also heighten the chances for the company’s growth and further success.
S.W.O.T. Analysis
Strengths
• We offer fresh perspectives as young professionals.
• Our staff teams specialized according to event size will work personally with clients to ensure their individual questions and needs are addressed. Each team will be experts dealing with specific sized events, ensuring that the customer gets customized assistance.
• High end products at an affordable rate to rent.
• By keeping the company small and local, YOUnique Events will remain focused on the clients and events.
• A trend during the recession has been for event rental companies to team up with planners and caterers to lower prices. Because YOUnique Events has already combined these three elements (renting, planning and catering) we will have a competitive advantage. – IBIS World
Weaknesses
• There will be large initial overhead to get to company started.
• We do not have a name in Birmingham yet.
Opportunities
• To be the client’s one stop shop for their entire event needs.
• YOUnique Events’ niche is to cater to your entire event needs. It is not an equipment rental, audio-visual rental, or party (i.e., slip ‘n slides, jumpers, etc.) rental.
• Our high-end products will give YOUnique Events a name of good quality.
• Become a member of American Rental Association (ARA).
• Often in parties, especially wedding receptions, the host(s) gives favors to the attendees. Having an in-house selection of possible favors may be an opportunity to consider in the future.
• The equipment rental industry’s forecasted revenue growth in 2012 is more than three times the 2% growth in gross domestic product (GDP) forecast for the United States in 2012.
Threats
• Established competition in the Birmingham area.
Creative
Services
Creative Services
Pricing
Purchases, wages, depreciation (usually after 3 years), and utilities are all expenses. Other expenses include insurance, advertising, rent and administrative expenses.
Personalized service packages will be created to accommodate client’s budget, preference, and event size. Prices will be based on extensiveness of the event’s required products and services. As a general rule, clients will be charged $25/hour for consultations.
The services will include:
Staff assistance to provide rental advice for clients
Equipment transportation
Rental set up/disassembly
Event supervision
The products available for rent will include:
Tents
Tent Accessories
Tables
Chairs
Linens
Flatware
Glassware
China
Flooring
Centerpieces
Distribution
Due to the nature of the industry, product distribution will be limited. YOUnique Events will transport event equipment via purchased moving trucks.
Materials & Start-up Costs:
Office furniture: $1,500
Desks (2): $600
Chairs (6): $500
Filing Cabinets (2): $400
Computers & Accessories: $8,400
Mac Book laptops (4): $6,800
Accessories (ink, paper, etc.): $500
Software (build a table, Microsoft Office, etc.): $1,000
Printer/Scanner (1): $100
Office Supplies: $950
Phone (2): $150
Envelopes: $100
Stamps: $100
Letterhead: $200
Business cards: $100
Easels & Canvases (6): $300
Décor (most décor will be the products available for rent): $575
Lighting (8): $500
Plants: $75
Miscellaneous and Part-time employee pay: $2,000
Overhead: $267,190
Birmingham business license: $50
Insurance: $8,000/year
ADT Security system: $420/year ($35/month)
Showroom/Warehouse rental: $51,870/year
Utilities/Internet: $3,600/year ($300/month)
Water: $600/year ($50/month)
Legal set-up: $1,500 ($100/per hour, estimated 15 hours)
Accounting set-up: $750 ($50/per hour, estimated 15 hours)
Employee’s salaries/benefits:
$28,000 x 5 = $140,000
~approximately 20 regular hours per week ($10 per hour) x 3 = $27,000/ yr
~approximately 10 overtime hours per week ($15 per hour) x 3 = $23,400/yr
Moving Trucks/Fuel = $10,000
Rental Products: $29,385
(This amount will be used to purchase the Rental Products described above.)
Grand Total: $ 310,000
Inventory
YOUnique Events will have a showroom consisting of small samples for the client to choose from and a warehouse to house the remaining inventory. Although this will be an additional cost, it is necessary.
Administrative
Plan
Administrative Plan
Location
YOUnique Events will be located in downtown Birmingham on 3012 4th Avenue South. This location provides maximum exposure and convenience to our target market. It costs $51,870/year to rent.
Legal structure
The company will be set up as a partnership. This will enable us to minimize costs in comparison to becoming a LLC. It also is the easiest business to set up and to turn profits.
Organizational structure
YOUnique Events is a small company with few employees to stay on a local, one-on-one level with our clients. The company will consist of two partners, Mary Hampton Morrison and Kristin Brown, and employees will be hired and grouped based on two categories: The Creative and The Helpers.
