The business plan for meeting space should show how the space will be used, where it is located, and what the costs are to maintain it. You should make clear in the document who you think will rent out the space and for what sort of purposes, and then try to tie this information back to the rental rates that will ultimately populate the business plan's financial model. The pro forma should use industry averages (or historical figures, if your business is already underway) to show the potential return of the venture within 3-5 years. This is useful for an investor wondering what their stake looks like, and is essential information for a banker who wants to confirm that any loan can be repaid on schedule. What else should you cover?
• What are the dimensions of the meeting space?
• What amenities does it feature?
• Is it fitted out with A/V capabilities and modern conveniences for users?
• Who are the target clients?
• Do you focus on specific industries or an exact market segmentation, like high-tech conferences, or medical doctors meetings, etc.?
The business plan should show not just who will use the meeting space but also how frequently. In order to put together an intelligent pro forma, you'll need to use market figures that correspond to available data or can be backed up by educated guesswork. You should also look into competing businesses and models (hotels with meeting spaces? Event rentals companies?) and describe the strengths and weaknesses you think each has. From there, tell what your advantages are and give a bio for you and your team members. Want help here? MasterPlans has written business plans for more than 9,000 clients to date, and we can deliver you a great draft in as little as 10 days. Call 877-453-2011 now.
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