Some individuals get a lot of professional and personal joy out of planning special and big events for attendees. If you have a hosting itch and like making events go smoothly, you may have a future as a successful and professional event planner with the help of the following tips:
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Be Familiar with the Market
Because the event planning sector is diverse, there are different fields your company can specialize in, such as corporate, social, and private events. Private events, like family reunions, birthday parties, and weddings, are tried-and-tested and they continue to gain more popularity, making it a lucrative field to venture into.
Develop a Good Business Plan
A good business plan is a vital document, which will take you through all aspects of business, including forecasts of what you are going to achieve in the future and your plans to grow.
A good business plan is something that banks and potential investors would want to see, making it important that you write your plan well to have an opportunity of breaking down your business aspect, including:
- Pricing structure
- Business model
- Marketing strategy
Register It
You may work as a sole proprietor, a partnership, or another entity, which provides limited liability. Since all these business structures come with pros and cons, mostly associated with how much tax to pay and the liability level in the business dealings, it is advisable to talk to an attorney to advise you.
Secure Funding
Getting your event planning business off the ground takes between $2k and $5k. So you should secure startup capital from reliable sources, like family, friends, self-finance, and banks, including 401(k) business financing, small-business loans, or lines of credit.
Equip Your Business
You must set up a business bank account and print out several business cards for an event planning business. Getting event management software, high-speed internet, and a separate phone line for better event planning processes will also be important.
Define the Business Scope of Work, Goals, and Mission
As you try to build your company, saying no to potential clients will be the hardest thing for you to do. But it can save you from dealing with some clients who take up much of your time and don’t give value to your business. This is why it is best to clearly define the mission and goals of your event planning business.
Invest in Quality Chair Covers
A chair cover is a slipcover, which goes over chairs to cover unsightly patterns as well as issues like strains and tears. Apart from covering flaws, including legs, back, seat, or even the top or cap of the chair, brands like folding spandex chair cover also come with a lot of benefits, such as the following:
- Easy to launder
- Have decors that stand out
- They come in varieties
Decide on the Fee Structure and Pricing
Because fee structure and pricing are important aspects of every business, it is important to get them right. Underpricing your services can put you at a disadvantage, whereas overpricing will prevent you from getting clients quickly, making it important that you create solid pricing strategies which match your experience and the value you give to clients.
Start to Network
Join several event planners’ LinkedIn and Facebook groups and start to network by taking part in planning some events. These groups come in handy as networking often fills over 86% of all jobs.
Leverage Social Media
Social sites, like Facebook, Twitter, and LinkedIn, are the best ways to reach prospective clients and even show your skills when it comes to event planning. Posts don’t need to be overt marketing, as you may simply share videos and photos from your previous events to engage with your audience and followers.
Plan Your Everyday Operations
Some event planners often work a strict 9-5, but most go with the flow of work by working weekends/evenings and during holidays. You may also do the planning process of events during normal working hours, especially on weekdays.
Establish a Brand
No business wants their products’ launch to be remembered for being disorganized, and no one wants their wedding events remembered for confusion. Because of that, part of starting and taking an event planning business to another is establishing a brand that clients may trust with their special occasions and important milestones.
Create a Website
These days, websites are important for reaching clients and improving brand awareness for businesses. A simple event planning website will do at the start of your business, and you can easily create it through drag-and-drop site builders, which are available online.
Partner with Several Other Businesses
The best way to start an event planning business on the right foot is to partner with several other businesses. Some of the businesses you may partner with may include the following:
- Entertainment businesses
- Designers
- Videographers
- Photographers
- Event decorators
- Caters
Build a Client List
The more customers you have, the easier it becomes to get another client list. You can easily build a client list by connecting with other planners and professionals within your area.
Gain Some Experience
To gain enough experience, either on an unpaid or paid basis, spend more time working in the industry. Use this time also to learn more about the industry prices and trends and, at the same time, identify best practices, learn about client preferences, and hone your skills.
Spread the Word Out
One strategy often ignored, yet it works, is word-of-mouth. For this strategy to work, you must please your current clients with quality services, and they will take the word out about your business and services.
Get Insurance
A big group of people gathering around is very risky, and a liability case filed against you can mean a downfall to your event planning business. A general liability insurance policy is one way to cover you against liabilities, such as third-party property damages, advertising/personal injuries, and non-employee third-party bodily injuries.
Starting a successful event planning company takes strategies, patience, and time like other businesses. All aspects of starting an event planning business are interconnected, from acquiring your first clients to taking on business legalities.