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. It’s also important for event planners to consider safety, especially for large events where security is paramount. You may even need to be present at the event yourself, so it’s important to know all about event two way radios as a way to communicate with staff and security in an emergency.
This will make sure that no matter what, the event in question goes off without a hitch so you 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
- 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
Prior to taking any action, it’s crucial to craft a comprehensive business plan that outlines your requirements and projects future endeavors.
If you have a connection within the event planning industry, it may be considered wise to speak to them and pick their brains on how they structured their business plan. If this option isn’t available, peruse online resources for analogous plans that can serve as a guide.
This business plan serves multiple purposes-it aids in securing investments and offers stakeholders vital information. Concurrently, take this opportunity to ponder your business entity, ensuring familiarity with requisite legal procedures.
Additionally, consider teaming up with experts who specialize in certain services. This collaboration enables event planners to access specific offerings such as catering, protective services, managing the venue, audiovisual know-how, and entertainment. Partnering with these skilled professionals guarantees that all aspects of your event are handled effectively.
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 or wraps for your car/van for when you go to events (you might need to hire a company for this, so check out Winston Salem vehicle wraps, or look locally for help)
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
If this occurs, you need to let them know why and how you may be able to do what they want but on a smaller scale. Being a small business to start with can be hard and you will have to turn down some people because you simply are not able to do it.
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.
Speak to Banks and Financial Institutions
It is a possibility that you might not be able to fund your entire business’ capital yourself, and you have been turned down by investors. But there are ways you could avail externally provided funding. Several banks and financial institutions offer working capital business loans to help budding entrepreneurs establish some ground beneath their feet. This option could provide you with enough to have a healthy start.
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.
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.