Completed proposal for business

Suit up for a whirlwind of fun wedding memories
1

Business proposal for
Foundation in Natural & Built Environment
JULY 2012
BUSINESS (BUSF0103) – Assignment 1
Done by -
Lai Min Hui (0309646) , Cheah Ee Von (0308719)
Chew Woanchyin (0310797), Gennieve Lee Phik Choo (0311622)

2

Index
1. Company summary, Executive Summary
2. Mission & Objective
3. Keys to Success, Company Locations and
Facilities
4. Services ,Company Ownership & further
expansion
5. Start up summary
6. Management summary & personnel plan
7. The Market
8. The competitors
9. The clients
10. The method
11. Sales strategy
12. Potential partners
13. Forecasted sales by years
14. Conclusion

3

Company Summary
Lace
and
Tie
is
a
startup
wedding
consultant
,
which
will
focus
on
providing
weddings
to

brides
and
grooms.
We
are
a
full-‐service
consulting
group
and
our
goal
is
to
make
a
beautiful,

memorable
and
as
stress-‐free
as
possible
in
the
clients’
wedding
day.
We
will
be
sensitive
&

attentive
to
clients’
needs
and
wants.
We
create
events
that
suit
the
couple’s
unique
style
to

fully
express
relationship.

Executive Summary
Lace & Tie is a full time company that provides consultations for weddings and
anniversaries. Our consultants are dedicated people whom devote themselves to
observe and fulfill each client’s unique taste and style to create the events of their
dreams. In a multi-racial country such as Malaysia, we have no problems dealing
with the different types of customs practiced, so whether it’s a traditional or modern
wedding that is preferred, we can definitely help. Our services include weddings,
bridal party, receptions, anniversaries consultations, and budget planning, that
include referral services to florists, hair stylists, bakery, musicians, etc.
Mission
Lace & Tie is a wedding planner hoping to create unforgettable memories as
dreamlike and fun as possible while sticking to realistic budget planning under a
stress free environment.
Objectives
We want every single event we’ve handled to be a memorable and warm experience.
Therefore we offer a wide and different range of plans/package specifically tailored
to the needs of each couple. We are confident that this business venture will be a
success and we estimate that our net income will increase significantly by the
second year.

4

Keys to Success
The keys to our success are as follows:
1. Client’s needs is first understood and observed, then advised.
2. Maintaining a good working relationship with field related vendors such as florists,
hair salons and bridal shops.
3. Maintain a professional image at all times.
4. Able to perform duties under critical and emergency situations.
Company Locations and Facilities
Initially this will be a home-based business; however we plan to have our own
headquarters by Year 4 if all debts is paid and the rolling flow of cash is stable and
the company is making profit.
Services
We provide event scheduling, etiquette advice, guest invitations & attendance’s
RSVPs, vendors & location confirmation, ceremonial and reception supervision,
counseling, and the set up of decorations according to the theme assigned by the
client to the reception.
Company Ownership & further
expansion
This business will start out as a simple 4 partner-partnership, owned by its founders,
Lai Min Hui, Cheah Ee Von, Gennieve Lee and Chew Woanchyin. Since the business
is newly founded, being a partnership company would let the owners have complete
control and authority over the business. As the operation grows, the owners will
consider re-registering as a limited liability company or as a corporation, whichever
will better suite the business’ future needs as Lace & Tie plan to have branches in all
the major cities of Malaysia and have own in house decoration & printing
established subdivision in the near future.

5

Start-up Summary
The company will start out with all 4 founders working full time in different
subdivisions of the company. The company founders will cooperate to ensure this
business venture is a success.
We estimate that our start-up cost will be RM 20,000 which including legal costs,
logo design, advertising, direct mail and related expenses. An additional RM 20,000
will be required in the bank account as an operating capital for the first two months
of operation and RM 10,000 as cash in hand while applying for a RM30,000 loan as
financial back up. The start up cost in the first year, a total of RM 50,000 not
including assets and loan will be subdivided equally into 4 equal share of RM 12,500
Start-up Requirements
Start-up Expenses
Legal consultation RM 700
Stationery, miscellaneous fees RM 300
Advertising RM 4,000
Insurance RM 1,300
0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

