Event planning is a creative, highly personalized industry devoted to turning clients’ dreams of the perfect function into reality. The industry is composed of companies of various types and sizes, from all-inclusive event coordinators to independent entrepreneurs who run their event planning business from home. Understanding the steps you can take to enter this industry and create your own event-planning business can help you determine if this is the right career path for you.In this article, we define the event planning businesses, describe how to start your own and discuss the value of these businesses.
What is an event planning business?
An event-planning business is a small or large company that supports individuals and/or corporations in planning and executing events. These can be personal events such as weddings and birthday parties, or professional events like graduation ceremonies and annual conferences. Some of the specific responsibilities of an event planning business include:
- Securing a venue
- Offering multiple venue and service options with detailed price and service information for clients to choose from
- Creating and following a budget
- Complying with local laws at each venue
- Organizing event details such as guest registry, food menu, transportation logistics, and seating assignments
- Coordinating with all event vendors including caterers, decorators, musicians, and photographers
- Providing logistical support and troubleshooting any issues before or during the event itself
- Advertising services to potential customers
- Selling tickets or sending invitations to events
How to start an event planning business
Here are steps you can follow to successfully start your own event planning business:
1. Gain relevant experience
Spending time working in the event planning industry, either on a paid or unpaid basis, is a valuable prerequisite for starting your own event planning business. You can use this time to learn about industry trends and prices, identify best practices, hone your skills and learn about customer preferences. It’s also a great way to build connections and establish a network of prospective clients to engage once established. If possible, get a job as an event planner for an established business. This type of opportunity can provide valuable industry insight, allowing you to ask questions about the field. Observing the specific skills and competencies that these business owners possess can help you self-assess your own readiness and, if necessary, establish a growth plan before embarking on your own business venture. While not required, a degree in event management, business, hospitality, communications, public relations, marketing, tourism management, event management, or a related field can help you gain the skills and technical knowledge required for this career.
In addition to developing and refining your technical and interpersonal skills, working in the industry can also help you create clear goals for your business. Establishing a clear vision is both a creative and pragmatic step in the process of starting your own event-planning business. This includes meaningful reflection about the specific services you want to offer and your preferred business format. Things to consider include:
- Your goals and mission statement
- The range of services you can provide
- Your target market
- What distinguishes your business from competitors
- The experience you want your customers to have
3. Conduct market research
To begin, identify your target market and determine if a large enough client base exists to sustain the services you plan to offer. For example, if your vision is to plan extravagant weddings, do the financial demographics of residents in your target location suggest they can afford that? Similarly, consider whether the cultural and religious norms of residents in your target area align with your business vision. If the answer to either question is no, you can reconsider your strategy or location. Similar questioning can be applied across a range of sample event types. Additionally, you may want to include an evaluation of your prospective competitors, their client base, their client spending habits and their client satisfaction. Then, you can compare their services to those you plan to offer to identify what motivation clients may have. to choose your business.If you anticipate some overlap in services, you can determine if the current demand is greater than the current supply, indicating your business could be competitive. You could determine that by investigating wait times for new clients or job postings on competitor websites.
The bridge connecting your vision and market research to the reality of starting your own event planning business is a strong business plan. This should be an organized document that guides your initial startup and is flexible in response to changing circumstances once launched. While exact templates vary, the most essential components include:
- Clearly defined goals and short-term objectives
- Timeline for review, likely at least quarterly in the first year
- Summary of staff infrastructure and corresponding job descriptions
- A financial summary outlining existing capital, monthly costs, projected revenue, and accounting systems
- Comprehensive marketing and advertising strategy
It can be helpful to have current business owners review your plan and provide feedback. If you have access to someone in the event planning or hospitality industry, their feedback can be more specific and thus more valuable.
5. Create a website
A clear, easily accessible, and informative website is essential to the success of any 21st-century business. In the event planning industry specifically, aesthetics and visual content are especially critical. Prospective clients want to quickly and easily scan your site for sample photos, price information, and service options. As events often hold significant sentimental value, the feelings evoked by your website’s images can impact the likelihood that a client will consider your services. You can leverage the same skills to create meaningful, evocative events and develop your website. An excellent website can be inspiring and memorable for prospective clients. You can also take advantage of the benefits of having a blog. Potential clients can gain access to more information about you and the planning services you provide. A website can also have a place for customer reviews, which can help motivate prospective clients to hire you.
6. Follow all legal guidelines
Before you start your new business, you must research and comply with any relevant legal or financial guidelines. Initial steps include choosing a business structure, registering your business name, and applying for a federal tax identification number. Following that, you can research whether your state requires a state tax identification number and any related permits and licenses. Obtaining business insurance and opening a business bank account are two additional steps. Since requirements vary by state and business type, it’s a good idea to consult legal experts to ensure you haven’t overlooked any necessary steps. You may also want to consult with an accountant in addition to a lawyer. This article is for information purposes only and is not intended to constitute legal advice; you should consult with an attorney for any legal issues you may be experiencing.
7. Gather funding for your business
When you first launch your event planning business, income may be lower than expenses for the first few months, especially as you’re developing your client base. You may want to have a significant amount of savings to help cover business expenses. If you don’t have savings to use toward your new business, consider finding investors or taking out a small business loan to support yourself until your income increases.
Why are event planning businesses valuable?
Event planning businesses are a valuable entity for the owners of these organizations and consumers alike. For consumers, an event planning business serves to plan and organize events based on their customers’ specifications, while minimizing the stress and frustration associated with the planning process. Individuals and organizations often have regular events which can help them gain new and repeat customers. An event planning business can specialize in a type of event, like weddings, concerts or business conferences, or it can work on many types of events. Planning events lets you be creative and network with a variety of people Some of the greatest benefits for business owners are financial. Due to the low up-front and maintenance costs and the unique payment structure, starting an event or party planning business typically involves minimal financial risk. Being able to work remotely and conduct almost all business electronically or at venue sites reduces the need for formal office space, saving costly overhead expenses typically associated with business ownership. Building relationships with venue owners, caterers, performers, and others can also let event planning businesses negotiate lower prices and offer better deals to customers. This article is for informational purposes only and does not constitute financial advice. Consult with a licensed financial professional for any issues you may be experiencing.
Courtesy: Indeed
Written by Laura Adkins, an award-winning writer .
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