Planning an event can be stressful and often leaves event organizers feeling overwhelmed. However, there are many things you need to consider when you start an event planning business. If you want help figuring out tips to start your business, here are some to start a successful business.
1. Build a Solid Business Plan
Many small business events might fail because the founder did not put together a business plan in advance. You can start by researching successful businesses and plans similar to your scope of work. This way, you can reach out to others in the events industry who can guide you.
Even if you have never seen a business plan, there are a lot of templates and resources online that can help you start. Additionally, when you look up to growing your business, an up-to-date business plan is crucial to secure any type of investment.
2. Set up a marketing budget and use a public relations company
When you plan on starting an event management business, your marketing budget may be 30% or more of your business expenses. It may seem a lot; but, think about the things you’ll require:
• Online ads and digital marketing
• Flyers and other printed information
• Business cards
• Business website
• Expenses to travel to events for networking
It’ll be great if you do not leave anything out The goal in the early months must be to secure your base of customers as quickly as possible. If you deliver on the promise to create memorable events, your clients will stick around and recommend you to other people resulting in your marketing costs dropping.
3. Define your work scope, goals, and mission for event business
Your event planning business may evolve; but, it is crucial to clearly outline what you are and are not willing to do. You can also put it on your website to attract the right clientele.
When you are in the phase of building business, saying ‘no’ to the clients is one of the hardest things to do. However, it may save you from dealing with customers who take too much time and do not offer enough value.
4. Get your 30-sec pitch speech ready
After you set up the first events business, it is hard to sell it to people if you did not refine your 30-second pitch. So make sure to spend time developing it, as it is the key to introducing everyone to the business.
It is better not to stress about the name of your event planning business. The name doesn’t matter as long as you can create truly memorable events. However, a catchy event business name idea may stick in someone’s brain even during a 30-second pitch.
5. Do market research
Before you jump in, it is necessary to understand the competitors and market. Understand what could be your unique value proposition if your fees are similar to, better than, or higher than those in your area. You must understand your competition, and your clients will give you a leg up in the market. Make sure not to skip this step.
Event management is a business for people working in the hospitality, leisure, and entertainment sectors. It is also for the people who wish to become experts in this business niche.
Events Dragon is one such platform that can help you start up your event management agency by providing you with a potential list of event vendors for your customers.
In case you have any queries, do let us know!