Are you interested in starting a home event planning business? here is a complete guide to starting an event planning business with no money or experience .
Ok, so we have provided you with an example of a detailed event planning business plan template. We also took it a step further by analyzing and writing a sample event planning marketing plan, supported by actionable guerrilla marketing ideas for event planning companies. In this article, we will cover all the requirements for starting an event planning business. So put on your entrepreneur hat and let’s move on.
Why start an event planning business?
When it comes to starting and starting a business, rather than keeping a 9 to 5 paid job, an avalanche of people are afraid to take that great leap of faith that could lead them to fame and fortune. . The truth is, there are several business opportunities that a budding entrepreneur who still retains a paid job can get tested without quitting their job, and one of those opportunities is event planning.
A good thing about event planning is that most of the time events are held on weekends and if you are not lucky enough not to work on weekends you can successfully test the part-time event planning job. The truth is, most of the basic skills needed to effectively run an event planning business are part of the soft skills that you are likely to learn in your workplace.
What is event planning?
Event planning is all about helping businesses, governments, groups and individuals plan and organize their events from start to finish. The event planner makes sure that they are working within the agreed budget of the organization or individual and makes sure that they deliver a successful event as agreed. In some cases, the event planner should budget for the event organizer as soon as he receives a brief description of the nature of the event.
Event planning forces you to take the burden of planning an event off the shoulders of your customers. Whether it’s an informal corporate event or an informal party. Hence, you need an eye for detail besides the physical eyes that you have. You don’t think it was easier.
What does it take to successfully start an event planning business?
Now the truth is, you have to be extremely detailed. You don’t want your customers to be treated like leaving out some important details. If you don’t have this skill now, you might consider developing it.
The key to a successful event is to make sure that everything listed in your event planning checklists is checked. In fact, if you take event planning training, you will learn how to write event planning checklists for various events and key components that should be listed on your checklists.
Event planning is an industry that needs you to be broad and knowledgeable about industry news. What does it mean? This means that you need to be on top of everything related to event planning around the world. You might consider reading the entire lot – not far from the information. You can become a successful researcher by reading books about this business, for example using the Internet.
Starting a Money-Free Home Event Planning Business. The Complete Guide
- Industry overview
According to Inside Business, the event planning industry is expected to grow by 20%, with an average event planning income of $ 42,180 per year. By 2016, this industry is expected to reach more than 60,000 jobs.
- Interesting statistics on the event planning industry
The statistic is that the 5 highest paid venues in the United States for event planners and their average annual income are:
- Virginia – $ 54,770
- New York – $ 57,300
- New Jersey – $ 57,730
- Massachusetts – $ 58,860
- Washington DC – $ 67,120
Also among the top five U.S. states with the most jobs for event planners:
- 7,730 event planners work in California
- New York City – 7 employing 250 event planners
- Texas – 6,320 event planners.
- Florida – 3,560 event planners
- Virginie – 3,500 event organizers.
Without a doubt, it cannot be said that the event planning / management industry is oversaturated despite the fact that the entry bar to start an event planning business is rather low. events, if you are creative and hardworking, you can successfully create your own sustainable market. It’s safe to say that the industry is still growing, especially with the emergence of new social media platforms.
For example, more recently a world-class event planning and management company in a city in the United States of America can successfully host an event with an active participant from around the world attending the event without having to reside in their country of origin. This is possible through teleconferencing, and Skype et al.
Some of the factors that motivate entrepreneurs to start their own event planning business may be that the business is easy to set up, start-up capital is really affordable, and operating costs can be kept to a minimum; You can start your own event planning business from the comfort of your home. All you have to do is set up an office somewhere in your house.
Finally, the activity of planning / organizing events is not only limited to the organization of conferences, corporate events or parties, but also to the organization of major international events such as Olympic events and United Nations.
Launch of an event planning company based on a domestic market study and a feasibility study
- Demography and psychography
The demographic and psychographic makeup of those who need the services of event planners encompasses people from all walks of life and organizations, etc.
