You Want to Start an Event Planning Business?

Event planning

Event planning is the process of managing a project such as a meeting, tradeshow, get together, ceremony, a team building activity, party, convention, and conferences. Event planning is establishing the plan, budgeting, establishing the timeline, booking the venue, obtaining any necessary permits, catering (food and beverage), developing the theme, speakers, arranging transportation for the group, facilities, managing risk, and making a contingency plan or backup plan. The planning phase also includes solving any problems that may arise and hopefully before any occur.

A strong event planner can multitask, handle multiple tasks at the same time, problem solve, be organized, have exceptionally personable skills, can delegate in an efficient and professional manner, remain current in the event marketing industry laws throughout the country, read body language well, make a contingency plan if needed, and predict potential problem that may occur.

Event planning, event marketing, and experiential marketing is mostly an exciting career. Constant change keeps us busy, attending many fun events is cool, and making our own schedule is awesome as well. Event planners assist a range of customers by planning, organizing, and generally facilitating medium- and large-sized events. Events can range from weddings to corporate gatherings, to large family reunions. Event planners are often tasked with providing travel and lodging accommodations for guests in addition to coordinating the event itself. An event planning business can be highly profitable, and the startup expenses can be surprisingly low. Many event planning companies have failed as well.

Business Licenses

Nevada has different laws than other states so depending on where you are from, check with your local registrar. As with most businesses, you will need to register your business name in your state and obtain any business licenses required at the state and local level. If you plan to employ anyone, workers’ compensation insurance is a must. General liability insurance is vital as well because you and your staff will be responsible for setting up physical spaces at events. Lawyers here can  be helpful yet expensive. Here are the basics and some of the pitfalls you may encounter as a new event planner.

Marketing Needs

Marketing budgets vary greatly especially in the early stages of business. Depending on your goals, put aside a significant amount, purchase ads and track the results to make sure you get the most value for your money. Business cards, pamphlets, brochures, and other forms of marketing are needed to advertise and reach your target audience. Invest in premium advertisements in phone books and other searchable resources.

Relationships

Relationships and bridges you have built will play a key role in your marketing. “Your network is your net worth,” they say. Some businesses can trade your services instead of paying for advertising which could be mutually beneficial.

Staffing

Event  planning businesses can be very exciting in the early stages. Do not fret the small stuff. As the business owner, consider handling accounting duties, tax preparation, hiring and firing, recruiting and other administrative activities yourself until the business is consistently profitable.

Startup Fun

Jump into the fire! Get involved in your niche. If it’s event marketing, start applying for some promo jobs. Take some event management classes.

*** Check out my 10 Promo Tips! ***

They say to have about 3 months of expenses covered which includes rent, lighting, electricity, and any other overhead you have.

Mark Twain Quote

Conclusion

Some interesting event marketing statistics are:

  1. The average planner manages 37 events each year.
  2. Over 100,000 meeting planners are employed in the U.S.—and the industry is growing faster than the average across growth rate of all other industries.
  3. Washington D.C. has the highest concentration of event planners in the US.
  4. The average planner spends over 100 hours each year on site visits alone.
  5. 61% of planners still record information primarily with pen and paper.
  6. 50% of planners said the primary way they source events is online.

Starting an event planning or event marketing company may seem easy but it is harder than it looks, and to be honest, you’re really heading towards an uphill battle. I truly hope you are successful, but those are the stats. Would it stop me from starting a company if that was my goal, absolutely not! The most important thing any business owner can do is research. Find out all the possible information you can on your niche. This will also help you become an expert in your field. See what your competitors are doing, and do better. The game plan or strategy is the most important step you can make I’m starting your own business.

 

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