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Business plan for Online wedding planning

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BUSINESS PLAN

Submitted to

SIESCOMS

“SHAADI MUBARAK”

Submitted By

KEDHARNATH AIYER

MMS MARKETING

ROLL NO 62

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Table of Contents

Sr.No Particulars Page No

1 Executive Summary 4

2 Company Summary 5

3 Services 6

4 Market Analysis Summary 7

5 Market Segmentation 7

6 Target Market Segment Strategy 8

7 Competitive edge 9

8 Sales strategy 10

9 Financial Plan 11

10 Conclusion 12

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1. Executive Summary

SHAADI MUBARAK Wedding Consultants is an online full service company that provides

complete services for weddings, holy unions and anniversaries. Our consultants are experienced

and dedicated professionals with many years of event planning experience. SHAADI MUBARAK

is unique in that we give our clients our undivided attention. We listen to their needs and work

with them to create the event of their dreams. Our clients' wishes become our commands. So

whether our client wants a Western, Tropical, Las Vegas or more traditional wedding, we can help.

Our services include weddings, honeymoons, receptions, anniversary consultations, budget

planning, answers to etiquette questions, as well as full-service referrals to florists, hair stylists,

entertainers, musicians, etc.

1.1 Mission

SHAADI MUBARAK Wedding Consultants is a one stop wedding solution for people to Share,

Plan and Celebrate their Wedding journey. The startup connects couples with quality merchants

to plan their big day & help merchants build their business online and provide various tools for

people to share their wedding, various tips and ideas for making the wedding affair more special.

1.2 Objectives

Whether this is our client's first wedding, a renewal of their vows or their anniversary, we want

every detail of their event to be both a pleasurable and a memorable experience. Therefore we

offer a host of packages and services specifically tailored to the needs of each couple. The wedding

industry is a huge market and there is lot of gap in what kind of wedding people would like to have

against what they are having. Part of it is due to information gap. SHAADI MUBARAK

fundamentally believes that internet and technology can add a lot of value and efficiency here and

thus want to create a trusted ecosystem which benefits all the stakeholders in long-term.

1.3 Keys to Success

The keys to our success are as follows:

Service our clients' needs promptly and efficiently.

Maintain an excellent working relationships with vendors such as florists, hair salons and

bridal shops.

Maintain a professional image at all times.

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2. Company Summary

SHAADI MUBARAK Wedding Consultants is a start-up company that provides wedding, holy

union, and anniversary consulting services to brides, grooms and other family members. We are a

full-service bridal consulting group and our goal is to put the "fun" back into planning a wedding,

holy union or anniversary party. Too many people become overly stressed and frustrated when

planning these wonderful events. We are experienced and professional consultants and will use

our expertise to help create memorable and stress free events for our customers. By doing this, our

clients can sit back and enjoy their event. The result? We create events suited to the couple's unique

style a true expression of their relationship and individuality as a couple.

2.1 Company Ownership

This business will start out as a simple proprietorship, owned by its founders. As the operation

grows, the owners will consider re-registering as a limited liability company or as a corporation,

whichever will better suite the future business needs.

2.2 Start-up Summary

The company founders, will handle day-to-day operations of the plan and will work collaboratively

to ensure that this business venture is a success.

We estimate that our start-up costs will be $3,000 (including legal costs, logo design, advertising,

direct mail, and related expenses). An additional $5,000 will be required in the bank account as an

operating capital for the first two months of operation. The start-up costs are to be financed in

equal portions by the owners' personal funds.

2.3 Company Locations and Facilities

Initially this will be a home-based business with online website in place for taking multiple client

calls; however, by Year 5, we intend to expand our facilities into a well-equipped and operational

office.

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3. Services

We are a full-service wedding consultant group and provide the following services: etiquette

advice, event scheduling, discounted invitations and products, vendor confirmation, rehearsal

attendance, supervision of both ceremony and reception setup and budget planning.

4. Market Analysis Summary

Nearly $35 billion are spent every year on weddings and receptions. Therefore, professional

wedding consultants are a commodity, not a calamity. SHAADI MUBARAK Wedding

Consultants are full-service wedding consultants that offer a variety of services to our clients. We

pride ourselves on being professional and courteous at all times and we have packages to suit

everyone's needs.

