Posted by Fakazulu
on 2nd August 2020, Under Music
Event centre business may be described as a venture involving the rental of space to people who need it for weddings, end-of-year ceremonies, musical shows and certain other parties. Both individuals and governments could engage such rental services, making event centre business an ever-lucrative venture.
If you’re willing to make a fortune through this sort of business, rest assured that this post will guide you on how you can start the business on a moderate scale and hope to expand it afterwards.
Carry out a Feasibility Study
Conducting a feasibility study is a vital way of identifying whether an event centre is needed in a particular area or not. Also, it lets you figure out the profitability of your proposed event centre with respect to the location you’re choosing for it.
Make a Choice of Business Niche
Event centre business is an umbrella business sphere with different kinds of event centres including multipurpose halls, small halls and medium-sized halls. Importantly, you need to factor in your target audience in order to easily ascertain the business niche that should suit you best.
Put a Business Plan Together
A considerable number of formalities go into the startup and running of an event centre and as such, you should have a business plan which outlines the direction of the business as well as the necessary inputs for business success. Additionally, the business plan may incorporate your source of startup capital, the business mission, vision and several other essentials.
Make a Choice of Suitable Business Location
This is undeniably one of the most crucial aspects of your event centre startup. Besides helping you reel in customers for your event centre, choosing the appropriate business location guarantees business survival even in the event of competition. Advisably, choose a location in an urbanized centre and while the location should be accessible enough, it should also be generously spacious for facilities, vehicles, etc.
Register Your Event Centre with CAC
You’ll have to register your event centre with the Corporate Affairs Commission (CAC) provided you’re set to operate on a fairly large scale and would like to gain considerable exposure for the business.
Construct and Decorate Your Event Centre
Constructing the building for your event centre is the step that follows provided that you’ve duly acquired land and the necessary documents for business operation. Needless to say, you’ll have to commit the largest portion of your startup capital to the construction of the event centre. One important thing, therefore, is to have a befitting construction while another is to spruce up the event hall with exquisite decoration. You should factor in all the expenses required for getting the architectural and decorative styles of your liking.
Acquire the Requisite Permit
Certain Nigerian cities may oblige you to get a business permit or licence. You shouldn’t circumvent this step if you really want to avoid risky operation. The authorities issuing your business permit may want to assess your capability of fulfilling the conditions for safe business conduct. Therefore, you may have to contact the authorities issuing business permits in your business location.
Whether you intend to act as the manager of your business or wish to employ an expert for the managerial role, you definitely need to hire workers. Of course, these workers will be responsible for carrying out tasks (ranging from menial to petty roles) in the various departments of your event centre. Some of the staff may work as event coordinators, kitchen staff, hall decorators, etc.
Promote Your Event Centre
Business promotion involves the use of various marketing strategies intended to draw people’s attention to your event centre. Depending on your kind of event centre, your marketing strategy could vary but do well to make good use of billboard adverts. While you may further use social media in attracting more customers, you should network your event centre to friends and relatives as well.
Event centre business is one of the easy businesses to start and run in Nigeria. However, you’re strongly advised to ascertain the level of competition in any area you’re choosing for your event hall. Knowing the level of competition as well as the demands of the people in a specific area can help you project whether your event centre business will rake in profit or not.
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