Are you planning for starting an event planning service? If you are looking for creating a new venture, then you should gain some knowledge about this rapidly growing sector.
However, I just told you to gain some knowledge about event planning service. Question is why?
Because when you are a newcomer in this industry, you may find it difficult to start smoothly. Most importantly, you have to invest your money and time, so this is essential to understand the market clearly.
I can tell you that, when I started my venture in the event planning service, it took a while to become successful. It is not all about spending money unplanned and wasting time, rather it is all about your strategic move and purposeful actions.
So today I am here to assist those who are really want to make a successful career and make money out of this industry.
No more talk, let’s rolling into deeper and know how to start your journey.
How To Kickstart an Event Planning Service
Firstly, I have to tell you that if you are brand new in the world of event planning or any business industry, you may face some challenges doing it smoothly. So you have to face and overcome it and don’t step back.
I believe once you learn to overcome the difficulties, you can masterfully resolve any issue in future. This is the first tip from me and let’s go for the rest:
Gain Event Planning Expertise
First thing first you need some expertise to sustain in this industry. Also if you want the long-term success of your event planning service business you need experience that you brings to your clients. So, all you need is some solid grasp as to what an event planner is, and ensure you have some mandatory skills:
- Excellent verbal and written communication skills
- Organisation and time management skills
- Negotiation and project and budget management
- Creativity, marketing, public relations etc.
Similarly, it would be great if you complete any certification program to gain a clear understanding of the event planning business.
Know Your Event Planning Service Market
Okay, this is certainly the most important one. You should determine which audience you are targeting and which market to enrol.
Let’s say you have been working in corporate meetings for many years and ready to launch a business. The first thing to realise is that your expertise in the corporate sector. A very typical mistake many event planners make is to say they are planning to coordinate all kinds of events!
I should say stop. When a demand may be there to offer a variety of event planning services, the reason you are ready is based on your prior experiences.
However, in time you may manage a full range of event planning services, but initially point out that there is a huge difference between association, corporate, fundraising, concert, wedding events. So, determine your target market accordingly.
Develop Your Business Plan
Now you know what market you should target to start your event planning service. But what about your business plan?
In this stage, you have to prepare a precise business plan for your venture. As like as any business you need a plan for your business too. It is not the time to share news about what you can offer to the market. Remember that, establishing a business is not as glamorous as such fancies.
Most importantly, like everything else you need a business plan that can show you the path clearly.
Designate Which Business Entity Fits Well
Event planning service business should be viewed as a Work in progress, it is very essential to fix your business model at the very beginning.
Moreover, the most basic step is to ensure you decide what sort of business object works best for your business plan. For this, it is important and helpful to secure professional advice.
There are several options available to you, and it’s essential to determine the type of business organisation that best signifies your interests.
Obtain Business Insurance
Business insurance is mandatory for your business. As you are planning to start event planning service business, you should secure general liability & other types of insurance to protect the business owner’s interests.
However, there are several forms of insurance exist. So you should consult with an insurance advisor to learn all the requirements to obtain your insurance. Here are some forms of insurance:
- General liability
- Product liability
- Home-based insurance
- Worker’s compensation
- Criminal insurance
- Health and other benefits
Develop Your Network of Suppliers and Staffing Resources
Are you still with me? Oh, that’s great. Now, this is the time to try to lighten the burden of business structure.
Most importantly, you need to consider who you want to add in your network of suppliers and supports. Also, you need to work with a variety of suppliers such as caterers, florists, photographers and many more. So you should develop your network of suppliers and staffing resources.
However, you may think that you can manage all the tasks but I can tell you that ultimately you are going to establish an infrastructure of resources to assist your events and your overall actions.
Define Your Event Planning Services
Don’t be disheartened by the reference to “legal” & “accounting”, because they are significant resources. Besides, it is time to think deeply and continue pondering what types of event planning service you are going to offer.
However, you may say you have already thought of this, but you need to stay focused on your core services. You should have a precise idea about what is your product? Who are your target clients?
Are you going to offer full event planning service and execute on behalf of your customer for venues, production, speakers, gifts, catering and more? Will you specialise in a particular aspect of the event planning and more?
Pricing for your Event Planning Services
You need to fix the fee for your services and it is important as this is the way you can make profit. Most importantly, with services in mind, you need to design your pricing strategy. After all, this will help keep your business for a long-term.
However, most of the event planners charge based on the following:
- Flat fee
- Percentage of costs
- Hourly charge
- Percentage of expenses plus an hourly rate
- Commissionable rate
Funding for Your Business
Most Importantly, you need to be motivated by the work that your firm will bring so that you don’t get demotivated when considering the realities. Generally, each owner will vary how s/he determines to secure such funds for the business.
However, most businesses require an operating budget, and it will be essential to get access to a comfortable base of money while starting the firm.
Besides, if it is possible to establish an event planning business with limited funds, still, it is important to have enough money to start your business.
Focus on Business Development and Market Your Business
In this part, I should tell you that, when you just start an event planning service you have everything but no one interested to deal with you! What should you do then?
So you need to have clear understanding of your services, a sense of how you will charge for your planning service. You need to constantly research the market for your business development.
In this last stage, it is all about marketing and let people know about the service you are offering. So you need to market your service by using different ways. These days digital marketing is the most important way to show off your firm, even I think it somewhat difficult to succeed without using this.
Also, you should utilise a whole lot of social media platforms to attract your customers and most of the business owners using social media effectively. So you can do it too.
Glad to have you here throughout the article. I wrote this for who is a beginner in this industry and those who want to start their own event planning business by using my 9 years of experience in this industry.
In conclusion, I can tell you that your passion and determination can bring you to success in any business. So take a leap forward your dream career with this course and you won’t regret it.