For people who have a knack for organizing or planning things in a certain way, which sums up into a whole, vibrating and pulsing occasion, event planning seems to be just the right kind of thing. Your expertise in the vast field of event planning may start with a small adventure where you managed a school function.
Or maybe even your lifelong ventures of outlining events for family, but an event planning business or company is something that will help you grow while doing something you absolutely adore.
However, event planning has more to it than what you have done during all those times, and it is especially more complex when you begin musing about going all out with your event planning business.
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There is the fact that you can begin anywhere with event planning, and start with any amount of budget, and that is what makes it both simple and complicated. The field has many sub-parts you can begin with and accomplish, or specialize in a single area of your preference. Doing all this while taking baby steps and focusing on specialties is one of the easiest ways to start your own event planning company.
Event planning companies have been in the highlight for a long time now, but the best part about it is that there is no shortage of scope. You can begin at a small scale or as you prefer, and know that the road to recognition and success is being built. Fortunately, event planning companies have boosted to about a 40% profit margin.
Your passion is something best done your own way, but to make things easier, you can always look for help and even a guide. So, if you have had a dream of organizing functions or occasions for people or planning charities and social events and whatnot, or simply starting your event planning business, then this is where you begin!
WHY become an event planner?
Your desire is reason enough, but if needing more reassurance, you need to know that working under the stress of organizing an event or experience may not be the perfect dream for many people. Various parts of planning the decorations, food, courses, and seating arrangements, and may seem complicated and obscure.
But if this all comes naturally to you, you can be of somebody’s help while mutually benefiting as an event organizer. The reality that the event planning companies or the industry collectively rank at a worth of a cool $300 billion helps too!
Can anyone be an Event Planner?
Until you have the passion and enthusiasm to start an event planning business, it does not matter if you are a total newbie, or have been working in the field for a long. You can start from scratch with little knowledge and learn as you earn.
Or even begin a company if you have previously worked in a sector that has any type of services complementary to the event planning niche. Anyone and everyone with just the right zeal can become an owner of an event planning company.
What can be the startup cost?
Depending upon what you want to do when you start your event planning business, the cost will differ. If the services you will provide will be few, or all-inclusive, your startup cost can vary accordingly. Also, renting office space adds more to the cost while working from is cheaper. Your budget will roughly be your startup cost.
Starting your own event planning company:-
While we are at the beginning, you first need to decide what you want to begin with. While you can always expand to be a multiple service provider, what are your preferences as an event planner momentarily?
Is it providing the perfect venue or being the event organizer that chases things to the dot? If you have not given it much thought, the following are a few things that you can do as a budding event manager or even a party planner –
- Formal events like – conferences, meetings, gathering clientele, and convocations.
- Informal events like – parties, reunions, weddings, funerals, and receptions.
- The government-supported events or politically backed events like – Rallies, debates, and assemblies.
- Or mixed events like – sports, charities, and fashion shows.
But whatever niche you choose, it is always better for you to begin with your event management company at a place where you are known and recognized for fineness to have a starting stone.
What may be your duties as an event organizer?
As you already know, there is no shortage of work to do. But what all is actually there?
- Familiarizing with the type of the event
- Understanding the preferences of the host and accommodating them
- Settling venue as per the event or comfort, whatever needs be
- Planning the event schedule
- Deciding on invitation details and sending invites
- Managing the invitation and replies to invitations
- Planning the food, catering, etc. along with refreshments
- Entertainment and decor
- Parking for the event and transportation if required
- Handling the seating, controlling the event, and evaluating the feedback
- Hosting the event, receiving personalities
- Planning accommodation, or stays
How to draught your event planning business plan
Write your event planning business by following these steps:
Draught an executive summary
Note down these,
Objectives: Your business goals must have records and should be measurable.
Mission: Look through these motivational company mission statements for inspiration.
Success Factors: Reasons you believe your company will flourish and your plans to ensure it does.
Write a company synopsis
Write the synopsis by following these points:
Owning a business: Consider forming a sole proprietorship if it’s only the two of you.
Beginning Summarize: Imagine it as a company overview. Add the history, location, and any other information in the “About” section of your website.
Corporate facilities and locations: Add any long-term rentals, such as kitchen prep spaces or coworking offices, and the address you’ll use on your taxes.
