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Praizegirls
Joined: 02 Dec 2007
Posts: 9
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 Posted: Tue Feb 12, 2008 5:32 am Post subject: Is this a good idea? |
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| After seeing the trouble I'm going through finding an inexpensive reception hall for my wedding, I'm thinking about starting a banquet hall rental business. I am looking to buy or build a large building and make it formal and easy to decorate in any theme/color, etc. I would have it sectioned off so there could be multiple parties on one day, but have the sections where they could be removed to accommodate a larger party. I'm definitely going to be charging less than the other places in town (at least $25 cheaper). Do you think my business will take off and make me some money? Or, do you think it will only be popular during the summer months for weddings and such?Would you rent a place that was cheaper just BECAUSE it was cheaper?Thanks!Krysta: Yes, we were going to include chairs, tables, and other misc items in the rental cost. We would also have linens, tableware, etc available for rental also.BTW, in our town, the average banquet hall rents for $400-$800...I think that $25 would make a difference, especially for the lower priced places. The cheapest I've seen for a 100 person gathering is $200. I think $175 is enough to get people to rent for us, right?CindyLu: I'm not stupid. I would NEVER invest any money into anything before I knew what I was doing. Sounds like you were burned by doing this yourself... Anyways, I do plan on having a solid business plan. I am just in the surveying process to see what brides to be think of this idea. I know the general costs included in this business as I have worked at the Parks & Recreation office in our town and have seen a copy of their budget before. Keep in mind that I'm not trying to make tons of money with this business. I just want a side income. My fiance and I are planning on me not having a job until I finish college so this would be a nice thing to have in the works while I'm still in school and to start when I graduate. |
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Spharoe
Joined: 12 Feb 2008
Posts: 2
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| Posted: Tue Feb 12, 2008 5:39 am Post subject: Is this a good idea? |
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| In the long run, it seems like $25 wouldn't be enough of a difference to set you apart from the rest... $25...? |
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yummymummy12345
Joined: 12 Feb 2008
Posts: 2
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| Posted: Tue Feb 12, 2008 5:45 am Post subject: Is this a good idea? |
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| I think its a great idea. People have birthdays all year round, so it might get you through the off season. |
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JustWondering
Joined: 12 Feb 2008
Posts: 7
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| Posted: Tue Feb 12, 2008 5:52 am Post subject: Is this a good idea? |
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| I would rent a place because it was cheaper but the thing u need to keep in mind is that running a business is hard. it will cost you a lot of money to buy a place and then u may not have enough customers to cover the cost of purchasing the place. You won't really make any profit until u pay off the full purchase price which could take years. You will need to find enough advertising so that people knows it exists and most likely the only time people will rent it will be for weddings and family reunions which are mostly during the summer. Then u have to still cover the cost of utilities, clean up crews, maintenence, property taxes, etc. |
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Krysta
Joined: 12 Feb 2008
Posts: 3
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| Posted: Tue Feb 12, 2008 5:58 am Post subject: Is this a good idea? |
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| I'm about to get married in about a year so I've done a lot of thinking about that type of stuff lately... I chose a very nice place... And to be honest, I went for something inexpensive, yes... But the look of it was also very important. And through the experience of my soon to be brother-in-law's wedding, we found out it was about $4,000.00 less to go with a place that was already decorated and supplied drinks and food, rather than have to decorate, rent tables, chairs and get food and drinks, DJ, etc... yourself. So if your place is going to have all those things, and people just have to get decorations and DJ only, that'd be great... But if they have to get the tables, chairs, servers, food, drinks, decorations, and everything... it becomes a lot more money. There were a lot of expenses no one thought about. They just saw the price of the hall, and it was nice. VERY plain, but decent enough I guess. But it also put A LOT more stress on everyone because we had to clean the place up ourselves after. (NO ONE wanted to do that) Also we had to worry about everything ourselves. When I do my wedding, I just pick out my flowers, invitations, cake, dresses, tuxes, DJ, limo, and be on my way... I don't really have to worry about anything else. And that's easy and stress-free. The way I like it. |
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amandag
Joined: 12 Feb 2008
Posts: 2
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| Posted: Tue Feb 12, 2008 6:04 am Post subject: Is this a good idea? |
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| If cost is a factor and maximum space was needed for guests I would choose a place due to cost. You can always make it your own with decorations. However, there are sometimes options. If you know someone in your family that is a veteran , check out the vfw halls and look into your local recreation centers even your local schools gymnasium for rental purposes. Perhaps you have someone in the area that is member of a hunting lodge. usually they have large facilities with private kitchens for bingo nights, but aren't advertised to the general public for nominal costs. usually under 400.00 with bar under 1000.00 you set up and clean up. but hey , the money is saved. Good luck in your endeavors if you need or want some assistance with a budget bride business, I would be interested. I am budgeting big time for a september wedding. take care. |
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HeatherS
Joined: 12 Feb 2008
Posts: 3
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| Posted: Tue Feb 12, 2008 6:11 am Post subject: Is this a good idea? |
