Are you planning to start an event planning business? It can work if you love bringing people together and have a knack for planning unforgettable moments. However, you also need to know about how the business works.
In addition, careful planning and execution should be implemented to get something out of your hard work. Usually, an event planning business covers crucial parts, such as securing the venue, partnering with the vendors, assessing the budget, and coordinating everything up to the day of the event.
It’s good if you already have tried planning an event before, but you can also start from scratch and learn things as you move forward. However, before starting a business, you may want to try small events first.
In this article, we’ll help you get to know the things you should do when starting an event planning business.
1. Identify your niche
Event coordinators and planners have their specialisations, and it’s important if you also know yours. As a part of planning your business, knowing your niche can set you apart from other competitors.
Once you’ve identified your niche, the next step is to focus on improving your skills and perfecting them. It could be about planning weddings, birthdays, and corporate events. Another way to gain clients is to establish your reputation in your area and create a bigger target in the future.
Although, ideally, you can handle any event, having a niche can quickly bring you to the right market.
2. Conduct thorough market research
Conducting thorough market research can guide you in understanding the position you’re getting in. In addition, this enables you to identify your strength and weaknesses, and the appropriate tactics to successfully open your event planning business.
If your market research suggests that there’s a low demand for your service in the area, you can either tailor your services to the demands or move where your services are needed.
For instance, if you’re planning to pursue specialising in corporate events, ensure that you’re surrounded by various companies that can avail of your service. But if there are few possible clients, change your niche before it’s too late.
3. Create a business plan
Have you ever seen or created a business plan before? If not, it’s okay. You’ll just have to learn the things you need to include in your business plan. Usually, it’s composed of the objectives, target market, services, package prices, and marketing plans.
However, it’s not that easy to complete a business plan. You need to test things out first, do research, and have a system. Meanwhile, not being able to prepare a business plan is like wasting money, time, and effort. Besides, no company can ever be successful without a proper business plan.
So whether you went to business school or not, try to create a comprehensive business plan and stick to it once completed.
4. Get the required permits
Setting up a business requires acquiring permits and licences. Event planning business usually works with other businesses, so if they don’t see any registration on your end, you won’t be able to find another business that’ll work with you.
Before opening your business ensure that you already know the requirements and try to fulfil them as early as possible. If you’re planning to have a grand opening next week, you should’ve completed the local and other registrations needed.
Do you want smooth and hassle-free transactions? Go directly to your local government and ask about the list of requirements. Although there are areas where online applications are accepted, it’s better to be personally present.
5. Be online
Nowadays, any business won’t click if they don’t have an online presence. On the other hand, if you have an online presence but still not enough, your competitors might get ahead of you.
So when crafting your business plan, don’t forget to include your online marketing strategies. Create a professional website that suits your business well. You can hire a web designer if you think you’re knowledge is not enough to showcase your business online.
In addition, don’t forget to create various social media platforms, and stay active on all of them. Since this can be an overwhelming task, you may also want to hire a social media manager to handle them for you.
6. Network and collaborate
Whether it’s about gaining possible clients or attracting partner vendors, don’t stop building your network. It’s a powerful tool that can help you stay in business for a long time. In addition, you can also learn from different people and businesses how to effectively develop their brands.
When starting to build your network, you can attend events and connect with other event-planning businesses, clients, and vendors. Once you introduce your brand to the industry, it’s easier to collaborate and create more opportunities.
Additionally, when businesses in the same industry know you, you can easily get recommendations and can easily get familiar with how the business works.
7. Develop clear contracts
As an event planning business, you should prepare the contract ahead of time. Once you’ve finalised your packages and services, start creating contracts for partnerships and customers. Of course, a contract has no legal power if it’s not clear and concise, so you should hire a lawyer to do it for you.
Normally, a contract includes the pricing, services, terms of the agreement, and policies when it comes to cancellations. Aside from that, you can include specific and minor details in the interest of both parties.
8. Provide exceptional customer service
Connecting with customers isn’t as simple as everyone thinks. As you know individuals have various perceptions of things, so it’s best to address their problems or needs accordingly. To do so, you should always have active and reliable customer service.
Since nowadays, people reach online, your website and social media accounts should always be prepared to answer their enquiries. And if there are complaints, try to address them as calmly as possible, to avoid losing potential loyal customers.
Do you think you’re ready to face the challenge of starting an event planning business? We hope these tips help you get started with the planning process. If you want to share your event planning stories, don’t hesitate to leave a comment below!
