Do you know what event planning is? According to Entrepreneurs, event planners are key service providers who can ensure the smooth production and execution of events.
But did you know that being an event planner is very vulnerable to stress because it involves large-scale function planning areas? Forbes ranked event planners as one of the five most stressful jobs in 2016.
Therefore it is important for those of you who want to start an event planning business to know how to develop your planning business well.
Let’s learn the steps to starting an event planning business from scratch.
To-Do List for Starting an Event Planning Business
Starting any business requires careful planning and execution. Here are essential steps on how to grow your event planning business:
1. Define Your Business Concept
Start by clarifying your business concept and identifying your target market. Decide with your business development team what type of event you want to specialise in, such as a corporate event, social gathering, or combination.
Consider your skills, expertise, and interests to define your unique selling proposition.
Let’s say you specialise in corporate events. Corporate events require careful planning, attention to detail, and a deep understanding of the corporate world.
Here’s what you should look for when you want to specialise in corporate events: a guide for event planners.
- Understand the Corporate Event Landscape: Familiarise yourself with the different types of corporate events, such as conferences, seminars, product launches, corporate retreats, award ceremonies, and networking events.
- Developing a Corporate Client Network: Building a strong network is essential to securing corporate event planning contracts.
- Customise Event Solutions: Corporate events often have specific goals and requirements. Offer comprehensive event solutions covering venue selection, event logistics management, audiovisual needs, branding, event marketing, and professional facilitation.
- Stay up-to-date on Corporate Trends: Stay up-to-date with technological advances, innovative event formats, and emerging trends in corporate event design and branding. This knowledge will help you offer fresh and relevant ideas to your corporate clients.
- Manage Event Budget: Develop strong event budgeting and financial management skills to ensure events are executed within the allotted budget.
2. Doing Market Research
According to Indeed, thorough market research is essential to understanding your area’s demand for event planning services. Identify your target audience, their preferences, and their budget range. So you can promote your event to the right audience.
Research your competitors for insight into their offerings, prices, and marketing strategies.
Setting your event planning business apart from competitors is also very important for attracting clients and building a strong reputation in the industry. Here are some strategies to differentiate yourself and stand out in a competitive market:
- Define your unique value proposition
- Niche focus
- Build strong vendor relations
- Building strong client relationships in event planning
- Showcase your portfolio of successful events
- Embracing technology and innovation
- Develop a strong online presence
3. Create a Business Plan
A comprehensive business plan will guide your decision-making and attract potential investors or lenders.
Budgeting is an important aspect of event planning that can significantly impact the success and profitability of your event. Here are some budgeting strategies for successful event planning:
- Set Clear Financial Goals: Before jumping into the budgeting process, clearly define your financial goals.
- Create a Comprehensive Budget Spreadsheet: Develop a detailed spreadsheet budget that includes all income and expenses related to the event.
- Research and Compare Costs: Get quotes from various vendors and suppliers to compare prices and negotiate better deals. By doing thorough research, you can make an informed decision and ensure your budget is realistic and accurate.
- Prioritise and Allocate Funds: Allocate a larger portion of the budget for the important aspects to achieve the event’s goals and create a memorable experience.
- Track Expenses in Real-Time: Update your budget spreadsheet regularly to track actual spending against the planned budget.
- Create a Contingency Plan: Allocate a portion of your budget as an emergency fund to cover incidentals or deal with necessary adjustments.
- Document and Analyze Budget Performance: Assess the effectiveness of your budgeting strategy, limit whether any adjustments are needed for future events, and apply lessons learned to improve your budgeting process.
4. Register Your Business
Register your business name with the appropriate regulatory authorities and obtain your jurisdiction’s licences and permits. Consult an attorney or business advisor to ensure compliance with local regulations.
The US Small Business Administration explains that, in some cases, you don’t need to register at all. If you operate your business as yourself using your legal name, you do not need to report it. But remember, if you don’t register your business, you can lose personal liability protection, legal and tax advantages.
5. Build a Supplier and Vendor Network
Build relationships with trusted suppliers and vendors who can provide essential services for your event. This may include venues, eaters, decorators, photographers, entertainers, and audiovisual providers.
