Is organizing events and making people happy your passion? Ever wondered what it would be like to turn your passion into a rocking profitable business? If so, you might wonder how to start an event planning business from scratch.
Starting an event planning business is a good idea in the current market, as the demand for event planners is high and growing. According to the U.S. Bureau of Labor Statistics, the employment of meeting, convention, and event planners is projected to grow 18 percent from 2021 to 2031, much faster than the average for all occupations. The global event management software market is expected to reach $6.4 billion by 2026, registering a CAGR of 12.5% from 2021 to 2028.
Event planning is a rewarding and creative career, it may even be a lucrative career. Planning events is lucrative and rewarding because allows you to use your skills and talents to create experiences for your clients that can last them a lifetime. Whatever type of event you want to plan, there is a niche for you in this industry. You don’t have to do events you are not interested in, rather focus on the types of events you love.
But how do you start an event planning business from scratch? What are the necessary things you need to do to launch and scale your own event-planning business? Today, through this blog we will guide you through the process of starting an event planning business, from launching your event planning business to scaling it to reach more clients.
What An Event Planning Business Is And What It Does.
An event planning business is a kind of business that provides professional services for planning, organizing, and managing different types of events of various sizes. An event planner is responsible for coordinating all aspects of an event, such as:
- Setting the budget and timeline
- Selecting and booking the venue
- Recruiting and supervising vendors and suppliers
- Designing and decorating the theme and layout
- Creating and sending invitations
- Taking care of registration and ticketing
- Arranging catering and entertainment
- Coordinating transportation and logistics
- Ensuring safety and security
- Solving problems and emergencies
- Feedback evaluation and success measurement
An event planner can work independently or as part of a team, depending on the size and complexity of the event.
Why People Hire Event Planning Services
People hire event planning services for various reasons, such as:
Save time and money
Planning an event can cost you money and time, especially if you don’t have experience in planning and managing events or when you do not have connections in the industry. Wasting time and money can be avoided by hiring an event planner. An event planner can help you find the best deals for whatever you may need for your event. Event planners can also help you negotiate with vendors as they have connections in the industry. Event planners will also help you handle all the details and tasks involved in the planning process of your event.
Reduce stress and hassle
Although event planning is fun, it can also be stressful and overwhelming, especially if there are other things that you also need to do. An event organizer can take care of everything for you, from start to finish. This means you don’t have to stress yourself with preparations for your event, you just have to relax and enjoy your event.
Enhance quality and creativity
An event’s preparation can be challenging and competitive, especially if you want to stand out from the crowd and impress your guests. Hiring an event specialist can help you create an impressive and unforgettable event that reflects your vision and goals.
Increase satisfaction and results
Event coordinators can help you achieve success with your event planning. Event coordinators can also help you improve your future events because they are experts in event planning. Hiring an event planner, to plan an event can be rewarding and fulfilling because you are assured that the outcome your desire will be achieved. Your and your guests’ satisfaction is also guaranteed.
How To Start An Events Planning Business
Starting an event planning business requires careful planning and preparation. Here are some steps you need to take to launch your own event-planning business:
Choose a Niche
The first step is to choose a niche that suits your skills, interests, and goals. A niche is a specific segment of the market that has a distinct need or demand for your services. Choosing a niche will help you focus your efforts and resources on serving your ideal clients.
Tips on Discovering Your Ideal Niche
Research the market
Find out what types of events are popular and profitable in your area or industry by attending industry events. Spot the gaps or opportunities in the market that you can fill with your services.
Assess your strengths
Pinpoint what skills and talents you have that make you stand out from other event planners. Find out what types of events you enjoy planning or attending.
Define your goals
Determine what you want to achieve with your event planning business. Established what types of clients you want to work with to host events for or what types of events you want to plan.
Some examples of niches in event planning are:
Wedding planning
This niche involves planning weddings for couples who want to celebrate their love and commitment. Wedding planners help with choosing the venue, theme, vendors, guests, basically the whole set-up for the event.
