How To Start An Event Planning Business
The pressure and stakes are great when you’re in charge of preparing a major event like a wedding, conference, corporate fundraising, or trade fair, such as those by auto part factories.
Successful event planning requires a lot of imagination, energy, organization, and people skills. Nevertheless, if you possess these traits, event planning may be a highly rewarding profession. The first order of business is learning the basics of starting an event planning company.
You may already be experienced with event coordination but on a more localized or impromptu basis.
Do you think you have what it takes to make a living in the event planning industry? We’ve laid out a few for those who agree with us that they need an event planning business.
A Step by Step Guide to Start Event Planning Business
1. Keep In Mind What Is Expected Of You In Your Position
Newcomers to the professional event-planning industry may mistakenly believe that their days would be spent in a constant state of joy. Even if that’s the outcome of your meticulous preparation, the reality is much less rosy.
As a professional planner, you must make sure a thousand different things happen before your client, and their guests can enjoy themselves at your event.
These responsibilities could involve, but are not limited to, the following activities:
- Planning an event’s layout and aesthetics
- Planning and executing amusement
- Location Scan
- Appointing Providers
The examples continue on indefinitely!
2. Find Your Niche
You can specialize in a specific area as soon as you know what your profession includes. Trying to pitch oneself to potential customers as a “jack” or “jill” of all trades isn’t the most effective approach.
Having a generic name makes it tougher to stand out in a competitive industry. You can show off your skills by offering your services in a certain niche.
Social gatherings, Trade business gatherings, charity events, and organization gatherings are the four most common sorts of events. While planning a fundraising gala and a wedding are examples of social events, they are managed in quite different ways and present very different obstacles and opportunities.
3. Estimate The Initial Investment
Just how much capital is required to launch an event planning company? How much you need to spend on overhead depends on several factors, including whether you run your business out of your home or rented office space and the cost of living in the area.
Ultimately, it will come down to your personal preferences and way of life.
Although starting a business will reduce your initial outlay, you still won’t be able to launch anything but the most modest-scale event-organizing ventures with such little capital.
4. Define the Events Planning Services You Offer
A few of you might feel down because of all the talk about law and numbers. Fear not. They are invaluable allies and support systems. On the other hand, you should dig in your heels and consider the specific event management services you want to provide to your clients at this juncture.
We know many of you have probably already considered this, but remember to concentrate on what you do best. What exactly do you sell? Just who exactly are you aiming for?
Do you intend to handle every detail for the customer, including the location, food, entertainment, speakers, favors, travel, housing, and more?
Do you plan to offer special furniture pieces like upholstered outdoor dining chairs? Do you plan to focus on one facet of the planning more than others? What about services related to communications for events and more?
Not only this but sometimes event planners are also in contact with outdoor LED light manufacturers, and catering services. You can always ask what is included in the deal and what’s not.
5. Commercialization And Supply
Print advertising spans a wide price range, from a free or low-cost listing in the Yellow Pages to a full-page ad in a national glossy magazine costing tens of thousands of dollars.
Most planners still think placing an ad in the Yellow Pages is a smart financial move, even in this digital age. Connecting your phone usually comes with a free line ad that just lists your company’s name (if you have a landline).
Display advertisements are another option. These are the Yellow Pages’ larger, bordered adverts. These will set you back some money. Be sure to incorporate your brand’s emblem if you decide on larger ad size. You might also advertise in the paper that serves your area.
6. Avail Yourself Of Insurance
Risks increase when several individuals congregate in one place. Your event planning company could be doomed before it ever gets off the ground if someone files a liability claim against you.
Coverage for personal and advertising injuries and bodily injury to a third party that does not involve an employee are all types of liability that can be covered by general liability insurance.
If a client takes your company to court, it will pay for the cost of investigating the allegation and defending the company.
7. Launch The Celebration
Let’s briefly review the five most important steps to being a skilled party planner before you pop the champagne:
- Realize the many responsibilities that must be met. Gain practical experience by working as a party planner’s assistant or by throwing your own modest events.
- Establish the scope of your event planning services, including the events you intend to organize and any ancillary services you intend to provide.
- Create a business plan and make sure it gets followed through with the basics, like getting your company registered and getting capital.
- You need to do everything it takes to get your first client, including networking, making a website, and using social media.
- If you own a business, you should have general liability insurance to protect yourself.
Keep this in mind as you create your event planning company: success does not happen overnight. You need to be consistent and confident that you will end up with an amazing event planning company.
Follow your business plan, focus on expanding your clients, network within your field, and take smart risks. If you do that, people will start talking about your gatherings.