Have you always thought about starting an event planning business? Maybe you’ve been working in an event industry for years and you think now is the right time to figure out how to start your very own planning business or you’ve organize few events before that makes you feel is your life passion.
These are good reasons for you to pursue this profession. If anyone has the fantasy of starting their own event planning business, they should follow some of these steps before they even think of talking to a client.
Have Event Planning Skills and Experience
The success of planning an event will be based on the experience and ideas the planner brings before his/her clients. That is to say, if you think about starting an event planning, you should have the knowledge of what an event planner is and make sure you have the skill for:
- Creativity, marketing, and public relations
- Verbal and written communication
- Negotiation and budget management
- Organization and time management
Determine your Event Planning Market
Maybe you’ve been working with corporate meetings for years and you’re ready to start your own business. What you will firstly do is to realize your strength is not the same as the corporate arena. The most common error many planners make is to think they are willing to coordinate all kinds of events like, wedding, corporate meeting and lots more.
You need to stop while the urge maybe there offer variety of service, reason because, you are ready to based to your previous experience. With time you will handle full range of events but for now recognise the difference between corporate, association, non-profitable and social events. Then determine your market accordingly.
Develop a Business Plan
After you have decided on your market, you may think is a good time to share the news of what you want to offer to the world. Starting your own planning event is not as glamour. Like any business starting an event planning requires a business plan, sit down and plan very well for the success of your business.
Know What Business Entity Best fits your Firm
Since you have realize that creating an event planning business should be viewed as ‘’work in progress’’ it is of important to determine the structure of your business in the beginning. The fundamental step to take is to make sure you decide what type of business entity will work best for your plans. It is important to seek professional advice to this end.
Obtain Business Insurance
Obtaining business insurance has become mandatory for any business. Event planning business should secure general liability and other forms of insurance to protect the business interest of the owner. Many forms of insurance exits, it’s best to talk with an insurance advisor to learn all the requirement how to insure your business.
Whether you want to open a office or you want to base your business at home, ask questions about insurance forms. Like:
- General liability
- Product liability
- Health and other benefit
- Home-based insurance
- Worker’s compensation
- Criminal insurance
Develop Network of Suppliers and Staff Resource
Try to lighten the burden structure of your business for a moment. Now is time to consider who you will include in your network of suppliers. Event planners work with various suppliers which include; caters florist, photographers and lots more.
Although you think you can handle all the tasks, you are going to establish an infrastructure of resources to support your events and operations. It include staff resources for administrative, sales, marketing, communications, legal and other more functions
Define your Event Planning Business
What your product is? Who your target markets are? Will you want to over full time event planning service and execution on behalf of your clients? Will you prefer to specialize on one particular aspect of planning?
Some are disheartened by the reference to legal and accounting. Don’t be dishearten because ‘’legal and accounting’’ can be important friends and resources. But it is time to think a little deeper and continue wondering on the types of event planning business you want to offer. I do understand that many of you most have probably thought about this, but is important to be focused on your business.
Establish an Event Planning Billing Structure
With your business in mind, it’s important to determine your fee structure. So many independent and small event planning firms should be conscious of the way they cover their expenses and making a reasonable profit. This will help you keep your business for the next 5- 10years ahead.
Event planners based their charge on the following:
- Flat fee
- Hourly rate
- Commission rate
- Percentage of expenses
Secure Funding for your Business
It is important to be motivated by the work that your new firm will bring so as you don’t get much discourage when considering necessary realities. Each business owner will choose how to source and secure the fund.
Any business requires operating budget, it will be of a importance to have access to comfortable base cash while establishing your firm. It is possible to establish a business with enough limited funds, it’s also important to have enough money before starting a business to cover living expenses while waiting for your profit.
Development and Marketing for Event Planning Business
When your business is in place, understanding your business, how you want to charge your services, time to start developing important business and marketing materials.
You are now ready to choose the right name and work your business plans. You will need to create cards, stationery, website, proposals, clients agreement, collateral for your business. It is now time to brainstorm your clients either by yourself or your employees, your creativity is important in planning an event.
The bigger the event, the more time it requires to plan it. After you have made the initial plans, focus your attention to each activity that forms a part of the overall event.
There are many other ways to evaluate the success of an event, you can hire an event planning consultant, have someone who has host an extremely successful event before to observe you event plan, a round table post-event discussion with your employees, obtain feedback from other professional industry.