The Partners/Management:
In addition to overseeing projects and checking in on events carried out by employees of the company, Mary Hampton will handle day-to-day Human Resources and handle Media Relations, such as prepare News Releases and Crisis Management. Kristin will also oversee projects and check in on special events carried out by YOUnique Events employees as well as handle Social Media for the company, keep the books, and handle daily bills (incoming and outsourced), money collection from clients, and employee payroll. Taxes and any unforeseen legal issues will be outsourced as needed.
The Creative Group:
Upon startup, there will be five employees of YOUnique events in charge of planning, creating, organizing, and executing events for clients. They will be responsible for meeting with clients (and keeping up with the times they meet for cost purposes), providing unique solutions and options for event setup, planning a cost-efficient event that pleases the client, and handling day-to-day problems that occur with the events. For bigger events, Mary Hampton and Kristin, along with the Creative Group team member, may create teams to maximize efficiency and keep clients satisfied, or may assist the employee themselves. This group will be paid $28,000 salary per year with health benefits with potential for pay increases based on performance.
One member of the Creative Group, one that shows exceptional leadership and management skills, will be hired as The Creative Group team leader. This person will be in charge of small, day-to-day management tasks and issues that develop and can be handled quickly. This person will also handle delegation of new clients to the creative group members, when applicable. The Creative Group team leader will meet with the partners every morning to briefly discuss current projects and events as well as act as a liaison between clients and the partners as well as employees and the partners. When needed, the Creative Group team leader will also assist the partners with any book-keeping, financial, social media, media relations, etc. needs.
The Delivery Crew:
Three employees will be hired for physical labor jobs including keeping the show room clean and arranged up-to-date, moving supplies to and from the warehouse and the events itself, working with the Creative employees and upper management to arrange equipment as designed for each specific event. These employees may also be called upon to help with day-to-day maintenance issues in the warehouse or showroom locations. This group will be paid $10 per hour on regular business days (Monday through Friday) and time and a half ($15 per hour) on weekends. This group will receive health benefits.
Due to the seasonality of the party event rental industry, the majority of the industry’s revenue is produced between April and October. The most popular time to rent supplies is during the warmer spring and summer months (aka ‘wedding season’). According to the Society of American Florists, 35% of weddings take place during the summer, and 29% of weddings occur during the spring. Spring and summer are also popular seasons for reunions, themed parties and graduation parties, etc. For this reason, YOUnique Events will hire three additional employees part-time between the months of April and October. These employees will ideally be students as these positions will be paid hourly and will not offer any health benefits.
Personnel
As explained previously, the creators of the company—Mary Hampton and Kristin, have filled the two upper management/partner positions. Their backgrounds have prepared them for the majority of these roles and certain tasks will always be a learning experience as new entrepreneurs.
When hiring the Creative Group, certain qualifications will stand out. These employees will need to have significant experience or education in design or advertising, and be proficient in the Adobe Creative Suite and company’s current software. Personalities for this position will need to be outgoing, positive, upbeat, and understanding, as they will have to work well with clients and other employees. They will also need to work well under pressure and handle last-minute changes quickly and positively. With so few employees, this group will often be the ‘face’ of the company and will be a large determinant of the company’s success or failure.
The Creative Group team leader will need to possess the same qualities as the Creative Group, but will also need to be exceptionally organized and well-versed. This person will need to work well with others, be a great listener and delegator, have problem-solving skills, and management skills. This job may include stressful situations, so being able to work through these situations with a positive attitude and company morale will be key to the working environment of the company.
When hiring the Delivery crew, certain important qualifications will be required. These employees will need to be able to drive a large truck, lift items of various sizes, and have a great eye for detail. These workers will need to be flexible with their time and patient, as they may have to move items around at events to accommodate clients’ needs and preferences. They will also need to be flexible with their hours, as they may be required to work many weekends, as most events are held on weekends. Paying attention to detail and desiring perfection will be important for the pristine look of the equipment at the event (i.e. chairs lined straightly and uniformly) as well as for the optimal condition of the equipment with extended moves and uses. Having a positive personality is important for these employees as they will often undergo strenuous and stressful situations and will need to make the event setups and breakdowns a positive experience for the client.
Marketing Strategy
Marketing Strategy
After conducting research, the following information was observed about competitors and appropriate marketing strategies and tactics were selected to create awareness of YOUnique Events in a cost-efficient manner. Goals were set that are specific, concrete, and measurable.
Marketing Overview
The marketing plan for YOUnique Events will largely depend on earned media. This will enable the company to save money on advertising, while still building awareness for the company. We will generate publicity through press releases, news releases, and feature stories and by hosting special events. The company will also rely heavily on word-of-mouth and referrals. Additionally, YOUnique Events will use social media as a platform for customer service, event photos, and promotions.
