The wedding industry has been surging back to its pre-pandemic levels since the Covid-19 pandemic has subsided. Now is the perfect time to create a wedding company as this industry comes back to life. The following business plan sample will provide you with a real-life example of what a successful wedding company’s business plan might look like.
1.0 Executive Summary
“Massek Wedding Corp.” operating as “Massek Wedding Co.” (The Company), was incorporated on January 10, 2021, by President Teegan Peel and Director Jason Peel. Massek Wedding Co. is an e-commerce platform that connects brides/grooms to wedding vendors and suppliers globally.
With the resurgence of weddings in a post-COVID-19 world, couples seek a one-stop-shop and digital platform to streamline their wedding planning. massekwedding.comwill meet this demand by offering a global marketplace for wedding products and services, where the Company earns a 5-7% commission from all transactions made. In addition, Massek Wedding Co. will earn additional revenues by allowing vendors and suppliers to advertise and appear first for products and services of their choice.
The Company is seeking a $30,000 loan through the SBA Loan Program. These funds will be used to develop the e-commerce store, purchase office equipment, and launch a customer service platform.
In addition to developing a fully functional, optimally designed e-commerce store, Teegan Peel will ensure the Company embarks on a comprehensive digital marketing strategy. This approach will use a geo-targeted Google Ads campaign, focusing on strategic North American cities. Google Ads will provide the greatest return on investment and support a solid launch for the first two years of business.
Massekwedding.com will utilize social media platforms including Facebook, Instagram, and Linkedin to establish awareness and build a community for vendors, suppliers, and shoppers. Today, it is more important than ever to support black startups. President Teegan Peel and Director Jason Peel seek to not just survive as entrepreneurs but plan to thrive in this new digital world while supporting the weddings of all genders, races, and backgrounds at the same time.
2.0 Business Overview
Massek Wedding Co. is an e-commerce online platform and marketplace that brings together vendors worldwide to showcase their products and services to engaged couples, families, and their wedding guests to shop for their wedding needs.
Unlike other online wedding directories and marketplaces, Massek Wedding Co. will not charge a monthly subscription fee to vendors. Instead, the Company will charge 5-7% of the purchase price of products and services bought and booked through the platform. In addition, couples will never pay a subscription fee to search or initiate transactions through the website.
The platform will host both product and service-based businesses so couples can purchase everything from wedding dresses to tuxedos and wedding favours to flowers. They can also book services, including photography, videography, and wedding coordinators. Family and friends can also purchase gifts and purchase services and products on behalf of the couple.
The recent COVID-19 pandemic has created a new breed of tech-savvy, digital consumers. As pandemic restrictions begin to ease around the world, couples who postponed their weddings last year will start using online sites to shop for and rebook their weddings. The Massek Wedding Co. website will become the one-stop shop and online platform to streamline their wedding planning.
The Company President, Ms. Teegan Peel, has experience planning her wedding and wedding celebrations for colleagues. She saw the immense stress couples were under to plan and execute their perfect wedding. Massek Wedding Co. will help couples focus on their wedding experience, not on the stress of searching for the perfect vendors for their special day.
The Company’s e-commerce platform allows for scalability. It will have the capacity to host over 100,000+ vendors, and with Massek Wedding Co.’s commission of 5-7% per sale, it is estimated to earn the Company upwards of $5-10 million annually.
The Company is seeking a $30,000 loan through the SBA Loan Program, where the company will use these funds to develop the e-commerce store, purchase office equipment, and establish a customer service platform.
2.1 Industry Overview
2020 was a disappointing year for many. Those who were planning to get married during that time were met with extra disappointment. They either postponed their weddings or opted for smaller virtual events instead of the big dream wedding they planned.
The wedding industry took a massive loss in 2020 and saw a 34.2% decrease. However, as COVID-19 restrictions start to ease worldwide, wedding vendors are preparing for an influx of bookings in the coming months.
Couples in North America spend an average of 14 months planning their wedding, but as many couples are eager to reschedule their postponed weddings, this time frame may be hastened for many. Especially with online platforms and marketplaces like Massek Wedding Co., it will be easier than ever to book all your wedding products and services in a shorter timeframe than ever before.
