8 Tips for Starting An Event Planning Business
Whatever you've been planning events for family and friends or just for fun. If you are ready to start planning events and get paid for it, these strategies will get you started the right way. Turn your passion into profit with the most important steps you'll need to be successful.
1. Research your market
You will need to do some research before taking the big plunge into business. Conducting your market research is an orderly way of learning about the people who will be buying from you. Essentially will need to forget if there's demand for your service, how much and for what areas. Market research will actually cost you nothing with access to the internet and a computer.
2. Create a Business Plan
A business plan is a written description of your business future. It summarizes what you plan to do and how you plan to do it. A business plan should never be skipped as it will provide you with the most detailed guide for setting out your future business goals and being able to track if they are being achieved.
3. Register your business
It is important to register your business and secure your business name legally to make your business operations official. This is an important step for setting yourself up as a serious, trustworthy and professional service provider. This is also the time to think about what type of business structure you would like to have. Will this be a sole proprietorship or will you be working with a partner? These are just some questions to think about as you go about registering your business.
4. Setup your business structures
It is highly recommended that you put essential business structures in place before taking on any event planning clients. These include naming your business, obtaining event insurance, setting up a business bank account and speaking with a lawyer to ensure that your contracts and other business documents are suitable for your business.
5. Establish your event planning fee structure
Pricing is a struggle for most new event planners, so if you do not have this figured out you are not alone. Determining your pricing structure, particularly when you are new can be a rather difficult task. When I first started planning events it was mainly for family and friends and I charged $ 0, not even for supplies !. When I started planning events for paying clients I was even more clueless as to what my pricing structure should be, and I would seriously undercharge for my services in an effort to not lose out on potential clients. You can avoid this by tracking your cost, the amount of time it takes you to plan an event and your desired hourly wage to determine the sweet spot for your prices.
6. Enrol in an event planning course / program
The field of Event Planning has become more established as a professional career, it has also become more competitive for event planners as a result. In the past, it was never required that event planners have both event planning education and design skills. This has changed. Event planners are now expected to possess a basic level of skill, experience, and education to be competitive in the industry. This means that you will need to have an impressive portfolio as well as professional development courses to prove your skills and expertise. Search for courses that can improve your skills and enroll in them. Even better if they offer a certificate of completion to prove your newly accepted knowledge.
7. Volunteer to gain experience
Knowing what to do is the first step, but knowing how to do it is the second. Volunteering provides you with the skills and experience you need to impress your clients and build trust. This is a great way to improve your portfolio when you are new to the industry without experience. Check out your local non-profit organizations and offer your services for free to get started.
8. Promote your event planning business
Once you've written your business plan and know what to charge for your services, the next step is to develop your business branding materials and begin marketing your services. A brand identity such as a logo, website, and business card will leave an impression in the minds of potential customers!