Research & Analysis
Research & Analysis
Birmingham Competition:
Birmingham competition includes Alabama Wedding and Event Professionals, Alabama Bridal, Aabco Rental, and Huff Rental. These companies offer a variety of services, including hardware and equipment rental (i.e. jumpers, slip in’ slides). Though sizes vary, Birmingham competition is larger than YOUnique Events staff, which allows more one-on-one communication between our company and the clients.
Price Comparison:
Due to the recession, individuals are hosting fewer parties and toning down the parties they do host, resulting is less demand and forcing party rental companies to lower prices. Prior to the recession however, companies experienced growth. After late 2010, the industry has begun to slowly recover due to a rise in demand, disposable income and consumer confidence.
Small party rental businesses that were not able to cope during the recession closed shop. However, larger businesses gained during the hard economic time through acquisitions and mergers. The party rental industry is expected to continue to recover and grow until 2016. With YOUnique Events entering the market at an ideal time, we will be able to offer competitive prices within the Birmingham area. Discounts for returning clients and previous client referrals will also provide an advantage.
Target Clients:
Target clients will include individuals, companies, associations, and organizations in the Greater Birmingham area seeking to host an event. Some possible examples of target clients include: High school reunions, wedding and pre-wedding events, nonprofit galas, etc.
Trends:
• According to IBIS World, wedding rentals (34.8%) are the largest portion of “party supply rental” industry’s product segmentation, followed by corporate event rentals (31.3%), other event rentals (18.7%), and birthday rentals (15.2%).
• IBISWorld forecasts that revenue will increase at an average rate of 2.7% annually through 2016 to total $2.7 billion
• A client can spend 15 to 30 percent of their budget on tables, chairs, tents and other rental items. According to , the average wedding today costs about $28,000. That translates to about $4,200 to $8,400 in basic rental costs.
• The Southeast region has the greatest concentration of industry establishments, estimated at 31.9% of the total in 2011.
• The Southeast is the most populated region of the United States. Because of the high frequency of households, there is also a high demand for rental supplies.
• The majority of companies (72.6%) in the Party Supply Rental industry operate with fewer than nine employees. With the exception of the industry’s two largest companies, most businesses operate on a small scale, serving a local region. During the next five years, IBISWorld expects the larger players to grow and smaller players to emerge as stronger competitors.
• According to IBISWorld, “Demand for party supply rental companies depends on general economic factors such as per capita disposable income, the unemployment rate, consumer sentiment and corporate profit.”
Marketing Goals
The most important goal for our new company is to increase brand awareness. Marketing online using social media and utilizing referrals and past clients will be the way our company’s approach to selling.
Within the first month, we plan to:
• Generate three news stories to be picked up by the media announcing YOUnique Events grand opening and services offered.
• Confirm three events and have employees working with these clients.
Within the first six months, we plan to:
• Host an event welcoming past clients and future clients to meet the staff and browse through the showroom/inventory.
• Develop working relationships with strategic partners to generate additional business.
• Confirm twenty events and have employees working with these clients.
Marketing Plan
Marketing Plan
Earned Media
Our earned media will consist of news releases, press releases, feature stories, and special events. This will be a cost efficient way to build brand awareness using our strategic relationship with Birmingham media. The special events will be an easy way to further interact with our clientele and build credibility.
Word-of-Mouth
Keeping clients satisfied and providing unparalleled service will propel word of mouth communication about our company. Since we are a start-up company, this will be very important in the beginning stages, as most potential clients trust the advice of friends and acquaintances.
Referrals
Our professionalism and excellent customer service will increase referrals. In addition, a discount will be offered to previous clientele who successfully refer new clients.
Social Media
YOUnique Events will be active on several Social Media sites including Facebook, LinkedIn, and Twitter. A company blog will also be created to share photos and quick stories following client events. LinkedIn will serve as the company’s professional connection and Twitter will primarily provide short newsblasts about our company and new clientele. As previously mentioned, Facebook will provide a platform for customer service, discussions, promotions, and event photos.
Tradeshows
To attract new business for the wedding sector of our industry, it is important to have a presence at Bridal Trade Shows. Birmingham hosts several such trade shows per year, so this will be used as a way to build brand awareness and generate new business.
Corporate Social Responsibility
Bi-annually, YOUnique will close its office for one day for a day of community service in the Birmingham area. Additionally, the company will partner with a local charity to host a fundraising event.
