Event planning: What is it? Budgeting, scheduling, selecting a location for the event, securing licenses and permissions, booking entertainment like bands and speakers, and meeting with caterers to select a menu are all steps in the planning process. Planning a wedding, a meeting, or a party is referred to as event planning.
Event planners assist their clients in planning and executing events of all shapes and sizes. An event planner’s responsibility is to ensure that everything goes smoothly, from weddings and social gatherings to a company-specific, professional party.
How to Start an Event Planning Business: Are you currently wondering about launching an event planning company from your workplace or home? You may have worked in the meetings and events sector for a while and believe that the moment is right to learn how to work for yourself. Or perhaps you’ve assisted with event planning in the past and think this might be your life’s calling. These are all excellent motives for choosing this line of work. Before even talking to clients, everyone who fantasizes about starting their own event planning company must take a few crucial measures
1.Obtain knowledge and experience in event planning
In the dining room, businesswomen are talking about table arrangements. The experience that an event planner delivers to his or her clients will determine the long-term success of the firm. This implies that if you’re considering beginning an event planning firm, you need have a clear understanding of what an event planner is and ensure that you possess several key competencies:
- Written and spoken communications
- Time management and organization
- Budget management and negotiation
- Marketing, public relations, and other things
- Having professional qualifications in the field, such as the CMP designation or participation in MPI, may also be beneficial.
2. Choose Your Event Planning Market and Strength
Let’s imagine you’ve spent the last five years working in corporate meeting and are now prepared to launch a firm. The first thing to understand is that your areas of strength are in business. Saying they are willing to organize all types of events, such as corporate meetings, weddings, fundraising galas, and more, is a common mistake made by many event planners.
Stop. The reason you’re prepared is based on your combined prior experiences, even though the urge to provide a variety of services may be present. While initially realizing that there are distinct variances between business, association, nonprofit, and social events, you may eventually handle a comprehensive variety of events. Consequently, choose your market.
3. Create a Business Plan
You may believe that now is a good moment to let the world know what you have to offer because you have chosen your target market. Wait a minute. The reality of starting your own business isn’t as glamorous as these ideals. A business strategy is necessary for launching an event planning company, just like for anything else.
The good news is that there are many tools at your disposal. Randy Duermyer, a home business expert, explains the fundamentals of business planning and guides you through the procedure. A useful site that also publishes materials on business plan development is the U.S. Small Business Administration.
4. Decide which legal form of business is best for your company.
Now that you are aware that starting an event planning company should be seen as a “work in progress,” it is crucial to choose your organizational structure early on. Choosing the kind of company organization that best suits your concept is the first and most important stage. It’s crucial to have expert counsel for this.
You have a variety of possibilities, so it’s critical to choose the kind of company organization that best serves your needs. The six types of business organizations recognized by the IRS as existing in the United States are: sole proprietorship, C-corporation, S-corporation, partnership, trust, and non-profit organization, according to William Perez, an expert in tax planning.
5. Get Business Insurance
Insurance for businesses is required. To safeguard the interests of the company owner, event planning organizations should obtain general liability insurance as well as other types of coverage. There are many different types of insurance, so it’s advisable to talk to an insurance expert to understand all the requirements.
Ask inquiries about these types of insurance, among others, whether you want to launch a home-based business or whether you’ll have a modest office somewhere else:
- Standard Liability
- Liability for goods
- residential insurance
- Compensation for workers
- criminal defense
- benefits for the body’s health
6. Expand Your Supplier and Staffing Resource Network
It’s time to make an effort to immediately lessen the weight of the corporate structure. It’s time to think about who you want to add to your network of suppliers at this point. Event organizers collaborate with a range of vendors, including as caterers, florists, photographers, and others.
Even though you may believe you are capable of handling all activities, you will eventually need to set up a resource infrastructure to support your events and general operations. This also pertains to human resources for work in the areas of administration, sales, marketing, communications, law, accounting, and other related areas.
7. Describe Your Event Planning Services
The mention of “legal” and “accounting” may depress some of you. Never ever be. They are valuable allies and resources. But now is also the time to consider your options for event planning services a little more carefully.
Although many of you have undoubtedly previously considered this, it’s crucial to keep your attention on your primary services. What do you sell? Who is your intended audience?
Will you provide your customer with full-service planning and execution for everything from venues to food to production to speakers to gifts to travel and lodging? Will you concentrate on a certain area of the planning? What about communication services for promoting events and other things?
8. Create a fee structure for event planning
It’s crucial to choose your charge structure with services in mind. The numerous strategies for covering costs and turning a profit should be known to many independent and small event organizing companies. After all, doing this will help you maintain your company in five years. Most event coordinators base their fees on the following:
- set price
- proportion of costs
- Daily rate
- Hourly rate plus a percentage of expenditures
- Rate of commissionset price
9. Obtain Funding for Your Company
Most of the time, step 9 shouldn’t be this, but it’s crucial to be inspired by the job your new company will provide so that you don’t lose heart while taking into account the required facts. And each business owner will opt to secure and acquire these cash in a different way.
Most businesses need to have an operational budget, thus it’s crucial to have access to a steady cash flow while the business is being established. Even though starting a business on a shoestring budget is feasible, you should still have enough cash on hand to launch your venture and pay for any necessary living costs while you wait for sales to start rolling in.
10. Concentrate on business development and marketing.
It’s time to start creating crucial business and marketing materials now that you have your company model established, a clear grasp of your services, and an idea of how much you will charge for those services.
You may now pick the ideal name for your company and begin implementing your business growth plan. Additionally, you’ll need to design a website, business cards, stationery, sales materials, proposals, client agreements, and more.