Before we delve into ideal ways to kickstart an event planning business, we must tell you how huge and gigantic the event business is.
There are over 10 million (100 lakh) conferences and events organized annually across the world. The amount spent on these events annually is $565 billion, isn't it a lot of money?
We bet you are shocked! With young professionals seeking to pursue careers in the Event Managing and Planning, we have compiled an easy guide for you to start your event planning business, if you are reading this, then you have already started.
There are hundreds of websites that will tell you to become an event planner in a day but we must tell you it is not that simple, nothing happens overnight. Here is an ideal guide for you to start your event planning business from home. Read every step carefully and execute every step flawlessly you will achieve your goal potentially.
Whether you want to plan and organize a simple small event with a budget of one lakh rupees or a huge and exuberant celebration with a budget of over 10 lakh rupees, every client will prefer to choose the right person to remain in right hands while selecting a planner. So, get yourself a certification of event planning, this is where the inception of setting up your business starts, let your clients know that they are in safe and knowledgable hands.
There are several ways to establish yourself, WMI provides you Certification in Event Planning and Event Management, you can also get a degree in Event Planning and Managing, where you will learn to plan, design, and execute it successfully.
Set up your workplace! There are people who need some push to get started, and before you start to set up your business plan for your business, you must put things together to build your office in a room where you would prefer to work.
Assemble all the necessary items that you think you will require at your home base office. A laptop, internet connection, and a cellphone are the most essential devices that will help you get started. Think about the furniture that you will require – desk, chair, shelves/filing cabinet, printer, etc.
3. Business Plan
Now, sit back and research! Build an effective business proposal that will help you plan, strategies, and achieve your business goals. Having an effective business idea will not only help you set up establishment but will also help you attract the outside world and potential investors to invest in your business plan.
Five points that your business plan must include
- Summary of your company
- How is your company different from others
- How you will shape the customers
- What is the niche that makes you stand out from your competitors
- Breakdown of your plans for operations, management, marketing, and finances - how you will make money.
4. Fund Yourself
It takes a few bucks to take your business off the ground. You will also need recurring capital to run it, as your business will not be profitable right away.
You just need to raise capital for your business model. Since you do not have to rent your workspace or hire specialists immediately, you can save your money and fund yourself. There are several ways to do that but here are the most preferred ways to do it.
- Banks - Get a loan for your business
- Friends and family - Convince your Friends and family to invest in your startup.
When you are all set up to launch your business, you need to make some desired investments that will help you run your business effectively.
The first and foremost thing where you need to make an investment will be the coveted software that will help you:
manage tasks, workflow, and projects
interact with customers
budgeting and billing
to keep track of your events, meetings, etc
You can also find some amazing free software that can satisfy some of your needs but there will be a time when you will have to broaden your business and horizon.
6. Get yourself a Website
Put all your assets online. You need to get your business online and establish your brand image, which will help you in promoting and marketing your brand. It will also be your portfolio where people can visit and read about your work. It should be effective and compelling so that it can help you in generating leads, getting you the customers, and keep going!