Business Associations
YOUnique Events will join appropriate business associations such as the Birmingham Business Alliance and American Rental Association to gain respect, keep up with local and national trends, and build awareness.
Marketing Evaluation
Marketing Evaluation
Evaluation of the marketing strategy based on our goals will be important to measure our strengths and weaknesses. This will also show which areas need the greatest improvement and how to further develop our brand’s awareness.
To evaluate our success, we plan to:
• Calculate the monetary worth of earned media (Cost Per Point, Cost Per Million).
• Evaluate word of mouth, referrals, and trade show success by asking clients how they learned about YOUnique Events.
• Evaluate Social Media by number of Interactions and Followers/Friends/Connections on Twitter, Facebook, and LinkedIn respectively. The company blog will be evaluated by the number of followers and interactions.
• Additional evaluation will be sent in conjunction with a ‘Thank you’ email upon completion of an event. The email will contain a link to a Survey Monkey online survey with questions regarding the company’s service, products, and performance.
Pro Forma Statements
Pro Forma Statement
Cash to be Paid Out
Business Name: YOUnique Events
Time Period: January 1, 2013 to December 31, 2013
1. Start-Up Costs: $12,300
Business License $50
Corporation Filing N/A
Legal Fees $1,500
Other Start-Up Costs:
a. Accounting Setup $750
b. Moving Truck/Fuel $10,000
2. Inventory Purchases $29, 385
Product Rental Equipment $29,385
3. Variable Expenses (Selling) $500
Advertising/Marketing $0
Special Events $500
4. Fixed Expenses (Administrative) $254,890
Insurance $8,000
Security $420
Office Salaries $190,400
Rent Expenses $51,870
Utilities /Water $4,200
5. Assets (Long-Term Purchases) $0
6. Liabilities $27,379
7. Owner Equity $0
Total Cash to Be Paid Out $549,600
Pro Forma Statement
Sources of Cash
Business Name: YOUnique Events
Time Period: January 1, 2013 to December 31, 2013
1. Cash on Hand: $40,000
2. Sales (Revenues)
Sales $100,000
Service Income $30,000
Deposits on Sales or Services $0
Collections on Accounts Receivable $4,000
3. Miscellaneous Income
Interest Income $400
Payments to be Received on Loans $0
4. Sale of Long-Term Assets $0
5. Liabilities
Annual Payment to Bank ($350,000 total) $27,375
6. Equity
Owner Investments (Partnership) $15,000
Contributed Capital (Corporation) N/A
Sale of Stock (Corporation) N/A
Venture Capital $18,000
A. Without Product Sales = $438,000
Total Cash Available B. With Product Sales = $538,000
Pro Forma Statement
Three-year projections
Time Period: January 1, 2013 to December 31, 2013
|YOUnique Events |Year 1 2013 |Year 2 2014 |Year 3 2015 |Three-Year Total |
|INCOME | | | | |
| |$400,000 |$450,000 |$525,000 |$1,375,000 |
|1. Sales Revenues |$250,000 |$290,000 |$330,000 |$870,000 |
| | | | | |
|2. Cost of Goods Sold | | | | |
| | | | | |
| | | | | |
| | | | | |
|3. GROSS PROFIT ON SALES (1-2) |$150,000 |$160,000 |$195,000 |$505,000 |
|EXPENSES | | | | |
| |$500 |$2,750 |$6,000 |$9,250 |
|1. VAIRABLE (Selling) (a & b) |$0 |$2,000 |$5,000 |$7,000 |
| |$500 |$750 |$1,000 |$2,250 |
|a. Advertising/Marketing | | | | |
| |$254,890 |$264,820 |$275,140 |$794,850 |
|b. Special Events |$8,000 |$8,200 |$8,400 |$24,600 |
| |$420 |$450 |$470 |$1,340 |
| |$190,400 |$200,000 |$210,000 |$600,400 |
| |$51,870 |$51,870 |$51,870 |$155,610 |
|2. FIXED (Admin.) (a-e) |$4,200 |$4,300 |$4,400 |$12,900 |
| | | | | |
|a. Insurance |$255,390 |$267,570 |$281,140 |$804,100 |
| | | | | |
|b. Security | | | | |
| | | | | |
|c. Office Salaries | | | | |
| | | | | |
|d. Rent Expenses | | | | |
| | | | | |
|e. Utilities/Water | | | | |
| | | | | |
| | | | | |
| | | | | |
|TOTL OPERATING EXPENSES (1+2) | | | | |
| | | | | |
|NET INCOME OPERATIONS (GPr-Exp) |-$105,390 |-$107,570 |-$86,140 |-$299,100 |
|OTHER INCOME (Interest Income) |$1,000 |$1,200 |$84,340 |$4,000 |
|OTHER INCOME (Interest Expense) |$0 |$0 |$0 |$0 |
|NET PROFIT (LOSS) BEFORE TAXES |-$104,390 |-$106,370 |-$84,340 |-$295,100 |
|TAXES 1.Federal, S-Emp. |$23,000 |$26,000 |$30,000 |$79,000 |
| |$4,300 |$4,600 |$5,000 |$13,900 |
|2. State | | | | |
| | | | | |
|NET PROFIT (LOSS) AFTER TAXES |-$77,090 |-$75,770 |-$49,340 |-$202,200 |
Supporting Documents
FOR IMMEDIATE RELEASE CONTACT: Mary H. Morrison
YOUnique Events, Partner
Morrison@
205.342.7148
EVENT RENATL COMPANY MOVES TO DOWNTOWN BIRMINGHAM
BIRMINGHAM, Ala. – April 26, 2012— YOUnique Events, a high-end event rental company, will open in January 2013, in downtown Birmingham. The company will feature a wide range of rental items to meet the needs of any wedding, social, or corporate event from small to large attendance, while offering dedication to creativity, quality, and value.