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| I think it may be a good idea, but it depends on the market, location, etc. It may be easier with real estate prices going down, but I would write a business plan and get a good mentor. There's always going to be a market for the "cheaper" location, if you can make it work financially. |
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CindyLu2961
Joined: 12 Feb 2008
Posts: 1
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| Posted: Tue Feb 12, 2008 6:17 am Post subject: Is this a good idea? |
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| You need to work out a solid business plan before you invest a single penny in anything realted to a new business. You want to charge less than other halls but consider that the money you charge per head must add up to the costs of your rent/mortgage, food, tables chairs, utility bills, costs to maintain the hall and the grounds if any, paying any employees like waitstaff musicians etc. and whatever other costs. I don't know what all those might be but you had better know before you invest money. You are going to have to charge enough money to at least cover these expenses or you are going to be loosing money every time you open your doors. if youwant to make any kind of money for yourself youwill need to add that in to your cost per headYou are not the first with this idea but greed is not the only reason places cost so much. They must cover expenses completly to even stay in business. If they want to make even a basic living this must be added to what they charge you. Sounds like a good idea but so do a lot of things when you are just talking and there is no money on the line. Do your homework perhaps talk to one of the caterers you encounter about what is really entailed in running his type of business and how is business going for him You need to know about all these issues and how you will address them before you approach a bank for a loan or rent out a place or do anything. Many small businesses expecially in food service, go out of business in the first year. There's a reason for that, many people just like you, do not know what it really takes to get a business off the ground and keep it running prosperously |
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iqk
Joined: 12 Feb 2008
Posts: 3
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| Posted: Tue Feb 12, 2008 6:24 am Post subject: Is this a good idea? |
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| well its seems a great idea & defenately will attaract people. Spcially as it will be decorated & arrange as indidual taste & wish. |
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TraceyV
Joined: 12 Feb 2008
Posts: 6
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| Posted: Tue Feb 12, 2008 6:30 am Post subject: Is this a good idea? |
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| You bet it's a good idea! I am starting to get things ready to do something similar but not to your extent yet. I want to take the 'plastic and paper' bride and kick it up a notch, etc. It's all do-able. I wish you all the luck too...as soon as I win the lotto, I'll have my dream "wedding palace"...be watching for it! lol And yes, I WOULD rent from a cheaper place...you seem like you have put some thought into your venture!! Good luck! |
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oyvey2971
Joined: 12 Feb 2008
Posts: 1
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| Posted: Tue Feb 12, 2008 6:36 am Post subject: Is this a good idea? |
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| Not 8 minute abs-6 minute abs...see the difference is 2 minutes. This idea reminded me of that line from Something about Mary. $25.00 is not enough to give you a distinction. Sometimes, unfortunately, you get what you pay for and going $25.00 less would not make a difference. Your's would be a new business with no reputation and a cheaper price. I wouldn't do it.To me, the $25.00 isn't worth it. |
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nova_queen_281172
Joined: 12 Feb 2008
Posts: 2
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| Posted: Tue Feb 12, 2008 6:43 am Post subject: Is this a good idea? |
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| I mean this seriously - I would never rent a place with removable partition walls. I don't want crappy music from the party next-door blaring into my party (or reception) - - or that would be my concern.I would also prefer a place that only has 1 event per day/time. It means the resources are all concentrated on my party and I feel that becomes money well spent.I like your idea, and yes price is often a key factor. Once my fiance & I realized we couldn't fit our guests into the more elaborate mansion or museum and we would have to hold our reception in a big room I did focus on price. If it has to be decorated, I'd go for cheapest so long as it was clean. |
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fizzystuff3318
Joined: 12 Feb 2008
Posts: 1
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| Posted: Tue Feb 12, 2008 6:49 am Post subject: Is this a good idea? |
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| I would not rent a place because it was $25 cheaper. That may be a big difference for some brides, but I think for most brides $25 is not breaking the bank. Now if it was $500 or $1000 cheaper than the competition, that would be a more significant difference. I would rent a place based on how beautiful it is, and what comes with it. I didnt look at any banquet halls for that very reason they are usually drab and a bit stale-looking. Im not looking for the cheapest place; I am willing to pay more if its beautiful. Hope this helps you! |
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mom2turtle
Joined: 12 Feb 2008
Posts: 2
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| Posted: Tue Feb 12, 2008 6:56 am Post subject: Is this a good idea? |
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| I myself was a big dreamer and saw this as the answer to my problem, however I will live vicariously through you! I think you could definitely make it work and in off peak times your location may work for other events such as wedding shows, bridal/baby showers, as well as Charity and Civic events the latter of which will probably afford you additional publicity. |
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cindra0518
Joined: 12 Feb 2008
Posts: 2
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| Posted: Tue Feb 12, 2008 7:02 am Post subject: Is this a good idea? |
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| The reason why it's not inexpensive is because of the high costs involved in food, staff, utilities, kitchen supplies, taxes, insurance, licensing. You have no idea. The mark up on these halls is not as much as you think. |
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