2 0 Company Summary Cmg Wedding Consultants example essay topic

By: Anonymous Wedding Consultants 1.0 Executive Summary CMG Wedding Consultants is a full service company that provides complete consulting services for weddings, birthdays, anniversaries and every other special event. Our consultants are experienced and dedicated professionals with many years of event planning experience. CMG is unique in that we give our clients our undivided attention. We listen to their needs and work with them to create the event of their dreams. Our clients' wishes become our commands.

So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding, we can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget planning, answers to etiquette questions, as well as full-service florists, hair stylists, entertainers, musicians, etc. We also provide the inventions and thank you notes 1.1 Objectives Whether this is our client's first wedding, a renewal of their vows or their anniversary, we want every detail of their event to be both a pleasurable and a memorable experience. With our full service the client does not have to stress on getting everything done, we do it all for them.

Therefore we offer a host of packages and services specifically tailored to the needs of each couple. 1.2 Mission At CMG our mission is to keep our customers pleased! Party's can be very stressful and time consuming, we are here to take the pressure of the client so they can spend more leisure time with family. We are confident that this business venture will be a success and we estimate that our 1.3 Keys to Success The keys to our success are as follows: 1.

Service our clients' needs promptly and efficiently. 2. Maintain excellent working relationships with vendors such as musicians, hair salons and bridal shops. 3. Maintain a professional image at all times. net income will increase more than 10% by the second year.

2.0 Company Summary CMG Wedding Consultants is a start-up company that provides wedding, reunions, and anniversary consulting services to brides, grooms and other family members. We are a full-service bridal consulting group and our goal is to put the fun back into planning a wedding, birthday or anniversary party. Too many people become overly stressed and frustrated when planning these wonderful events. We are experienced and professional consultants and will use our expertise to help create memorable and stress free events for our customers. By doing this, our clients can sit back and enjoy their event.

The result? We create events suited to the couple's unique style -- a true expression of their relationship and individuality as a couple. 2.1 Company Ownership This business will start out as a simple proprietorship, owned by its founders, Carol and Michelle Gautier. As the operation grows, the owners will consider re-registering as a limited liability company or as a corporation, whichever will better suite the future business needs. 2.2 Start-up Summary The company founders, Carol and Michelle Gautier, will handle day-to-day operations of the plan and will work collaboratively to ensure that this business venture is a success.

We estimate that our start-up costs will be $3,000 (including legal costs, logo design, advertising, direct mail, and related expenses). An additional $5,000 will be required in the bank account as an operating capital for the first two months of operation. The start-up costs are to be financed in equal portions by the owners personal funds (i. e., Carol and Michelle Gautier are investing $4,000 each). Start-up Requirements Start-up Expenses Legal $200 Stationery etc.

$450 Brochures $450 Consultants $0 Insurance $300 Rent $0 Research and development $200 Expensed equipment $900 Other $500 Total Start-up Expense $3,000 Start-up Assets Needed Cash Requirements $5,000 Other Short-term Assets $0 Total Short-term Assets $5,000 Long-term Assets $0 Total Assets $5,000 Total Requirements $8,000 Funding Investment Carol Gautier $4,000 Michelle Gautier $4,000 Other $0 Total Investment $8,000 Short-term Liabilities Unpaid Expenses $0 Short-term Loans $0 Interest-free Short-term Loans $0 Subtotal Short-term Liabilities $0 Long-term Liabilities $0 Total Liabilities $0 Loss at Start-up ($3,000) Total Capital $5,000 Total Capital and Liabilities $5,000 2.3 Company Locations and Facilities Initially this will be a home-based business; however, by 2005, we intend to expand our facilities into a well-equipped and operational office in North Carolina. 3.0 Services We are a full-service wedding consultant group and provide the following services: etiquette advice, event scheduling, discounted invitations and products, vendor confirmation, rehearsal attendance, supervision of both ceremony and reception setup and budget planning. 4.0 Market Analysis Summary Nearly $35 billion are spent every year on weddings and receptions. Therefore, professional wedding consultants are a commodity, not a calamity. CMG Wedding Consultants are full-service wedding consultants that offer a variety of services to our clients. We pride ourselves on being professional and courteous at all times and we have packages to suit everyone's needs.

As previously stated, marriage is a billion dollar industry, therefore, just about everyone we meet is a potential client. However, we mostly advertise to brides, grooms, and family members. 4.1 Market Segmentation Although the flash and excitement of impending nuptials can be intoxicating, it can also be overwhelming. Therefore, we primarily market our services to the people who need them most -- brides and grooms. In 1997, 2.4 million marriages took place in the United States. According to the Encarta Encyclopedia, the current US marriage rate of nine marriages per 1,000 people is still the highest rate among the industrialized countries.

This marriage rate is expected to remain at the same level in the near future. In the Carolinas OR area where CMG Wedding Consultant's plans to operate their business, The total marriages in 2001 are 39,758, which creates a sizable market potential for this line of business. Another customer segment is represented by the numerous family members and guests attending weddings, anniversaries, and similar events. This segment requires event preparation services like gift ideas, etiquette tips, etc. Besides the wedding arrangements, which CMG Wedding Consultants believe to be their major client assignments, other events the company will provide services to include corporate retreats, etiquette training, etc. This customer segment is estimated to have the annual volume of 1,000 orders in the North Carolina area.

The company will position itself as an experienced provider of wedding planning services. Unlike most of its competitors, CMG will be offering a full range of services and thus provide the convenience of one-stop shopping for its clients. This will significantly reduce the customers' time and efforts preparing for such an important event as a wedding. Moreover, by utilizing numerous supplier contacts that the company owners have established and economies of scale, CMG Wedding Consultants will be able to pass on to its customers sizable cost savings. 4.2. 1 Market Needs The market needs for wedding planning services are strongly shaped by the customers' desire to have a perfectly planned and executed wedding ceremony. Although both major customer segments, brides and grooms and family members, plan and budget for the wedding ceremony as far as a year or more in advance, they often realize that they cannot make all the necessary preparations by themselves in a cost effective manner.