The company’s two partners are Kristin Brown from Cullman, Ala., and Mary Hampton Morrison from Yazoo City, Mississippi. The pair met while in graduate school at the University of Alabama where they developed the idea for the business.
“I am thrilled about this opportunity,” said Brown. She added that the company will not only offer event rental, but event planning as well. “YOUnique Events will be a ‘one-stop shop’ where customers will be able to plan their event with our highly qualified staff’s assistance and rent quality materials for their tailored event. We saw a need in Birmingham for a company like this, and we are excited to open. ”
YOUnique Events’ services will include: staff assistance to provide rental advice for clients, equipment transportation, rental set up/disassembly, and event supervision. The company will offer a wide variety of rental products including: tents, tent accessories, tables, chairs, linens, flatware, glassware, china, flooring, and centerpieces.
Morrison said, “Our products and services will really distinguish us. When our customer’s come to us with a vision, it is our job to see that through. By working hand-in-hand with them every step if the way we will be able to make their vision come to life.”
YOUnique Events will be open Monday through Friday from 9:00 am to 5:00 pm.
The grand opening will be held on January 4, 2013, at YOUnique Events. The company is located at 3012 4th Avenue South, Birmingham, AL 35233.
###
YOUnique Events
3012 4th Avenue South
Birmingham, Alabama 35233
April 26, 2012
Recipient Name
Company Name (Optional)
Address Line 1
Address Line 2
Dear Recipient Name,
Thank you for choosing YOUnique Events for your recent event. We consider your business valuable and hope to hear your feedback and excitement of your recent event success with our company.
We are pleased to be able to provide you with the high quality rental products offered by YOUnique Events as well as the one-on-one service and consultation. Having strong Birmingham roots with a small staff has given us the opportunity to work on personalization with our clients and meeting each need for our valued clientele.
We value the comments of our customers and hope our services are remembered for your next event. Furthermore, we would like to offer you a discount for your future business with our company, as well as for successful clientele referrals. Just mention this to your personal Creative group consultant when you return. Your business and approval matter greatly to our company and we look forward to the opportunity to work with you in developing unique party and event environments in the future.
Kindest Regards,
Kristin Brown and Mary Hampton Morrison
Co-Founders and Partners
YOUnique Events
RENTAL CONTRACT
Terms & Conditions
NAME (please print) / __________________________
ORDER NUMBER / ___________________________
DATE OF EVENT / _____________________________
YOUnique Events & Staffing hereby agrees to lease to Client the equipment described on the face of this agreement or in attached schedules in accordance with the following agreement:
1. DELIVERY/PICK UP. Delivery service is available on most orders. All fees are based on tailgate delivery per truck and charged by geographic location. Additional delivery charges may occur with rental orders requiring more than one delivery and/ or truck. Responsibility for equipment remains with the client from the time of delivery to the time of pick up. If client is not available upon delivery, it is assumed that the items were delivered correctly and therefore client is responsible for all missing items. Delivery and pick-up times are subject to change without notice. Delivery and pick-up dates and times are not guaranteed.
2. CLEANING. China, Glassware, and Flatware must be returned free of debris and repacked properly in the crates and/or racks provided or additional charges will be assessed.
3. LINENS. DO NOT ROLL UP OR PLACE WET LINENS IN ANY PLASTIC BAG. Mildew may result.
Damage such as mildew, burns or tears will be billed to the client the cost of the linen and keep same as though it were a sale. Return all linens dry and free of waste.