The next 1-2 years is expected to see considerable recovery in the Wedding industry and is a perfect opportunity for new businesses like Massek Wedding Co. to come onto the landscape to help with the increase in consumer demand.
2.2 Mission & Vision Statement
MISSION: Massek Wedding Co. is on a mission to help couples worldwide plan their dream wedding with ease and confidence with a globally diverse range of wedding product and service providers.
VISION: Massek Wedding Co.’s vision is to connect couples planning their wedding and high-quality wedding product and service providers worldwide. Through our online platform, we make the process of browsing and shopping with wedding vendors easy and stress-free so couples can find everything they need for their dream wedding celebration.
2.3 Goals and Objectives
Massek Wedding Co. makes wedding planning less stressful for couples. In the past, couples had to visit multiple websites to find what they needed. With the Massek Wedding Co. platform, they can book all their wedding products and services from one easy-to-navigate website.
In addition to becoming the trusted, go-to resource for couples to purchase everything they need for their dream wedding, Massek Wedding Co. Online is working towards the following goals and objectives:
- $100,000 revenue in year one
- 60-70% gross profits
- 60% growth between years one and two
- 70-75% growth between years one and two
2.4 Key Success Factors
The success of the Massek Wedding Co. is dependent on four key external factors:
- Per capita disposable income: Wedding spend is directly linked to the disposable income of the couple. After a dip in disposable income in 2020, it’s expected to increase as general economic growth increases.
- Marriage Rate: The more couples who get married, the more is spent on the wedding industry. The marriage rate has been on a steady decline in recent years due to public sentiment around marriage as well as the COVID-19 pandemic limiting couple’s ability to host their big, dream weddings.
- Adults between 20-64: The number of adults in this age group is over 193 million in the US alone and make up an estimated 58.2% of the US population in 2021. This demographic makes up most weddings, so this population will directly impact market success.
- Percentage of business conducted online: Online services have provided consumers with more choices than ever before. The percentage of companies run online is expected to increase 11.1% in 2021, 15% in 2022, and 19.4% in 2023. As more wedding services and products create e-commerce solutions, the competition in the market will increase. This opens a unique opportunity for multi-vendor marketplaces like Massek Wedding Co. to establish a reputation now and build their market share.
Mrs. Peel will manage the day-to-day operations of the Massek Wedding Co. for the first year of business. In year two, the Company expects to hire at least one part-time employee to help with administrative tasks and customer service inquiries. In the third and subsequent years, the Company expects to hire an additional two employees every year.
Customer Service staff will be paid $25,000 per year for part-time and $30,000 for full-time. In subsequent years, the Company plans to hire an Accountant for $30,000 per year.
In the first two years, Massek Wedding Co. may hire additional contractors as needed.
Due to the nature of this online business and the use of automation, a large employee complement is unnecessary.
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2.6 Management Team
The management team consists of the CEO/President, Ms. Teegan Peel, who will earn a salary of $13,750 in year one and $54,600 in year two.
The Company will also be co-managed by Mr. Jason Peel, who will be working part-time as the company director and earn a salary of $13,750 in year one and $36,000 in year two.
Teegan Peel. P Eng
Washington D.C. Z7M 5R5, USA
Business Analyst (P Eng) experienced in drilling programming and optimization, drilling cost analysis and control, Drilling and Completions KPI reporting, Authorization for Expenditures (AFE), AFE Supplements and Accruals, Inventory tracking and reporting
Reporting yearly drilling performances by geographical areas and rig performance comparison; comparing key parameters such as total days to drill, AFEs to Actual Field Estimates and Gross Actuals, drilling parameters, rig limitations and drilling problems and reporting drilling and completions performance trends to Manager
Gathering auditing documents requirement. Assisting with answering partner audits related to drilling costs and tubulars. Ensuring documents are filed, organized and up to date. Working with accounting and vendors to sort out invoice issues and coding problems. Using Qbyte to verify field costs and actuals paid; ensuring actuals paid are close to field cost estimates.
Reviewing and analyzing partner end of well reports. Comparing partner’s drilling KPIs with companies’ drilling KPIs and reporting on performance, costs vs days curve and problems encountered.
Sept 2017 – Present
Business Analyst (P Eng),
Reviewing projects costs and AFEs and ensuring projects are within budgets
Putting together Quarterly reports for Drilling & Completions and presenting to management.
