Event Management Services has witnessed great growth in the past years which has opened doors for various companies to make money and gather wealth. According to research by events professionals, annually more than $450 billion is spent on events all over the world. It’s a lucrative market for everyone thinking of investing in event planning services.
This article will walk you through the target market, the cost for starting up, billing ideas, marketing, and all you need to know about starting your event planning business.
As regards the growth of the industry, the profits continue to rise to even up to 40 percent. The economy has a way of affecting the profits and several trends of events. You need to note that you’ll get started with a lot of money. To start you’ll need to answer the question of what event planning is and what kind of events you intend to niche in.
In the general view of events, they are mostly held for the following reasons:
• Celebrations like weddings. Birthdays, anniversaries, etc.
• Promotions like the launching of products, fashion displays, etc.
• Education gatherings like school conferences, and graduation.
• Professional gatherings like luncheons, work parties, and so on.
To plan events both as a start-up and professional events planner you’ll need to:
• Conduct thorough research on the event.
• Create a beautiful design for the event (if not already done).
• Finding a location befitting the event (your employers may specify but you should ask them if they would prefer anywhere).
• Sorting the food, decor, and entertainment.
• Sending invites to proposed guests.
• If it’s necessary, sort accommodations for the guests.
• Co-ordinating activities at the event.
• Supervising to ensure every work department is functioning.
• Evaluation of how the event went.
It’s also important to note that the activities you do for the events, the size, and the type of event it is will be dependent on the cost. So your price will be determined by these specifications.
Another important question you’ll need to answer is why do people hire event planners?
Most people often find it completely different to enjoy someone else’s party than one they plan for themselves. And it gives them the time to enjoy their events. Some other times people lack the experience to host a party and may be too busy to plan.
In this lieu, they hire planners who are mostly specialized in the aspect of the events they want to hold and then pay for their services to coordinate everything with little or no interference from the employer.
An added advantage is getting certified as an events planner, it gives more credibility and importance to your work as a newbie in the events industry. You can get a degree or certificate in events planning companies or management and find out about universities and colleges that offer such courses.
You will need to choose credible organizations to run such courses so your certificate is tenable and important.
How to start up an event planning business
In all terms, there are two divisions of events: social events and corporate events. Social events are most common and corporate events are not only for companies but charities, fundraisers, and so on. Thousands of events occur every year and this allows you to start your events planning. You may decide to specialize in one of the two divisions.
Most companies host conferences, and meetings for staff, board members, and stockholders, you name it. It’s a lucrative place to niche in. You can also choose social events like weddings, anniversaries, and a lot more because they keep happening at higher rates every year.
Startup Costs
To start your events planning business, you’ll need to have a big capital which is dependent on the cost of living in the area you’d like to start and depending on your taste for exquisite quality in everything involved. If you start by working from home, you’ll spend less than renting an office and it’s advised for startups.
This means that you’ll have no employees and you’ll do the running around yourself which may not be advisable after some time. Here’s a list of an estimate of what it takes to start up an event’s planning business.
Startup Expenses
• Rent (location dependent) Low 0$ - High $2,300
• Equipment Low $5,000 - High $17,000
• Inventory Low $0 - High $500
• Licenses & Taxes Low $250 - High $350
• Communications Low $100 - High $250
• Marketing Low $500 - High $1,000
• Insurance Low $800 - & above
Total:$6,650 - $21,400.
This is just an estimate and it may be higher or lower than this.
It’s also important to note that some event planners also work 9-5 jobs which may happen because events are mainly on weekends and during holidays but sometimes can be on weekends depending on the purpose. It’s whatever specialization you choose that gives you the time you’ll commit to planning the event. Social events use weekends more than corporate events.
To plan an event here’s a list of things you should do:
• Research
It’s important to do research for every event you intend on planning. You’ll need to find reliable vendors and suppliers especially since you’re new to the industry, you can also research by talking to other planners who are not new in the field for help and questions. You can also read up if it’s an event you don’t have experience handling, you’ll be surprised about what you can find on the internet and social media. Also, note that it’s important to carry your employer along with details of what you hope to do and ask for their particular taste in everything ranging from the food to decor and so on.
• Creativity
You’ll need to understand that everyone wants an exceptional event, so you’ll think outside the box and be creative about the event. You can choose to do this with your employer or employees as the case may be. Take notes, check online, and use unique designs. Listen to your client about how they envisage their event and put that into the plan.
Other things are Organization and coordination of the plans, evaluation, marketing, and review and billing of clients.
📸 Pexels
Posts
0 Comments