Are you good at managing difficult tasks? Did you work in your family functions to make the day special for others? If you know how to host an event and how to handle complex situations then you are a perfect fit for the event planning business. Although the event planning task is not small, we can break down the steps into small chunks for a better understanding of the Step-by-step guide to starting an event planning business.
Evaluate your event planning skill set and niche:
You need to determine the type of events where you want to offer your event planning services. Get your event planning business ideas. Whether you want to deal with weddings, corporate events, or parties or all.
Moreover, you need to outline the spectrum of your services as well. For instance, you would prefer to:
Create an event theme or design.
Find a venue.
Arrange entertainment.
Book vendors.
Send RSVPs and marketing info to attendees.
Balance the budget.
Coordinate with staff and subcontractors.
Decorate the space.
Oversee the caterers and bar staff.
Supervise the event.
Before stepping into this venture you need to work closer to understand if it suits you or not. For instance, you can work as a coordinator or assistant to a famous event planner. Or you can sign some contracts to determine if it's the business you love to do.
Do research and create your event planning business plan
Market research will always return you something best. For instance, you can spot gaps and faults in the market and revolutionize the market by introducing something new and creative. Your market research will become the base of your business plan. It will also help you to understand whether Is event planner a good business.
To show the world how perfect you are in doing event planning you need to work on:
Executive Summary:
It's the summary of your business and squeezed material of all the key points of your business and potential success.
Overview:
It's a snapshot of your business's background, legal structure, and future goals.
Industry Analysis:
Industry analysis depends on market research like the scope of event planning business in your targeted area. The size of the current event planners market, available opportunities, and trends of the market. Also, you would be able to evaluate what type of event planner makes the most money.
Competitive Analysis:
Analysis of your direct and indirect competitors, their strengths and weaknesses.
Marketing:
It consists of the strategy to reach your potential customers. It includes both offline and online marketing techniques.
Management:
What unique skills do you possess and what brings you to this business?
Operations Plan:
How will you manage the day-to-day tasks of the business? Additionally, what's the long-term plan of your business for its success?
Financials:
It includes the estimated revenue, expenses, profits, and backup of money for the first five years of your business.
Legal and Financial Preparations of your event planning business:
Business Structure:
Decide on your business structure whether you would love to be a sole proprietorship, LLC, or corporation. Registration of your business thoroughly depends on the structure of your business
Licensing and Permits:
Research and obtain any necessary licenses and permits to operate legally in your area.
Budgeting:
Calculate startup costs, including marketing, website development, event management software, computer, phone, equipment, and supplies. Through budgeting, you can understand how much it costs to start an event planning business.
You can get started from five to seven thousand bucks.
Structure your pricing strategy:
Your expertise, niche, and location define your pricing strategy. You need to set the price you want to charge for your event planning services.
Do Paperwork For Your Brand Presence:
Name of your business:
Find a stylish yet simple name for your business. It must be a combination of your skill set, USP, and your goal to work as an event planner
Get EIN for your event planning business:
Your employer identification number identifies your business for taxes. Also, it will help you too. Open a business bank account. You can apply for a bank loan as well.
Obtain required permits and licenses to start an event planning business:
To start any business there are some permits and licenses required by your state. It ensures that you obey the rules and regulations of your state. For event planning business, the standard permits and licenses are:
Building permit license
General Business License
Event Permit
Health Permit
Noise Permit
Liquor permit
Seller Permit
Insurance of your event planning business:
You must register your event planning business for insurance. As it will save you in case of any emergency or mishap.
Branding of your event planning business:
To emerge as a brand design logo that resonates with your target audience and defines the mission of your business.
Online Presence:
Most people love to explore things online. Thus you need to build a professional website that showcases your service and attracts more customers toward your brand.
Social Media:
Profiles across social media channels and platforms are the best way for the event planning industry to connect with potential clients and expand their reach.
Create social media profiles on platforms popular in the event planning industry to connect with potential clients.
Marketing and Networking of your event planning business:
Attend industry events, join local business associations, and connect with vendors to build a strong network.
Launch your event planning business:
Commence your event planning business by offering your services to friends and family members. Offer discounts to build your portfolios. Let people know how you manage everything and how you offer refreshments in boxes like Customized Gable Boxes. These boxes are easy to handle and stylish. You can even Start an Event Planning Business from Home.
Conclusion:
Event planning business is a fusion of your creativity and time management skills. You can follow this step-by-step guide to lay a strong base for the success of your event planning business. Events planning business is a matter of preparation and management. With proper workflow, you can start your business and get your clients in no time.
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