Forecasting Drilling & Completions costs based on trends utilizing Power BI
One-on-One meetings with vendors to discuss ways to cut-down cost without compromising safety
Dec 2014 – Sept 2017
Drilling Engineer (E.I.T),
Preparing and reviewing drilling programs, cementing programs, directional plans and drilling fluid programs
New drilling technology investigation, recommendations and implementation. Selecting the best tools to effectively drill a well in a safe and cost effective manner
Offset Fracture interference evaluation (Offset Fracture Planning) for new wells to be drilled. Helping to reduce risk to offset wells.
Preparation of drilling cost estimates for new wells and wells in progress. In addition to preparing drilling programs
Coordinate technical data gathering for well license application for Directive – 56 notifications (D.C. Energy Regulator)
Jan 2012 – Aug 2013
Drilling Rig Design Engineer, Kodiak Engineering Ltd
Performed thorough wind, raising and hook analysis for all types of rigs (slant, freestanding) at different mast angles.
Rig equipment-rating analysis, including working floor, mastboom, monkeyboard. Performed Handling/Lifting and Operational analysis for rig equipments using StruCAD
Detailed drawing of rig parts using AutoCAD software.
Nov 2016 – Mar 2017
Stanford Center for Professional Development
Energy Innovation and Emerging Technologies Certificate
Sept 2013 – Nov 2014
Master of Petroleum Engineering [MEng], University of D.C., USA
Thesis: “Generalized Minimum Miscibility Pressure Correlations for Gas Injection Based on Alternating Conditional Expectations Algorithm (ACE)”
Sept 2007 – Jun 2011
BSc Petroleum Engineering, University of D.C., USA
University of D.C. Academic Excellence Scholarship
Registrar’s international scholarship
Faculty of Engineering Academic Excellence Scholarship
Jason Peel, PhD
Washington D.C. Z7M 5R5, USA
Transformative Results Oriented Strategic Leader:
Global Supply Chain Experience
PhD in Management
Service Quality Management Experience
LEADS Director Certification
Private and Public Sector Experience
Project and Change Management
PhD (Major: Management) 2015
Haskayne School of Business, University of Washington, Washington, USA.
Master’s Degree (Major: Production Development and Management) 2009
Department of Industrial Engineering and Management, Jönköping University
Bachelor’s Degree (Major: Mechanical Engineering) 2006
Department of Mechanical Engineering, KNUST, Kumasi, Ghana.
D.C. Health Services (AHS), D.C., USA 2016 – 2021
Position: Consultant, Integrated Quality Management
Management and Out Of Scope position responsible for the development and execution of quality improvement and change management strategy and processes to drive change and improvement to the Quality of Healthcare provided to the public. Responsible for influencing and supporting Executive Directors and over 30 Managers each with several direct reports (typically over 30) to improve the efficiency, effectiveness, safety and overall quality of the service they provide to clients. Also Lead for the patient flow program targeted at improving public access to services in the Central Zone which has an area of 95,000 square kilometers.
Ghanaian Canadian Association of Washington (GCAC), Washington, USA 2016 – 2019
Role: Policymaker, Scholarship Committee and By-Law Review Committee
Volunteering for roles related to legislation and policy formulation for strategic guidance:
ATCO Structures and Logistics, Washington, USA 2013 – 2015
Position: Analyst, Global Supply Chain.
Responsible for analyzing vendor costs, forecasting, and co-developing and executing cost reduction strategies and processes in the Continuous Improvement Team of the Global Supply Chain Department of the Company to enhance operating cost efficiency.
University of Washington, Washington, USA 2013 – 2015
Position: Faculty Member
Responsible for instructing MBA and undergraduate students from a diverse background to build capability for more effective operations management in their organizations.
