Opening a Successful New Event Venue: Essential Steps Explained
Opening a new event venue is an awe-inspiring, exhilarating business endeavor that takes creativity, strategy, and hospitality. Whether you envision a space for weddings, conferences, ticketed events, or other types of gatherings, the key to success lies in meticulous planning and execution. Here’s a guide to navigating the process of opening a new event venue, from concept to launch. We’ve got the steps that’ll help you prepare for success.
1. Do Your Research
Before jumping in, thoroughly analyze the event venue market in your area and the demand in your location. What types of venues already exist? How do their offerings, pricing, and amenities compare? Identify gaps in the market that you could fill with a new or unique concept. This research will help guide your business plan and provide insight into strategies and potential partnerships with local vendors.
2. Conceptualize Your Venue
Based on your market analysis, determine the type of venue you want to create and the experience you want to provide. Understanding your target market is crucial at this stage. Begin by defining the type of events you wish to host. Will you focus on luxury weddings, corporate events, or perhaps a versatile space that can adapt to various needs? Hone in on your niche. Consider the size, ambiance, and unique selling points that will set your venue apart. Will you offer a rustic barn setting, modern industrial loft, opulent ballroom, or something else?
3. Develop a Solid Business Plan
Take the time to write a comprehensive business plan. Map out your business goals, unique selling proposition, target market, marketing strategies, operating plan, startup costs, revenue model, and financial projections. This plan will be critical for securing funding and keeping your business on track.
4. Choose the Perfect Location
Scouting the perfect location is both an art and a science. Your venue’s setting plays a huge role in the guest experience and operational feasibility. Look for a spot that is accessible, visible, and aligns with the aesthetic of your intended events. Consider factors like parking, proximity to public transport, traffic patterns, zoning laws, and local amenities that might enhance your guests’ experience.
5. Find the Right Name
One of the most enjoyable parts of launching a new event venue is developing the name. Feel free to get creative and do your research. While brainstorming, keep in mind your target audience, ways to differentiate yourself from competitors, and ways to not limit your business to specific event types.
Once you’ve narrowed down your ideas, do a quick Internet search and see if the name is taken. Research into your new event venue name will help you make the final decision.
6. Secure Financing
Starting an event venue requires substantial financial investment. Explore various financing options, including loans, investors, or partnerships. Having a detailed business plan will be essential when seeking funding, as it demonstrates the viability and potential profitability of your venture.
7. Obtain Licenses and Permits
Before you can host any events, you’ll need to ensure your venue complies with all local regulations. This may include obtaining a business license, liquor license, and any other permits related to health and safety. It’s important to start this process early, as it can be time-consuming.
8. Design Your Space
Once you’ve secured a location, design your space with flexibility and functionality in mind. Think about the layout, acoustics, lighting, and any unique features that will make your venue stand out. Hiring a professional designer who understands the demands of event spaces can be a worthwhile investment.
9. Create your Online Presence
The sooner you purchase your venue’s URL and create named accounts across social media platforms, the better. Don’t concern yourself initially about adding a significant amount of content. You can easily create a simple site by searching for free templates online. Next, go ahead and register for social media accounts on Facebook, Twitter, and Instagram. Once you start getting the space up and running, you can share a few behind-the-scenes photos to drum up some anticipation for your opening.
Consider listing your venue in a directory like EventUp, the leading global directory. You can easily add your new event venue information and be able to reach potential clients looking for event space.
10. Determine the Venue’s Specs and Logistics
Running an event venue requires juggling many complex logistical balls—accessibility, lighting, sound, climate control, seating configurations, catering needs, staffing, and more. Develop comprehensive operations and contingency plans to deliver an exceptional and seamless experience no matter the event size or nature. Consider event space amenities including flexible floor plans, outdoor space, bar setup, A/V equipment your space can support, and any other unique offerings. Then, share the information on your website and social media.
