How to Start a Banquet Hall Business?

Answer 1

Nowadays, people are leaning towards more intimate celebrations whenever there is an occasion to do so. Although hotel ballrooms are still extremely popular, banquet rooms and halls have slowly been gaining popularity as alternative places to hold parties and intimate get-togethers. Aside from the lower cost of renting a banquet room, the gathering is seen as more intimate in these smaller areas. If you are interested in starting a business related to banquet halls, here are some guidelines to help jumpstart your goal.

Step 1: Take the time to tour the banquet halls in your local area. Check their packages, including the set up, facilities and amenities; you should also pay attention to how the company markets their services. As you go along the tours, you can start thinking of ideas on how your own banquet hall can stand out from the rest of the other businesses.

Step 2: Set a specific working budget, so you can properly handle your finances especially if you are just starting out in this business. Take into consideration your monthly expenses for staff, equipment, insurance, taxes, rent or mortgage, marketing & advertising, maintenance, utilities and other necessities. Make sure that you have a larger figure on hand, to cope with emergencies.

Step 3: Secure the necessary financing for your new business venture. You will need the loan, unless you have enough cash to underwrite your banquet hall and keep it operating for about one year.

Step 4: Look for a contractor to draw up the designs for your banquet hall; he should also be responsible for sourcing the laborers, decorators and other suppliers/contractors. Keep in constant communication with your decorator as the work progresses, so you have a say on how the hall ends up looking.

Step 5: Apply for the necessary licenses, and inspect the process to take much of your time. You should also be ready for the inspections that would be required by the agencies issuing the licenses.

Step 6: Start looking for a highly-experienced banquet manager, who will be able to help you choose the staff you would need. This professional’s expert opinion would be valuable in running your operations smoothly. Ask him about reliable suppliers from the hotel & restaurant industries who can supply you with furniture, equipment, linen, glassware, silverware and other items needed for the banquet hall’s operations.

Step 7: Prepare different event packages; this would enable you to offer packages with complete amenities to your prospective clients. Having these packages readily available for viewing would help your clients choose which ones would fit their needs best.

When everything is set with your new business venture, you can now concentrate on attracting prospective clients. As long as you operate the business with a good heart and a lot of hard, honest work – success would not be far behind.