If you have been thinking about starting an event planning business and you are not sure where to start, then look no further as today we will be talking you through starting your own event planning business and helping you reach the fun heights of being a great event planner.
Everyone starts somewhere, so knowing how to start an event planning business is not going to already be in your mind.
It takes time, dedication, and a solid business plan so you can make your event planning company the one that people come back to time and time again.
What Does an Event Planner do?
A little bit of background into the event planning business is always a plus. Hopefully, you know what event planners do and that is the reason why you chose to supply event planning services to people, but it doesn’t hurt to have a bit of a refresher.
Responsibilities of an Event Planner
An event planner will be responsible for everything that goes into making the event run smoothly and efficiently so all who are involved are happy with the process.
From the start to the finish, you will be dealing with booking venues, hiring staff and vendors, as well as dealing with the budget, and keeping everything to the specified timelines.
They make sure that no matter what, the event in question goes off without a hitch so they can get hired again for the next event that rolls into town.
Types of Event Planning Businesses
The event planning industry is filled with different types of event planners. When you plan on starting your own event planning business, you need to think about what type of event planner you want to be and how you are going to put that into effect.
Here are some event planning businesses you can get yourself into –
- Party planning business
- Wedding planning business
- Trade shows
- Product launches
- Fundraisers
- Galas
- Baby showers
- Charity Shows
These are made up of social and corporate events. You can decide on which niche would suit you best and then build your business plan around it so you have a clearer picture of what to aim for even you get into the event planning business.
However, many event planners can switch between niches, especially if they overlap, so you don’t have to limit yourself to one area.
Advantages of Creating Your Own Business
If you want to have a successful event planning business and make it as a business owner so that people come back to you, you need to care about what you do.
If you are just in it for financial gain and don’t have passion behind it, then you are not going to do your best when you are creating these events.
Thinking of what the advantages are of starting an event planning business can help you see the benefits being an event planner brings and will help you hone your strategies so they stand out from the crowd and help you reach your target market.
- You are your own boss – You do not have to answer to a manager or CEO, everything goes through you. You run your own social media accounts, take charge of your business bank account, choose your business structure, and decide what marketing materials and marketing strategy you need. It all comes down to you.
- You get to travel – One of the fun things about being an event planner is that you can travel to so many different places and meet potential clients at different social events you have created. It’s a wonderful way to network and move from a local event planning business to a wider one.
- You can create something unique – How good would it feel to put all your effort into something you care about to see people’s faces and get praised for your hard and dedicated work? It is worth it when you see how people react and what they say.
These are just some of the advantages that can happen when you start an event planning business and put effort into it. You can plan some amazing events with your time as an event planner.
How to Start an Event Planning Business For Your Niche
Now it is onto how you can start your event planning business that fits in with whatever niche you have decided upon.
Create a Sturdy Business Plan
Before you do anything you need to make sure that you have written up a business plan with what you need and what your projections are for the future.
If you know someone in the event planning industry then it may be wise to speak to them and pick their brains on how they structured their business plan. If this is not possible, you can go online and check out other similar plans that can help you outline what you need.
This business plan will help you with get investments and provide people with all the necessary information. You will also want to use this time to think of your business entity so you know what legal channels to go through.
Within your business plan, you can also create your business name and incorporate your market research in it to show prospective investors why you want to break into the side of event planning that you have chosen and what that will mean for your business.
Opt For a Land-Based Office for Your Business or Renovate the Existing One
A land-based office can be highly beneficial for an event planning business, providing a range of advantages that contribute to its success and professionalism. Firstly, a physical office serves as a dedicated and professional space to meet with clients and vendors, creating a lasting impression and instilling confidence in potential clients.
Additionally, a physical office offers a centralized location for the event planning team to collaborate and work efficiently. Having team members under one roof facilitates seamless communication, idea-sharing, and quick decision-making, ultimately leading to better event coordination and execution.
Furthermore, a physical office provides the opportunity to showcase the business’s brand identity and create a welcoming atmosphere for clients and visitors. This can include displaying portfolios, event decorations, and branding materials, reinforcing the company’s expertise and attention to detail.