Corporate event planning
The corporate event planning niche involves planning events for businesses or organizations that want to achieve a specific purpose or goal. Corporate event planners help with organizing meetings, conferences, seminars, trade shows, and such.
Social event planning
Specializing in social event planning involves planning events for individuals or groups who want to have fun and socialize. Social event planners help with arranging birthday parties, reunions, anniversaries, and other social events.
Festival planning
In this niche, it involves planning events for communities or cultures who want to showcase their heritage and traditions. Festival planners help with coordinating festivals, carnivals, parades, and so on.
Fundraising event planning
The fundraising planning niche involves planning events for charities or causes that want to raise money and awareness for their mission. Fundraising event planners help with creating a compelling story, setting a fundraising goal, finding sponsors and donors, organizing auctions and raffles, and so forth.
Marketing event planning
Marketing events planning involves planning events for brands or products that want to increase their exposure and sales. Marketing event planners help with designing a marketing strategy, identifying the target audience, creating a memorable experience, generating leads and conversions, and more.
Educational event planning
Planning for educational events involves planning events for schools or institutions that want to provide learning and development opportunities for their students or staff. Educational event planners help with selecting the topic, finding the speakers or trainers, creating the curriculum or agenda, facilitating the sessions or workshops, and the like.
Sports event planning
The key role of many event planners in the sports event planning niche involves planning events for athletes or teams who want to compete or perform in their sport. Sports event planners help with securing the venue, equipment, and officials, managing the registration and ticketing, ensuring safety and security, coordinating the media and publicity, etc.
Summer camps or retreat planning
Retreat and camp planning niche involves planning events for groups who want to enjoy nature and outdoor activities. Summer camps or retreat planners help with finding the location, setting the theme, arranging the accommodation and transportation, organizing the activities and games, providing the food and beverages, etc.
Marketing Your Niche Expertise
The next step is to market your niche expertise to your potential clients. Marketing is the process of promoting and selling your services to your target market. Marketing will help you attract and retain clients for your event planning business.
Tips on how to market your niche expertise:
Create a brand
The brand is the identity and personality of your business. It includes your business name, logo, slogan, colors, fonts, etc. By having a brand for your event planning business, you will be able to effectively communicate your value as a company and differentiate yourself from your competitors.
Build a website
A website is the online presence and portfolio of your business. It includes your information, services, testimonials, contact details, etc. A business website will help you showcase your work and generate leads for your business.
Use social media
Social media is the online platform and network of your business. It includes Facebook, Instagram, Twitter, LinkedIn, etc. You can use social media to engage with your audience and increase your visibility and credibility.
Network with others
Networking is the offline relationship and connection of your business. To be able to network you have to attend events, join associations, ask for referrals, etc. by networking with others, you will be able to expand your reach. You will also be able to build trust and loyalty with your clients.
Create a Business Plan
The third step is to create a business plan for your event planning business. A business plan is a document that outlines the objectives, strategies, and actions of your business. A business plan will help you organize your ideas and resources for your event planning services, as well as attract investors and partners for your business as a professional service.
Crafting a Realistic Business Plan
Some tips on how to create a comprehensive realistic business plan for your event planning business are:
Use a template
A template is a pre-made format and structure for your business plan. It includes sections such as executive summary, company description, market analysis, marketing plan, financial plan, and so on. A template will help you save time and ensure the completeness and consistency of your business strategy and vision.
Do your research
You cannot start your business plan unless you do your due research. The research includes conducting market research, competitor analysis, SWOT analysis, and so forth. The research will help you validate your assumptions and support your decisions with facts and evidence.
Be realistic
Realism is the quality of being practical and feasible for your business plan. It includes setting realistic goals, expectations, and projections for your business. Being realistic will help you avoid overestimating or underestimating your potential and performance.
You can use this guide to create your own event planning business plan as you go full-time with your event planning business.
Event Planning Business Plan Sample
Get Certified
The fourth step is to get certified as an event planner. Certification is the process of obtaining a credential or recognition for your skills and expertise in event planning. Certification will help you demonstrate your professionalism and competence to potential clients and employers.
