The company is formed as an LLC under Massachusetts state laws. Modern Lux Spaces, LLC provides an industrial and modernized event/function space for various uses including but not limited to weddings, intimate events, business socials and more. Modern Lux Spaces will also offer commercial office space for small businesses. The event space is approximately 3100 square feet, the offices and remaining areas are approximately 2400 square feet located on both upper and lower floor levels. There are three exits which are in the front and rear of the building.
The company is prepared to introduce the following service to the market:
Modern Event Venue - Weddings, Event Functions, Business Socials, Style/Mock Shoots,
Private Office Spaces- counseling sessions, podcast sessions, photography,
Virtual Office Spaces- Virtual address. Conference Room- small meetings, paint night classes, small yoga classes, info sessions.
In the United States, the event industry presently makes about over $1 million in revenue according to research. The current market trends are projected to go up 23.1%. This is due to clients/ consumers seeking venue space to host events ranging from small intimate celebrations to grand weddings and more. Research has shown that consumers in this industry primarily focus on the following: size, location, price, and package deals. Modern Lux Spaces appeal to consumers by providing a blank canvas space that the consumer can design and decorate to their liking.
12-Month Profit and Loss Projection
Monthly expense for salaries and overhead expenses (projected): $70,000
Revenue and sales for first year of business (projected): $339,840
Gross profit for first year of business (projected): $350,000
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