Having an event venue business plan is crucial to running a successful event space. If you’ve got a killer space you know others will love, then your first step should be to create an event venue business plan. And we have exactly how to do so right here.
Since Peerspace is the largest online marketplace for hourly event venue rentals, we know what makes a venue stand out from the crowd.
Read on to learn how to make an event venue business plan. Then, list your venue on Peerspace, and watch your bookings grow. We’ll explain ahead how putting your venue on the Peerspace platform complements a successful business plan while helping you generate lasting income.
Am I ready to start a venue rental business?
Perhaps you own a fabulous photo studio and you believe it has the potential to be a moneymaker as an event venue for short-term rentals. Or, perhaps you’ve got an ultra-cool loft with lots of sunlight that you’d like to outfit as a space for high-profile meetings. Maybe you own a distinctive gallery filled with gorgeous art, and you’d like to add a source of income by hosting photoshoots. Or, you own it’s a stunning mansion that would be perfect for wedding receptions and parties.
Either way, you’ve got a space you’re proud of and think others would be willing to pay money to use as an event space. That means you’re ready to start prepping your space and planning your next moves.
However, you probably won’t want to jump right into renting your venue. It’s wisest to begin by creating a realistic, structured roadmap for yourself. We detail how to do just that ahead.
New to the venue rental biz? No worries, just check out how to start a venue rental business for all the deets!
What is a business plan?
First, let’s establish what a business plan actually means. At its most basic, a business plan is a description of what you envision for your business. They typically look forward to the next three to five years.
You can use your business plans to:
- As a guide for yourself, the entrepreneur
- As a way to demonstrate your ideas to possible investors
- To draw in new employees
- And really, anytime you need to clearly summarize your business and its goals
The average business plan is about 15 to 20 pages long (but some are much longer for more complex ideas). In the case of an event venue, your plan will probably run on the shorter side, especially if it’s just for your own planning purposes.
Whatever the length, a business plan is typically made up of three central sections, each addressing its own category:
- Description of the business itself — what will your business be like?
- Description of the market — who will your customers be?
- Financials — this is where quantitative stuff like income, cash flow, balance sheet, etc. will go
Next, we’ll share how to create an event venue business plan that works for your business needs.
How to create an effective event venue business plan
Now that you know what a business plan is, how does this apply to the particular situation of an event venue business plan?
Below, we share a list of five key steps that you can adapt to your specific needs and goals. After all, if you’re writing this plan intending to attract investors, it’ll probably be different from a document just for internal purposes.
Here’s our guide to creating an event venue business plan:
1. Do some initial research
This is one of the most crucial steps to writing an event venue business plan. Before you list your event space, you need to envision how its potential uses as well as the neighborhood, your target market, etc. Overall, you should be spending lots of time understanding your product, how it fits into the larger market, and the nature of your competition.
2. Brainstorm possibilities for your space
Now that you understand your product, market, etc., it’s time to think outside the box! It’s a total cliche, but it’s helpful to remember that there really are no bad ideas in brainstorming. Just go ahead and generate an extensive list of thoughts about what the space could do.
Remember, consider who might be interested in it, how to redesign or redecorate it to optimize its value to renters, and more. This is so individual that we can’t really give any specific suggestions. But, we’d recommend that you start by checking out this guide to mind-blowing brainstorming techniques.
3. Define the purpose of your event venue business plan
Decide whether you’re trying to attract investors or just funding the establishment of your event venue yourself. This makes a massive difference in what kind of information you’ll need to include in the final document.
For instance, targeting investors means you’ll want to be exceptionally concise while being explicit about every detail that might concern investors (especially the financial aspects).
4. Gain a general understanding of the structure of a business plan
This form of a business plan should include the following elements:
- Key partnerships: Other businesses you’ll work with — this might include suppliers, cleaning companies, caterers, and so forth
- Key activities: How your business will achieve a competitive advantage, such as technological strategies (this might include the use of Peerspace, which we’ve highlighted below); revenue streams, distribution channels, etc.