4. DAMAGE WAIVER. For security against damaged items, a non-refundable damage waiver of 8% will be added to all rental orders. THE CLIENT UNDERSTANDS THAT THE DAMAGE WAIVER IS NOT INSURANCE. The Client may decline Damaged Waiver charge by making a cash deposit equal to full value of equipment. Damage Waiver does not cover theft or vandalism.
5. TENT RENTAL.
I. Client agrees to release YOUnique Events of liability caused by damage to any property during tent installation and/or strike. Damages to property include, but not limited to, water lines, gas lines, irrigation lines, grass, shrubs, flowers, scratches or cracks on the installed surface.
II. Water barrel installation is offered but is not a preferred form of securing a tent. YOUnique Events has the right to deny this type of tent installation. Asphalt installation is a routine operation requiring that we drive iron stakes approximately 3 feet through the surface.
III. No tents are guaranteed to be absolutely waterproof, and are to be considered temporary shade structures.
IV. Client assumes all weather related risks involved in holding an outdoor tented event. YOUnique Events will endeavor to minimize said risk, however, should the tenting become unusable due to high wind, snow, rain, flooding, extreme cold or heat, or any other factor beyond YOUnique Events’ control, Client shall still be liable for payment in full.
V. Tents are temporary structures designed to handle most normal weather conditions; however, there may be situations that become unsafe such as high winds or lightning. Evacuation of tents is recommended in these or other unsafe conditions.
VI. Client agrees that in the event of a predicted or actual storm or excessive winds, YOUnique Events may dismantle any equipment that has been previously installed to ensure safety of all involved.
VII. Client agrees to have the chosen tent site to be free and clear of all obstacles, natural and man-made, prior to the arrival of YOUnique Events’ tent installation crew.
VIII. Client also agrees to have all tents clear and free of obstacles, décor, furniture, etc. prior to the arrival of YOUnique Events’ tent striking crew. Failure to have tent site ready for strike may result in delayed pick-up and/or additional labor charges.
6. INDEMNIFICATION & DEFENSE. Client assumes liability for, and shall indemnify, defend and hold harmless YOUnique Events, its agents, employees, officers, and assigns from and against, any and all liabilities, obligations, losses, demands, damages, injuries (including, but not limited to, bodily injury, illness and death), claims, penalties, suits, actions, costs, and expenses, including attorneys fee, of whatsoever kind and nature, relating to or arising out of the use, condition (including YOUnique Events), operation ownership, selection, delivery, leasing, or return of equipment, regardless of wear, how, and by whom operated, or any failure on the part of client to perform or comply with the condition of this lease.
Without limiting the generality of forgoing, client shall, at its own cost and expense, defend YOUnique Events against all claims, suits or proceedings commenced by anyone in which YOUnique Events is named as a party for which YOUnique Events is alleged to be liable or responsible as a result of or arising out of the equipment, or any alleged act or omission by YOUnique Events, and client shall be liable and responsible for all costs, expenses, and attorney’s fees incurred in the defense and/or settlement, judgment, or other resolution thereof. In the event any such is commenced naming YOUnique Events as a party. YOUnique Events may, in it’s sole discretion, elect to defend said action on its own behalf with counsel of its choice, and client shall be liable for and reimburse client for all costs, expenses, and attorneys fees incurred by YOUnique Events in such defense.
7. ADDITIONAL CHARGES. Additional charges may apply if: (1)The site is not ready or accessible when the crew arrives. (2) Rented equipment is not ready for prearranged pick-up. (3) Delivery or pick-up is from any location other than that agreed. (4) Customer requires deliveries or pickups before or after normal business hours. (5) Site requires custom tent installation.
8. REFUNDS. Once equipment is accepted for delivery we cannot refund any portion.
I HAVE READ AND AGREE TO THE ABOVE TERMS & CONDITIONS AND ACKNOWLEDGE RECEIPT.
THIS CONTRACT IS VALID FOR ALL RENTALS PURCHASED BY THIS CLIENT.
CLIENT SIGNATURE / ____________________________________
DATE / ___________________
GENERAL INFORMATION FOR NEW BUSINESSES
The City of Birmingham has authority through State law to license all businesses conducting trade or performing services within its city limits. The license year is based on a calendar year--January 1st through December 31st. ALL licenses (except transient or temporary event licenses) expire December 31st of each year, regardless of the date purchased.
