For those looking to start their own event planning business, there are steps you have to follow, lessons you must learn, and planning that must be done in order to make your new business idea a reality.
Starting up any business can be brutal in this socioeconomic climate, and to be successful, you have to face reality. This endeavor will include hard work, long days, and a whole lot of networking! Nevertheless, once you’ve taken the leap and decide to start, there are a few simple steps that you can follow to make sure that you stand out from your competition in the events
- Identify whether your skills are right for event planning
Do you have event planning experience, or do you need to get experience? During your career you probably have gained some transferable skills that you can apply to your event planning career. The most important of these skills are organization, time management, creativity, negotiation, communication, and interpersonal skills. Event planning requires a very specific personality: one that is outgoing, social, and creative enough to tackle the forever-shifting tasks needed to plan a successful event.
- Identify a clear target market
Before you begin building your event planning business, it is also important to decide on its focus. Decide what type of events you want to plan. Some businesses do industry-agnostic event planning, whereas others capture a niche market, such as corporate events or wedding planning. Start with a niche and expand outward to other event types, so as not to overextend your resources too soon. General event planning demands more experience, staff, and resources due to the vast differences in these types of events.
- Create a solid business plan
Now that you’ve established what your niche will be, it’s time to start laying the foundation work for your event planning business, which includes your business plan. Every planner needs a solid business plan. This may be daunting, but you can obtain a business plan template from banks when you inquire about setting up a business account. These templates are extremely useful as they contain all financial modelling templates needed to produce your year on year projections.
- Develop your resource network
Although what you know is important, sometimes who you know carries a lot of weight too, and in the world of event planning, knowing the right people is key. You will eventually need a network of resources to make your events a reality, such as caterers, entertainers, technical experts, technology suppliers, and marketing experts. Reach out to friends in the event management industry, check reviews, and find the right vendors to work with.
- Tackle the legalities and funding
Once you have set up your business plan, focus on the legalities of running a business. Register your event planning business, obtain all necessary licenses, cover workers compensation insurance for your staff, as well as general liability insurance. It’s imperative that you know all the legal procedures and complete your paperworks in advance. Your business plan acts as a proposal tool when approaching investors and lenders, so they will feel more comfortable giving away their money to fund your business. Traditional funding is not the only option for your newly created event management business, there are other financing sources such as crowdfunding over the internet, which lets anyone become an investor into your company.