Getting into event planning services is one of the best career options. It is an ever-growing business where you can make a huge profit and have the career of your dreams. Each day people are looking for event management companies that can help them plan their dream and achieve everything they have been planning for.
Yes, it is an exciting career option but one should not just take the plunge without understanding the industry and everything that comes with it.
Firstly, let us understand what event planning is.
Let us break this into two parts for better understanding- A. What all are events and B. what is event planning?
Events can be a special day associated to:
- Education (conferences, meetings, graduations)
- Commemorations (memorials, civic events)
- Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries)
- Promotions (product launches, political rallies, fashion shows)
Now let us understand what is event planning:
Event planning includes the following list of things:
- Doing research
- Making an event design
- Finding a location for the event
- Arranging for decor, entertainment and food
- Creating attendee list
- Sending invites
- Arranging required accommodations
- Supervising the site
- Coordinating the activities
- Doing evaluations of the event and more.
Since there is so much to handle and take care of, people look for event management agencies who can take care of this for them and deliver spot-on events.
Things To Keep In Mind Before Starting An Event Planning Service
Before you start planning the business, you must keep in mind these few points to help you plan better and run a successful business.
There are two categories of the target market when it comes to event planning – corporate, which includes charity, events of businesses and non-profit organisations, and social like birthdays, picnics, launch parties, weddings and more.
You must decide your target market first and then start your planning accordingly as the path for both of these is going to be different.
Starting a business does cost money hence keep in mind that you should have ready cash available for both expected and unexpected expenditures. Some expected costs include rent, equipment, Licenses and taxes, inventory, advertisement, accounting and legal fees, insurance and miscellaneous.
Let us be clear that Event planning is not a 9 to 5 job but it will include your holidays, weekdays and weekends. Some days and nights will be spent equally, working. There is hardly an off-season when it comes to this business. Some tasks that you would be doing as an event planner are:
Income and Billing
When deciding on pricing, you must mark up your labour and material costs to cover not just expenses but also get profit from it. Your fees should determine these:
- Market segment served
- Geographic location
- Experience and reputation of the event planner
Marketing and Resources
Do not shy away from marketing your company. Go on board with billboards, online marketing, print ads and every possible way of marketing that you can think of.
Network with people and grow your client base. Connect with hotels, resorts, and caterers who can give you a chance to plan an event for them.
How To Start An Event Planning Business
Now that we know the things to keep in mind, let us now jump into how to start an event planning business of your own.
Build A Solid Business Plan
The first rule of all business is to have a full-fledged business plan. There are hundreds of businesses that fail because they do not have a good and solid business plan. Do some research, and study the market and your market, the needs of people, and the kind of event happening.
Find a perfect business plan template to start with which will make it very easy for you to be on top of all things.
Set A Marketing Budget And Use A PR Company
Let us get one thing straight when you start an event planning company you would have to spend more on its marketing. From website to flyers, business cards, digital marketing and ads, printed information, and expense to travel to various events to network with people.
Secure your base customer early and start working.
Clearly Define Your Scope Of Work, Mission And Goals
Yes, the business will evolve slowly in time but you MUST clearly define your scope of work, your missions and goals. Everything should be crystal clear to you when it comes to running your business because only then would be able to have a successful business.
Do not get distracted by other competitors and focus on what you like and what you need to achieve.
Have Your Elevator Speech Ready
Once you set up a meeting with a potential customer or client, work on your speech. Be ready to sell your company in the best way possible. Do not take it for granted. You must be well-versed with every aspect of your business, what you can bring to the table, how you are different, why should they choose you and everything else.
Do Your Market Research
Understand the market and your competitors. Have a unique value proposition. Work on the fee structure. Understand your competitors because only then would be able to offer better to your clients.
Spend Time Learning Tax Laws And Business Filing
No matter what business you are running but you should have knowledge about tax laws and business fillings. You shouldn’t be clueless and have the answers to everything. Google and learn all about it or ask people you trust about them.
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How Can Lio Help With Your Event Planning Company
When it comes to starting your own event planning business, Lio can be of great help. The app lets you manage your entire business on it and keep track of the data very easily. There are several templates that are offered and depending upon your need, you can choose the one that fits your requirements or even create your own template.
Lio is that one app where you can store and organise all kinds of data. No matter what information you want to save, you can do it over here. It is here to put your life in order in the most hassle-free way.
There are several features of Lio and all make the use of the application very easy and helpful. You can add photographs, download your documents and folders, dedicate one folder to each information, collaborate and share with others and lock the information.
Lio is definitely for the win and using it for your business is only going to make your journey smooth and easy to track.
Step 1: Select the Language you want to work on. Lio on Android
Step 2: Create your account using your Phone Number or Email Id.
Verify the OTP and you are good to go.
Step 3: Select a template in which you want to add your data.
Add your Data with our Free Cloud Storage.
Step 4: All Done? Share and Collaborate with your contacts.
This is how you can start your event planning business. Follow all the steps and you would be able to set up a business that has a strong foundation. You would be prepared for everything well in advance and would be able to take it to new heights.
Frequently Asked Questions(FAQs)
How do I start my own event planning business?
To start your own business you must do research, set a budget, make a plan, and define your scope of work.
How much does it cost to start an event planning business?
The event planning business is expensive to set up hence do your research well and save more than enough cash.
Is an event planning business profitable?
Yes, this is one of the most profitable businesses in the world where you can be really successful.
Is event managing a stressful job?
Yes, this is definitely one of the most stressful jobs.
Do I need a special degree to start an event planning business?
No, there is no particular degree that one requires to start an event planning business.