Ultimate Guide To starting Event Planning Startup
How to establish Event Management company: It is estimated that the event planning business is going to see a huge increase in demand. There are a number of companies that are already present in this industry.
Entering this industry is a somewhat confusing decision because of certain factors that are involved. Basically entrepreneurs are confused about how to get customers for this business. And mostly worried to know who will be the potential customers.
To give you a trend large families spend a lump sum amount on special events in their lives. They wanted to make the event memorable and successful. They wanted you as an event manager to make the event exceptionally outstanding.
What are an event planning and management business?
This is explained by the word itself. Planning and management of special events such as a celebration of a team, commercial events, promotional events, and many others and make the event successful.
People choose event management companies for such an event because it is difficult for normal people to make the event outstanding and they generally don’t want the headache of finding out how you get and organize the things for just one event. So they look at experts in event manager whose daily work is an event planning and management like you to conduct such events.
People don’t want the risk of spoiling an important event by organizing themselves with no prior experience of how things in events work.
And most importantly with the increasing time constraint in the lives of people, it is difficult for people to allocate their time for large and important events and hence they just give the task to event managers who do everything right from planning to management.
So this is very clear that with the increasingly busy schedule of people and the increasing importance of special moments in life their need for event planning and management companies grows.
Hence no don’t on this business will grow if you have exceptional organizational skills and innovative planning.
Steps in starting an event planning and management startup or business.
- Proficiency in event planning and management
- Business plan development.
- Secure Capital requirement.
- Manpower requirements.
- Logistics and support contacts arrangement.
- The latest technology required.
- Legally establishing.
Proficiency in event planning and management
Event planning and Management involves considerable skills. Most of the successful event managers are certified, hospitality specialists. If you are about to organize people’s events, you have to prove your expertise. You have made yourself suitable to organize the quantum of planning and organizing.
There are many certification programs that are available both online and offline. In addition to your graduate and another degree, having this hospitality degree will get huge benefits to the company profile.
There are many and you might be finding it difficult to chose one. Here we suggest one certification course.
- Certified Meeting Professional (CMP) Certification
- Certified Special Events Professional (CSEP) Certification
- Certificate in Meeting Management (CMM)
The course offers you material for the preparation and certification exam. Look at the exam dates and prepare accordingly. The exam is normally organized many times in a year.
Business plan development.
Now you have the qualifications for starting an Event management company, let’s proceed to the actual procedure in establishing the company in the market.
First and foremost is to prepare a business plan. Detailed analysis of the market segments you are targeting and analysis of the industry. Include the following terms in the business plan
- Summary of your business and goals
- Corporate Description of Business
- Services that are being provided
- Target Segment of Events
- Competitive analysis
- Marketing strategy
- Future development and expansion goals
These make your business idea clear and detailed. In the corporate description, you have in detail pen down about your business. It is always suggested to write in the most formal way and attractive way possible. This not only helps in using it in marketing but also boosts your confidence and brings out everything about the business together.
Competitive analysis is important for placing yourself in the market. You have carefully understood your competitor’s market segment, their key focus areas, and their customer base. You have plan your marketing ideas accordingly and promote your business. Without a competitor’s analysis, your marketing strategy might not get the best possible results. Understanding your competitors beforehand helps you in facing the competition.
Secure Capital requirement.
Now from the analysis of the business and marketing strategy come up with the expected budget required for the business to get started. You have to consider long time sustenance of business, as you might not get the customer right on the first day of the business.
Find the sources from where you can raise the capital. If you have developed the best possible business plan, you can approach investors with your business strategy for asking them to invest in your business. You can take a bank loan for the business. You can even use the personal expenses for the business. Always consider a suitable margin for your business expenses. This will be suitable to meet unexpected business expenditure. It will be difficult to pre-plan all the expenditure of the business.
Now event management requires quite a lot of manpower. Right from planning, getting things together and organizing. Mostly even a small event requires quite a good amount of people. In the case of large events, the manpower requirement is very large.
As you are not aware of the event that you are getting, It is the best way to outsource the manpower for each event. Maintaining a team of own manpower is very costly and suitable in event management as requirements will be varying.
Keep in touch with manpower providers, get in contact with few manpower providers and hire them as vendors for the event.
Outsource all the required things for an event. Outsourcing is the most suitable and efficient way of organizing the event profitably.
Logistics and support contacts arrangement.
In Event management, you will get involved in different roles. take any event, for instance, there are many different departments that are involved and each department having different suitable manpower. As we mentioned previously about outsourcing manpower, You also need to keep in touch with logistics providers because you will be constantly transferring things between events. and also you need contacts from different vendors providing different services. Your role is to plan and organize different things together beautifully. Everything else need not be done by you, but you have to outsource. In the end, you are responsible for the proper occurrence of an event in a memorable manner.
The latest technology required.
As it is highlighted previously the importance of the event in one’s life. The importance people are giving to events in their lives is increasing.
In this trend, if you see all the large and big events, there will be a lot of innovative techs that are used. As a planner of the event, you need to be aware and use the latest technology possible in the budget for the event to make it memorable and extraordinary. Remember each event you organize will be like a marketing campaign for your company. If the event is successful, your event company gets popularized for extraordinary arrangements. If it fails, your company will get bad reviews for failure.
Now you have planned everything that is needed for your business. Now you have to make it legal by registering it. Register your business as a company. There are different business structures. Choose the business structure that is suitable for you and register it. Make it comply with all the local laws
Get in touch with a lawyer if need and discuss the thing that is to be known in any business and let it registered. this is most important because without registering your company, you are not allowed to run a company.
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