The contents of a prom business plan depend a lot on what service you offer to people. If you rent prom clothing (fancy dresses, men's tuxedos, etc.), your plan should describe the garments and the terms and conditions of their rental or purchase. If you lease event space, tell what the dimensions and location will be and what sort of hours you can offer. If you have a transportation company, how many limos will there be, what sort of engagement contracts do you offer, etc.? Or maybe your business model is more of an event planning mold – do you cater to people trying to decide on their prom theme, arrange the necessary rentals, or coordinate the booking and marketing? No matter what end of this business you serve, your customer base is the same, so focus on the market:
• How many teenagers are there in your target market?
• How many high schools (or equivalent institutions) exist within 15-25 miles?
• What is the average event spending by this segment of the population?
• What are the competing businesses in the area?
• What is the market need you strive to fill?
For the competitors, try to gauge what their strengths and weaknesses might be so you know where you can make inroads. What are their staffing levels? Do you know what market share they control, or what their sales were last year? Some primary research can serve you well here, particularly if yours is a competitive market of your financial backers want more information before they dive in. Also, a financial pro forma that shows your potential returns over a period of three to five years is a critical component of the plan and is important for loans or investment. Need more information on the prom plan, or want to discuss having your plan written by professionals? You should call MasterPlans today – we have written 9,000 plans so far and can help with yours too. (877) 453-2011.
