A critical evaluation of the feasibility of setting up an online based event prop hire business.
Cardiff Metropolitan University
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The project aim is to critically assess and evaluate, the feasibility of setting up an online, event theme and décor hire company based in South Wales, specialising in both the social and corporate markets as well as weddings. The objective to offer a diverse range quality items for all types of events at affordable prices. “Events have been a feature of society from its earliest beginnings. Events serve to strengthen social bonds, to bring employment and celebration to individuals, families, communities and society as a whole” (Shone and Parry, 2013:62). The author chose to open a business in the sector due to the passion she has for events. Being an extremely social person she loves to use events, to help bring people together to achieve an overall objective. Due to a gap in the market and the author’s creativity and ability to work well under stress, she decided an online event décor company would be the perfect business. The project will include both field and desk research to help assess the feasibility of setting up the desired business. Comprehensive research was undertaken in the form of current and reliable literature on: Literature Review Current State of the Event Industry The Impact of the Wedding Industry Corporate Industry Event Trends The use of technology The UK Economy Entrepreneurship Online Businesses Small Businesses Taxation Primary research was the conducted with 100 online questionnaires, and three one to one interviews. Proving that there was a need for such business. The project will include a business plan, which will look at all areas of the business. This will identify any potential weaknesses which can be improved. All research results will be used to create a detailed marketing plan, creating the most effective and efficient methods to gain market share and a stable market position. The author will then identify any staffing requirements the business may have before presenting a three-year financial forecast which will highlight the feasibility of the business being in a strong financial position, and if expansion can be considered for the near future. The author feels the aims and objectives of the project were successfully achieved, leaving them with a completed business plan that could be used, enabling Gem events to become a successful working business.
BA Enterprise Project
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