Want to Start a Banquet Hall Business?
A Brief Banquet Hall Business Checklist
Owning a banquet hall business offers plenty
of opportunity for success if you choose your hall wisely and
network well. Banquet halls seem to always be in demand with the
wide variety of functions requiring space and amenities including
wedding receptions, conventions, pageants, ceremonies and family
reunions. If youíre considering the banquet hall business, read on
for some quick tips to ponder.
To begin with, youíll want to research other banquet facilities in
your region. Are there an abundance of banquet halls? Are there any
geographic areas that seem neglected? If you are building your own
property, youíll have many more choices concerning location. If
purchasing an existing property, check that the location is amenable
and safe. You can contact the local police department for a
description of the crime rate in that area. They can tell you the
number of calls and incidences that have occurred in the last year.
When considering an existing banquet hall business, examine the
building closely for necessary repairs and maintenance issues. Older
properties should be evaluated for the three most common and
expensive expenditures: plumbing issues, electrical problems and
roof concerns. Look at the hall as if you were planning to rent it.
That perspective allows you to literally see it as prospective
client might. Bathrooms and kitchens should be thoroughly inspected
for odd odors, leaks and unsanitary conditions. Poor lighting and
weak flooring can also negatively impact the value of a banquet
Parking and deliveries can be serious issues with large events. Does
the site youíre considering have adequate parking if the building is
filled to capacity? Is there easy access for deliverers and set-up
personnel to unload and load? Though it gets overlooked by some, a
prospering banquet hall business owner knows the value of parking
Determine the services that you would like to offer to your
clientele, if any, beyond hall rental. Will you have tables, chairs
and linens? What about a dance floor, sound equipment or a stage?
Does the banquet hall have storage space for these items? Youíll
need an office for conducting business. Is there a room available to
meet those needs? Are there lines for Internet and phone service
Access to other professional services, as needed, such as linen
companies, caterers, florists and sound specialists, increases the
value of your property. If you donít plan on offering additional
services yourself, youíll want to develop a network of professionals
to whom you can refer your clients. You may be able to contract with
them for a finderís fee. One excellent idea is to provide a resource
booklet divided by category to share with your clients.
By answering all of these questions, you can develop a clearer
picture of the real expenses involved in owning a banquet hall
business. Other expenses include business licensing and related
fees, property insurance and any personnel that will be hired. Also
consider cleaning, landscaping and extermination services to keep
the property properly maintained.
There are a plethora of determinations when considering ownership of
a banquet hall business. While the business tends to be steady and
regularly in demand, details can be overwhelming if not considered
from the onset. Expenses may be challenging if you donít have a
solid financial picture of what youíre purchasing. Research and
clear examination of the property can make all of the difference.
Choosing A Banquet Room or Banquet Hall
Finding A Cheap Banquet Hall
Banquet Hall Budgeting