List your goods and services
Note down the following,
Services: Use this area to describe what you do and don’t do with event management services since they can differ.
Prices: Plan for this since the typical annual pay for an event coordinator is around $50,000.
Comparative analysis: Who are your company’s main competitors? What are the advantages they have? Keep a record of this study and think of creative methods to stand out. When evaluating how your company compares to theirs and what you can do to increase your chances of success, be brutally honest.
Indicate your offerings for goods and services.
Services: Use this part to describe your services and what you don’t offer as event management can truly differ.
Prices: Make your plans per an event planner’s $50,000 annual average compensation.
Compile a summary of the strategy and implementation
The summary should have these points:
Marketing Plan: Here are the top two advanced event price ideas for you to pick from.
Forecasting sales: Studying a sales forecasting manual may be challenging, but it’s well worth determining how much money you believe your company will make over the next six to twelve months (or more).
Milestones: If your objective is to increase sales overall or revenue from sales (or something else entirely), you should explicitly state the milestones you hope to reach by when. Just be flexible with expectations and leave room for the unforeseen.
Construct A Management Summary.
Well-defined roles are more crucial for teamwork in event management teams than pretty much anything else.
Staffing Strategy. Here are some recruiting tips that apply to your entire business as well as employing workers specifically for an event.
Make a financial strategy
Record the following:
Essential Assumptions: The suppositions of a business plan might be quite intricate. For the time being, only concentrate on outlining your estimated fixed and variable event preparation expenses, marketing costs, and the taxes that will be due on your income.
Analysis of Break-Even: What was your investment? What amount of money will you need to make (after deducting taxes, equipment costs, etc.) to recover your initial investment? Keep track of this amount; it will guide your decision over whether or not to take on further tasks, inspire you to upsell whenever possible, and provide you with a realistic outlook for success.
Profit and loss estimates: Keep in mind that the IRS may request to see your profit and loss records at some point, so be sure to routinely record your spending and sales in one systematic document.
Cash flow forecast: According to this free (and quite useful) small company book, you should calculate it one month at a time for more precise results.
Balance Sheet Projected: Check out this balance sheet template to streamline the procedure if you’ll be your bookkeeper.
Enterprise ratios: This final (and crucial) element of the event management business plan can be completed even if you struggle with numbers.
How to start an event planning company?
Have a business plan – Failing before you start sounds like a great mood kill, right? Well, do not let that happen.
Choose your field, sought the help of those already in the field, and you are already halfway there!
Advertisement – Though it’s a starting, you might have had planned informal events for family or friends, or even semi-formal events like office parties, or casual meetings. While it may be too soon to go heavy on full-fledged advertising, rely on the passing of word of mouth.
Ask your trusted acquaintances to casually slip the details of the super well-planned event when you open an event planning business to their associates, and you will get more chances to prove your event management company and planning skills. Let your work speak for you and do all the publicity. Doing this can be your road to managing more upscale events.
See Also: Is Paying For Google Reviews Worth It?
Set your area of expertise –
There is always room to accommodate more in the future, but right now, what do you see yourself doing the most easily? Maybe you are better at planning the food and refreshments because you are extending into event planning from the catering business.
Or you have been thinking about deciding and decorating the venue because creativity is your field. You may feel it easier to start an event planning company that hosts meetings. And maybe you are more at ease while having to plan kids’ parties.
The point is to have a limit for the sake of starting. If there is too much on your plate from the beginning, you may keep missing the small details while you busily prepare as an event planner. Also, having a field of expertise will help you stand out among the rest.
Have a budget –
You have an eye for details, a smart mouth to attract clients, and hands that work deftly to create event venues like no other, but if you do not have a budget set for a company, why even bother? While planning as a single one-crew event planner does not require a lot of thought for budget, when you start your very own event planning business, the budget can not be ignored.
You may need to have an internet presence for your company, business brochures to look through, cards, at least eight weeks’ worth of payroll for your employees, and modes of transportation to get to the venue. Keeping this all in mind, set a budget as required.
Social skills –
There is a limited possibility of succeeding in the corporate world if you are not well skilled in public speaking, have ease with strangers, and have comfortable body language.