3.0 Products & Services
The categories of products and services on the massekwedding.com marketplace will evolve. At launch, the website will include these categories:
- Photography & Videography
- Dresses – bride, bridesmaid, groom, groomsmen, mother of bride & groom
- Dressmakers/Tailors & Alterations
- Cakes & Pastries
- Bouquet & Flowers
- Makeup & Hairstylist
- Invitations & Programs
- Hats & Fascinators
- Gifts & Souvenirs
- DJ & MC
- Wedding Planners
- Artiste & Dancers
- Local Items
- Fabrics & Laces
- Bridal Dresses
- Bridal Shoes
- Bridal Accessories
- Bridal Rings
WEDDING GUEST SHOP
- Wedding Guest Dresses
- Wedding Guest Shoes
- Wedding Guests Accessories
- Fascinators & Hats
- Bridesmaids Dresses
- Bridesmaids Shoes
- Bridesmaids Accessories
- Groom Suits
- Groom Shoes
- Groom Accessories
- Groom Ring
- Groomsmen Suits
- Groomsmen Shoes
- Groomsmen Accessories
MOTHER OF THE BRIDE & GROOM SHOP
- Fascinators & Hats
The business will operate in Washington D.C. but will not have any brick-and-mortar locations. The official business address for the Company is:
The Company’s operating hours will be Monday through Friday, 8:00 am to 5:00 pm. In addition, the website will be equipped with chatbot automation to answer questions from prospective vendors and shoppers.
As an online business, the Company requires no specialized equipment to operate.
The Massek Wedding Co. website will feature products and services from third-party vendors. Vendors are responsible for the delivery of all products and services purchased through the website. No inventory will be stored or distributed by the Company.
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5.0 Market Analysis
In previous years, the average wedding in the USA cost $30,000. Last spring, due to the pandemic, it was estimated that 66-82% of wedding celebrations were postponed. Cancellations and postponements continued throughout the year as pandemic restrictions prevented couples from having their dream celebrations.
Couples who planned weddings for 2020 and 2021 were left with disappointment as the pandemic restricted social activities. Those who did get married opted for inexpensive, virtual events or smaller celebrations. Spending on wedding-related services dropped a dramatic 34.2% in 2020 as a result.
In Summer 2021, as pandemic restrictions are easing, the industry is preparing for an unprecedented surge in weddings over the next 12-24 months as everyone who postponed their wedding will now be looking to rebook (in addition to all the newly engaged couples making new bookings).
In D.C., the state’s reopening plans are taking shape and allowing for larger in-person events to return, including weddings. IBIS World predicts that the worldwide wedding industry will boom over the next five years as operators and service providers begin accommodating these new and postponed weddings.
In addition, some couples are trending towards DIY weddings and opting to do more parts of wedding planning themselves. This provides an opportunity for wedding product providers to gain a larger market share and sell their products directly to couples without going through an intermediary like a wedding planner.
WEDDING PLANNING TIMELINE: Couples in North America spend an average of 14 months planning their wedding (just 11-12 months for Western Europe).
WEDDING BUDGET BREAKDOWN: Couples in North America rank photography, hair/make-up, and the wedding dress and their top 3 wedding vendors. Parents of the bride and groom often contribute to some of the wedding costs (in Spain and Italy, for example, parents cover roughly ⅔ of wedding expenses for their children).
According to the Better Business Bureau, nearly 75% of brides spend more on their wedding than budgeted. Here is the average spend for key wedding items in USA:
- Venue: $11,046
- Photographer: $2,135
- Wedding Dress: $1,779
- DJ: $1,442
- Catering: $63 per guest
- Day-of Wedding Planner: $3535
- Wedding Cake: $353
- Flowers: $1,674
- Wedding favours: $262
- Invitations: $241
- Hair and Makeup: $395
- Bridal Party Gifts: $523
WEDDING GUEST COUNT: The average Canadian wedding hosts 154 guests. The average US wedding caters to 126 guests. Guest count is dependent on the culture of the bride and groom and will directly correlate to wedding spend. For example, some traditional East Indian weddings can see upwards of 500 or more guests.
5.2 Competitive Advantage
There are many wedding marketplaces and directories online. Here is what makes Massek Wedding Co. different and unique compared to competitors:
- Vendor pricing structure. The Company does not charge vendors to list their products on the website. Instead, Massek Wedding Co. earns revenue by charging a small percentage (5-7%) of any sales made through the platform. In addition, the Company will earn additional revenue by charging a premium fee for sponsored placement on the website.
- Live chat with vendors: Every vendor will have access to a private, instant messaging platform that allows users of the website to live chat with them in real-time.
