The notion of having an event business can be exciting. Whether it is the idea of designing a venue or selling tickets, there are several reasons as to why you are inclined to starting your own event planning business. Over the years, the event industry has grown consistently, making it a profitable venture for anyone looking to generate income. The prospects of the industry, however, has also made competition tighter than ever as new entrants continue to come in.
Though the event planning space may seem daunting due to the competition and presence of well-established names, these should not stop you from pursuing your passion in the craft. Despite being a newer player, you can still succeed in your field by taking the time to prepare and plan. Similar to any other business, you must take some steps before you enter the industry officially, so you do not feel lost once you start looking for clients.
Establish a Network
In the event planning industry, you will always work with different suppliers, so it helps to have a trusted and reliable network you can contact. Naturally, you need not have a complete database of contacts immediately as you will be adding to it continuously as you gain experience. However, it may help to have an initial list of suppliers, such as caterers, photographers, and invitation makers, you can contact for your events.
Aside from suppliers, you may also need to build a team to help you organize events. Juggling all the tasks alone can do more harm than good. So, find people who can help you manage your operations on the administrative side and the actual event planning side.
Gain Skills and Expertise
When clients look for event organizers, they will peep into your reputation and expertise in the field. Thus, as a newer player, you have to make sure you are equipped with the right skills to plan an event successfully. Aside from proper organization, time management, and budgeting skills, you also need to hone your verbal and written communication skills, as well as your creativity, adaptability, and advertising skills.
An optional step would be to look for certification programs that will help you learn the skills and add credibility to your name. Getting a professional certification in the industry will certainly be beneficial for you as clients will be more enticed to book your services.
Create a Business Plan
If event planning is your passion, then you may sometimes feel like it is less of a business and more of a craft. However, the reality is that it is still a business, which means you need a feasible business plan that outlines your strategies and objectives. A well-made business plan will serve as the backbone of your business since it will guide you in making decisions and help you convince investors if you are interested in partnering with any.
In any business, one of the biggest hurdles you may encounter is funding. There are several financing options you can look for your startup. This way, before you fully establish your business, you will have enough capital. If you cannot self-finance your business and prefer not to take out a bank loan, you can focus on creating an excellent business proposal and pitch this to a crowdsourcing platform in hopes of getting investors.