On top of that, if you are bothered to start an event planning business, you should target your marketing efforts on those who can afford your services. Of course, businesses, government agencies, business owners, faith-based organizations, schools, and individuals are all demographics of an event planning business.
List of niche ideas in the event planning industry that you can specialize in
On average, most standard event planning companies practice all aspects of event planning, from wedding planning to Annual General Meeting (AGM) and corporate events, to holiday parties. year, et al. Indeed, there is hardly any difference in the planning and management of events.
However, you may decide to build your event planning business around one area of industry specialization, and these are some of the major niche ideas in the event planning industry that a entrepreneur expects to start planning events. The company can specialize in:
- Wedding planning
- Planning of corporate events
- Outdoor event planning
- Planning children’s parties and birthdays
Level of competition in the event planning industry
The level of competition in the event planning industry largely depends on the location of the business and of course the niche of your event planning business. If you can successfully create a unique brand for your event planning business or create a unique market, you will likely experience less competition.
For example; If you are one of the few event planning companies in your country or state that takes care of all government events, but at the local, state, and federal levels, you will surely be doing consistent megaboxes year after year. Indeed, it is normal for the government to organize several events during the calendar year.
However, it is important to clarify that the event planning industry is largely very competitive and that is why it is imperative to keep abreast of developments in this area. Those who are already on this path know that as soon as a person starts to calm down by doing basic things, then your competition has a tendency to catch up with you and even catch up with you.
So, as an event organizer, to stay afloat in the industry and continue to profit despite the competition in the industry, you should always come up with creative marketing ideas that will help you reach your target market and stay competitive.
List of famous brands in the event planning industry
Here are some of the leading event planning companies / event planners in the United States of America and possibly most parts of the world;
- Bassett Events
- Berkeley City Club
- Bompass Parr
- Colin Cowie
- Design by David Beahm
- David Tutera
- Debi Lilly
- Elegant affairs
- Merging events
- Eventmakers i>
- Corporate events
- Entertainment group
- GBK Productions
- Kais Catering + Events
- LJF Events
- Love luck and angels
- Luxury wedding
If you are looking for a business that requires less stress to set up and possibly minimal start-up capital to get started, you may want to consider starting an event planning business. The cost of running an event planning business versus annual turnover may be different (this only applies if you have been able to gain a foothold in the industry and get a reliable fixer – with large companies and even government agencies).
On average, most people who start an event planning business start the business in a small office space / shared office space or virtual office and continue to be successful. When it comes to event planning, one thing is for sure: most of your pre-contract and event planning appointments will take place at your client’s office or home.
The truth is that the cost of running an event planning business can be kept to a minimum because there are always ways to reduce operational and overhead costs. In fact, most people who run an event planning business choose to run the business alone, or at most with multiple full-time employees, simply for the sole purpose of reducing overhead and maximizing profits. .
Building your event organization business from scratch, not buying a franchise
There are many factors when it comes to choosing to start a business from scratch or buy a franchise. this should influence your choice. Generally, your reason for wanting to start a business, your business goal, mission, and vision should help you make an informed decision.
Well, any entrepreneur looking to start an event planning business may not be able to purchase a franchise just because you can hardly find one. Therefore, you need to gather your strength and be ready to start your event organizing business from scratch.
One thing is for sure, if you want full control over your business and intend to explore all forms of creativity in your power, then you will need to start your event planning business from scratch. Starting your business from scratch has many benefits, despite the fact that you will have to work hard and smart to achieve your business goals and objectives.
Threats and potential challenges you will face when starting planning the activities of an event
If you decide to start your own event planning business today, one of the main challenges you are likely to face is having a well established event planning business / event planner in same place as your arrival or that of other companies. on event planning. The only way to avoid this problem is to create your own market; focus on a specific target market. These can be individual customers or companies, etc.
The economic downturn is another threat and problem that you are likely to face when starting your own event planning business; if the economy is in bad shape, it automatically affects the purchasing power / purchasing power of the population, which can have a negative impact on your business.