As previously stated, marriage is a billion dollar industry, therefore, just about everyone we meet

is a potential client. However, we mostly advertise to brides, grooms, and family members.

5. Market Segmentation Currently, the Indian wedding industry is over ₹ 100,000 crore and is growing at 25 to 30 per cent

annually. The estimated cost of a wedding with no expenses spared could be between ₹ 5 lakh to

₹ 5 crore, in India.

The wedding market in India

No. of Indian marriages in a year: Approx 1,00,00,000

Indian wedding market worth: ₹ 100,000 to ₹ 110,000 crore

Gold and diamond jewellery market worth: ₹ 60,000 crore

Apparel market (wedding) worth: ₹ 10,000 crore

Durable goods market worth: ₹ 30,000 crore

Hotel and other wedding related market worth: ₹ 5,000 crore market

Pandal and venue decoration market: Worth ₹ 10,000 crore

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Favorite honeymoon destinations: Goa, Jaipur and Udaipur

Goa wedding cost: Between ₹ 1 crore to 1.5 crore

Jaipur wedding cost: 1 to 2 crore

Wedding cost in metropolitan cities: Between ₹ 25 lakh to 70 lakh

Wedding invitation card market : Worth ₹ 10,000 crore annual

Bridal Mehendi market in India: Worth ₹ 5000 crore

Item-wise expenses on Indian weddings

Dinner cost: ₹ 700 to 1000 per person

Pandal decoration cost: ₹ 10,000

Bridal designer saree/lenhga cost: Between ₹ 10,000 to 50,000

Designer shervani cost: ₹ 15,000 to ₹ 40,000

Wedding invite cost: ₹ 500 to ₹ 1500 per card

Bridal make up cost: Between ₹ 5000 to ₹ 50,000

Bridal Mehndi cost: Between ₹ 1000 to ₹ 5000

With each passing year, Indian weddings are getting bigger and better offering lucrative business

opportunity to players involved. Giving up the basic traditional look, the Indian weddings are

donning a more corporate look, these days.

It is also expected, the per capita income will be tripled in a couple of decades and the per capita

consumption of gold during weddings or otherwise will increase. With half of India’s population

being under 29 years of age, the marriage market is set to boom like never before over the next

five to ten years.

If we take the above figures, it means the Indian marriage market is around ₹ 1 lakh crore to ₹

300,000 crore annually, if one crore marriages are solemnized in the country annually.

Online portals like Shadi.com, Bharat matrimonial and others rack up revenues of ₹ 200-250 crore

from match-making annually, and believe the business can only get bigger. While the traditional

tentwallas still rule the roost, creative wedding planners are also making the most of it. There are

wedding planners in the country who are ready to make all arrangements required in an Indian

wedding, from beginning to end, for a whopping amount. But keeping in mind the middle class of

the country, which is the largest segment, there is a huge demand for planners who can arrange for

a budget wedding.

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Fashion designers, florists, confectionery makers and event managers are cashing in on the

flourishing wedding market. Considering the Indian wedding market, Bregeut launched its

expensive watches ranging between ₹ 8-15 lakh in the Indian markets.

Replicas of temples of India, palace look-alikes or Sheesh Mahals are much in demand as decor.

The cuisine could be anything from Lebanese to Italian in case you want something different. Star

Cruises even launched a cruise to Lakshwadeep primarily targeting honeymooners.

The wedding card market in India for the 10 million marriages performed annually is worth

₹ 8000 to ₹ 10,000 crore. Delhi and Maharashtra alone have more than 500 card printers. In Delhi,

these printers are based in Chawri Bazaar, Karol Bagh, and Lajpat Nagar where one can purchase

wedding cards according to one’s capacity. Over two dozen of highly specialized printers are based

in Dadaseth Agiary Lane in Central Mumbai. The elaborate wedding invite comes with the main

card and three to four add-on cards like RSVP card, the reception, engagement and the puja invite,

and also an invite to attend the sangeet, cocktail and mehndi functions.

In India, people have become very style conscious and they want to give their best on their

wedding. Things have changed in the past few years, it is more about brands and people are ready

to spend to look their best. Apparel market is booming because of this.

The annual market of wedding dhol, bands, baggies with elephants, horses and camels, lightings,

is also the important part of Indian weddings, which is estimated to be around ₹ 5000 crore annual.