Navigating the Certification Process
Some tips on how to prepare for and obtain a certification that suits your niche and goals are:
Choose a certification
There are many event planning certifications available in the market, depending on your niche and goals. Some of the most popular and recognized ones are:
- Certified Meeting Professional (CMP)
This certification is for event planners who specialize in meetings and conventions. CMP requires at least three years of experience in meeting management, as well as passing an exam that covers topics such as strategic planning, project management, risk management, etc.
- Certified Special Events Professional (CSEP)
This certification is for event planners who specialize in social events and festivals. CSEP requires at least three years of experience in special events management, as well as passing an exam that covers topics such as creativity, design, logistics, ethics, etc.
- Certified Wedding Planner (CWP)
This certification is for event planners who specialize in weddings. CWP requires completing a course covering topics such as wedding etiquette, budgeting, contracts, vendors, etc., and submitting a portfolio of wedding projects.
Study the material
The material is the content and knowledge that you need to learn and master for the certification exam or course. Aside from reading books, articles, and blogs, you can also listen to podcasts that cover the topics and concepts related to event planning. Studying the material is not just about reading or getting familiar with event planning, you also have to take practice tests, quizzes, or exercises to check your understanding and progress about the topic.
Take the exam or course
The exam or course is the assessment or evaluation you must pass or complete to obtain the certification. It includes registering for the exam or course, paying the fees, scheduling the date and time, preparing the materials and equipment, following the instructions and rules, answering the questions or tasks, submitting the results, and receiving feedback and score.
Read this blog to find out more about event planning certifications and how you can get them:
Top Event Planning Certifications and Resources for Event Planners
Find Clients
The fifth step is to find clients for your event and party planning business. Clients are the people or organizations who hire your services for planning their events. Finding clients will help you generate revenue and grow your already great event-planning business.
Attracting Your Dream Clients
Some tips on how to find and attract clients for your event planning business are:
Define your target market
The specific group of people or organizations who are most likely to need and want your services is your target market. When you have defined your target market, you are able to tailor your marketing materials and sales strategies to suit the needs and preferences of your target audience.
Create a portfolio
A portfolio is very important as it showcases your previous and current work as an event planner. In your portfolio, it is best to include photos, videos, testimonials, reviews, and others. Your portfolio should also display your skills and achievements. Creating a portfolio will help you demonstrate your value position and quality as a services provider to potential clients.
Ask for referrals
Referrals are the recommendations or endorsements from your existing or past clients, partners, vendors, friends, family, etc., who can vouch for your services. Asking for referrals will help you leverage your network and reputation to gain new clients.
Advertise your services
Advertising is how you tell people about your services and why they should choose you. You can advertise in many ways, such as online ads, social media ads, flyers, brochures, banners, and so on. Advertising will help you get more attention and interest from potential clients. For example, when I started my own photography business, I advertised on Facebook and Instagram with some of my best photos and testimonials from happy customers. It helped me attract more bookings and referrals.
How much does it cost to start an event planning business?
As event planning is a growing and exciting industry that requires careful planning and preparation.
There are many aspects to consider when starting an event planning business, as I have mentioned. However, there are also some startup costs that you need to account for, such as equipment, software, insurance, licenses, etc.
The exact amount of startup costs will vary depending on the size and scope of your event planning business, as well as the location and market you operate in. However, according to a report by Starter Story, the minimum startup costs for an event planning business are $62, the maximum startup costs are $28,347, and the average startup costs are $14,887.
Factors that affect the startup costs of an event planning business
Equipment
Equipment includes items such as computers, printers, scanners, phones, cameras, etc., that you need to run your business. You may already have some of these items at home or you may need to buy or rent them. The cost of equipment can range from $0 to $5,000 or more.
Software
The software includes tools such as event management software, such as Event Espresso or Event Smart, accounting software, website builder, email marketing software, etc., that you need to create and manage your events. You may need to pay a monthly or annual fee for some of these tools or you may find some free or low-cost alternatives. The cost of software can range from $0 to $1,000 or more per month.
