Are you planning to start an Event Management Business, where you will get detailed information about the event management business which will help you to draw a business plan for event management business.
People hold parties and events for various reasons such as birthday, marriage, success celebration party, you can offer them services at an affordable price and manage all the events for them, and then they are looking for the event Planning service business.
The event planner needs an skills to plan and execute the successful event and Event management includes a selection of venue in the budget, decoration of the venue, conducting games and entertaining activities, dance and music, mascot appearance, buying and packing return gifts, etc.
How to Start an Event Management Company
How to start an event management company? Are you currently dreaming at this time from your block or home office concerning the idea of starting an event planning company? Maybe you’ve been operating in the meetings and events business for many years and believe today is a fantastic time to work out how to work on your own. Or perhaps you’ve helped arrange a few events before and believe that this might be your life’s passion.
All of these are excellent reasons to pursue this profession. But anybody who contemplates the dream of beginning their own event planning company must stick to a few essential measures before you even starting to speak to clients.
#1. Event Management Business Plan
The main task while initiating event management business is to draw a proper business plan for event Management Company, event management business is different than the other business, here in event management business you have to revalue the business plan in every three months.
Event Planning Company Overview
In the company overview, you need to decide the following aspect which is required to set up an event management company business plan.
1) Location for Event Management Company
You can either establish a physical office for the event management company or you start the event management company using an online platform.
If you are going to decide to start the event Management Company you need the office is of minimum 500 sq ft space where you can get the one to one conversation with clients about their event and your event management service.
Also, you can start your website regarding an event management company and from where you can get the online clients.
2) Decide Event Management Services
You need to decide the services that you are going to provide in your event management business such as:
#1. Venue Of The Event: you need to decide the venue of the event if your client doesn’t have any idea about the venue for the event.
#2. Decoration Service: you need to decorate the stage and the venue as per the event structure.
#3. Seating Arrangement: you need to manage the seating arrangement for the guest.
#4. House Catering Service: you need to provide the catering service to your customers
#5. Audio/Video Equipment: apart from catering and decoration you will need to provide the audio and video equipment like a speaker, mic etc.
3) Decide The Event Planner Niche
It is strongly recommendable to decide the specific niche while start the event management company, here we have mentioned some specific niches for event management business
Types Of Event Planners List
- Tour Planner
- Wedding Planner
- Vacation Planer
- Team Building Events
- Trade Shows
- Business Dinners
- Networking Events
- Product Launches
- Award Ceremonies
- Birthday Ceremony Planner
4) Customer Analysis
Research the customers, you need to find out the right customers for your service, also take a review about what exactly customers looking for, if you are successful in selecting right customers then it is easy to get a lead for the event management company.
5) Study The Competitors
In event management business you will face the competition while setting up a business plan you need to study the competitor, what they are serving for customers and you can decide and improve your service.
6) Vendor And Supplier
You need to find out the supplier who will provide you a supplies at the reasonable price, it will help you to reduce the expenses on the supplies and increase the profit margin, ready for the emergency cases such as if you want the supplies in the emergency then you should prepare with the other vendor and supplier who will provide you supplies in urgency.
#2. Event Planner Business License
Once you set up your business plan for event management business you need to deal with documentation required to start the business.
List of Event Planner Business License
#1. Registration of Firm: You may start the small to medium event management business either a Proprietorship or Partnership Firm.
If you are starting this business as One Person Company, then you have to register your firm as a proprietorship.
For Partnership operation, you have to register as a limited liability partnership (LLP) or Pvt. Ltd. Company with Registrar of Companies (ROC).
#2. GST Registration: you have to apply for the GST registration which will give you a GST number which is mandatory to run a business.
#3. Trade License: obtain a trade license from local authorities
#4. MSME/SSI Registration: MSME/SSI Registration will allow you to get the schemes and subsidies regarding your business.
#5. Trade Mark: secure your brand with trademark registration.
#3. Skills Required For Event Management
It is a misunderstanding that anyone who is interested in managing events is able to start the event management company; you need to be more professional while starting the event management company.
If you are not good with event management then you can get the certified course for the event management where you will learn how to manage and plan the events.
The certificate for the event management will also help you to get the clients; you can show your certificate to the clients and your previous successful event management stories to convert them into your customers.
Apart from all the skills and qualities, Event planner must be social and creative to tackle the challenges for a successful event; event planner must have a leadership quality to handle the team.
Related Business Ideas
#4. How To Get Clients For Event Planning Business
Every business needs the promotion and marketing, in the event management business you need to market your service using different promoting strategies. Here we have mention few.
1) Build the network
You can attend the events and ceremony where you can promote your event management company; you can also leave your promoting material at the event site which will help to catch the interested people.
Create the promoting material like flyers, banner, pamphlets, and business card and distribute it in your local area.
- Social Media Marketing For Event Planners
Social media marketing is an easy way to promote your event management company; you can use the Facebook platform to run ads campaign regarding your event management service which will create the lead generation and you can reach to the right customers who are looking for the event planner.
3) Create Event Management Website
You can create the website of your event management service business and with the help of SEO expert you can rank your website in your local area which helps you in SEO marketing; SEO marketing is an efficient way of marketing it shows you a long term result, but it takes some time to rank on the Google.
4) Hire Event Management Team
It is difficult to handle the event management company without the team; you need to hire skilled and experienced staff for the event management company.
The empanelment team will help you in getting clients and managing the event for the clients.
Also, you can hire the staff for collecting data like expenditure in the form of a spreadsheet which will help you to manage the balance sheet.
Apart from your team members, you can tie-up with the musician or DJs who will play extraordinary music in the event that will create a happy atmosphere in the ceremony.