If your dream is to run an event planning business, look no further for advice on getting started! Join us for our guide on how to start an event planning business, and you will have all the knowledge you need-
Define your scope
The first step in figuring out how to start an event planning business is defining the scope of your endeavor. In other words, what sort of events do you want to specialize in? After all, there are all sorts of events out there. And while the setup for some of them overlaps, so to speak, not all of them do. Knowing what events, you’d prefer to organize would let you better manage your business.
Scope out the competition
You can’t just decide to start up an event planning business that caters to weddings, for example, if your local area is completely swamped by similar businesses. It is simply a horrible practice that practically guarantees your venture will fail. Even if you manage to hang on, any attempts to scale your business fast will end in their infancy.
Have a solid plan
When starting an event planning business, the importance of forethought again shines through in the need for a solid business plan. How are you planning to structure your business? What will your target audience be? Do you already have employees in mind? All of these questions and more need to be sorted out. And that’s before even touching on your exact business model!
Sort out your budget
Of course, starting up a business is never cheap. You can bet that you will generate losses rather than profits for at least a short while at the start. And that’s to say nothing about the intimidating upfront costs of starting a business: the required equipment, supplier contracts, catering connections, employees, and office. Everything needs to be built from the ground up, costing lots and lots of money.
Know what your prices will be
Trust us when we say you want to determine your service fees before opening day. You must take a long, careful look at the expenses of running your event planning business. And when you have those down on paper, the cost of planning an event, you can decide how much over that you want to charge. You need to set a decent profit margin that would leave you with a price that still appeals to your customers.
Master social media
To start an event planning business, you need a way to advertise yourself cheaply and easily. Social media is a blessing for all new businesses because it perfectly matches the two requirements. If you are smart with using it, you can continue using it to significant effect even once your business has taken off. After all, it is a great venue to drive traffic to your website and do various promotions. And you can even do your fantastic mini-events using YouTube to give behind-the-scenes snippets of running an event planning business. Or even tips and tricks for how to organize an event!
Build up your website
As the experts from moverstech.com emphasize, nowadays, you can’t run a business without a site. Lacking a site, quite besides missing out on a ton of opportunities and being able to properly present your business, can also flag you as a scam or “too small” to take seriously. A good site, on the other hand, will only boost your chances of getting clients.
Get on the relevant apps
Learning to take full advantage of the internet doesn’t simply come down to running a website or YouTube account. An essential part of the puzzle that will help you start an event planning business is signing up for the right sites and services. Take, for example, Google My Business. You can not skip making an account for your business there. The outreach it offers and the fact that it places you on the local maps are invaluable.
Work on your presentation
Worrying only about how to start an event planning business won’t do you any good if you can’t get any clients. That is why you need to work on your sales pitch presentation. Practice makes perfect, so make sure you sound convincing enough!
Respect the legal aspects of running a business
You need to make it crystal clear that everything about your business is legal and conforms to the letter of the law. Similarly, you want to read up on the best way to “set up” your business. How you form your business may open up opportunities or limit them in the future, depending on what sort of ‘entity’ you make it.
Don’t forget about insurance
Insurance is paramount to small businesses—big businesses, too, of course. But small businesses can’t afford to take the hit to their finances if something goes wrong and you suddenly lose most of your equipment and requisites.
Start building connections
When people bring up connections concerning trying to start an event planning business, most people immediately think about looking for potential clients or references. However, while these are important, the ties you make with suppliers and possible caterers for your event venues are just as crucial. Such connections will make the difference between doing your job well and failing.
Work to build your portfolio
The final advice we can offer on starting an event planning business is to constantly work on building your portfolio. Did you organize an event for a friend or family member? Document that and add it to your references. Of course, make sure to correctly tabulate and cover all your initial clients and the events you organize for them. A day will come when you want your portfolio to consist only of high-profile events that even celebrities might attend. However, at the start, every reference counts, making it more likely for you to win over clients.
Now that you know how to start an event planning business, all that’s left is to do it! Of course, you should never rush such things. It may take you months or even several years before you are prepared to finally make your dream come true. Just know that patience and hard work all pay off eventually, and don’t give up.