East 268 Venue LLC | Application Preview
East 268 Venue LLC is applying for government grants to support their wedding venue business, focusing on renovations and startup costs. The funding will be allocated as follows: approximately $75,000 to $80,000 for building renovations, $20,000 for rent, $500 for taxes and permits, $500 for insurance, $30,000 for furniture and decoration, $5,000 for marketing, $1,000 for website setup, and $13,000 for equipment.
The business aims to grow within the next five years by actively engaging with clients to gather feedback and improve services. In addition to offering wedding services, East 268 plans to adapt to changing trends, such as providing spaces for content creators and podcasters and hosting events like open houses and bridal shows to increase visibility.
The applicant shares a personal story of resilience, having postponed their vision for the venue after the passing of their mother in 2018. With eight years of experience in the wedding industry and a solid educational background, the applicant feels equipped to succeed. They emphasize the importance of staying updated with industry trends to offer unique and affordable services.
In terms of competition, the primary rivals are The Hub 757, Woman's Club of Portsmouth, and The Obici House, each offering distinct features and settings for events. East 268's competitive edge lies in its plan to include a mini store for essential wedding items, along with a vending machine for convenience. They also aim to create an inviting atmosphere and remain flexible in catering to intimate weddings, setting themselves apart from competitors while fulfilling evolving customer needs.
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General Information
Business Registration Number: 93-1649191
Location: Chesapeake, VA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
My plans on how I would use the funding at this point in the business would be renovating a building. Renovations depending on the building would be an estimate of $75-80k. Rent to start up- $20,000 Taxes and permits-$500. Insurance-$500. Furniture and Decoration-$30,000 Marketing - $5,000 Website Setup- $1,000 Equipment- $13,000.
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Business Plan
I plan to grow my business within the next 5 years is by intentionally listening to the clients. I plan to grow my business within the next 5 years by intentionally listening to the clients. Gathering their feedback on what could be improved. Listening to their feedback will help grow the business because there could be improvements that can push the venue forward. I would also grow a strong referral network by providing my clients with the best service. This will help build a relationship within the venue community. The wedding venue will not just be a wedding venue. I plan to stay on trend with the world. Providing spaces for content creators and podcasters. Which will also provide income during the off season of weddings. Hosting many open houses to get the word out about our company. Attending bridal shows constantly and participating in any industry events will help grow this business continuously. I have had this vision for the last 6 years. I have put it on pause due to my mother passing away. Instead of starting my business around the time she passed, I decided to put it on pause to work on myself and to grieve properly. She passed December 2018 and now I feel I can press forward with full force. Before she passed, I had experience within the wedding venue community. I have 8 years of experience with decorating and being a wedding coordinator. I also have experience in accounting, which I feel is another valuable tool to have in running a business. To make sure all revenue and expenses are accounted for. I have my master's in criminal justice and have many years of experience in working within law firms. Which provides me with the knowledge of how to create contracts, how to interact with clients, pay attention to details, and know how to delegate. This vision has been with me for many years, and I genuinely know I have what it takes to make this a successful business. I have a solid business plan that will help achieve all my goals. The wedding industry is a growing industry, so it is particularly important to keep up with the latest trends. Which requires your venue to be unique and affordable to the client. I will continue to research to see what this market is missing and fulfill it. This industry is very demanding, but I am willing to put in the hours to make this happen.
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Self Identified Competition
The top 3 competitors in my area are: The Hub 757-They have a huge venue. Their venue is about 28,000 square feet (about the area of a large mansion). They can host many parties at once. They also could host the wedding and the reception in one place but make it seem like you are stepping into two different spaces. Woman's Club of Portsmouth-Is a genuinely nice space that has high vaulted ceilings and a good amount of space. It gives intimate detail, and the space can feel cozy. They have the option to host the wedding inside or outside. The Obici House-Is a grand house that sits on a lot of land. They also have the option to host a wedding inside or outside. Outside they can set up a gigantic tent and make it feel like you are inside of a building. Nice water views and many places to take great wedding photos. I have been to plenty of weddings, and it always seems when either party is getting ready for their special day, something is always left at home. So, to provide a mini store that provides the necessities of hair pins, shoes that are flat, safety pins, etc. would be essential. The bride or groom would have to send a family member out to get the item or find someone that may have that item. I believe having something to this effect will help me stand apart from the others. The possibility of a vending machine that carries these items also. I would make my venue affordable and create a space that is inviting and cozier. Since the pandemic, a lot of people are considering smaller intimate weddings. I would like to have an indoor and outdoor venue as an option. Also, creating spaces for content creators and podcasters will also stand out from my competitors.
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Contact Applicant
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