What Is the Average Commission Charged by an Event Planner?
Event planning can be an exciting career, but it can be fraught with pitfalls, stress and tribulation. Once you have been contracted by your client, you are responsible for pulling of a successful event. If you or your staff order the wrong flowers, or they are wilted, or they are placed in the entryway instead of the podium, your reputation and business may suffer. In spite of these risks, event planning can be an excellent and lucrative career for the focused, detail oriented and socially adept.
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Skills and Abilities
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To be a successful event planner, you will need several basic skills. You will research your client as well as potential venues, photographers, caterers, equipment and furniture rental businesses to find best pricing and to develop the highest customer satisfaction. You will design and write a proposal. Your presentation, negotiation and sales skills will come in handy closing the deal, which will help in securing larger commissions. Prior to and during the event, you will coordinate event attendee's stay and schedule. Following the event, you will conduct satisfaction surveys to better plan and coordinate future events and to address customer satisfaction.
Assessing Client Needs
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When planning, you will take into account several constraints that determine the breadth of the event. Ask your client the purpose of the event. You will be able to identify activities that will support the purpose and steer the client from superfluous spending that misses the outcome. Determine when the event will occur so you can establish lead times and milestones in your event plan. Determine who the guests will be and how many will attend to understand their expectation. Finally, you need to know your client's budget. Your objective is to determine if the goals and expectations can be met or exceeded.
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Earnings
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Profit margins in the event-planning industry range between 15 and 40 percent according to Entrepreneur magazine, however, total earnings are largely the result of the event planner's efficiency and negotiation skill. Time is money, so the more efficiently you can coordinate events, the greater volume your business can handle, and the more total earnings you may garner. Spending time shopping for the right vendors that provide the same or greater quality at a lower price will increase your margin of earning on an individual job. You must make effective strategy decisions and execute on them to determine your success or failure.
Considerations
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Event planning can be a cyclical job. Holiday events, weddings and quarterly corporate events fall into standard dates on the calendar. As a given season approaches, your work hours will expand well outside the usual eight-hour day, which will reduce the hourly rate you earn. To be a successful planner, you need time management, ability to work under pressure, and a willingness to take criticism and respond with success.
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References
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