In addition, adverse government policies can also affect the profitability and growth of an event. industrial planning. For example, if the government decides to ban all public events in a particular location for safety reasons, this will directly affect the organization of outdoor events.
Starting an event planning business from home legal issues
- The best legal entity to use for event planning
If you are considering starting a standard event planning company, one that will work for government at all levels and large corporations, you need to take seriously choosing a legal entity for your business.
When it comes to choosing a legal entity for a business, the nature of the business, industry activity falls, and your business goals should inform your decision. When it comes to choosing a legal entity for an event organization company, you have the option of choosing between a general partnership, a limited partnership, an LLC, a C corporation or even a corporation. S. It is important to clearly indicate what these different forms of legal structure serve. businesses have advantages and disadvantages; this is why you must properly weigh your options before making your choice.
Here are some of the factors to consider before choosing a legal entity for your event planning business; limitation of personal liability, ease of transfer, acceptance of new owners and investor expectations and of course taxes. If you take the time to do some critical research on the different legal entities that will be used for your event planning business, you will be okay with this limited liability company; LLC is the most appropriate. The good thing about an LLC is that you can start your event planning business as a Limited Liability Company (LLC) and in the future convert it to a C corporation or even an S corporation, especially if you plan to go public.
Upgrading to C Corporation or C Corporation will give you the opportunity to grow your event planning business to compete with the major players in the industry; you will be able to receive capital from venture capital firms, you will have a separate tax structure and you can easily transfer ownership of the business; among other advantages, you will benefit from flexibility in ownership and in your management structures.
Catchy Business Name Ideas Suitable For An Event Planning Business
When it comes to choosing a name for your business, you have to get creative because whatever name you choose for your business will go a long way in creating a perception of what the business is all about. Usually when people name their business, it is normal to follow the trend of the industry they intend to lead.
If you are thinking of starting your own event planning business, here are some catchy names you can choose from;
- Sharon Shannon Event Planners, LLC
- Shavonne Wedding Planners, LLC
- BVN Corporate Event Planning Company
- Tony Tammy House of Events, LLC
- Rosemary®, LLC
- Delights Party Planners, LLC
Get the best insurance policy for business event planning
In the United States and most countries around the world, you cannot run a business without the necessary basic insurance policies. the industry you want to work in. As such, it becomes important to create a budget for the insurance and perhaps consult an insurance broker to help you choose the best insurance policy for your event planning business.
Here are some of the basic insurance policies that you should consider when buying if you want to start your own event planning business in the United States of America;
- General insurance
- Health insurance
- Risk insurance
- Credit insurance
- Deposit insurance
- Payment protection insurance
- Liability insurance
- Workers compensation
- General disability insurance
- Group insurance for business owners
Protection of intellectual property / registered trademark
If you are starting your own event planning business, you generally will not need to apply for IP / Trademark protection. This is because the nature of the business allows you to run your business successfully without having any reason to challenge anyone in court for illegal use of your company’s intellectual property or brand.
However, if you just want to protect your company logo and other documents or software that are unique to you. Then you can apply for intellectual property protection. If you want to register your trademark, you must begin the process by filing an application with the USPTO. Please note that final approval of your trademark is subject to legal review as required by the USPTO
Do i need professional certification to start planning an event?
If you are planning to start an event planning business, you don’t necessarily need a professional certification to start or run a business. However, you can go to the source for any professional certification course that can help you serve as an event planner effectively.
There are several professional certifications you can acquire as a beginner event planner, and here are just a few;
- Certified Exhibition Merchant (CTSM)
- Certified Exhibitor Manager (CME)
- Certified in exhibition management (CEM)
- Global Certification in Meeting Management (CMM)
- Certified Professional Meeting (CMP)
- Global Event Management (EDC) Certificate
- Certified Events Specialist (CSEP)
List of legal documents you need to start an event planning company
Here are some of the basic legal documents that you should have with you if you want to run your own event planning business in the United States of America;
- Registration certificate
- Business license
- Business plan
- Non-disclosure agreement
- Employment contract (letter proposal)
- Operating Agreement for LLC
- Insurance policy
- Apostille (for those planning to work outside the United States of America)
- Contract document
Writing a business plan for your event activity
When it comes to starting a business, one of the first steps to take is to consult with experts to help you develop an effective and achievable business plan, or you can use a business plan template to prepare your business plan. The truth is that in order to successfully run an event planning business, you need a good business plan.
