How to get started with an event planning business
This is the client who will hire you again, and who will provide that famous word-of-mouth advertising for you. I hope this article has given you some thoughts to consider and motivation if you are looking to start your own Event Planning Business from home. The Expert to Tax Planning William Perez outlines the six forms of business organizations recognized within the U. If you’re energetic and extroverted and love working with people, event planning may be right for you. When I set up my Event Management company over 10 years ago I started working from home.
These responses, especially the one regarding the event budget, will help you thoroughly check each idea for feasibility, preferably before suggesting it to the client. Ideally have a room that you can close the door on at the end of the day, rather than being reminded about the mounds of paperwork on your desk and hearing the phone ring afterhours! When event boxes of literature started taking over the lounge every time we had delegate folders to collate ahead of an event we realised it was time to move to a more purpose built office solution.
Research also may mean talking to other planners who have produced events similar to the one on which you’re working. Here are some things to consider: Having one designated contact helps you avoid being caught in the middle of disagreements between event participants. Consider buying event planning software to better organize your business. Enroll at your local college or university and work toward a degree or certificate in event or meeting planning.
Get business cards and brochures printed that people will remember you by. There are however many other perks to working at home too — for example paying no or reduced business rates, tax relief and off-setting a percentage of your household running expenditure through the business.
Furthermore our regular clients increasingly wanted us to hold some of their materials and banners between events which put a further strain on storage space. Like any other home-based business, you will need to educate yourself on best business practices and tools, file all of the appropriate paperwork, and get your legal and financial ducks in a row.
I enjoy being around senior citizens, so I want to focus on retirement parties, elderly milestone birthday parties, and anniversary parties. There is a charge for these. Consider start-up costs, like rent, equipment, inventory, marketing and advertising, licensing, taxes and insurance. Like everything else, starting an event planning business requires a business plan. During this decision-intensive phase, you’ll rent the site, hire vendors and take care of more details than you might believe possible.
Would you like to do big events over 50 people or small events? Even more important, vendors should be clear about what’s expected of them, and when. They contract out the labor, supplies and materials involved in producing an event and charge their clients a service fee of about 10 to 20 percent of the total cost of the event, with 15 percent being a rough average. In addition, areas of the country that have well-defined on- and off-seasons base their prices partly on which season they’re in.
A common error many planners make is to say that they are willing to coordinate all kinds of events, including corporate meetings, weddings, fundraising galas and more.
The goal, of course, is to end up with a client who will sing your praises up and down the street, shouting it from rooftops. First-time business owners often fail because they unknowingly priced their services too low. If not, read on and take notes. Evaluate your characteristics to figure out if you have what it takes to get started in the event planning business.
You may be part of the rise of 5 to 9 entrepreneurs — those that work evenings and weekend to get their own business off the ground. Avoid spending a lot of money on advertising. This can be a great model for setting up an event planning business as it keeps overheads down in those critical early stages of trading and can maximise productivity.
Tip Become a member of an event planning association to keep up with the latest trends. Likewise if you have international conference calls across time zones it is convenient to be able to do this from the luxury of your home office. If you are considering whether it could work for you and how to make a success of it, here are some things to think about.
Vendor arrival times should appear in the contracts, but verify those times anyway. Not sure of your marketing options? At this point, your goal is to ensure that everyone is on the same wavelength.
Many other Event Planners, Wedding Planning and Freelance Event Managers report the same and find it a workable solution for them — either for the short or the long term. Generally speaking, the bigger the event, the more lead time that’s required to plan it. Once you’ve interviewed the client and done some preliminary brainstorming, you should have enough information to prepare a proposal. Interviewing a client may not be what you immediately think of as research.
There are many different types of events you can work. Word-of-mouth and networking are usually the most effective. This post has step-by-step instructions that will have you up and running in no time — and it’s very affordable! Small Business Administration is a good resource that publishes materials about writing business plans as well. The Association of Certified Professional Wedding Consultants ACPWC How much do event planners make?
Major conventions are planned years in advance. Make sure all vendors have at least a general idea of the overall event schedule. For example, a planner buys flowers from a florist, marks them up usually 15 percent and charges that amount to the client. Furthermore in my experience running your own business keeps you busy, busy, busy. Whether you struggle to focus or struggle to switch off though discipline has to be key! Don’t forget to consult your notebook for the client’s answers to the questions you asked in the research phase.
Determine your market accordingly. Starting from home gives a new business the best possible start during those important early months.