Have you always enjoyed the planning and strategy that goes into throwing an awesome party or event?
Do you already have event planning experience, but looking to take things into your own hands?
If so, starting an event planning business can be one of the best decisions that you’ll ever make. It puts you in charge of how you feel the best practices are for planning parties and putting them into fruition.
However, you should always have a plan in place before building a startup. Here is how to start an event planning business that will be as successful as it is fun.
1. Research, Research, Research
There’s nothing better to do before starting a business of any kind than to research the market. In other words, you should see what you’re up against.
What are some of the biggest needs that people have for their events? Why do they need event planners to see to their parties, trade shows, etc rather than planning it themselves? What equipment do you need to have for your company?
More importantly, how many different event planning companies are there in your local community?
Be sure to visit those companies’ websites and see what your future business can offer customers. Looking at online client reviews is a tremendous exercise for finding weaknesses.
For example, if you read a good amount of reviews that complain about your competitor’s lack of customer service, then make it a focal point of the event planning company that you’re starting.
2. Create a Budget
Starting a business certainly isn’t for the faint of heart, but it can be one of the most rewarding things you’ll ever do.
That said, you’ll want to create a tight budget that you should stick to in the coming months while you get it off the ground.
Now that you have research on the equipment that you’ll need, you should place a budget for what that’s going to cost.
For example, if you’re considering purchasing white resin folding chairs for your company, then get a few quotes on what the price is for the quantity that you want.
Having a budget will keep you accountable as you grow your company. You’ll find the need to hold off on certain things for a month or two in order to stay above water.
Don’t worry! It’s all part of the process. Just keep your head up and learn all that you can. The budget will grow more and more over time.
3. Build a Business Plan
Now that you’ve done ample amounts of research and have created a budget for all of your purchases, it’s time to create a business plan.
For those of you looking for extra funding from lenders, a business plan is especially important to convince them you’re worth the investment.
This might seem overwhelming, but it’s actually not that bad. There are hundreds of business plan templates online to help you put something together.
From there it’s merely filling in the blanks with answers you probably know by heart at this point.
Be sure to include things like an executive summary, market analysis, company description, strategy, background, management team outline, etc. The more in-depth you are, the more lenders that you’ll impress.
4. Start Spreading the Word
Because your company is a service-based business, you don’t have to wait for things such as prototypes and manufacturing to get things off the ground. You can start spreading the word as soon as you’d like!
Simply put, everyone that you know has a need for an event planner in their lives to some capacity.
You might know someone that’s getting married soon and needs help setting up their ceremony or reception.
You may meet someone that runs their own company and is interested in putting on a Gala event to raise funding for a cause they’re passionate about. The point is, everyone has a need for your new event planning company.
5. Build Your Marketing Strategy
Of course, you won’t just want to wait around for your family and friends to have a need for your business. You want to bring your business to those that need it.
For that reason, you should build an all-encompassing marketing strategy to get yourself in front of as many people as possible.
There are things such as search engine optimization, social ads, referral programs, business cards, and networking events that can catapult your startup.
If all of that is a foreign concept to you, then you might want to consider hiring a marketing agency to help get things started in the right direction.
The more of a reputation you can build for your brand, the higher the amount of business that you’ll do in the foreseeable future.
6. Don’t Be Afraid to Say “No”
Many companies struggle with the idea of saying “no” to any business or client that reaches out to them in the first few months.
However, there are simply some events you’ll be offered that don’t make enough fiscal sense to do.
Remember, you have a budget in place to make sure you’re staying on-task. Stick to it and only say “yes” to those that will bring in a significant amount of profit for your efforts.
Start an Event Planning Business Today!
If you have the idea to start an event planning business, then you shouldn’t wait any longer to see it through to fruition!
Take every step in this article carefully and work diligently to make sure you’re setting your business up for success down the line.
Be sure to browse our website for more helpful business-related topics, as well as other helpful articles!