Insurance
Insurance includes policies such as general liability insurance, professional liability insurance, property insurance, etc., that you need to protect yourself and your business from any potential risks or liabilities. You may need to pay a monthly or annual premium for these policies or you may find some discounts or bundles. The cost of insurance can range from $50 to $500 or more per month.
Licenses
Licenses include permits such as business licenses, tax registrations, zoning approvals, etc., that you need to operate your business legally and comply with local and state regulations. You may need to pay a one-time or recurring fee for these permits or you may find some exemptions or waivers. The cost of licenses can range from $0 to $500 or more per year.
Marketing
Marketing includes activities such as creating a brand identity, building a website, using social media, advertising your services, networking with others, etc., that you need to promote and sell your services to your target market. You may need to spend money on hiring professionals or buying materials for these activities or you may find some free or low-cost ways to do them yourself. The cost of marketing can range from $0 to $1,000 or more per month.
As you can see, there is no definitive answer to how much it costs to start an event planning business. It depends on many factors and choices that you make for your business. However, you can use the above information as a general guide and estimate your own startup costs based on your specific needs and goals.
Do’s and Don’ts When Starting Your Own Event Planning Business
Dos of Starting an Event Planning Business:
Do Focus on your Niche
Focusing on your niche allows you to hone your expertise, understand your target audience’s specific needs, and tailor your services to exceed their expectations. By specializing in a particular area, you position yourself as a go-to expert, building trust with clients who seek specialized event planning services and helping your business stand out amidst the competition.
Do Invest in Professional Development
Stay updated with the latest event planning trends, technologies, and best practices. Continuously improving your skills and knowledge will enhance your services and keep you ahead of the competition.
Do Network and Build Relationships
Attend industry events, conferences, and networking gatherings to connect with potential clients and other event professionals. Building strong relationships can lead to referrals and collaboration opportunities with other event-planning businesses.
Do Showcase Your Expertise
Create a portfolio showcasing successful events you’ve organized, highlighting your niche expertise and attention to detail. Visual evidence of your capabilities can impress potential clients.
Do Establish an Online Presence
Create a professional website and utilize social media platforms to showcase your services, engage with clients, and share valuable content related to event planning.
Do Set Realistic Pricing
Determine competitive yet profitable pricing for your services. Consider your niche, market demand, and the value you provide to clients.
Do Establish Clear Policies and Procedures
Create a set of well-defined policies and procedures for your event planning company or business. This includes guidelines for client communication, vendor management, event logistics, and emergency protocols.
Do Offer Exceptional Customer Service
Prioritize excellent customer service at every stage of event planning, from the initial inquiry to the post-event follow-up. Happy clients are more likely to recommend your services and become repeat customers.
Do Build a Strong Team
As your business grows, consider building a team of skilled professionals who can assist you in executing events. Having a reliable team will allow you to take on larger projects and provide better service to clients.
Do Have a Unique Selling Proposition
Identify what sets your event planning business apart from competitors and emphasize these unique selling points in your marketing efforts. Being unique will help attract clients looking for a distinct and personalized experience.
Don’ts of Starting an Event Planning Business:
Don’t Skip Market Research
Avoid launching your new business model without understanding your target market, competitors, and industry trends. Market research helps you tailor your services to meet clients’ needs effectively.
Don’t Overcommit
Avoid taking on more events than you can handle. Overextending yourself may lead to compromised event quality and dissatisfied clients.
Don’t Ignore Contracts and Agreements
Always have clear and detailed contracts with clients and vendors. Contracts protect your business interests and help avoid misunderstandings.
Don’t Neglect Marketing Efforts
Relying solely on word-of-mouth may limit your business’s growth. Invest in marketing strategies to promote your services and attract potential clients.
Don’t Underestimate Startup Costs
Accurately assess your startup costs and budget accordingly. Underestimating expenses can lead to financial strain.
