A convention business plan should make clear the purpose, timing, and revenue potential of the convention you have in mind, as well as precisely how you plan to allocate the funding you get for the event. Assuming you're seeking a capital investment, your backers will want to know exactly how you'll allot the money by category as well as their potential share of the profits. If you create a proposition to these investors, what share of the venture might they control? If they're paid out on the back end, what net profit do you project for the end of the event, or the end of the target period for your pro forma model (typically five years)? No matter how you approach the financial part, remember that the plan needs to answer all of the following questions:
• What type of convention will you be holding?
• How many events will there be, or is this a one-time affair?
• What are the booth or admission fees?
• How much money can a single convention generate, in your model?
• What is your background in this industry?
Your plan should make clear what qualifies you and/or your team to be running the convention operation and you should clearly outline the staffing needs for the event. If you will fill the team with qualified contractors (1099 employees), make sure they are shown as an expense to you as opposed to benefits-earning personnel. The business plan for conventions should also outline the marketing elements you intend to use and make an accounting of the potential competition you will face, both from other conventions or event spaces and from external risks common to this business model. Need help making this presentation great? MasterPlans has written more than 9,000 business plans to date and we can help you get your plan underway now. Call us at 877-453-2011.