Negotiate price deals and maintain strong professional relationships to ensure quality service to your clients.
Apart from being a customer, try to collaborate with suppliers and vendors. Discuss new ideas, the latest trends in the industry, and opportunities for win-win cooperation.
6. Set up your Online Presence
Create a professional website featuring your services, portfolio, client testimonials, and contact information. You can use social media platforms to promote your business.
Here is the importance of the role of social media in promoting your event planning business:
- Build brand awareness
- Targeted ads
- Engage with your audience
- Showcase your work
- Industry networking
- Promote special offers and discounts
- Management event scheduling
- Monitoring and analytics
7. Implement Marketing and Advertising Strategies
Develop a marketing plan to reach your target audience effectively. Take advantage of online and offline channels, such as social media advertising, search engine optimisation, email marketing, print media, and attending industry networking events.
Create and share relevant and engaging marketing content to interest potential clients. These can be blog articles, video tutorials, infographics, or ebooks that provide valuable insights and advice on event planning.
Create unique, creative, and informative content to differentiate yourself as an authority in the industry.
8. Provide Exceptional Service
Focus on providing exceptional service and exceeding client expectations. Build strong client relationships by understanding their needs, keeping communications open, and delivering a successful event.
Word-of-mouth recommendations and positive client reviews will be invaluable for your business growth.
Essential Tech Tools for Modern Event Planning
In the modern era, technology has become an integral part of event planning and event promotion, helping professionals streamline processes, increase efficiency and provide an extraordinary experience.
Here are some important event technology tools that can support you in your event coordination:
- Event Management Software: Investing in event management software can significantly increase efficiency and organisation. For example, Membership.ninja offers features such as participant registration and ticketing, which help you schedule events for optimal attendee engagement, speaker management, and exhibitor management.
- Project Management Tools: These tools allow you to create tasks, assign responsibilities, set deadlines, and track progress. You can try a project management tool using VirtualSpace.
- Virtual Event Platform: With the rise of virtual events, having a reliable virtual event platform is essential.
- Social Media Management Tools: Effectively managing your social media presence is essential for promoting your events and engaging with your audience.
- Event Marketing Automation Tools: These tools allow you to create and schedule email campaigns, segment your audience, track email performance, and nurture leads. They also provide integrated customer relationship management (CRM) features, helping you streamline your marketing workflow.
Planning Social Events: Tips and Tricks
Planning a social event can be an interesting and creative endeavour.
Whether it’s a birthday party, anniversary celebration, or casual get-together with friends, careful planning and attention to detail can ensure a memorable experience for everyone involved.
Here are some tips and tricks to help you plan a successful social event:
- Understand the Purpose of the Event: Before jumping into the planning process, define the purpose and theme of the event.
- Set a Realistic Budget: Set a budget based on your event requirements and client preferences.
- Create a Guest List: Organise a list based on event type and client preferences. Consider the capacity of the venue and the desired atmosphere when determining the number of participants.
- Choose the Right Venue: Choose the venue that fits the event’s style, size, and budget.
- Plan an Event Timeline: Create a detailed timeline outlining the activities and key milestones.
- Catering and Menu Options: Define catering options based on event theme and guest preferences.
- Decoration and Atmosphere: Create a welcoming and visually appealing atmosphere through appropriate décor.
- Fun and Activities: Engage your guests with entertainment and activities that match the style and theme of the event.
- Logistics Coordinates: Pay attention to logistical details such as parking arrangements, transportation options, and audiovisual requirements.
- Communicate and Delegate: Maintain open communication with your clients and involve them in decision-making—delegate tasks to reliable teams or volunteers to ensure efficient execution.
Conclusion
Starting an event planning business from scratch requires dedication, persistence, and a strong commitment to delivering an extraordinary event.
It’s essential to take advantage of technology tools to streamline your event planning process, enhance the attendee experience, and drive the growth of your event planning business.
Custom tools to your specific needs and stay updated with new technologies to stay competitive in the ever-evolving event industry.