- Key resources: Significant resources and assets like capital, staff, etc.
- Value proposition: What it is, in a nutshell, that sets your business apart and allows it to make a distinctive contribution to the market
- Customer relationships: How your business will connect and interact with customers — the “customer experience”
- Customer segments: A defined target market or set of target markets for your venue
- Channels: The most significant modes of communication to customers
- Cost structure: Whether your business is more cost driven (with the leanest possible cost structure) or value-driven (more premium offerings); includes the most important costs (e.g. what key resources and key activities will be the costliest?)
Check out this helpful visual overview of the nine key business model building blocks listed above. And, of course, as you adapt this structure to your event venue business plan, you may or may not need all these sections. Feel free to omit whatever you decide is irrelevant to your goals or add more whenever you think some aspects of your plan require greater detail.
5. Plug it all into the business plan structure
So you’ve done your research, you’ve brainstormed a list of innovative possibilities that will set your venue apart in its market niche, and you understand how your business plan needs to be structured and what it should include.
Now it’s time for the nitty-gritty: you’ve reached the point of actually creating the event venue business plan itself! Good luck! We believe in you.
The best way to list your space for rent
Once you’ve got a business plan to be proud of and your vision for your event venue feels concrete, you can move on to listing it for rent on a revenue-generating platform.
Try Peerspace to draw in as many potential customers as possible. It’s the largest online marketplace for hourly rentals and will be most people’s go-to when they’re seeking a location for their meeting, wedding, photoshoot, or other important events.
Peerspace has learned that no matter the type of event space you own, there is a teeming marketplace just waiting to discover it! And by listing it on Peerspace, you open up the possibility of having thousands and thousands of people across the globe see it.
As the space’s host, you set the price, upload incredible photos, and list the information and rules. And the simple and precise search features work to ensure that your target renters find you!
On top of that, there is a special Peerspace Host insurance policy to give you added peace of mind.
Having your listing on Peerspace will help considerably raise its profile, giving your new business its best shot at success. All on one safe and handy platform.
Think that all event spaces are the same? Think again! Here are 11 types of venues and where to book them.
How do I list my event venue on Peerspace?
It’s fast and easy to list your space on Peerspace! Simply follow the link, click the “List Your Space” button, and follow the simple directions.
The most crucial part of adding your event venue to the Peerspace platform is the listing you’ll create. This is where your potential guests will see your venue for the first time and examine all there is to know about it.
To prepare your listing, be sure to take about a dozen high-quality photos. We recommend hiring a professional photographer to do so, but if you’re taking the photos yourself with your photo, be sure to hold your phone horizontally.
Aside from the photos that highlight your venue’s stunning features, you also need to craft an honest and thorough description and list all the amenities your guests-to-be can utilize when they book your space. If you can offer up some special services, like a list of preferred vendors, on-site catering, A/V equipment, and tables and chairs, you can attract more renters.
This is about the time we encourage you to check out several other Peerpace event venue listings and see what other hosts list and use that to your advantage.
The final step is to set your hourly price, which is also where examining similar listings will help! It’s understandable if you’re not 100% certain what your venue’s rate should be. Factor in your business needs first and foremost and then compare prices with similar spaces near you.
Event venue business plan: conclusion
Starting a venue rental business takes a lot of determination and passion. But that, you already have.
And now, you also have a working event venue business plan to help you successfully launch your event venue. Remember that when you list your event venue on Peerspace, you get your venue in front of a massive audience that visits our website for the purpose of booking an event space.
Since you’ll create a dynamite listing that includes photos, a description, and pricing, your renters will feel like they already know your space and will be confident about renting it. Part of being a Peerspace host is offering your unwavering support, but since you’re looking to start an event venue business, you’re probably all about the good hospitality and positive vibes anyway!
Once you’re ready to list, you can start accepting bookings. You can also contact Peerspace every step of the way with any questions you have. Before you know it, booking requests will start flowing in and you’ll be enjoying some sweet, sweet revenue.