Year
1

Year
2

Year
3

Expenses

Assets

Investment

Loans

6

Research and development RM 1,700
Expensed equipment RM 3,000
Renovations RM 9,000
Total Start-up Expenses RM 20,000
Start-up Assets
Cash Required RM 10,000
Other Current Assets RM 20,000
Long-term Assets RM7,000
Total Assets RM 37,000
Total Requirements RM 57,000
Management summary
Our wedding consultants are the 4 founders and another hired professional wedding
planner, to guide us as he/she are more familiar with all the specific details of
budgeting and planning. The hired planner would have atleast 5 years of experience
working in this field while our founders whom all have a Masters in Design and a
minor in Interior Decorating would find their skills very useful. However management
and adminastrative duties would be handled by Crystal & Min Hui as they are more
familiar with it while the hired consultant would take no part in the management role.
All 4 founders became interested in wedding planning ever since it had captured
their fascination and passion during their early high school years and had started out
being inspired to plan weddings for their surrounding friends.
Personnel Plan
Year 1 Year 2 Year 3
Founder’s salary (to be divided into 4) RM168,000 RM200,000 RM 240,000
Others (worker’s salary & wages) RM 80,000 RM 100,000 RM 150,000
Total People 4 8 10
Total Payroll $53,100 $76,200 $85,800

7

The Market

Market
Analysis
(based
on
assumptions)

Year
1
Year
2
Year
3
Year
4
Year
5

Potential

Customers

Growth

Brides
&
Grooms
5%
1,500
1,575
1,654
1,737
1,824

Other
5%
1,000
1,050
1,103
1,158
1,216

Total
5.00%
2,500
2,575
2,757
2,895
3,040

The
market
needs
for
wedding
planning
services
in
recent
years
are
shaped
by
young

Malaysian
couples’
desire
to
have
a
perfectly
planned
and
executed
wedding
ceremony.

Customers
would
plan
and
budget
for
their
weddings
as
far
as
a
year
ahead
and
still
find
it

hard
to
organize
things
in
cost
effective
manner.
This
is
why
wedding
planners
come
into
the

picture
to
assist
customers
in
the
aspect
of
planning,
budgeting
and
managing
the
whole

wedding
process
to
meet
or
exceed
perceived
expectations.

Marital
Status
of
Malaysians
in
Year
2010

Married

Never
married

Widowed

Divorced

8

The Competitors
Competitive
analysis
done
by
company
shareholders
has
shown
that
the
wedding
services

market
in
Malaysia
is
fragmented
with
a
large
number
of
businesses
offering
only
a
limited

line
of
services.
There
are
numerous
caterers,
florists,
bridal
shops
to
choose
from.
However,

there
are
very
few
companies
provide
the
full
range
of
services
associated
with
wedding

planning
and
execution.

Currently
there
are
over
100
companies
offering
similar
wedding
planning
services
in

Selangor.
In
contrast,
out
of
these
100
competitors
only
4
offered
a
range
of
services

comparable
with
what
Lace
&
Tie
plan
to
offer
to
its
customers.
The
following
is
the
list
of

competitors
with
brief
description
of
their
services:

1. MY
Wedding
Planner
provide
budget
planning,
wedding
consulting
services,
booking

of
ceremony
and
reception
venue,
stationery
design,
assist
on
vendors
sourcing,

preparing
itineraries
and
directing
rehearsal.

2. Stephen
Foong
offers
his
customers
booking
of
reception
venues,
arrangement
of

traditional
Chinese
Tea
ceremony
and
assist
on
vendors
sourcing.

3. Joan
Wedding
Planner
assists
their
clients
in
vendors
sourcing,
wedding
planning

and
coordination.

4. The
Wedding
Project
offers
their
clients
full
wedding
planning
and
coordination,

reception
venue
booking,
vendors
sourcing
and
theme
designing.

As
a
conclusion,
MY
Wedding
Planner
is
clearly
the
strongest
competitor
among
them
all.

Their
services
are
what
we
Lace
&
Tie
would
like
to
compete
against.

9

The Clients
Our
clients
would
be
couples
who
are
planning
to
get
married.
Such
customers
who
seek

advice
from
professionals
to
assist
them
in
planning
and
executing
their
wedding
would

most
probably
be
a
busy
white
collar
worker.
Thus,
we
would
provide
the
best
service
we

can
to
accommodate
their
needs
and
desires.

