Event Planning Services: Tips for Starting an Event Planning Business
How excited are you to start your own business? With close to 27 million entrepreneurs in the US alone, starting your own business seems like one of the best ideas you could come up with, and it is. The thing is, you need to have a solid plan before you can actually establish a business and turn it into a successful brand.
Starting an event planning business is not as complicated as most business ideas because, with a will strong as steel, passion, and a little dedication, you can be the best planner out there. To start, you need to follow a few crucial steps, learn a few lessons, and start making the magic happen.
I’ve compiled a list of these steps, based on my experience from ideation, down to execution. I hope that it guides you to your dream business.
Identify Your Skill Set
The thing about event planning service is that it involves interacting with people, something I’ve always been happy about because I love being out there and meeting people. It helps a lot in this business if you are social, outgoing, and creative enough to pull off different types of events.
If you are an introvert and thrive in a non-collaborative environment, this may be harder on you. However, if collaborating in a teamwork setting excites you, and you thrive around people, then you are on your way to success.
You must have essential business skills, the right attitude and patience because dealing with different photographers, caterers, venue personnel, and the like, is not always going to be roses and rainbows.
Obtain Knowledge, Experience, and Certifications
Unless you have been working for other event planning services in the industry, you need to have some experience and certifications before you can start your own business. Customers are usually on the lookout for certified and experienced professionals, so you need to have something to show for it.
Even with previous event planning service experience, some formal certification will solidify your experience for customers. Of course, you’ll learn a lot of things while undergoing the course, some of which may include logistics, client and vendor relations, budgeting, color scheming, project management, brand building, rentals, floral designs, among others.
Identify Your Desired Target Market
What would you like to focus on? What kind of events are you excited about most and feel would be much better suited for your business? Some people choose to focus on wedding planning while others choose corporate events.
There are four types of events that you may choose from, which are educational, promotional, celebrational, and commemorative. To grow your business, it’s advisable to start with one niche then, later on, expand to the others. This prevents overextending resources you may not have too soon into the business.
You may feel that you want a general event planning business that deals with all these, which is okay. It’ll demand more resources and more experience, however, due to the differences in the events. Once you are on solid ground with one target market, you may expand beyond that.
Develop a Solid Business Plan
Any kind of business requires a solid business plan, and an event planning business is no different. A solid event planning business plan will be your foundation, and it’ll guide your decision-making process and keep your business on the right track.
You’ll have something to show your lenders or investors if you need startup capital. There are several crucial things that must be included in a business plan going from your business name to your financial plans, and everything else in between.
Deal With the Legal Aspect of the Business
With the business plan in hand, the legalities come next. Registering your business in your state, and obtaining all the necessary licenses and insurance policies is imperative.
You’ll need general liability insurance and workers’ compensation insurance for your staff. Don’t take anything for granted with it comes to the law, even if it’s just a zoning permit.
Now, To the Financial Part
Your well-made event planning business plan will act as the proposal tool when looking for investors or money lenders. You can bootstrap your business if you have been saving, or you can get a soft loan from family and friends if you are not inclined to get one from a financial institution.
Of course, banks are still a funding option, but you can easily find other means, such as crowdfunding, that allows multiple people to invest in your business.
Start Developing a Resource Network
Event planning services are all about networking, and you need tech suppliers, entertainers, technical experts, caterers, photographers, marketing experts, and the like. Find the right vendors that will help you make your event planning business a reality.
Start Marketing Your Business
With a target market in mind and financing in hand, it’s time to start marketing your business. Of course, by now, you have a business name and logo to go with your brand because customers need something they can relate you to. You need the right software apps, and you cannot go far without an awesome event planning checklist.
Social media is one of the top marketing platforms in today’s world, so take advantage of it. LinkedIn is especially great for professional networking. You need to foster relationships that are not just built on what others can do for you but what you can do for them as well.
Start Getting Clients
Once your business is out there, you’ll start receiving client requests, and it’ll be your time to shine. Take everything you learned and use all your resources to make your first event a total success because it will help with your marketing strategies.
Word of mouth is one of the best marketing tactics, and it’ll go a long way if your first client spreads a good word out there.
You Got This!
Once you have everything lined out, then don’t worry too much. Utilize event planning service software to manage your plans and make things easier for you and your employees. Check out our website for more in-depth information about starting a business.