11. Equip Your Venue
Invest in high-quality, durable equipment that will withstand frequent use. This includes sound systems, lighting, furniture, and catering equipment if you’re providing in-house services. Additionally, consider the technological needs of your clients, such as Wi-Fi and AV capabilities.
12. Prioritize the Guest Experience
At the end of the day, the guest experience is what will set you apart and earn repeat business and referrals. Pay meticulous attention to both the big impressions and the subtle details that surprise and delight. Continuously solicit feedback and find ways to refine the experience.
14. Get Professional Photos
It’s important for potential clients to be able to see and get a feel for your venue before they see it in person. High-quality photos of the interior and exterior are ideal. They will show your credibility and give people an idea of what your space offers. Photos will show professionalism for your new event venue space. If there’s no way you can possibly budget for a pro session, research ways to help you take the best photos possible and take lots of shots.
15. Hire a Stellar Team for your New Event Venue
You don’t want to be scrambling to conduct interviews and post job listings for event staff after you’ve opened your doors. That’s why it’s so important to have a full, trained staff when you open. Post your openings on job sites and on your venue’s social media pages. You can even hold open office hours and have people drop in with their resume and learn more about your new venture. This includes event coordinators, catering staff, security, and maintenance teams.
16. Start Slowly with the Expenses
You’ve likely made a big investment in your event space and you may not have much budget initially. It is very normal for a new event venue to wait a bit before investing in large items.
Start off slow and avoid unnecessary costs where you can. Depending on your vision, you could opt to lease equipment, glassware, linens, and more. You could also consider refurbished items, such as tables, seating, and even kitchen equipment, to keep costs down.
17. Price Competitively
Offering competitive prices is a surefire way to get new customers to book with your new event venue. This is especially important in the beginning when you don’t yet have positive reviews to boost your reputation.
Research to see what other similar venues in your area are quoting for events. You can even offer a special introductory rate if clients book your venue early on.
18. Get the Word out about your New Event Venue
With a venue business, you’ll be marketing to both individual consumers (for weddings, parties, etc.) and businesses (for corporate events, conferences, etc.) Get the word out through a multifaceted approach blending your website, social media, digital advertising, local listings, industry connections, and networking. Consider how you will have potential clients contact you like using an online lead form. You can add a newsletter sign-up form on your website so that people can find out about upcoming offers. Including your venue in an online marketplace to increase exposure is also an option worth considering.
19. Ask for Advice
No matter how prepared you feel, you’re probably going to hit a few challenges once you start hosting events. That’s why it’s great to connect with someone with years of event experience to get some tips and advice. Ask a seasoned event pro for coffee or schedule a quick phone call.
It’s a fast-paced industry, but by reaching out, you’re bound to find someone who can offer you valuable insight. Best-case scenario, you form a mentor-mentee relationship with this person, and you can continue to come to them for advice whenever you’re feeling stuck or need a little inspiration.
20. Stay Involved in the Community
Engaging in your community is one of the most beneficial things you can do as a new venue owner. Try attending networking events, hosting an open house in your space with local vendors, and having a presence at any trade shows and relevant industry events.
These opportunities can also mean valuable face time with other business owners as well as potential clients. Plus, showing support for your community can foster a great reputation in your area.
21. Host a Launch Event
Kick off your venue’s opening with a bang by hosting a launch event. This is an excellent opportunity to showcase your space to potential clients, vendors, and the press. Make it memorable, as first impressions count.
22. Gather Feedback and Adapt
After your initial events, gather feedback from clients and guests to identify any areas for improvement. Being open to criticism and willing to make changes is key to long-term success.
Get the Right Tools to Manage your Events with Tripleseat
As you’re getting ready to open a new event venue, why not request a live tour of the Tripleseat platform to see if our event management software is right for you? Our features help drive more sales, impress customers, and grow your events business in a way that’s manageable and profitable. On top of all that, our dedicated support team is just a call or email away to help with any questions you may have. Schedule a Tripleseat demo to take a closer look at our event management features.