Event Planning Business – Get Started
Some people possess a unique ability to plan the perfect parties. If you have a passion for planning parties and events in your friend group and have a knack for tackling complex and often unexpected issues on the go, you might have a future as the owner of your own event planning business
Starting a new business of any kind is no easy feat, but it is not impossible. With the proper approach, a detailed and realistic business plan, clever and creative marketing strategies, and plenty of hard work, you will soon find yourself sipping on a delicious cup of coffee from your dream business coffee machine as the clients start rolling in.
Market Research
Every successful business puts their customers first. But, understanding exactly what your target audience wants and needs doesn’t just appear. You need to conduct market research. This is an essential step that provides you with all the information you need to understand basic demographic data to identify potential clients, the nature and competitiveness of your local market, and the scope of the market, and it finds any gaps in the market that you can fill with your own services
Your market research will give you a foundation for planning for the future. A detailed analysis of potential clients allows you to set realistic business goals, create effective growth strategies and identify opportunities to support these ambitions.
Business Plan & Structure
Once you have conducted your market research, it is time to put together a detailed and comprehensive business plan for your very own event planning business. This plan will create a visual roadmap for your company, setting the direction you want your business to take and how you intend to achieve it.
It is crucial to remember that if you hope to secure finance from investors or other financial institutions like banks, you will need to use this plan to show how you hope to achieve your operational, economic, and marketing goals and provide a detailed breakdown of expected costs.
Every business plan should include an executive summary, a detailed company description, a transparent financial plan, a market analysis, an operations plan, a marketing strategy, a competitive analysis, and key risks and mitigation strategies.
Registration
Registering your new business can be a daunting and complex process. Fortunately, once you have completed your comprehensive business plan, you have done a lot of the legal paperwork you will need.
One of the biggest decisions you will need to make through the registration process is deciding the type of business you want to create. You can opt for a sole proprietorship, a partnership, or creating an LLC, a limited liability company. Each structure has unique advantages and disadvantages, mainly related to tax expenses and your level of liability within the company. If you are concerned about ensuring your legality as a business owner, it may be worthwhile consulting with a lawyer familiar with the industry and the registration process who can assist you.
Once you have decided on the structure, you can register your business name, receive your tax number, and apply for the relevant licenses and permits you will need to operate in your area.
Employees
To give your business the best opportunity for success, it is crucial to fully understand the nature of the job, the intensity of the workload, and if -or when it is time to hire employees. Every event is different and will require a different amount of time, effort, and resources to complete, so it is important to determine how much work each job will require.
Regardless of size, every client will demand careful attention to detail and advance planning, but as you gain more experience, you will find it easier to adapt to each new job, manage your time and effort better, and better predict if you will need additional help on hand to ensure everything runs smoothly.
Price Structure & Payments
How you price your services will primarily determine how much business you attract. Alongside the market research you have conducted to establish the scope of the market, it is worthwhile to consider additional factors when drawing up a pricing list.
These factors include the general cost of living in your area, the competitiveness of the event planning market in your location, and the target market you want to serve. Institutions like nonprofits will not have the same fee structure as weddings and corporations. Finally, as your business completes more jobs, you will start to gain a positive reputation, drawing in more clients who may need to compete for your services. This will allow you to start charging a higher premium.
Additionally, thanks to the global pandemic, which saw many businesses switch to cash-less operations, convenient payment options are now the norm, especially for big-ticket services like events. Therefore, it is essential to set up secure and reliable ways to accept debit and credit card payments, as well as EFTs.
There are various options for completing card-not-present transactions, including payment gateways, pay links, virtual payment terminals, and invoice payments. While it is not necessary to offer all these options to your customers, having more than one payment method is worth it to ensure smooth and convenient transactions.
Marketing Your New Event Planning Business
Every modern business needs an online presence. While traditional marketing tools are still effective in attracting clients, they simply can’t compare to the power of online marketing strategies. Online marketing is a highly cost-effective way to promote your new business to a wide range of potential clients and partners.
Don’t overthink your marketing strategy. Building a professional business website and creating profiles on popular social media platforms are more than enough to get your name out there, and regularly posting relevant content will quickly get your brand noticed. Finally, don’t forget the power of word-of-mouth advertising. Once you complete a job, encourage your clients to leave a review and recommend you to friends and family for future events.
If you like this, you may like: How to Find Affordable Function Venues without Compromising Quality
Featured image: Shardayyy Photography
