Have you ever thought about how to start an event planning business? Starting a new event planning business can be stressful, but with genuine planning and innovative solutions, nothing is impossible. This blog post will provide you with the top 8 steps to start an event planning organization.
From this article, you will also explore some of the key services that planners offer, and you can improve your offerings. In this post, you will also receive guidance regarding the advantages and disadvantages of starting an Event Planning Business and many more.
Table of Contents
What is an event planning business?
Organizing events for customers from the first step to the final execution is known as event planning. Special persons, such as event planners, are in high demand across various industries. Business requires planners for product launches, conferences, and corporate events.
Individuals consider planners for personal celebrations, including weddings, birthday parties, etc. Nonprofits rely on planners for community events, awareness campaigns, and fundraising galas. Conferences, team-building exercises, and meetings are also considered business occasions. The main goals of nonprofits are financing and community involvement. Every event requires a specific type of skills and services.
Nonprofit events keenly focus on community engagement and fund raising. A unique set of services and skills are the top requirements of an event.
Key Services Offered by Planners
Event Organizers provide multiple unique services to meet the needs of their customers. Some of the essential services are listed below:
- Idea and theme for the event
- Select the Location
- Coordination of vendors
- Management of the Budget
- Analysis after the event
- On-site supervision
- Promotion & Marketing
- Planning and Logistics
These unique services cover the complete event planning process from the initial step to the final execution. By leveraging these services, you can meet the diverse needs of your clients and ensure their successful events.
How to start an event planning business?
To start your own event planning business, follow the steps to succeed.
Conduct Market Research
The initial step is to conduct market research and evaluate the local demand. Analyze event types that are hosted in your area and evaluate which events are conducted in tons of corporate events, community gatherings, or weddings. The next step is to search for competitors in your area and analyze their offerings, strengths, or weaknesses. This step helps you to find a different and unique idea.
Then, search out what type of clients and what are their demands. Conduct surveys using online tools such as social media analytics and Google Trends to see what’s trending.
Select a field of expertise
You can differentiate yourself by specifying the services that you provide. You are regarded as an expert and become appealing to people looking for expertise if your offerings are specialized. Conferences, business events, non-profit campaigns, and destination weddings are the most popular categories.
By choosing a certain business category, you not only set your company apart from the competition but also build a solid reputation and focus your marketing efforts on that market.
Market Trends Adaptation
Market trends are an essential key to staying updated and informed. Events that are arranged with a combination of virtual and personal elements are achieving popularity and are known as hybrid events. These types of events attract customers who are lovers of innovative solutions.
Another emerging trend is sustainability. You can raise your business’s appeal using eco-friendly options such as sustainable venues and digital invitations. Another unique way of ranking your company is to stay updated by attending webinars, participating in forums, and reading industry publications. You can attract more customers and stay informed about the competition by adjusting your services to meet these trends.
Set your business goals
Working in the industry can help you set clear goals for your business by developing or refining your technical and interpersonal skills. Setting a clear vision is a pragmatic and creative step in the starting process of the event planning business. It involves meaningful insight regarding specific services you want to provide and your preferred business format. Consider the following given things:
- Targeted marketplace
- Mission statement and goals
- Multiple services that you can offer
- The experience that you want your customers to have
- What sets your company apart from the competitors?
Establish a strong business plan
A link that establishes a relation between market research or your idea and the reality of beginning your own event planning company is known as a strong business plan. This plan should be flexible in accordance to the evolving circumstances once launched, and it should be an arranged documentation that leads your initial startup. Although the particular format varies but, the essential elements include the following:
- Short-term and clearly defined goals: Your goals should be measurable, specific, achievable, smart, and relevant. Whether it is the revenue targets or event numbers to plan in the initial year, setting clear goals helps you focus.
- Define Target marketplace: Are you concentrating on charitable fundraising, business events, or weddings? A clear understanding of your target market allows you to customize your marketing efforts and services.
- Review your schedule at least every three months in the first year.
- Summarize the staff infrastructure and related job descriptions.
- Outline a financial summary that includes monthly costs, existing capital, accounting systems, and projected revenue.
- A comprehensive strategy of advertising and marketing.
If you get feedback from the current business owners regarding your plan, it can be beneficial. For more valuable and specific insight, you must get feedback from someone with working experience in the restaurant or event planning industry.
Develop a Webpage
According to the 21st-century business demand, having a clear, easily accessible, and informative webpage is essential for success. The most critical aspects of the event planning industry are aesthetics and visual content. Potential customers want to search for pricing details, service options, and sample images from your webpage.
A customer can consider your service options by getting impacted by your website’s images, as events often hold significant sentimental value. You can create meaningful, evocative events and develop your website by leveraging the same skills, and it can inspire prospective customers.
If you have a blog regarding event planning, it can prove to be a dual benefit. Customers can access more details regarding your services and your company. On the website, customers can give feedback on your services, motivating prospective clients to consider your business.