Applications for new business licenses are taken daily between the hours of 8:00 a.m. and 4:45 p.m. at the office of the Tax and License (Revenue) Administration Division, First Floor, City Hall (Room TL-100), 710 North 20th Street, Birmingham, AL 35203. You may also download an “Application for Tax Certificate” (ATC) form. For a list of documents required to process a new business license application, please see Supplemental Documentation Checklist.
Office Phone Number: (205) 254-2198
Fax Number: (205) 254-2963
When permitted by the Business License Code (Ordinance 97-183 as amended), new business licenses are prorated by quarter-year increments. Alcoholic Beverage license fees, however, are NOT prorated. When based on gross receipts or gross revenues, your license will be annualized after the first ninety (90) days of operations, based on the amount of gross receipts generated during your first ninety (90) days, as attested to in a sworn affidavit. Renewal of your license for the second year of operation must also be calculated on an annualized figure, representative of 12 months of gross receipts.
BUSINESS LICENSE DUE DATES: All license renewals become DUE ANNUALLY ON JANUARY 1ST, and become delinquent as follows:
General Licenses: Delinquent after February 15th
Alcoholic Beverages: Delinquent after January 15th
Insurance Companies: Delinquent after March 4th
Applicable penalties will be assessed for late payment. (See also Due Dates, Penalties, Interest) If business operations have been discontinued as of January 1st, it is the responsibility of the taxpayer to notify the Tax and License Administration Division in writing of the cessation of the business operations in the City. Additionally, taxpayers are responsible for providing written notification of any change of address, business structure or organization, and/or ownership.
ALCOHOLIC BEVERAGE LICENSES: Applications for the retail sale or distribution of alcoholic beverages in a public location within the city limits are processed by the Tax and License Administration Division. Applications are taken by appointment only. Call (205) 254-2198 for information and/or an appointment. Alcoholic beverage licenses are not assignable. Contact the Tax and License Administration Division at (205) 254-2198, or the Alabama ABC Board Field Enforcement Office at (205) 942-7955 prior to purchasing a business which holds a valid ABC license. Please see Alcoholic Beverage Licenses for more information.
DANCE / POOL TABLE LICENSES: Applications for Division I and Division II Dance Hall licenses and for the operation of pool tables (coin-operated and/or standard) are taken by the Tax and License Administration Division by appointment only. Please call (205)254-2198 to make an appointment. Division I Dance Hall provides for patron dancing only. Division II Dance Hall is classified as an “ADULT ESTABLISHMENT” and covers all forms of entertainment dancing, exhibitions and/or performances, as defined by Ordinance No. 97-183, as amended.
DANCERS/PERFORMERS (Division IV Dancing) IN AN ESTABLISHMENT SERVING ALCOHOL must obtain the proper Police Department permit and a valid business license (Division IV Dancing) before dancing or performing. The establishment in which the applicant will dance or perform must be a licensed Division II adult establishment. Contact Officer Fred Patterson at (205) 254-6416, or the Tax and License Administration Division at (205) 254-2198 for more information.
TRANSIENT DEALERS - SPECIAL EVENTS: Transient Dealers are considered to be all persons, partnerships, associations, corporations, or any other type of business, both principals and agents, whether a resident of the City of Birmingham or not, who engage or conduct in this City either in one locality or in traveling from place to place, temporary shows, (including but not limited to, trade shows, festivals, fairs, arts and crafts shows, home shows, boat shows, gun shows), a temporary/seasonal business, a temporary or transient business of selling, or soliciting orders for the sale of goods, wares, or merchandise with the intention of continuing in said business in said City for
a period of not more than 180 days, and who rent, lease, use, occupy, either in whole or in part, for the purpose of carrying on such business use, any room (including public rooms or space in hotels or motels), building, area within the Birmingham-Jefferson Civic Center or other publicly or privately owned building, any lot or parcel of land, any motor vehicle including trucks and semi-trailers, tent, booth, stand or other approved structures within the City, for the exhibition and sale of such goods, wares and merchandise.
All transient dealers are required to be licensed pursuant to the provisions of Section 2, Ordinance No. 97-183. See Transient Dealers - Special Events for licensing requirements and additional information.
PEDDLERS & STREET VENDORS: No peddlers or street vendors (including ticket scalpers) are permitted to operate within the City without a current, valid business license. In addition to a current, valid business license, a special permit is required to peddle or vend in the downtown City Center Study Area* (This area includes the Five Points South business district). To obtain a permit to vend in this area, please contact Operation New Birmingham at (205) 324-8756. To obtain a permit to vend in the Birmingham Civil Rights District, please contact Urban Impact (not ONB), at (205) 328-1850.
