As with any small business, you must begin by conducting extensive research and developing a strategy for the event management services you will provide and how you will market them.
You’ll also need to consider budgeting, whether you want to add event staff or other specialists to your team, and administrative tasks like quoting, billing, and so on.
As you can see, most of the work is completed upfront. However, you only have to do it once! And, while you’ll most likely tweak your plan as your company grows, the work you do now will largely serve as the company’s foundation for years to come.
Improve Your Event Planning Abilities.
Your event management business’s success as a service-based operation begins with what you bring to the table. The better you are at communicating effectively, managing your time and resources wisely, and devising creative solutions to problems, the more likely it is that you will thrive in this industry.
Consider going the extra mile and obtaining a professional certification through an online or local educational institution. Hands-on work experience, whether paid or unpaid, is another valuable qualification to have. These will not only increase client trust in you but will also improve your event planning skills and teach you how to be a savvy business owner.
Define The Scope Of Your Business.
What types of events will you plan? Will you focus on a specific event market (corporate, social, mixed) or event type (celebration, educational, promotional, or commemorative)? While it may be tempting to offer every service under the sun, experts agree that starting small is the best way to go big. Because of their varying requirements, planning for multiple event types can quickly deplete your resources. Rather, concentrate on a specific target market that plays to your strengths, experiences, and passion.
You will undoubtedly have to decline some clients. This approach may appear counterproductive, especially if you’re just starting, but keep in mind that you want to avoid projects that will provide little value for your time. Be clear to yourself and to others about what your business does and doesn’t offer.
Recognize Your Market.
To effectively strategize, you must be familiar with the competitive landscape. A good first step is to identify your geographical area and target industry. Gather information about your competitors’ numbers, similarities and differences in services, and the fees they charge. Then, consult with clients. What do they think is missing from the current service offerings? Many people, for example, may be irritated by being forced to pay for full-service packages when they would prefer to organize certain aspects of the event themselves. You can find the sweet spot for your business by understanding your competition, your clients, and the gap between the two.
Make A Strong Business.
Many event management businesses have failed because they acted too quickly. A business plan prevents this by forcing you to sit down and meticulously work through your plan. Once completed, it should describe your company’s objectives, market analysis, financial projections, and operational strategy and plans.
Deal With The Legalities
Incorporation, taxation, and insurance are all necessary components of running a business. Find the best company structure for your needs and register it with the appropriate authorities. Understand your tax responsibilities. Obtain insurance for your events as well as any employees. Handling these now will reduce your chances of having to pay fines or lawsuits later.
Initiate Your Funding
Your startup costs will vary depending on the cost of living in your area and your business decisions. They can typically include office rentals, event equipment, marketing, and insurance.
It’s important to consider all of your fundraising options. Taking out a bank loan and pitching to investors are the traditional routes, but you could also crowdfund online or reach out to family and friends. The key to increasing your chances is to be open and detailed about how you intend to use the money from your investors to grow a successful business.
