How To Start Event Planning Business (10 Steps)

The event and project planning industry is the right spot for imaginative, client-oriented, and well-organized people. This business has reached a revenue of $5 billion in the US alone in 2017.

That makes it more favorable in the climate of increasing home business demands.

If you too have been looking for a way to utilize your visionary persona to generate income reserves for yourself, then you have come the right way.

Event and project planning is the need of the hour for the corporates, families, fun-lovers, and organizations to get themselves acknowledged in public through party affairs.

In This Article

Steps To Start An Event Planning Business

Get a Clear Picture of Your Business Niche

Thinking of establishing an event and project planning home business without allowing a pathway for strategic planning of a business niche is a total waste of time.

Since the very field of event planning is divided into numerous services, you have to pick up your own specialized ground for an apt business opening.

In your mind, you can decide whether you want to devote your whole time to full event planning right from the event inauguration to its culmination or you will play a singular role in any of the below-mentioned sections:-

Event promotion
Event garnishing
Corporate entertainment management
Catering
Venue Hire

Further, it is important to know that today every part of society is bent upon spending huge sums on organizing memorable events. As such, you can be a skilled planner of any of these events:-

Cultural events
Personal events
Recreational events
Organizational events

Tip

It is always advised to find a niche based upon your prior experience in it. For example, if you belong to a musical background, you will be more clear about the picture of a successful music concert as compared to a corporate party.

Conduct Extensive Market Research

The target of a market research report incorporates a vivid understanding of the customer demands and getting closer to the latest trends.

Underestimating the worth of market research can put you at your lowest in the competitive arena.

Therefore, when investing your time in efficient market research, you should be prepared to grasp these conspicuous facts:-

The kind of people who are in the need of your services
How many demand graphs are visible for your singular event planning service
How long is the line of your competitors
How to stand out from your competitors
What is the scope of your personal profits from the services that you will provide

To achieve 100% effective outcomes for your research programs, implement one of these modern-day experimentation channels:-

Run an Online Survey – Questionnaires that run on Facebook and LinkedIn are free of cost and simpler for the public to answer. Ask people questions about their budget, preference of services, how often would they organize events, etc. to get accurate data for online surveys.

Clasping Focus Groups – With the benefit of face-to-face interactions, focus groups let you discuss your business ideas with the clients in a broader fashion.

Online Competition Research – Entering specific keywords in the Google search box can also show you a list of your event planning competitors near your area. Sound knowledge about their operational skills and USPs can place you far ahead of them.

Marketing is Important

Once your business is on track, it is time to make it a center of attraction by introducing it in public domains. For this, the best platforms as provided by modern-day technology are:-

Set Up a Website

The website of your business is a front cover where you can mention important details related to contact information, cost packages, your work ethics, and previously completed projects.

Both web designers and website generating platform can help you in this process. Also, going for an SEO website can increase your viewers on Google.

Go for Cross Promotions

Pairing with the owners of other event planning startups can be a really engaging business. You both can collectively offer discounts to the people so as to increase your money and customer needs.

This mutual cooperation theory can be used to create numerous promotional offers for the clients for a substantial span of time. This theme of partnership can be remarkable yielding quicker outcomes.

Make Use of Mails

Emails are the fastest ways to communicate with clients on a daily basis. This mode of electronic media can be utilized to impress people who have shown interest in your event and project planning business.

Regularly sending emails to them and keeping them updated with your offers can be immensely fruitful.

Without the aid of social media, you stand nowhere in today’s world. This is a harsh reality that can be hard to accept, but focusing on its positive side, your business can grow beyond perspectives.

Pinterest seems to serve the purpose of event planners very abundantly. The image utilizing concept of this platform lets you convey your ideas to the customers very significantly.

Understand What is Required

Regarding the educational qualifications of event planners, no hard rules are given importance over creativity, zeal, and perfection level.

Besides this, there are other imperative things that need to be considered before beginning your career in event planning.

Procuring authenticated licenses from local authorities
If you are a beginner then registering as a sole trader is important
Set up a business accounting system for maintaining invoices and other relevant records
Open a merchant account to receive payments from the clients
Get public liability insurance and employers’ liability insurance(if you want to keep employees)
Prepare your own risk assessments for better future planning

Conclusion

The creative market of event planning requires some excellent management skills and the ability to make even the minute things look astounding.

An air of unique concepts with clouds of communication, when carried anywhere will undoubtedly manifest you as a lead in your event and project planning home business.

Here is the infographic which gives you more detail on how to start an Event Planner Business from Scratch. Read More