This article is written by Keval Shah. Here he discusses on how to start an Event Planning Business.

Introduction

Before starting to talk about the topic, let us understand that starting a business or startup is not an easy task. It is a very hefty task, and a person needs to invest a lot of time and money in the starting few years of the business to make the business healthy and stable so that it stays in the market for years.

Starting and managing the business requires skill and only a few of those poses it. Management of a company is not a child’s play; one single mistake can land you in a very tough situation.

So, to tackle such situation here is our other article on mistakes that every startup make.

There are some skills one should know before starting an event planning business. We will be talking about all the steps, lessons, and planning that an individual is required to do.

Skills required for event planning

Event planning requires a lot of skills, and very few have those skills. A person should be social, outgoing, creative, and ready enough to face the possibility of never-ending shifts. And a person should also be capable enough to tackle problems and challenges that arise during event planning.

Management

An event planner should have the most critical skill, i.e., managing ability. You as an event planner have to handle each, and everything, Management, and execution of a plan is the most challenging task faced by the event planner as in this profession a person needs to manage multiple tasks at the same time, and failure in such one task could affect all the other functions.

Creative

If you are not creative enough then this profession is not for you. In event management, a person should be so creative that he can provide a solution to the problem by using his creativity. He needs to use his creativeness in his planning, management and even in his decision making. You need to be always ready with an alternative solution or idea if any of your plans fail. In this profession, the situation can change quickly and if you are not able to use your creativity at the right time, then choosing this career is not the right choice.

Social

A person for this profession should be social. He should always keep himself updated with all the latest trends and news in the market. If you are a person that prefers working alone in a non-collaborative, yet well-organized environment, then you may want to rethink this profession move.

Getting a certification

Just like any other enterprise, previous experience is vital for commencing a successful event planning business. Would you trust your only car to an uncertified technician to repair its engine? If not, then why should someone have faith on you with their events when you do not have any professional experience or certifications?

Before commencing an event planning business, think about all the certificate courses out there to prepare you for all the nitty-gritty details of the industry.

Even if you have prior experience in organizing events for an organization, company, or local group, it is always advisable to have some formal certification which solidifies your expertise for clients. Not to mention, there is still something new to learn.

Knowing your target audience

Before starting your event planning business, you should know your target audience, and which type of event planning management you want to do. Many event planners do all kind of event planning, whereas some target niche markets, such as corporate events and wedding planning.

Event planning is broadly categorized into four types namely:

Corporate Event Planning

These are information heavy and Formal type of event planning. Such as arranging meetings, conferences, and graduation ceremonies, etc.

Promotional Events

These events are done to promote a product or to make an announcement. Such events are a product launch, Political announcement, Press announcement, and press release, shows, and concerts, etc.

Celebration events

These are the events held to celebrate a special occasion or to celebrate a festival. Special occasions such as Wedding, Birthday parties, Anniversary, Get-to-gather, Kitty party, Success Party, etc. And Festivals such as New Year, Christmas, Halloween, Diwali, etc.

Honor and Memorial events

These are the events to give honor and in remembrance of our close and unique person. Honor – award ceremony, giving a medal-of-honor, etc. Memorial- Memorial event for our dead loves one. One should start doing his event planning business from niche and then expand their business outward to other event types, to not to overuse of your resources too soon. In general event planning requires more experience, staff, and resources due to the vast differences in these types of events.

Develop your Business plan

Now that you have chosen what your niche is, it is time to commence the foundational work for your business, i.e., developing your business plan. Every company from large to small, profit to non-profits, all require a business plan to supervise their decision-making process.

You should also educate your lenders and investors of your intentions, and to keep your business on the right track when times get rough.

There are a few things required while preparing a business plan:

Analysis of the Industry

Generate a report on the industry you plan on entering and competing in. What are the trends you are thinking about seizing on? What makes you different from your competitors? Statistics and graphs come in handy here!

Competitive Analysis

In this is you get definite to know about who are your key rivals, what they do, what their figures look like, and what each of their strengths and weaknesses is. After knowing the entire thing, try to take the opportunity to explain your market advantage further.

Develop a Marketing Plan

Have you ever asked yourself how you will reach out to consumers and vendors once your event planning company is open for business? Go over advertising plans for all outlets, think of doing digital marketing, local press, and traditional advertising.

Analyzing your Customers

First, know your customer base. Is your customer an Individual, a startup company or is it a corporation? Be as small and specific as possible. Do a survey and Research on your customers as it is the most important planning of all.

Goal Planning

Plan and develop the structure of the organization, and decide the milestone goals of your organization and plan ideas in a detailed overview of how your business will operate and be sure to follow it systematically. As this goal will guide you in your work and will help you in reaching towards the road to success.

Financial Planning

Financial Planning is the essential planning one needs to do. Have you ever thought of How will you raise money to start with? Once your event planning business is set to launch, how do you plan to keep a continuous flow of fund? Be sure to include estimations of customer need for your services, competitive pricing, and fixed expenses you might have such as asset management and catering services.

Legalize your Business

Once you are done with your business plan, then start focusing on the legalizing your company. Register your event planning company in whatever country or state you reside in, gather all necessary business licenses, Complete all the registration and filling which are required; such as GST registration, Trademark Registration, Company Registration, LLP registration, Company filling, and LLP Filling, etc. Complete the worker’s compensation insurance for your staff, and general liability insurance is also a must.

Do not let the legal boredom stop you from being thorough. The government investigation is far cheaper than the expenses associated with violating the law. It is better to hire a consultancy firm to tackle your entire legal task. Consultancy firms cost a penny but help in establishing and legalizing your firm with ease.

Funding your Startup

Your business plan, goal, and aim of the business act as a proposal mean when offering lenders and investors, so they will feel more satisfied while giving their cash to your business. These loans do not have to arrive from bank lenders either. Since your business will likely to be limited to your region, you should try to reach out to your family and friends for startup cash.

It is not simple as very few ask for funds from those we know but gathering funds from a close person comes with a benefit, as there is low interest or no interest rate on gathering funds from a close one.

There are also various other ways of gathering funds, Such as Crowd-funding, Government loans, Peer-to-Peer lenders, etc.

Build a strong resource network

Build as many connections as possible. As connections in such a business are vital, and this will help you in getting a lot of clients for your business. You will require a network of sources to make your events a reality, such as technical experts, caterers, marketing experts, entertainers, and technology suppliers.

While you collect and organize all of these resources for the events, the vendors will supply the tools which are essential. Reach out to colleagues in the event management industry and check surveys and reviews on the websites to find the right merchants to work with.