A business plan is an essential roadmap to the success of a business; Having a workable business plan will help you reduce the trial and error approach to doing business. You will be able to run your business with purpose and possibly with precision; you will know what to do at any given time and how to handle business challenges and business growth / expansion.
Basically, if you want to start your own event planning business, you need to write a detailed business plan that can pass the reality check when submitted; you should be working with facts, figures, and other metrics in the event planning industry as it relates to the places / countries where you intend to start your event planning business.
The whole idea of writing a business plan isn’t just to have a business document in place; but a detailed guide on how to effectively run your business from scratch. Your business plan should outline and outline the strategies for how you plan to manage and grow your event planning business.
A rule of thumb when writing a business plan is to do your best to be realistic and never to overdo the project when calculating income and profit etc.
These are the key areas to cover in your business plan;
Resume and Company Descriptions : You should write about your business concept, your company descriptions, your company statement, your mission statement and the location of your company. or if you intend to partner with other companies or open offices in other cities in the United States of America and other parts of the world.
Other key things to look out for in your event planning business plan. Is product offering, SWOT analysis, competitive analysis, marketing and business analysis / strategy, target market, market targets, pricing, cost and financial forecast, advertising and advertising strategy , expansion and growth strategies, budget and start-up. before the generation of capital, etc.
Detailed cost analysis Operational planning of running events
Starting a business event planning can be profitable. indeed, on average, you are not expected to buy expensive machinery and equipment. Basically you have to worry about the amount needed to provide a standard office space in a busy business district, the amount needed to furnish and equip an office, the amount required to purchase the necessary software applications, the amount required to pay the bills. promote your business and obtain the appropriate business license and certifications.
When it comes to starting a small event planning and management business, you should be guided by the following costs;
- The total business registration fee is $ 750.
- Basic insurance budget covers costs, permits and business license $ 2,500
- Amount required to purchase suitable office space in a business district 6 months (Re Construction of facility included) US $ 40,000.
- The cost of office equipment (computers, software, printers, fax machines, furniture, telephones, filing cabinets, security devices and electronics, etc.) $ 5,000
- Cost of launching your official website $ 600
- Budget to pay at least one employee for 3 months plus utility bills of $ 10,000
- Additional costs (business cards, signs, advertisements and promotions, etc.) $ 2,500
- Miscellaneous: $ 1,000
Based on market research and feasibility reports, it would take you around $ 70,000 or less to start a small standard event planning business. in the United States of America
It will take you over two hundred and fifty thousand (250,000) US dollars to successfully set up a medium but standard event planning business in the United States of America.
If you are planning to start a large scale multi-professional event planning event under your direction, if you have salaries and offices in key cities in the United States of America and possibly other parts of the world, you should aim for a budget of $ 1 million or more. and higher.
- Finance your event company
Starting an event business can be profitable, especially if you choose to run your business from home, share office space with a friend, or take advantage of a virtual office. Securing a standard office is part of what consumes a significant chunk of your start-up capital, but if you decide to start a small business with an office in your home, you may not need to find one. source of funding to finance your business.
Without a doubt, when it comes to financing a business, one of the first and perhaps the main factors to consider is writing a good business plan. If you have an effective and achievable business plan, you may not have to work too hard before convincing your bank, investors, and friends to invest in your business.
Here are some options you can use to learn how to get start-up capital for your event planning business;
- Collect money from personal savings and sell personal stocks and property
- Raise funds from investors and business partners
- Sell shares to interested investors
- Apply for a loan from your bank / banks
- Submit your business idea and apply for business grants and seed funding from donor organizations and angel investors
- Source of loans on favorable terms from your family and friends.
