How to Start an Event Planning Business
In the past decade, events have risen significantly making an event planning business a promising idea. People do not have time to plan for events. Also, people are avoiding the hardship that comes along when looking for resources to hold an event. For these reasons, if you are planning to start an event planning business, you are on the right track. Here is what you need to know about event planning.
Responsibilities of an Event Planner
An event planner has the following duties:
- Event planning, identifying and delivering services and good for any business
- Contact clients to understand their needs for customer satisfaction
- Manage events and ensure they stay within the allocated budgets
- Carry out market research, contract and negotiate for deals with other service providers
- Offer additional ideas to customer plans and ideas
- Ensure event compliance with legal and health safety
To start an event planning business, you need to meet the following education requirements and experience. You need to have done a course in public relations, marketing, hospitality, or any business course. However, even without any course, if you have what it takes; expertise and skills, you can also venture into the business.
Business Plan
The first step to starting a business is to come up with a business plan. A business plan is a roadmap that provides details of your business goals and strategies. It should have the following:
- An executive summary
- Company overview
- Key competitors
- Marketing plans and operations
- Startup costs
Look for Startup Capital
The startup capital differs from one country to another and it also depends on the size of the business you want to start. However, as a rule of thumb, the best way to start a business is to start small and keep expanding.
You can finance your events planning business through:
- Self-finance
- Banks loans and business financing
- Getting donations from family and friends
Acquire Event Management Apps
At some point, you will need an app to manage your events. You can get overwhelmed by the number of events and fail to plan well for others. Luckily, there are many event management software and project management software available.
You will also need to develop software that can help you with marketing. You will need to create social media profiles for your business. You can make use of FaceBook, Instagram, websites and email marketing. Another important strategy to improve your services is to collaborate with other businesses like photography. When planning an event, you can always consider their services. This way, you will have a wide pool of resources and get customer referrals from a business you collaborate with.
Acquire Legal Documents to Operate Your Business
Before you can launch your business, you need to register your event planning business with the authorities. You will need to pay for licenses and business permits. Ensure that the business is compliant with business regulations in your country. Also, understand the tax laws within your area. This will help you pay your taxes efficiently and avoid having your business disrupted. It is also important to buy a business insurance policy to protect your business against losses such as theft.
Do a Market Research and Set Prices for Your Business
This is a very critical step that you should not bypass. Before launching a business, it is always wide to understand the market well. You need to know who your competitors are and how you can outdo them. This includes the prices that you charge and the quality of services you will be offering. You also need to understand your potential customers. Get to understand their needs and draft a way how to deliver them.
Market Your Business
Marketing is a key factor in the success of any business. You need to be very creative in your approach while marketing your business. You can market your business through social media, business cards, collaboration with other businesses and websites. Do not leave any stone unturned when marketing your business. Customer refers is also very effective especially when you are offering high-quality services. Your customers will refer other clients to your business.