With the increasing income and more disposable income in India, the wedding market of the

country is expected to double within next 15 years, the experts feel.

One cannot think about marriages without beautiful flowers. Flowers are important in order to

create a delicate atmosphere around the wedding. According to an estimate for decorating the

wedding venue, bride-groom dais, showering rose petals for welcoming the guests, requires

another ₹ 2000 to 10,000 for a middle class marriage.

The facts and figures point towards only one thing that is Indian weddings and the associated

industries are bound to prosper!

With the ongoing wedding season one can’t help but notice that the Indian wedding industry is a

huge one. In an Indian wedding, everyone just spends and does not think of returns. Every

manufacturer and retailer involved with marriage related goods eagerly awaits the season to push

business. With each passing decade the Indian weddings are getting grandeur. Three decades ago

people hardly thought about the lavish wedding function that has now become a trend and may be

a compulsion. However, no one’s complaining; at least not the retailers and associated players

because of the tremendous business opportunity that comes along with it. Let’s penetrate deeper.

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6. Target Market Segment Strategy

SHAADI MUBARAK Wedding Consultants will offer its services mostly to the brides and

grooms, as well as to the family members. The company will position itself as an experienced

provider of wedding planning services. Unlike most of its competitors, SHAADI MUBARAK will

be offering a full range of services and thus provide the convenience of one-stop shopping for its

clients. This will significantly reduce the customers' time and efforts preparing for such an

important event as a wedding. Moreover, by utilizing numerous supplier contacts that the company

owners have established and economies of scale, SHAADI MUBARAK Wedding Consultants will

be able to pass on to its customers sizable cost savings.

6.1 Market Needs

The market needs for wedding planning services are strongly shaped by the customers' desire to

have a perfectly planned and executed wedding ceremony. Although both major customer

segments, brides and grooms and family members, plan and budget for the wedding ceremony as

far as a year or more in advance, they often realize that they cannot make all the necessary

preparations by themselves in a cost effective manner. Strongly affected by the established social

values, such customers seek professional advice to ensure that all the important aspects of the

wedding ceremony meet or exceed perceived expectations.

6.2 Service Business Analysis

The wedding services market is fragmented with the overwhelming majority of the incumbents

offering only a limited line of services. There are numerous florists, hair stylists, and caterers to

choose from. However, there are almost no companies that will provide the full range of services

associated with the wedding planning and execution.

6.2.1 Competition and Buying Patterns

The market research has also shown that customers anticipate the complete wedding consulting

services to be expensive and they budget accordingly. In fact, lower prices are very often

associated with poor service quality. By aggregating a complete range of wedding services under

one roof, SHAADI MUBARAK Wedding Consultants will offer its customers the ease of one-

stop shopping.

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Strategy and Implementation Summary

Our strategy is simple: we intend to provide our customers with a wide range of services custom

tailored to their individual needs. Therefore, whether they require a complete package, or simply

consulting on a particular service, we can help.

7. Competitive Edge

By aggregating a complete range of wedding services under one roof, SHAADI MUBARAK

Wedding Consultants will offer its customers the ease of one-stop shopping. The company will

leverage its owners' expertise in planning such events to competitively position itself as a premier

provider of wedding services. Both owners have very strong communication skills that will help

develop the 'buzz' about the high quality of the services offered by SHAADI MUBARAK Wedding

Consultants.

8. Sales Strategy

The company's sales strategy will be based on the following elements:

1. Advertising in the social media.

2. Placing advertisements in the local press, including high end magazines.

3. Developing affiliate relationships with other service providers (florists, hair stylists,

caterers) that would receive a percentage of sales to the referred customers.

4. Word of mouth referrals - generating sales leads in the local community through customer

referrals.

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9. Financial Plan

9.1 Break Even Analysis

The following table and chart summarize our break-even analysis.

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10. Conclusion

Indian Wedding market is majorly offline and quite un-sorted so wedding planning can be very

challenging. SHAADI MUBARAK is leveraging technology and internet to simplify the process.

Today’s young generation believes in engagements and deep down the line we all connect to a

certain level SHAADI MUBARAK is not only a platform where engaged couples can find

wedding planning solutions, it is also these service providers who make lifelong relationships

and experience things they wouldn’t otherwise be able to in current scenario.