Choose a location for your event business
Just because you can run your event planning business from your home doesn’t mean that locations have little impact on the success of this type of business. If you have taken the time to research the event planning industry, you will find event planning companies. are still located around busy business districts, especially event planning companies that specialize in corporate events.
So, if you are looking for a location for your event organization business, make sure it is a location in the business heart of your city, a place that is visible and easily accessible. Of course, you wouldn’t want to locate this type of business on the outskirts of town. Your customers should be able to drive by and find your office with little to no hassle.
Having said that, here are some of the factors you should consider before choosing a location for your event planning business;
- Location demography
- The nature of the commercial activity on the site
- Purchase / purchasing power of the location’s residence
- Location availability
- Company event planning numbers on site
- Local community / state laws and regulations
- Transport, parking and security, etc.
Start planning Business events without money. Technical workforce
Apart from related event management software applications to help you register for events, reserve seats, hotel reservations, etc., as well as use the social media tool for promotion and Event marketing In there are no basic technical details involved in starting an event planning business. Business is easy and straightforward to run, especially if you have the soft skills required; mainly organizational skills and business management skills.
When it comes to choosing between leasing and leasing office space, the size of the event planning business you want to build and your overall budget for the business should influence your choice. . If you have enough capital to run a large event planning business, you should consider renting space for your office; When you hire, you’ll be able to work with long-term planning.
When it comes to the number of employees you’re supposed to start a business with, you’ll need to consider your finances before making a decision – on average, you’ll need a CEO or President (you can occupy this post), an administrator and a human resources manager. the executive director of marketing and business development and a customer service agent or front desk agent.
Increasingly, you will need a minimum of 10 key employees to effectively run a mid-size event planning business.
Service delivery process for an event planning organization
Making money as an event planner is all about making sure your customers are happy when they contract with you so that you can manage on their behalf. The truth is, once you can meet or exceed your customers’ expectations, you’re more likely to get repeat customers, and in most cases, you’ll get referrals as well. You would absolutely agree that word of mouth from satisfied customers will always help increase your revenue and promote your brand.
So the bottom line is that whenever you sign an event planning contract, be sure to clarify anything that needs to be clarified with your clients before you start. Anyone who asks a lot of questions is unlikely to go off the rails in pursuit of a goal or determining a destination. Therefore, if you intend to meet or exceed your clients’ expectations as an event planner, one of the key things you need to do is ask them lots of questions to clarify any gray areas and fully understand its essence. You can also continue to work with your clients to define the goals of the event.
As a professional event planner, you will be trained on how to engage your customers so that they can answer any questions you ask them about an event or related topic that will help you organize an event. fantastic.
In addition, the provision of services for an event planner includes budgeting, planning, choosing a venue, obtaining the necessary permits, coordinating transportation and parking, organizing speakers, lecturers motivators, MCs or animators, setting up a decor, securing events, organizing nutrition and emergency plans.
The hallmark of the event is when the criteria for success are met or even exceeded. Therefore, part of what you should ask your client as a professional event planner is to know the key measurable areas in which they would like the event to be rated, such as the number of attendees who attended the event. ‘event, the comments they received. of the event, and this can be any indicator of success in agreement with the event organizers.
Starting an Event Planning Business Without a Money Marketing Plan
- Marketing ideas and strategies for event planning activities
People and organizations will hire your services as an event planner. to help them cope with all their events if they know they will benefit from their money, so you had to do some good homework and prepare for big events when signing up.
Therefore, when developing your marketing plans and strategies for your event planning business, be sure to create a compelling personal and business profile. In addition to your qualifications and experience, it is important to be clear in practice what you have been able to accomplish in the interim, as it helps people and businesses manage their events from planning to execution. . This will help you increase your chances in the market when researching contracts with business organizations and government agencies.