Strongly affected by the established social values, such customers seek professional advice to ensure that all the important aspects of the wedding ceremony meet or exceed perceived expectations. 5.0 Strategy and Implementation Summary Our strategy is simple: we intend to provide our customers with a wide range of services custom tailored to their individual needs. Therefore, whether they require a complete package, or simply consulting on a particular service, we can help. 5.1 Competitive Edge By aggregating a complete range of wedding services under one roof, CMG Wedding Consultants will offer its customers the ease of one-stop shopping. The company will leverage its owners' expertise in planning such events to competitively position itself as a premier provider of wedding services.

Both owners have very strong communication skills that will help develop the 'buzz' about the high quality of the services offered by CMG Wedding Consultants. 5.2 Sales Strategy The company's sales Advertising in the Yellowostrategy will be based on the following elements: Pages - two inch by three-inch ads describing the services will be placed in the Placing advertisements in the local press, including Theo local Yellow Pages. DevelopingoFayetteville Observer, The up and coming and local radio stations. affiliate relationships with other service providers (musicians, hair stylists, o caterers) that would receive a percentage of sales to the referred customers. Word of mouth referrals - generating sales leads in the local community through customer referrals. Collaboratively they have planned and serviced over 50 weddings, receptions and events. They are knowledgeable about all areas of planning, decorating, as well as budgeting.

Carol has been involved in arts and crafts, sales, and event planning for 25 years. She became interested in providing consultant services when she successfully planned her first five weddings for family and friends. Michelle is getting here Degree in Business, and, like Carol, she became interested in becoming a consultant when she successfully planned her first three weddings. Michelle enjoys all aspects of planning traditional and nontraditional weddings. 6.1 Personnel Plan Initially, CMG Wedding Consultants' personnel will include only the two owners, both of whom will be working full time. As the personnel plan shows, we expect to hire an additional wedding consultant in the next year this person will work full time, but will not be included in the management decisions.

Personnel Plan 2001 2002 2003 Payroll $53,100 $76,200 $85,800 7.0 Financial Plan The following subtopics represent the financial plan of CMG Wedding Consultants. General Assumptions 2001 2002 2003 Short-term Interest Rate % 10.00% 10.00% 10.00% Long-term Interest Rate % 10.00% 10.00% 10.00% Tax Rate % 25.00% 25.00% 25.00% Expenses in Cash % 10.00% 10.00% 10.00% Sales on Credit % 60.00% 60.00% 60.00% Personnel Burden % 15.00% 15.00% 15.00% Break Even Analysis: Monthly Units Break-even 7 Monthly Sales Break-even $4,000 Assumptions: Average Per-Unit Revenue $600.00 Average Per-Unit Variable Cost $0.00 Estimated Monthly Fixed Cost $4,000 7.2 Projected Profit and Loss Our projected profit and loss is shown in the following table. Pro Forma Profit and Loss 2001 2002 2003 Sales $95,300 $114,360 $125,796 Direct Cost of Sales $0 $0 $0 Other $0 $0 $0 Total Cost of Sales $0 $0 $0 Gross Margin $95,300 $114,360 $125,796 Gross Margin % 100.00% 100.00% 100.00% Operating Expenses: Advertising / Promotion $3,350 $1,000 $2,000 Travel $0 $0 $0 Miscellaneous $1,200 $0 $0 Payroll Expense $53,100 $76,200 $85,800 Payroll Burden $0 $0 $0 Depreciation $0 $0 $0 Leased Equipment $0 $0 $0 Utilities $0 $0 $0 Insurance $0 $0 $0 Rent $0 $0 $0 Contract / Consultants $0 $0 $0 Total Operating Expenses $57,650 $77,200 $87,800 Profit Before Interest and Taxes $37,650 $37,160 $37,996 Interest Expense Short-term $0 $0 $0 Interest Expense Long-term $0 $0 $0 Taxes Incurred $9,413 $9,290 $9,499 Extraordinary Items $0 $0 $0 Net Profit $28,238 $27,870 $28,497 Net Profit / Sales 29.63% 24.37% 22.65% 7.3 Projected Cash Flow Cash Received Cash from Operations: Cash Sales $38,120 $45,744 $50,318 From Receivables $51,322 $67,444 $74,775 Subtotal Cash from Operations $89,442 $113,188 $125,093 Additional Cash Received Extraordinary Items $0 $0 $0 Sales Tax, VAT, HST / GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of other Short-term Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 Capital Input $0 $0 $0 Subtotal Cash Received $89,442 $113,188 $125, 0 Expenditures 2001 2002 2003 Expenditures from Operations: Cash Spent on Costs and Expenses $1,396 $1,029 $1,150 Wages, Salaries, Payroll Taxes, etc. $53,100 $76,200 $85,800 Payment of Accounts Payable $11,446 $9,556 $10,252 Subtotal Spent on Operations $65,942 $86,785 $97,202 Additional Cash Spent Sales Tax, VAT, HST / GST Paid Out $0 $0 $0 Principal Repayment of Current Borrowing $0 $0 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Short-term Assets $0 $0 $0 Purchase Long-term Assets $0 $0 $0 Dividends $0 $0 $0 Adjustment for Assets Purchased on Credit $0 $0 $0 Subtotal Cash Spent $65,942 $86,785 $97,202 Net Cash Flow $23,500 $26,404 $27,891 Cash Balance $28,500 $54,903 $82,794.