- Global vendor marketplace: The marketplace will be a truly international marketplace with worldwide vendors to meet any need couples have for wedding products or services. For couples looking for something specific or unique that they can’t get in their community, this platform will connect them with a vendor in another city or country that offers that product or service.
5.3 Risk Analysis
RISK #1: The business’s profitability is linked to the average budget of couples getting married. If the number of weddings decreases or their average spending drops, they are likely to spend less on vendors through the marketplace.
MITIGATION: To mitigate this risk, the Company will diversify the types of wedding services it provides, from both high budget and lower-budget items, so no matter the bride and groom’s budget, they can find what they need on the website without needing to shop elsewhere.
RISK #2: The wedding industry is a year-round business, but there are predictably busy and slow seasons throughout the year. Consistent month-to-month revenue is not expected and can make Company budgeting more difficult.
MITIGATION: Knowing the ebb and flow of this industry will assist in budget planning for the slower seasons.
RISK #3: Consumers and Canadian law have stringent data protection rules and expectations. Consumers and vendors need assurance that the Company will protect any data collected while browsing or making purchases on the website.
MITIGATION: The Company website will include high-level security, SSL certificates, and a promise that information collected will not be shared or sold to third parties.
6.0 Sales & Marketing Plan
Massek Wedding Co. caters to two main groups:
WEDDING INDUSTRY VENDORS
The Massek Wedding Co. online marketplace connects wedding vendors globally with new customers and clients. In addition, the Company will attract vendors who may already have their own website or online presence but want to expand their reach into new markets.
Many vendors are frustrated due to lost revenue from the 2020 wedding season and are starting to explore new online channels to get their products and services in front of new audiences ready to buy.
These vendors have tried online marketplaces and business listings in the past but hated paying high subscription fees to list their business on these sites, especially when there was no promise of return. Instead, they would rather pay based on a commission-based model.
They are tech-savvy or willing to learn how to use online chat software to chat with prospective customers and clients. They love to talk about weddings and know that when they can personally engage with a prospective buyer, their conversion rates increase, and they can make more sales.
Vendors for Massek Wedding Co. are ready to provide their services virtually and ship products to couples around the world.
Massek Wedding Co. attracts wedding vendors from around the world, so engaged couples can find everything they need to plan and host their dream wedding with ease. Users of the website are primarily women who will likely engage their partners when they see something they like. They are between the ages of 20 to 64, and for many, it will be their first wedding, so they want it to be a memorable experience.
They not only want their wedding to be the most memorable day of their life, but they also want their guests to have fun too. Therefore, having the approval of their family and friends is a high priority for many couples.
Newly engaged couples feel overwhelmed with all the wedding websites and shops in their community and online. They just want a one-stop shop to find and interact with wedding vendors around the world. In addition, they may be feeling overwhelmed or stressed about wedding planning and are looking for an online resource to provide options so they can make their decision.
They also likely have many questions about the process or the services/products online. Being able to chat online with vendors in real-time is valuable to them.
Massek Wedding Co.’s customers are savvy shoppers and either want the best deal or are willing to pay more to get something unique. Users of the Massek Wedding Co. either already know what they need when they start shopping on the site or may begin as digital “window shoppers.”
In addition, friends and family of the couple can use the platform to purchase their wedding attire and accessories or purchase items on behalf of the couple.
6.1 Key Channels
As a 100% online platform, online marketing will be the main focus of Massek Wedding Co.’s marketing strategy. The Company plans to create a robust Instagram and Video (YouTube) marketing plan to create content that attracts both vendors and engaged couples to the website. The Company will also grow a strong presence on Facebook and LinkedIn to provide additional awareness of the Company for vendors, suppliers and purchasers.
The Company will utilize online paid ads to target particular demographics of couples and vendors. Additionally, major vendors will be approached personally and invited to join the platform.
For Google Ads, a Search Engine Optimization (SEO) strategy will target strategic cities in North America. The Company’s marketing plan for Google Ads will provide the greatest return on investment and be the Company’s primary paid ad placement strategy for the first two years. The marketing team will monitor it closely and adjust the campaign to get the highest ROI possible.
6.2 SWOT Analysis
7.0 Financial Plan
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