Don’t Overpromise and Underdeliver
Set realistic expectations and be transparent with clients about what you can deliver. Overpromising and underdelivering can damage your reputation.
Don’t Neglect Customer Feedback
Listen to client feedback and use it to improve your services. Ignoring feedback may lead to missed opportunities for growth.
Don’t Forget About Self-Care
Running an event planning business can be demanding. Take care of yourself and prioritize work-life balance to avoid burnout.
Don’t Ignore Feedback and Reviews
Actively seek feedback from clients after each event and address any concerns promptly. Negative reviews left unaddressed can harm your reputation and deter potential clients.
Don’t Neglect Event Planning Software
Embrace technology and consider using event planning software to streamline processes, manage tasks, and keep track of event details. Efficient use of technology can save time and enhance organization.
Don’t Overlook Insurance Coverage
Adequately protect your event planning business with appropriate liability insurance. Unexpected incidents or accidents during events could lead to significant financial losses if not adequately insured.
Don’t Forget About Continuing Education
Stay informed about the latest trends and innovations in the event planning industry. Continually seek opportunities for professional development to enhance your skills and expertise.
Common Mistakes to Avoid When Starting an Event Planning Business
Being a General Event Planner
Trying to be a general event or party planner, for all types of events can dilute your expertise. Instead, focus on a specific niche that aligns with your skills and interests to stand out in the competitive market.
Neglecting Legal and Insurance Considerations
Not addressing legal requirements and obtaining the necessary insurance can expose your business to potential risks. Consult with a legal professional to ensure you comply with local regulations and protect your event planning business.
Poor Vendor Selection
Relying on unprofessional or unreliable vendors can lead to subpar events and dissatisfied clients. Build a network of trustworthy and competent event vendors to ensure the success of your events.
Inadequate Contracts and Agreements
Failing to have clear and detailed contracts with clients and vendors can lead to misunderstandings and disputes. Develop comprehensive agreements that outline all terms and conditions to protect your interests.
Ignoring Market Research
Not conducting thorough market research can result in misjudging your target audience’s needs and preferences. Understand your competitors and your potential clients to refine your services and marketing strategies.
Neglecting Marketing Efforts
Relying solely on word-of-mouth or failing to establish a strong online presence can limit your business’s growth. Invest in marketing strategies to reach a wider audience and attract potential clients.
Overextending Yourself
Taking on too many events simultaneously or not managing your time effectively can lead to burnout and compromised event quality. Be realistic about your capacity and prioritize tasks to maintain professionalism.
Ignoring Feedback and Learning Opportunities
Avoid the mistake of dismissing client feedback or failing to learn from each event. Constructive criticism can help you improve your services and enhance client satisfaction.
Neglecting Self-Care
Running an event planning business can be demanding, and neglecting self-care can affect your well-being and performance. Make time for rest, relaxation, and hobbies to prevent burnout and maintain a healthy work-life balance.
Event Smart Can Help You Launch and Scale Your Own Event Planning Business
Event planning is a lucrative and fulfilling career that allows you to turn your passion into profit. However, starting an event planning business from scratch can be challenging and daunting. You need to consider many aspects, such as choosing a niche, creating a business plan, getting certified, finding clients, and marketing your services.
Fortunately, you don’t have to do it alone. Event Smart is here to help you launch and scale your own event planning business. Event Smart is a powerful and easy-to-use event management software that helps you create and manage events of any type and size.
With Event Smart, you can sell tickets and registrations online with secure payment options. You can also manage attendees and check-ins with QR codes and mobile apps. Moreover, you can communicate with attendees and vendors with email notifications and reminders. Finally, you can track and analyze event performance with reports and analytics
Event Smart is the ultimate solution for event planners who want to save time, money, and hassle while creating amazing events for their clients. Whether you are a beginner or an expert in event planning, Event Smart can help you take your business to the next level.
Interested in learning more about Event Smart and how it can help you launch and scale your own event-planning business? Start your free trial today!
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