You’re toying with the idea of striking out alone as event organizer. You have been in the industry, now is the time to split and set up yours. You had a short stint assisting in organizing events and feel passionate about the business.
Whatever inclination you have towards starting an event planning venture, involves taking nine steps to get started.
Obtain Necessary Knowledge, Skills and Experience
Your ticket to long term successful event planning depends on skills and experience you bring to the negotiating table with the clients. You need a good foundation in,
- Verbal and written communication skills
- Organization and time management experience
- Marketing Creativity strategy.
Identify your Event Planning Strength
If you have been working in the corporate world, it is advisable to concentrate on your area of expertise and experience. Determine your market niche and stick to it until you’re able to take on more responsibilities in other areas.
Develop a Business Plan
Business plan is the road map to your preferred event planning destination. You’ve access to resources to assist and guide you in developing one which suits your taste.
Attain Business Insurance
The risks in event planning business are numerous. Five common ones include,
- Service liability
- Home-based insurance
- Worker’s compensation
- Criminal insurance
- Health and benefits
Determine your Network and Collaboration Sources.
Clarify your values to determine support group of suppliers, caterers, florists, photographers, owners of event venues to strengthen your infrastructure.
Define your Event Planning Service Goals
Having a well-defined goal helps you to specialize in knowing the product/service, target market and to stay focused in delivering on promise.
Pricing Policy
What makes every business stand out? Whether you’re charging flat, hourly fee inclusive of percentage of expenses, the uniqueness features which include pricing policy makes the difference.
Business Operational Expenses Funds
Most event planners save up initial capital investment to start the business. However, the business needs additional operation expenses to run well. Identify source of funds for running expenses.
Marketing
You’re passionate about event planning business. You’ve put all the necessary ingredients to start and run the business in place.
Marketing is the last hurdle in planning event planning business. Print business cards design website, think of sales, collateral if you plan to borrow money.
