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How to Start an Event Planning Services Business
Setting up any business is challenging; it requires planning for several stages and procedures. There is an excellent hike in demand for event planning services, as many people want to hire professionals to manage their events and celebrations. Although event planning might sound easy, event planning consists of several things.
It gives you an upper hand if you already organized and managed several events in the past. Interest and passion for any field is a driving force to pursue it as a career.
Apart from that, it would be best if you had a good network and contacts for setting up everything from the venue to food for all types of networks. One can set up an Event Planning business after paying attention to these factors given below:
1. Business plan
No successful business person has ever started without a solid business plan. Before starting any business, it is vital to curate a visual map and a list of things you want to for your business. You can also jot down the five-year goals, ten-year goals along with short term goals. You can have a look at your competitors and study their business plans as well. There are many videos and tutorials available online that you can seek help to make your business plan.
2. Experience and skills
It is essential to have some experience in the business you are setting up to know your skills and expertise. Be a part of the well-established event planning business in your area and work closely with them. This experience will give you exposure to real problems and also how to deal with them. Working in such firms can also help you realize your potential for further betterment.
Explore the field correctly and be aware of all the know-how of the field if you are a beginner or do not have any information about event planning. Many Universities also offer short courses for such event management and planning. You can study the subjects thoroughly, have an on-field experience and then decide the area you want to further work in.
3. Area of expertise
Target a niche or area you want to provide your services for and know very well. This will benefit the business in the long run as you can target the specific clients exclusively. People hire event planners for various types of events, such as:
- Celebrations such as Marriages, Parties, Birthdays, etc.
- Corporate events such as Conference, annual meet, Product launches, etc.
- Educational events such as Seminars, Educational fairs, Meetups, Graduation, etc.
Define your area of expertise and present the same while pitching your idea to the client. For deciding this, you have to study the market thoroughly.
4. Setup and management
After coming up with the plan and having a basic idea about your business, the next step is to set up and execute it. Find a place for your workspace or set up an office in shared offices. Clients generally like to call event planners at their office or cafes so you can save up a bit in setting up a workspace. You can plan your office area depending upon your target clients in the market.
Also, you have to fulfil the legal formalities if you are setting up your company. Check if there is any requirement of a license for the business you are planning to do. Apart from that, check for all the legal procedures by consulting a lawyer. Look after the ways you want to adopt for managing your company. This includes having a managing team, accountants and lawyers.
Finance is one of the factors that can make a lot of changes to your setup and other operations of the business. The initial capital investment of $2000 to $5000 is required for setting up space and get all the necessary utilities. You can also opt for loans from banks or friends. If you feel that your business idea is unique and can show profitable growth annually, then you can also present your ideas to investors. It’s easy to get finance for the business from any financial institution or bank. Also, keep the recurring costs of the company in mind every month while finalizing the budget for your business.
6. Staff and suppliers
Once you have set up your space for business and the business model, it is now time to get the right staff for you. Look out for experienced employees to help your company grow and have experts to take the things ahead. Decide the number of employees you want to hire according to the requirement for managing the business. Get staff that is trustworthy, self-driven and transparent.
Apart from the staff, having useful contacts with suppliers is also beneficial. People in the event planning business need reliable suppliers for decor, food and other arrangements. These suppliers should be budget-friendly and available to help you with arrangements too. Staff and suppliers are vital fo event management because you need a solid base to execute your plan and get all the necessary things for the event.
7. Client proposals
Cracking deals with clients depends upon the type of proposal and speech you fabricate in front of them. Being an event planner, you should prepare the proposal after knowing some details from the client. Cover all the major points in it and pitch the idea for convincing them. Do your market research properly and also include your firm’s USP in this proposal. Your proposal shouldn’t sound like a prepared speech, make it more interactive and offer something unique to all your clients. Create a brand name and keep something distinctive about it so that you can market it and excel in that particular area.
8. Marketing and planning
The best way to reach more people and make more clients is to do marketing for your business. In many cases, positive word of mouth works as a better medium to market your company. You can also use all might social media and print media for marketing. Along with this, you can also work on the branding of your firm. Get the visitor cards, flyers, newsletters designed for your brand. Use marketing campaigns, photography or selfie booths, and strategies to grow your reach and create brand awareness.
Plan your marketing strategies so that you can implement them in time. Talk to your team and manager to get more insight into the same and plan some events in your town to make your business visible for potential clients.
These above stated eight factors are crucial and remain the same for almost all business startups. It’s better to have some ideas and a general plan before setting up the firm. Also, it should be seen to it that you pay all your bills for the company on time and fulfil all the legal procedures. Create a brand that a customer can trust and come to you again in the future. You can also discuss your basic ideas with friends and family to get their inputs, which might be beneficial for you in a longer run.
Tell us your story
Are you looking to promote your business?
South African event planning businesses can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online.
Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions. If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have time to spare why not check out these related posts and dive deeper down the rabbit hole that is events.
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