I selected the business plan for a wedding consultant business, TTL Wedding Consultants. Utilizing the SOOT method for analysis, I reviewed and analyzed the business plan for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses analyze internal factors of the business. Opportunities and threats analyze external factors of the business. TTL Wedding Consultant's business plan was well organized and clearly shows the business can be viable and strong. The leaders of this venture are experienced and creative. They have planned over 150 weddings and receptions together.
Both owners are college graduates and received certification from the National Association of Wedding Consulting and Professional Wedding Planning. The business model for TTL Wedding Consultants is well developed. The owners will provide a full range of services in the wedding consulting arena. TTL will offer their clients assistance with wedding planning, honeymoon planning, receptions, anniversary consultations, budget planning, etiquette consultation, and referrals to various ancillary services such as entertainment, florists, and hair stylists.
Each year over $35 billion is spent on weddings. The plan outlined that TTL has clearly identified their target market segment. TTL will primarily market their services to brides, grooms, and their family members. In addition to brides and grooms, Talc's client segment will include guests attending the weddings and anniversary events. The business plan clearly defines the keys to success. The business will operate from Eugene, Oregon where over fifteen hundred weddings are registered each year.
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This represents a sizeable market for the business. Currently in Eugene twenty companies offer similar but limited wedding planning arrives. Of those twenty companies only three offer services that are comparable to TTL. TTL will differentiate themselves from their competitors by providing a full range of services that will offer their clients "one stop shopping" for greater convenience in addition to economies of scale. This will ultimately save the client money.
In addition to wedding planning and consulting TTL will provide event planning services for corporate retreats and etiquette training. These services will also provide a competitive advantage in the marketplace. The business plan also presented mom areas of opportunity specifically, the demand in the targeted marketplace. As mentioned previously, there were over 1,500 weddings registered in Eugene; however, according to the Incarnate Encyclopedia the United States marriage rate is expected to remain at the same level in the upcoming years.
There is also an opportunity that as the client base grows to add a an additional consultant to ensure the level of service to the client does not decrease. Also, with the increase of various reality television shows that focus on weddings and wedding planning and consulting, TTL Wedding Consultants could have the opportunity to expand to cantonal and global markets. There were also some threats that can be identified in the plan. For example, changes in customer tastes.
The owners of TTL will need to aware of the trends in wedding d©cord and attire. The owners also need to be aware of the competition. Although they offer a full range of services, these services are not Soot Analysis Busses By ebony remains slow and more people are unemployed, competition may increase as more people attempt to go into business for themselves. Wedding Consultant Business Plan. (2010). Retrieved from http://www. Plans. Com/ wedding_consultant_business_plan/executive_summary_FCC. CFML
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