Overall, while some event planning businesses may operate remotely or virtually, having a physical office can significantly enhance the company’s image, client relationships, and operational efficiency, making it a valuable asset for success in the competitive event planning industry.
Considering this, if you already have an office space, it is crucial to ensure that it aligns with the specific needs and preferences of your work (think office renovation project). Tailoring the office environment to suit your business requirements will optimize productivity and foster a comfortable and efficient workspace. Whether it involves creating designated collaborative areas, updating furniture and equipment, or enhancing the overall layout, a workspace that complements your work style will lead to increased satisfaction among employees and potentially result in improved business performance.
It’s essential to acknowledge that merely renovating a workspace alone does not suffice. In addition to renovations, maintaining a clean and sanitized environment is paramount. Neglecting cleanliness can lead to a plethora of diseases, ultimately hampering employee productivity. Picture this: your inability to maintain the workspace has resulted in the accumulation of dirt and dust on the workstations. As a consequence, employees who are susceptible to dust allergies may have been exposed to these particles and subsequently fallen ill. This situation likely led to increased absenteeism, potentially impacting your business operations. That is why, it is crucial to opt for routine office cleaning services in Long Island, NY, or any other location. By doing so, you create a healthy and productive workspace for your employees.
Think About Your Marketing
You will need to set out a marketing budget and decide what it should go on and how much you will need to keep aside just in case. What do you think you’ll need to start your event planning business?
- A website and social media accounts
- Business cards
- Posters and flyers to hand out at events
- Digital marketing
- Decals for your car/van for when you go to events
These are something you need to think about properly when deciding on your budget for your marketing efforts.
Do Your Market Research
You need to know the ins and outs of what your event planning business is and how that is going to get your foot in the door.
You need to look at who your competitors are, what they are doing in their business, and how you can add to that or improve it. Maybe you can find an opening for your niche that no one has tried before. Market research will help you see what is already out there and how you can expand on that.
Define Your Goals and What Your Business Will be Doing
If you want to stick to a certain design plan or business output, then that needs to be known to prospective clients so they know where you stand. You may have some restrictions at the start which could come in the form of travel or the size of what you are planning because of finances.
Make the Clients Aware
Whatever decisions you choose to take for the well-being of your business, it is important to communicate them to the clients. They are what make or break your venture so they must be kept in the loop about your goals or the changes you are considering to bring about in the existing scenario. But how do you inform all your clients at once? The simplest way would be to make use of an email management software application like Simplelists that can enable you to send emails in bulk to your mailing list.
It’s Okay to Take it Slowly
There is no shame in that and as you establish yourself you can build on what you already do and hopefully be asked to bigger events as you progress. But for now, if you have restrictions then you need to stick to them so you don’t go over budget or compromise on what you are doing. Communicate with your clients so you can have an open and honest dialogue with them.
Look into How You Are Going to Manage Your Personal and Business Finances
Starting a new business venture is exciting and fun to do, but, it costs money and you need to make sure that whatever money you have towards it you stick to it. Dipping into your personal finances is not a good idea as that can drain essential resources that you need.
Speak to Investors
If you really are in a bind and would find an injection of money beneficial, that is what your business plan was for. You can research potential investors and see if they are able to provide you with the funds needed to keep going.
Take the help of creditors
Secured party creditors can provide loans to businesses to fund operations, acquisitions, and business expansions. A secured party creditor usually requires collateral for the loan provided. By getting a security interest in business assets, such as equipment or inventory, the creditor availed himself of a level of protection, allowing him to recover his funds through the sale of the collateral if necessary. The best part about this finance option is that it comes with lower interest rates compared to unsecured loans. As a result, it can lower the overall borrowing costs for businesses, making it more affordable to finance their needs.
Stay Strong
It may be tempting to just borrow a bit here and there, but that is not going to help you out in the long run, and it shows you haven’t planned enough for what you need. Keep them separate and give yourself some peace of mind.
Conclusion
Hopefully, this article has helped you decide how you want to start your event planning business and what steps you will need to take to make it a success.
If you really want to do this then your determination will see you through, just make sure that you have everything you need so you can dot the I’s and cross the T’s.