An event planning business calls for a lot of things to be considered!
If you have been daydreaming about starting your own event planning business and thinking that your hard work of toiling under pressure is finally going to pay off, then you are on the right track.
Even a bit of previous experience in case of event planning can set you on the path to success as an independent event planner with his or her own business. But anyone who is introspecting and thinking about starting their own business must keep the following tips in mind.
- Build a Solid Plan – Without a plan no business can survive. There are many who have failed earlier because of the lack of this. So if you are thinking of starting an event planning business, you should research the successful businesses and plans that are similar to your work scope. You can also seek guidance from the others in the industry. You can get started with the business plan templates from the resources available online. The up-to-date business plan is also going to help when you want to secure an investment even in future.
- Register Your Event Company and Apply for Licenses or Permits – Though you may not need a license or certification to become an event planner you may need to register the event management business or company’s name. You also have to open a different account for the business and track all the income and expenses for tax purposes. The registration details depend on where you reside and the business size of yours. That is why you should do your research from before. You also have to ensure that you apply for the right permits and licenses so that while building your brand you don’t get entangled in legal trouble. For example, weather-centric prerequisites and alcohol serving call for different legal requirements in different places that you need to take care of.
- Set a Marketing Budget and PR – At the time of starting an event planning business, your marketing budget may be 30% or more of the business expenditures. Consider all the things that you need –
- Business Cards
- A Great Website for Business
- Digital Marketing and Online Ads
- Printed Info like Flyers
- Expenditures to travel to Other Events for Networking
Remember you need to spend money to gain profit. In the early months, the goal is to secure your base of customers. Your clients will choose and recommend you if you deliver on the promise of successful and appealing events. This will decrease your marketing expenditures, too.
- Define the Scope of Work, Mission and Goals – Your event planning business can evolve through time. But even at the time of starting out it is vital to state what you do and what you don’t want to do. You can also put this on your website to attract the right type of clients. This can save you from dealing with those clients who take up excessive time and don’t offer value in return.
- Develop the Network Supplies and Resources of Staffing – It is the time to lighten on the structure of business and consider what you want to include in the suppliers network. As an event planner you will need various suppliers like florists, caterers, photographers and more. And even though you think that all these can be handled, you need to establish a resource infrastructure of sales, administration, communications, marketing, accounting, legal and other functions.
- Secure Funding for Business – It is vital to be motivated by the work that your new business will bring so that you don’t get discouraged at the time of considering these essential realities. And it varies from one business owner to another on how he or she selects to secure and source the funds. Businesses call for an operating budget and it is vital to have access to a comfortable base of cash. Therefore, even with inadequate funds at the beginning, it is still important to have sufficient money for starting a business and covering the live expenses as you wait for making profit.
- Track Progress– If you are using technology to sell tickets, automate the tasks and organize the business, that technology is going track that progress as a new business owner. With every tool, you should take the time out to check the metrics. This will help you to gauge how your planning is being executed. You should also re-visit the business plan periodically to ensure that you are in track with your vision and still achieving the goals.
These are some of the suggestions made by the experts of reputed event company which will help you start your own event planning business and make it achieve its full potential eventually.
