Starting a banquet hall – Business Opportunity
Today’s generation actually parties really hard. We all love having fun, dancing and meeting new people. Parties are an amazing way to do all that. Nowadays business parties are thrown to meet clients and also to increase our acquaintances and contacts. Bottom line is, parties are really wonderful way to make new friends and have fun. The most important thing for a party is venue. What is better than a wonderful banquet hall to throw your party? Whether it your birthday party, an office party or a wedding reception, banquet halls are required for almost all occasions.
Opening a banquet hall can be a very wise business idea, owing to how much demand there is for one. In full-blown wedding seasons, getting a booking for a suitable banquet becomes the toughest job. For this, a new hall would be more than welcome to everybody. All you have to do is find the perfect location and start you banquet hall business with profitable business plan. In this article, you will get to know about following things:-
- Banquet hall business plan & basics
- Cost of owning a banquet hall
- Banquet hall profit margin
- How to find proper location for your banquet hall
Banquet Hall Business Basics
There are a few basic rules which must be followed. The most important of those is funding for your project. A banquet hall, by default, has to beautifully decorated in itself. It should have sufficient space to hold large parties for around 500 people. Air-conditioning facility is a must in all banquet halls now. The flooring and carpeting also has to be taken care of. For all these, sufficient amount of funding is required. Before anything else, funding for the project has to be ensured.
Banquet Hall Business Planning Checklist
Every banquet hall should have basic facilities such as:-
- Location should be easily accessible
- Parking area – underground, roof or open parking space
- Lift facility
- In demand decoration for theme parties
- Chairs/Tables, curtains, table cloths, carpets
- Minimum 4 Rooms with attached washroom for bride/groom and special guests.
- WiFi facility is optional
- Generators for power supply in case of power cut
- CCTV camera is a must
- Play area for children with bounce house and other indoor games
- Dance floor
- Music/DJ facility
- Food facility with various menu as per market demand
- Conference table. projector, etc for business meeting
Location is another very important factor. If, your hall is too in-accessible or too much in the interiors of some place commuting to the location, might pose as a hindrance to you getting sufficient bookings. Therefore, choosing your location should be done sensibly. If you currently have a plot in which you are planning to start banquet hall business then make sure that you must build parking space for guests. 60ft main road in front of your banquet hall is considerable.
Know Your Competitor – Do Some Research
Next important thing is research. It is needless to say that there are plenty of banquet halls in the market today. For you to start your business and maintain it successfully, a lot of research is important. Your research will help you understand how this field operates. With that knowledge you would able to work the small things that will make your business unique. You will have to maintain your business in such a way that your clients consider booking with you first. You have to ensure them the best possible services so that they do not considering booking another place even after booking with you.
How Much Does it Cost To Build a Banquet Hall?
If you have your own land in prime location then major expense for you is construction with proper planning. Total cost will depend on the size(area-wise) of banquet hall. Construction cost is between INR 1000 – 15000 per sq.ft.
Apart from basic construction, special amenities is going to cost you more.
The wedding season is the most vital. Your banquet hall should be able to provide all the quintessential requirements for a wedding reception. The larger the hall, the better it is as you will be able to accommodate more people in it. That also means more bookings. Nowadays, office parties and conferences are also held in such big banquet halls. If your hall can provide the requirements for such conferences as well, you will be assured of more business.
For any kind of business, it is best to start small. After all the legal technicalities haemoglobin been met, you can start taking bookings and provide your customers with the best possible experience. You can start with smaller parties like birthdays and then with more experience, move on to weddings and large conferences with more ease.