And, if you plan on having a career in a field that solely depends upon your friendliness, you have to be the person people have difficulty ending conversations with. Social media marketing plays the most important role these days.
Your clients need to be sure that your service will be as comfortable as their experience with you was. Make the most out of the first impressions, and you are ready to succeed! You can manage all the planning and scheduling using social media management tools.
Get an audience –
While we already talked about an advertisement, getting the right kind of audience is more than just advertising. Event planning companies at their initial stage should target the right kind of audience that needs their area of specialization. And, for that research is necessary.
Make use of all the resources you get and with that aim at the specific audience that needs your expertise. In the age of the internet, getting information is at your disposal. Your audience is your clients for tomorrow, so you also need to have a catchy name for your event planning business.
How to make your event management services stand out?
Now, when you know how to start your event planning company, it is time to make sure that you pop out in the vast herd of rivals. Because the event planning business is a rewarding industry, there is no doubt that you are going to have more competitors than you thought.
So, when you begin your research on clients and audiences, save some time to focus on your competitors and rivals. Mark all the services that are exclusively your specialty. Focus on them when you set foot in the market to be an event planner. Pay close attention to what you charge for your event management as compared to others. Focus on how it gives you an edge in the corporate world and helps you attract more people.
How to start a Business plan?
While this question is necessary, the good news is that most of it is answered. So, all you got to do is know the following –
- What sets your event planning company apart?
- The scope of your event management business?
- What is your specialty or service you pride yourself in?
- Who can be your customer?
- What makes you stand against your competitors?
If you know the answers to all these questions, you do not need to worry about how to start a business plan or how to become a party planner because you are already there!
1. Setting office space
Your office needs to be someplace you feel the most comfortable to work from. It can be an office space somewhere in the working area of your town or from your house study. But because event management is something that requires creativity and genuine ideas only sprout when you are ideally at peace, choose a place that helps you work, and nothing else is more important.
However, whatever place you choose to be the headquarters when you start your event planning company, make sure the place is presentable to possible clients and helps to make an impression.
2. Event planning certification
Now when questions like how to start a business plan or how to be a party planner are answered, it is time to acknowledge getting an event planner certificate. Professionalism is highly appreciated in the corporate world, and if you want to succeed in the competitive market, consider getting an event planning certification that helps you attract potential customers.
Certificates like the CMP (Certified Meeting Planner) given by MPI and the CSEP (Certified Special Events Professional) given by ISES, will help you get more recognition. A degree from a local college too will be satisfactory.
3. Event Planning Trends –
Though trends mean something popularly being done, however, when you customize these trends, you get more chances to show your ingenuity and resourcefulness in the market. Here are a few trends to look out for –
Customizing the experience for event attendees – It can be table seating or food menus for different tables, any things that allow personalization for those attending are a good way to amp up your event planning business or to add to a new company’s specialty.
Virtual events – The future is virtual. Make your event feel like it too! You can add a space for VR experiences, or a gaming area. Anything that gets attention and captivates the attendees.
Security – A very sensitive topic to be paid attention to, but if you do it properly, you have more chances of extending your business with your very own security team to stop gatecrashers!
Intriguing venues – Sometimes, the host themselves do not have a venue in mind, but if you have a list of the very best possible venues at your disposal, you are a step ahead! Keep it ready for any confused client.
What makes a good event management business plan template?
The precise marketing analysis is the most crucial element of a successful event planning business plan template, which is why Anna hired marketing professionals to assist her with this stage. Only after this point could a solid business plan for event management have been created.
How profitable is event planning business?
Goldblatt's analysis indicates that this industry's revenues are steadily increasing. According to Goldblatt, an event planner's typical profit margin was approximately 15% just a few years ago. But according to his most recent research, profit margins can reach 40%.
Who is the target market for event planners?
The two primary markets for event planning services are the commercial and nonprofit sectors. Corporate refers to not just businesses but also nonprofits and charitable institutions. All of these organisations use special events to connect with their target audiences and raise awareness of them within the neighbourhood.
There will be so much more when you start an event planning company that you will learn as you work as a company and will use it to expand. The company will need insurance, a marketing wing, billing books, etc. But as you begin, there will be space to accommodate more. But presently, just focus on stepping on your stepping stone and become the owner of your own event planning business!