There are many things to think of when starting an event planning business (the financing, managing, and marketing of the business) and many more. To assist you to work out the way to start your business, these are the best tips you need to consider before starting your event planning business. I’ll take you thru all the steps in order for you to start a successful Event Planning Business.
How to Start an Event Planning Business
- Create a Solid Business Plan
Many small event planning businesses fail because of the founder’s failure to put together a business plan beforehand.
Start by researching for successful Business plans of the event planning business. Then reach out to the best ones and seek guidance
Even if you have never in your life seen a business plan, there are many resources and templates online which will get you started. An up-to-date business plan is significant to secure any investment.
- Set a Budget for Marketing and Public Relation Agency
When starting your Event planning business, your marketing budget could also be 40% or more of your business expenses. Does that appear sort of a lot? Considering all the items you will need:
• A business website
• Business cards
• Flyers, letterheads, and other printed info
• Digital marketing and online ads
• Expenses for traveling to attend events for networking
Don’t omit anything out! You’ve got to fully finance your business for you to make money, ultimately. Set your goal within the early months to secure your base of consumers as quickly as possible. If you deliver on the promise of making fantastic events, your clients will surely patronize you again and recommend you. As such, your marketing budget will start to drop.
- Define your Vision, Mission, and Goals for your Event Planning Business
Your event planning business will grow over time, but even when you’re just starting out, it’s important to outline what you’re and what you aren’t willing to try. You’ll even put this on your website to draw in the proper sort of clients.
When you’re new and still building your business, saying “no” to clients is one of the toughest things to do. But it’d prevent you from customers that take up an excessive amount of time and don’t offer enough value reciprocally.
- Gain Event Planning Skills, Experience, and Certification
The long-term success of an event planning business is going to be supported based on the experience and skill an Event planner brings to his or her clients. Meaning, if you have the thought of starting an event planning business, you ought to have a solid grasp on what an Event planner does and be sure you’ve got some solid skills on:
• Verbal and written communications
• Time and Organizational management
• Negotiation and cost management
• Creativity, marketing, a good Public Relation and more
It would also come in handy to get professional certification CSEP (Certified Special Events Professional) or CMP (Certified Meeting Planner). These certifications are given out by MPI and ISES, respectively. Many organizations/corporations and the members of the public seek for an Event planner with such designations when hiring planners. Due to the research, Experience, and study it takes to become a CSEP or CMP, as such clients know that the planner they are hiring is a professional.
- Do your Marketing Research
Before starting an event planning business, you need to know your competitors and the market itself. What’s your unique value proposition (what are you bringing to the table)? Are your Charges almost like, better than or above other event planners in your area?
Understanding your competition and your clients will offer you an upper hand in the market. This step is very important!