Please note that when applying for contracts with legal entities, you will be asked to defend your proposal, which is why you should add presentation skills as part of your marketing skills.
Here are some of the platforms you can use to promote your event planning business;
- Introduce your business by sending cover letters with your brochure to all corporate organizations and businesses in the United States (if you are new to independent event planning, you may want to focus on individual clients)
- Quick participation in tenders for event planning contracts
- Promote your business on local entertainment magazines, radio stations and TV stations (prepare to participate in talk shows and interactive sessions on TV and radio)
- List your business in local directories / yellow pages (online and offline)
- Participate in relevant event planning events, seminars and trade shows, etc.
- Creation of different packages for different categories of customers to work with their budgets
- Use the internet to promote your business (when you write primarily about key issues related to your event planning, people will see you as an expert in this area and want to do business with you)
- Join local chambers of commerce around you for the primary purpose of networking and marketing your services; You will most likely receive recommendations from these networks.
- Hire direct marketing marketers and business developers, especially if you can afford it.
Possible competitive strategies to win over your competition in the event planning industry
The event planning industry is indeed a competitive industry and you need to find a unique strategy to outperform the competition in the industry. Part of what you need to do to stay competitive is to continue to make sure that you are doing your best to provide top notch, affordable service to your customers and prospects. The truth is, people will always come to you when they know they’re likely to get what they’re looking for and get their money’s worth.
Another competitive strategy that you should adopt is to maximize the internet when it comes to marketing your event planning business and providing you with a wide range of value-added event planning services. Services such as consulting services and rental services will reduce this problem for you.
Possible ways to increase customer retention for event planning activities
In Business No matter what industry you decide to pitch your tent in, one of the easiest ways to increase customer loyalty and potentially attract new customers is to always keep your customers happy every time you go. they organize their events with you. If your customers are happy with your service, they are unlikely to be able to find an alternative service provider or product.
Statistics show that one of the main reasons that customers choose an alternative service provider or product is when there is a drop in quality or if more often than not they don’t get what they want. when they visit your store or office, as applicable. Another reason is poor customer service.
If you can continue to improve the quality of your customer experience and offer options to your customers, you won’t have to struggle to retain your customers.
When it comes to managing your customers and building customer loyalty, you need to buy dedicated CRM software. With a personalized CRM system, you can easily keep in touch with your customers (you can do a quick survey, you can introduce them to new products and prices without any difficulty, you can congratulate them on their birthdays and other anniversaries, you can send bulk SMS and personalized emails, and most importantly, you can easily receive information and comments from them).
Awareness strategies for planning your event and your corporate identity
If you are in business and have no intention of building brand awareness and communicating your corporate identity to the public, you need to be prepared to accept what the company means to your business. One of the secrets of great companies is that they are willing to spend their entire fortune to build brand awareness and continue to convey their corporate identity the way they want people to see it.
If you are intending to start an event planning business with the goal of growing a business outside of the city you intend to work in, you must be prepared to spend the money to promote and promote your brand.
To promote your brand, brand and corporate identity you must use in print and electronic media. In fact, using the internet and social media platforms to promote your brands is beneficial, and it is also quite effective and widespread.
Another strategy is to sponsor relevant TV and radio programs, advertise your business in relevant magazines and newspapers, and make sure your employees wear your shirts during working hours.
Tips for a Successful Event Planning Business
The truth is, no matter what you do, your ability to see all of your team members on the same page at all times is one of the keys you need to successfully run an organization.
As the CEO or President of an event planning company, you are responsible for the direction of the company. Part of what you need to do is make sure you have time for office meetings; when problems, feedback, forecasts and topical issues are discussed. Meetings can take place daily, once a week, or once a month – just make sure they’re consistent.
Regular assessments and training of your employees will help you manage your organization effectively. Encourage your employees to obtain certifications in their different areas of specialization related to your business; this will help your organization profile and of course help individuals. You can sponsor certain certificates or pay part of the reward.
In summary, you need to keep your doors open to suggestions from your team members, and you need to be prepared to reward great performance on time.