How to Start an Event Planning Business
A step by step guide on starting an event planning business.
Event planning business is one of the small businesses that can give you high profits if you know how to plan events very well. I was privileged to work in the event marketing company.
I was amazed to learn how some people make huge money from something other people may regard as just a fun. Though, no matter how lucrative the event planning business is, it is not for all comers. For an example, despite the fact that I worked in an event planning business for more than five years, I cannot venture into that kind of business. Why, the event planning business is not just about planning alone. If it is planning, I could have started my own event planning business. It involves a blend of socialisation, partying and networking. For me, I will say I am not a party kind of person. But if you have a proper mix of the attributes I mentioned, you can consider starting an event planning business.
When I mention event planning business,you may think that it is just about organizing parties. The scope of the business could be wider than you ever imagined. But the good thing about the event planning business is that you can start at any scale. It depends on the resources available to you.
Why Event Planning Business?
Low Cost
The cost of starting an event planning business is very low. Most of the things you need for events will be provided by your clients. That is, it will be part of the costs your client will bear. For example, for any event, you need a venue, table and chairs etc. You don’t need to have all these before you can start your own events planning business. What you need most is planning skills and other attributes as mentioned earlier.
Work from home
Events planning business is a business you can start from home. You don’t need to rent office in a high brow street to start or run events planning business. Most of the meetings you need to attend will be in the client’s office. Some clients even prefer that you come to them so that you can have a good understanding of their brief.
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Huge Market
The market for event planning business is very huge. It is still growing and will continue to grow. The services of event planners are needed during celebrations such as when people are having fairs, parades, weddings, birthdays, burials, commemorations and anniversaries. In education settings, events planners are needed to organise conferences, meetings and graduations. Besides, the services of event planners are needed during political rallies, fashion or trade shows, conventions, board meetings, product launches, end of the year parties and annual general meetings. The market is segmented. You don’t need to be Jack of all trades before you make a mark in events planning business. Your target market may be individuals, corporate bodies or governments.
Flexibility
Event planning business allows flexibility. Most of the events you will handle will be on weekends especially if your target market is individuals. However, it is worth mentioning that organising events is a time consuming operation. But with time, you will be used to it.
What does the event planning business entails?
I mentioned that that you can start event planning business at any scale. It all depends on your financial capability and other resources available to you. Below are some of the things you can do as an event planner.
- Inviting and following up of invitations to attendees
- Carrying out research regarding an event.
- Designing of the event pattern.
- Site selection
- Managing logistics
- Food, decorations and entertainment
- Event personnel management
- Site supervision etc
How to start event planning business
Prepare a business Plan
Once you know that you have passion for the event planning business, the starting point is for you to prepare a business plan. Research the market and focus on the niche that promises enough patronages. Understand your potential customers. Also, don’t overlook your competitors. How much do they charge? Your pricing should not be too different from theirs.
Register your events planning business
You need to come up will a name that is fun and exciting. Let your business name reflects what you do. This alone can help you when it comes to marketing your services. You must register the business name. This is what gives your business an identity.
Marketing
People need to be aware of your event planning business. The only way to let them know about it is through marketing. Marketing does not need to be expensive. Start with the words of mouth. Make use of your Facebook page and Instagram. You can also set aside a reasonable amount to take care of your initial marketing expenses. This marketing budget will be used to print business cards and possibly brochures where you can highlight your services. If you have enough cash, you can develop a simple website where you can display pictures of venues of events you have handled. Most importantly, ensure you satisfy your clients. You can get a lot of referrals through them.
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