Agenda - Planning Commission - 09/03/2020

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Business Plan Page 14 of 16 Initial marketing costs for the first year will be $700. For years following, the marketing plan will be reevaluated and the budget will go up for more marketing efforts. Ultimate goal would be a vendor at bridal shows to advertise the business. Competitor Analysis The Competitors There are several barn venues in the Minneapolis/St. Paul and rural areas. Their competitive advantage is an established venue, size of their barns, catering facilities, bathroom facilities, owning tables/chairs/tents and being able to charge a premium price for their business. The prices range from simple ceremonies to elaborate in the $5,000-$17,000 price range. Most of the larger competitors are located more south of the Twin Cities area and 1-2 hours from our own venue. A small competitor with a barn venue is located three miles away and they are competitively priced with a kitchen and bathroom facilities. The barn is not authentic, as it was recently built out of steel and does not have a lot of character. There is no alcohol permitted on the property and with their wedding packages the client must tear down and clean up before the end of the night. We will allow our guests to come back the next morning to clean up and return all rentals by noon. In 2018, the average cost of a wedding for couples is $28,000. Our goal is to provide a beautiful, unique venue that is affordable to couples that can't spend a lot of money and want to do the bulk of the work themselves. Our pricing is extremely competitive and a little underpriced to get established and gain clients. Some advantages we will have with our venue will be an old original barn in excellent condition with rustic charm that couples are looking for. From a planning perspective, a wedding barn is something of a blank canvas. Barns allow for limitless ways to decorate and personalize your nuptials. Rachel has the advantage of being a designer and being able to bring a bride's vision to life, while offering creative services. Another advantage is the property has fields for parking and everything can be held in one location, from exchanging vows to the reception and dance.