* “No vending is allowed on sidewalks, streets, highways, or roadways located withing the “Study Area” designated under the Master Plan for Downtown Birmingham, namely that area bounded on the north by 12th Avenue North, on the east by Red Mountain Expressway and 26th Street North, on the south by Highland Avenue South and 12th Avenue South and on the west by I-65, and the streets and sidewalks within neighborhood retail business districts within the City without authorization. Such authorization must be obtained in addition to a business license.”
REGULATED LICENSES: Applicants for certain types of licenses are required to show evidence of current, valid licensure or certification by a City, County or State Board regulating the specific business or industry before a City business license can be issued or renewed. Examples of such businesses include, but are not limited to: Electricians, Plumbers, Gas Fitters, Heating and Air Conditioning Contractors, Landscape Architects and Gardeners; Tree Pruners and/or Tree Surgeons.
In addition to providing proof of Board licensure or certification, as the case may be, electricians, plumbers, and/or gas fitters are required to post a surety bond with the City. The bond must be executed on the City’s bond form. Generic bond forms will not be accepted. Bond forms may obtained via mail, fax, or they may be downloaded (Electricians, Plumbers, etc. Bond Forms). While it is acceptable to fax a copy of the properly executed bond form to the Tax and License Administration Division at (205) 254-2963 to begin the application process, the original bond form containing original signatures must be received in the office of the Tax and License Administration Division before the application process can be completed.
Applicants for licenses for eating/food establishments, bars, tatoo parlors, boarding homes, domiciliaries, and similar businesses must present a current, valid Health Department permit at the time of application. Day Care centers must present a current, valid Zoning Certificate of Operation (ZCO), as well as a current, valid Day Care license issued through the County or State Department of Human Resources before a City license can be issued.
There may also be additional requirements for these and other types of businesses; therefore, applicants should contact the Tax and License Administration Division at (205) 254-2198 for additional information about licensing requirements for specific types of businesses.
REFERENCE LIST OF AGENCIES
State of Alabama: Note: State business licenses are issued through the local county courthouse.
Alcoholic Beverage Control Board, Field Enforcement Office
Ste 106, 211 Summit Pkwy, Homewood, AL 35209
Phone: (205) 942-7955
Alabama Department of Revenue, (ADOR) Sales and Use Tax Division
2024 3rd Avenue North, Birmingham, AL 35203
Phone: (205) 323-0012
Jefferson County:
Health Department
1400 6th Avenue South, Birmingham, AL 35233
Phone: (205) 930-1215 (Food Services Division) (205) 933-9110 (Other Divisions)
Jefferson County Revenue Department
A-100 Jefferson County Courthouse, Birmingham, AL 35203
Phone: Business Licenses (205) 325-5197
Phone: Sales, Use, Occupational, Liquor Tax(205) 325-5185
Jefferson County Sheriff's Department
2200 8th Ave N., Birmingham, AL 35203
Information: (205) 325-5900
Shelby County:
Health Department-Environmental Division
Phone: (205) 733-0878
Business License Inspector
200 W College St., Columbiana, AL
Phone: (205) 669-3740
Federal Government:
Internal Revenue Service
Federal Tax Information and Assistance
1-800-829-1040
Chamber of Commerce:
2027 1st Avenue North, Birmingham, AL 35203
Phone: (205) 324-5461
Operation New Birmingham:
215 20th Street North, Birmingham, AL 35203
Phone: (205) 324-8796
City of Birmingham Regulatory and Enforcement Divisions
Vending - Restricted Areas / Special Permits
City Center Study Area - Downtown and Five Points South Business Districts
Operation New Birmingham (205) 324-8756
Civil Rights Museum Area - 14th to 18th St N. / 2nd Ave to 8th Ave N.
Urban Impact (205) 328-1850
Religious/Charitable Solicitation
Mayor's Office - Scotty Colson (205) 254-2317
Legion Field; Linn Park; Park or Stadium Property
Park and Recreation Board (205) 254-2391
Transient Vendors - Multi-vendor sponsored events
Tax and License Administration Division (205) 254-2198
Police Department:
Vice Division - Officer Fred Patterson (205) 254-6416
Sale of Alcoholic Beverages
Ticket Scalpers
Street Vending/Peddling
Dance Hall - Division I and II
Adult Establishments
Dancer Permits
Pool Tables
Pornography
Escort Services
Massage Parlors
Inspections Division - Officer Doug Foster (205) 254-1737
Taxi and Limousine
Wreckers
Jitneys
Inspections Division - Sgt. B. R. McDonald (205) 254-1738
Pawn Shops
Gold & Silver Dealers
Webpage-General Information.wpd
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