How to Start an Events Planning Business
Whether it's a Sunday dinner or a $100-a-plate event, someone has to plan it. This is where event planners come into play. It takes a special skill set to coordinate the ins and outs of a large gathering. For those who have the skill, event planning can be a profitable business. Here's how to start an event-planning business.
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Instructions
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Become certified. Event planners may seek certification as Certified Special Events Professionals. This is the professional benchmark of the industry. Whether you are seeking a position with a company or starting a business, this certification will provide the skills and credibility you need to move forward in the industry.
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Determine the niche market you will serve. Most event planners have an idea of the area they would like to work in. The social market includes weddings and similar party -type events. The corporate market may include professional meetings and conferences held by corporations. Your choice may be determined by the type of contacts you already have.
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Create a budget. It is important in any business to project costs and revenue. This accomplishes several things: It allows a business owner to plan trend actual costs and revenue against projected costs and revenue, and to make better decisions down the line. It also shows stakeholders how adept the business owner is at handling the financial obstacles of a business. Event planners, for example, need to know that they have reserves of specific foods and equipment for the next event.
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Develop a marketing plan. The best way to start a marketing plan is to complete a SWOT analysis. This will allow a potential business owner to outline the Strengths, Weaknesses, Opportunities and Threats of a new business. The marketing plan will acknowledge the strengths and develop a detailed game plan for addressing the opportunities, weaknesses and threats. Event planners will need to know how they stand up against their peers. Objectivity is key.
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Combine the marketing plan with the budget and SWOT analysis. Combining these three components is the start of a good business plan.
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Find the startup cash. The Small Business Association is a good place to start. This organization has detailed information on finding the cash needed for a startup, and how to apply for it in a manner that will ensure approval.
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