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Follow These Easy Steps There are a million and one things to think about if you are considering starting your own event planning business.
Whether it is a distant dream or almost a reality, here are 22 steps you need to take to set up a successful event management company. Starting up an event planning business is not a decision to take lightly.
It is a major decision which impacts not only on your life but also on your family and others around you. Bureau of Labor Statistics.
As one of the one-third of businesses that have survived past the ten-year mark my event management company was established inwe wanted to create the ultimate useful reference guide to help others take those important first steps to being their own boss.
It is a high risk, but potentially high reward strategy over the long term. Here are the details and the process you will need to follow before officially launching your event planning company. There are lots of things to think seriously about and we have flagged essential action to take for each step.
Read, digest and bookmark this article for a blueprint of how to prepare to launch your business and ensure the best chance of survival. Gain Varied Event Planning Experience The more event planning experience you have the better the service you are going to be able to offer your clients.
Jump at any opportunity to get paid or unpaid work experience. Use this to learn the things that work and the things you would do differently.
If necessary teach yourself how to use tools that will benefit you as a small business. Today, many of these programs are available online and there is a wealth of video tutorials and written content to help you learn how to use them.
Be confident in what you have to offer: Before taking the plunge, make sure you have gained lots of event and administration experience and are confident with planning events independently.
Identify any gaps in your skillset and work hard to strengthen these areas through paid work or volunteering. If you need to keep costs down, teach yourself core skills that you will need, such as email marketing platforms, survey tools, accounting programs, design systems and website building.
Undertake Market and Competitor Research The first thing you need to establish is if there is a definite requirement for the services that you want to offer.
Instead of just believing it is a good idea you need to do some actual research to confirm this. This information can be difficult to find and you will need to refer to lots of different sources to try to get a reliable picture.
Look into public data, reports and analysis on the web, talk to people and try to undertake a focus group and individual phone calls with those that you are looking to develop relationships with, to determine evidence of a need. Scope out the market through researching: Log the number of competitors there are in your area.
Note the similarities and differences in the services they offer, compared to your business idea. Analyze and monitor the number of tenders and opportunities issued for event planning services over a certain time period. Speak to companies who issue these types of opportunities to determine what their frustrations are with the current offering and what is lacking?
Calculate how many businesses operate within your target geographical area and business sector. If you can track it down, find national and local figures in terms of expenditure on events. Your local university is often the best opportunity to find out such data if it is not available online.
Identify Your Strengths and Weaknesses Consider whether you are looking to offer a broad, full-service event management company or focus specifically on producing a specific type of event or a specific target market. If you can, focus on your strengths so you can tailor your marketing and all efforts to attract the right type of business from the start.
For example, you may decide to specialize in conferences or exhibitions or party planning. Each of these areas is likely to require a different brand and language to attract the right clientele. The key is not to position yourself in too small a niche it is limiting but not trying to do so much that it detracts you from your real passion and focus and puts you outside of your comfort zone.
Work out your passion and superpowers: List the core areas where you know you have an edge. This should include the types of events you are most confident and passionate about planning or expert knowledge of an industry or subject.
Analyze whether your specialty is broad enough to make a living from or whether you need to go wider. Also, be honest and consider what your weaknesses are.
If you have gaps in your skill set and are not confident managing large-scale events in specific areas, be honest with yourself.
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