The
following
table
shows
details
of
our
potential
customers:

Potential
customers
(In

couples)

Details

Age
range
21-‐35

Income
30,000
and
above

Geographic
location
Selangor

Preference
Fun,
creative,
warm
&
intimate

wedding
ideas

10

The Method
At
Lace
&
Tie
we
would
like
to
offer
our
customers
the
ease
of
one-‐stop
shopping
by

providing
them
a
complete
range
of
wedding
services
under
one
roof
tailored
to

their
individual
needs.
Whether
they
desire
to
have
a
complete
package
or
just

consulting
on
a
particular
service,
we
are
more
than
happy
to
help.
The
company

aims
to
provide
its
customers
the
best
of
the
best
in
wedding
planning
and

competitively
position
itself
as
a
premier
provider
of
wedding
services.

Sales Strategy:
The
company’s
sales
strategy
will
be
based
on
the
following
methods:

1. Advertising
in
local
newspapers,
such
as
The
Star,
The
Sun,
News
Straits

Times,
Nan
Yang
Siang
Pau,
Kuang
Hwa
Jit
Poh,
Kwang
Ming
Jit
Poh
and

Berita
Harian.

2. Advertising
through
social
media,
such
as
setting
up
a
website,
Facebook

page,
Twitter
account
and
Instagram
account.

3. Word
of
mouth
referrals
(generate
sales
in
local
community
through

customer
referrals.)

4. Developing
associate
relationships
with
other
service
provider
like
florists,

make-‐up
artists,
bridal
shops
and
caterers
that
would
receive
a
percentage
of

sales
to
the
referred
clients.

11

Services
that
we
aim
to
beat
our
competitors
in
terms
of
quality:

1. Custom
made
wedding
cakes
&
catering
services
tailored
to

suit
our
clients’
preference

2. Carefully
chosen
vintage
decoration
pieces
to
fit
our
clients’
them

12

3. Assistance
in
choosing
the
ideal
venue
for
our
clients’
wedding
to
suit
their
tastes

4. Custom
made
stationery
and
printing
services
to
fit
our
clients’
themes

13

Potential Partners:
Wedding
cakes

Catering
services

Decoration

Stationary
&
Printing
Services

Cinematography
&
Photography

Florist

14

Sales Forecast (assuming with 10% growth each year)
Year 1 Year 2 Year 3
Sales
Brides & Grooms RM300,000 RM330,000 RM363,000
Other RM100,000 RM110,000 RM121,000
Total Sales RM400,000 RM440,000 RM484,000
Direct Cost of Sales (on average) Year 1 Year 2 Year 3
Wedding Dress RM14,000 RM15,400 RM16,940
Tuxedo RM10,000 RM11,000 RM12,100
Wedding Cake RM5,000 RM5,500 RM6,050
30000

60000

120000

240000

480000

Year
1
Year
2
Year
3

Forecasted
Sales
by
Year

Brides
&
Grooms

Others

15

Bouquet RM2,000 RM2,200 RM2,420
Venue (depends, excluding hotel
packages)
RM50,000 RM55,000 RM60,500
Catering RM100,000 RM110,000 RM121,000
Decorations RM50,000 RM55,000 RM60,500
Subtotal Direct Cost of Sales RM231,000 RM254,100 RM279,510
Net Profit (Total Sales - Direct Cost of
Sales)
RM169,000 RM185,900 RM204,490
Conclusion
Through research, it is known that nearly RM 35 billion are spent every year on
weddings and receptions. As world population increase, the rate of weddings per
year increases as well. Nowadays couples are too busy to plan their own weddings
or do their own fair research on the matter, therefore, the demand of a professional
wedding consultants had increase as well.
Therefore, professional wedding consultants are a commodity, not a calamity. There
is also not much wedding planners in the market yet, therefore competition is not
too tight, making it an excellent time to start up a wedding consultant business.

16

Reference

• Bplans
(1996-‐2013),
Wedding
Consultant
business
plan,
available
at

http://www.bplans.com/wedding_consultant_business_plan/executive_summary_f
c.php#.UTYXeqXbBUR

• Ruffled
(2008-‐2013),
Ruffles,
available
at
http://ruffledblog.com/golden-‐winter-‐
wedding-‐ideas/

Completed proposal for business

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