An Event Planning Business is one of the best you can start if you know how to organize your work well and have the capability and talent to assist others.This means you take on the responsibility of organizing events for clients, or acts as a consultant to bring resources for organizing events in a systematic manner.
To start an event planning business, the first thing you need to decide is your chosen area of operation. Are you going to focus on corporate conferences, or will you be open to entertainment based events? Are you eying the big fish right away, or will you start small, catering to the needs of friends and acquaintances? Do you have it in you to plan and execute an event, or would you rather share your expertise as a consultant? The answer to these questions will determine the nature and size of your operations. If you innately trust your skills for organizing, but want to know what it really takes, continue reading.
The competition: At present, there are thousands of event planners around the world, the majority of them located in the United States. The industry is also growing in other regions, such as Canada and Europe.
The expertise: Experts in the event planning business say that people from any background can take up this profession. Remember, your ability and desire to “do things right” are prerequisites to become an event planner. Although it is not easy to put together a complete list, some of the crucial skills include a passion for organizing, interpersonal skills, ability to generate and teach new ideas, sharp problem-solving ability and most important of all, the ability to organize your own business dealings. Do not panic if you don’t have all the above; becoming an organizer is a continual process of growth – you will hone your skills as you run the business.
Marketing tactics: Word of mouth advertising is the best way to market your business, rather than investing a lot of money in expensive advertising. Also, your personal network will work wonders in getting you new clients.
Spread your wings: Your business may not run on serving local clientele alone; hence plan to reach out to other cities. Even if your clients are at a distance, make sure that you stay connected via fax, phone or email. Follow that up with regular face to face meetings, which is the best way to discuss further business.
Put it in writing: It is always sensible to have contracts with clients. Make sure they cover all areas such as pricing, purchasing of supplies, cancellation procedures, etc. This not only protects both the parties, but also clearly defines deadlines and payments.
Charge right: You can opt for payments on hourly, daily or project basis. The fee also depends on several factors like your level of experience, area being served, the nature of work and type of service you provide. The average hourly rate in the United States lies between US$ 45 and US$ 65 for the event planning business. Also consider the clients’ capability to pay and long term business prospects while fixing prices.
Use reliable vendors: If you want to do the actual organizing yourself, believe us, you can’t do it alone. You will need a wide and varied network of suppliers of different products and services – ranging from caterers, stage decorators, artists and even entertainers. Ensure that you choose to work with people who share your professional ethic, and have a reputation for reliability.
An Event Planning Business takes time to grow successfully and you will have many organizational headaches on the way. However, for the right sort of person, it can be a great deal of fun and will lead to eventual success.