Key sections
A great way of presenting your business worldwide is the establishment of your business. It should consist of the following key areas:
- About Us: Establish a personal connection through telling your story.
- Contact Us: Establish a section that enables potential clients to reach you easily.
- Portfolio: Demonstrate your previous project success with high-quality pictures.
- Services Offered: Enlist the services that you are offering.
- Testimonials: User reviews from the happy clients.
Make sure it is mobile-friendly, optimize loading speed, and use relevant keywords for the best SEO practices.
Make Use of Social Media in Marketing
For promotion, social media platforms play a vital role. You have to focus on those platforms where your intended audience is mostly active. Here are a few platforms on which you can focus for marketing:
- Instagram: for delivering eye-catching content
- LinkedIn: To establish a connection with business customers
- Pinterest: To exchange inspirational ideas
Customer feedback, behind-the-scene videos, and even highlights are a few examples of content ideas. Post interesting content and make use of the pertinent hashtags. To increase your reach, work with other companies and influencers. Use analytical tools to track your social media performance. Track data such as social media website traffic and engagement rates.
Adhere to All Legal requirements
You have to research and adhere with any relevant legal or financial guidelines before starting your new business. First step includes selecting a business structure, registering your business name, and applying for a federal tax identification number.
Afterward, you can search whether your state requires a state tax identification number and any relevant license or permit. The two additional steps are opening a business bank account and obtaining business insurance. As you know well, according to state or business type, requirements vary, so consulting with a legal expert is a good step to ensure you have not missed any necessary steps.
Comprehend the client agreements and contracts
To protect your business reputation, contracts are a vital source. Companies enlist the scope of their payment terms, services, and other critical details. The following are the key elements of an event planning contract:
- Force Majeure: Address uncontrollable circumstances.
- Services Offered: Define clearly what type of services you will provide.
- Policy of cancellation: Make an outline of the terms for cancellation.
- Dispute Resolution: Specifically describe how disputes will be resolved.
- Terms of Payment: Give details regarding the payment schedule and deposit amounts.
- Insurance and Liability: Explain how much you are liable.
Get Money for your company
The start of the event planning business may not give you profit, and it is possible that income may be lower than expenditures for the initial few months, particularly when you are developing your customer base. To fulfill the business expenses, you may want to have a significant amount of savings.
When you have no savings for your new business, you can consider taking out a small business loan or finding investors to support yourself until your income increases.
Why do event planning businesses have value
Business of event planning have a great value for these organization’s owners and consumers alike. This business serves to arrange and plan events for consumers based on their specific demands and minimizes the frustration in the planning procedure.
Some of the greatest advantages for business owners are financial. Starting an event or party planning business usually involves less financial risk because of the low up-front maintenance costs and the unique payment structure.
The advantages and disadvantages of starting an Event Planning Business
There are several advantages to starting an event planning business, but despite this, there are some drawbacks to starting your own company.
Pros
- Repetition of consideration: Your client will consider your services repeatedly if you have organized an event and it becomes a part of the community area discussions afterward.
- Flexibility: When you start your event planning business, you can control your fate. It depends on you, with whom, where, and when you work.
- Expression of creativity: event planning business permits you to reveal your creativity to produce memorable experiences for your customers, unlike traditional timing 9 to 5.
Cons
- Network Hurdles: Developing relationships with the service providers you must work with will take time. This aspect is becoming a reality, especially in areas where many event-planning companies are already present.
- Hard to scale: Considering that event planning firms need a lot of resources, it might be difficult to grow revenue without adding more staff or boosting pricing.
- Unpredictable, extended schedule: Although preparations are made in advance, you will have to present during the event, which means working when everybody is having fun.
Is Starting an Event Planning Company Right for You?
Staying undecided? Let’s check to see if you possess what it takes.
Passion for organizing and planning
Genuine passion for organizing and planning takes a major part in starting an event planning business. When you find pleasure in creating detailed plans and watching them come to life, this could be a rewarding job for you.
Stress handling ability
Planning an event can prove to be a stressful task. Under pressure, you need to stay calm to release stress. Your ability to stay focused on the solution will be tested.
Availability for Extended and Unusual Work Hours
You must be flexible with your schedule because events are often held during weekends and evenings. Your availability to accommodate extended and unusual work hours is essential.
Problem-solving skills and adaptability
Problem-solving skills and adaptability are crucial factors to start an event planning company. As unexpected challenges are common, so you must be able to think quickly and creatively.
Conclusion
Anyone who is creative, client-focused, and wants the excitement of flexible work, an event planning business is an ideal organization. Event organizing is a rapidly evolving task that will allow you to gain experience working with all sorts of interesting people.
If you have creative thinking and want something to start an event planning business, then the above description can assist you. As in the above detail, the top 8 steps are elaborated with unique descriptions that will enable you to fulfill your goals. If you are ready, then why wait? Explore the above steps and start unveiling the concealed wealth of success!