The event planning business has attained popularity for a few decades. Some people start this business from home and some buy a commercial space to give more personalized and professional approach to their clients.
Event planning is a process of managing events such as weddings, birthdays, anniversaries, reunions, meetings, product launches, political rallies, fashion shows, memorials and much more.
Though an event planning business can help you earn tens of thousands of pounds, but it requires huge investment too. From renting a commercial space to clinching a deal, everything requires enormous efforts and money. If you are running out of money, loans for very bad credit from direct lenders can fund your small event planning business.
Here is how you should start up your event planning business successfully
- Think of the type of event service you would like to offer
- Research competition and promote your services
- Consider start-up costs
- Have an impressive event-planning portfolio
1. Think of the type of event service you would like to offer
Before you get it off the ground, you must have to define your event planning business idea. Some event planners offer full event planning services and some provide only few parts of an event. Considering your budget, skills, networking and your target audience, you should decide which part of your event you will consider for instance, event decoration, venue hiring, event promotion, catering and the like.
Events fall into various types of categories and event planners particularly specialize in one type of niche. The manner of planning an event will change as the niche and your target audience change. Personal events like birthdays and wedding ceremonies include more sort of funny and personal touch. However, on the other hand, corporate events follow strict professionalism.
It is advisable that you should pick a niche on basis of your skills and experience. Before you start your own business of event planning, you should have a full-time job in an event planning company. The experience you gain in the company will help you in your business.
2. Research competition and promote your services
If you want to survive, you will have to follow different strategy from your competitors. Event planning business has come a long way and the market is flooded with bigwigs. Take some time out to research to know about competition particularly on the niche you have chosen for. Check who your competitors are and who their audience are. How differently you can help your target audience.
Social media will help your reach out to your target audience. Promote your services as much as possible. The more people know about your presence, the more projects you are likely to receive.
Social media provides a platform to connect with your audience. Ask people what they expect from you, how much they are likely to spend on an event, how often they will you need you for organizing events and anything else related to your business. If you have already known what your clients want, you will make strategy accordingly.
3. Consider start-up costs
Higher profits mean lower cost. The cost of your event planning business will depend on whether you run your business from home or you rent out a commercial space. Whatever the option you choose boils down to your preference and lifestyle too. Some event planners usually coordinate with clients over phone and emails to know their requirements and then get to the fieldwork, but some believe it as unprofessional. They want a physical space where client can come, have a meeting, see their portfolios and finalize a deal.
As long as you have a small event planning business, you can run it from your house, it can save your money in rent. As your business grows, you will have to rent out a commercial space, hire staff and buy more equipment. It means the cost of your business will soar, but profits will also go up.
4. Have an impressive event-planning portfolio
Building an event-planning portfolio is paramount to attract a large number of customers. It is a great way to show your clients what you have done. They would like to see your work before they hire you. Your portfolio should have photos of a venue before and after an event, clients’ testimonials, certificates and experience. Having a portfolio will help your clients trust your work and skills.
Other things you need to do
In addition to aforementioned steps, following things also require your attention:
- You must have a licence to run your event planning business.
- You will have a business plan that defines how you will run, how it will progress and what you will do to withstand in the long run.
- You will have to decide an affordable pricing strategy so that both your clients as and you can befit from it.
- Set up a website to explain what services you offer and list your pricing packages and excellent work.
- Attend fairs and exhibitions where you can promote your business. Make sure you have an impressive speech.
Event planning is extremely competitive, but aforementioned tips can help you move in the right direction.