How to Start an Event Planning Business (Step by Step Guide)

Some people have a particular knack for party planning, whether it’s weddings, large corporate events, or smaller gatherings. If you have a knack for solving complex problems and making vital days run easily, you could have a future as a skilled event planner. Whether you select to work alone or as a part of a team, starting an event planning service is no easy task. Here are some vital questions to consider before starting an event planning business, and a step-by-step guide to starting and scaling your small business.

What is an event planning company?

Event planning is the art and science of idea generation, planning, coordination and motion. When an vital event needs to run easily – whether it’s a trade show, a nonprofit gala, or a significant anniversary – people will turn to an event planning company or coordinator. Event planners are key service providers who make sure that event production and execution run easily. They are most frequently used for purposes resembling:

• Corporate events resembling cocktail parties and after-work galas.
• Educational conventions resembling graduations or conferences.
• Large promotional events, including product launches and fashion shows.
• Community celebrations and events including parades, weddings, birthdays and reunions.

The principal responsibilities of full-time and part-time on-site event planners include:

• Search for venues and suppliers before the event.
• Choosing the right place for your event.
• Event design and team building for project management.
• Creating budgets and conducting collections if obligatory.
• Coordinate decorations, entertainment and food for the event.
• Sending invitations to participants.
• Coordination of participants’ transport to and from the event.
• Arranging accommodation, including seating arrangements and table setting.
• Coordinating the tasks of on-site event staff, including catering firms and animators.
• Available by phone for any questions or issues that arise during the event planning process.
• Supervision of labor at the event site.

Why do people use event planning services?

People hire event planning services mainly for two reasons: so that hosts and guests don’t have to focus on the inner workings of the event, and to make sure the event runs easily from start to finish.

Consider getting married. Many engaged couples hire event planners or event planning services to coordinate, organize and execute wedding plans. This helps the couple enjoy their big day and gives them the freedom to focus on their wedding as a substitute of worrying about details like catering, parking and scheduling.

Some events are so complex – especially people who invite a whole lot or more guests – that it is almost unattainable to properly plan and organize them without the help of a specialist. Competent and experienced event planners know how to organize groups of individuals, how much food to provide, and other details that may make or break an vital event.

Who should grow to be an event planner?

You may consider becoming an event planner if you are organized, love organizing events, and find coordinating large events exciting. Planners deal with many moving parts at once, some of which require overseeing chaotic work and competing plans. Event planners also often work on weekends and holidays because these are the days most individuals plan events.

Many event planners have experience as managers or coordinators in other industries. The event industry, each wedding planning and other event planning, requires excellent communication skills. Obtaining bachelor’s degree in public relations, marketing or related fields could also be helpful but are not required. It is also price considering purchasing case law for an event planning service as it could possibly assist you to develop relevant skilled skills and attract more job opportunities. International Meeting of Professionals (MPI) offers a list of degrees and certificates from various colleges and universities.

You can even grow to be a so-called Certified Special Events Specialist Or Certified meeting plannereach offered by MPI or International Live Events Association (ILEA). By earning these certifications, potential clients will know that you just have the training and experience obligatory to take on a complex event.

How to start an event planning business

Step 1: Start your organization

To start an event planning business, you’ll first need to arrange a business, submit the appropriate documents, and create a marketing strategy, which should include the following details:

• Company name.
• Business tax structure (sole proprietorship, LLC, S corp, etc.).
• What services will you provide.
• Market research.
• Management plan.
• Financial aspects, including how to make a profit.

You’ll also want to apply for an Employer Identification Number (EIN), which is essentially your organization’s Social Security number issued to you by the Internal Revenue Service (IRS). This will enable you to run a business no matter your personal matters, assist you to hire employees and make it easier to settle taxes quarterly.

Step 2: Select your goal market

Based on the research you conducted to create your small business plan, finding the right market for your services is extremely vital. For example, if you would like to work primarily with weddings, you will need to determine how many other planners are in your area, how much it is best to charge for your services, and what quotes you will need to be competitive.

By doing enough research in advance, you may know exactly what style of customer you wish to reach and what their expectations shall be. This will assist you to advertise your event planning service to be competitive with other local planners.

Step 3: Make a financial statement

When starting an event planning business, you will need to consider not only startup costs, but also how your small business will grow and how many clients you will need to be profitable. For example, working from home and, above all, alone will keep costs low. However, if you hire employees, rent office space, or expand into recent markets, your monthly expenses will increase significantly – all of this stuff can add up.

You can all the time scale your small business once you get a everlasting job. You can start as a sole proprietorship event planning company that only deals with small events. By earning money from your successful jobs, you possibly can hire employees and rent space for storing for your equipment resembling cameras, chairs, and more. When starting a business, you do not need to know all the answers to your growth questions, but it is best to at least keep them in mind.

Step 4: Research the work required and consider hiring employees

For your event planning service to achieve success, you should fully understand the nature of each task and determine if – and when – it is time to hire staff. This will vary from event to event, so you will need to determine how much work each event would require. Even the smallest event requires extreme attention to detail and advance planning, but as you gain experience, you may grow to be more proficient at predicting how much help, if any, you will need. For example, you may hire two or three people to be on site for a particular event to make sure every thing runs easily.

Step 5: Bill based on your pricing and fee structure

How you price your event planning offerings will impact how many firms you attract. You can determine your pricing structure and fee base based on, for example:

• Market segment you serve: For example, non-profit events may have a different fee structure than weddings or corporate events. By understanding the style of event, you’ll know how much to charge and how to structure your fees.
• Your location: If you reside in an area with a higher cost of living or a competitive events market, you wish to price your services accordingly.
• Your fame: As your small business builds a fame for success – especially if you are so busy that customers are competing for your services – you may find a way to charge a higher premium.

Step 6: Start promoting your event planning service

Once you know how much to charge your clients, it is time to start marketing your event planning services. Consider using tools like Google ads, social media profiles, and other digital marketing efforts like email to get the word out about your small business. You might even consider newspaper ads, flyers in public buildings, or other traditional, low-cost marketing tactics. As your small business grows, so will your fame, which suggests that once you are well-known, you will likely need to spend less on marketing. Before you do this, nonetheless, it is important to devote a significant period of time and resources to marketing your services (learn more about the tools and strategies that must be part of making a marketing plan).

Start-up costs for an event planning business

The costs of starting a business will vary greatly depending on where you reside, what clients you’re employed with, and how much you would like to scale. At a minimum, you will need to pay fees to arrange your small business, purchase basic technology resembling a computer, buy business insurance, and spend money on promoting. However, there are many other potential costs, including certification programs, hiring additional employees, renting office space, and more. Here’s a breakdown of typical event planning expenses, in addition to what is perhaps needed to get your small business off the ground.

Take startup costs into account

As with any business, the start-up costs associated with event planning vary depending on your region, the size of your small business and the style of clients you attract. Below are estimates to assist you to determine what to expect in your first yr.

*All numbers are estimates and are subject to change depending on aspects resembling location, business size and number of consumers.

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