How to Launch a Successful Event Planning Business?

The special events industry is growing in recent years and this upward trajectory is not slowing down anytime soon. The marketplace is large enough to support your entrepreneurial visions, but the success does not come easy. It goes without saying that acquiring planning skills and experience is a must, but that is just the start of the business journey. There are many other steps to take before even beginning to throw business-related or social events for corporate and private clients.

The art of planning

So, let’s say you want to go a step further and put your party experience to good use. You think about planning special events, including education conferences, commemorations, celebrations and promotions. The good news is that there are many organizations seeking to outsource their meeting-planning functions. Note that the corporate market involves not just business organizations, but also charities and non-profit organizations that are in need of an effective gala event planning.

On the other hand, social events take the form of weddings, birthdays, anniversary parties, reunions, etc. Taking the sheer variety of these happenings into account, it might be a good idea to specialize in a specific type of event and narrow down your focus. In other words, creating a detailed business plan, choosing your strong suit and defining your target market is very important if you wish to get your operations off the ground. 

There is a multitude of tasks that an event planner should handle: research, event design, venue, food, invitations, transportation, accommodation, event personnel coordination, site supervision and event evaluation. However, it is more common for planners to provide one or more services instead of arranging the entire event. And in general, the bigger the event the more time it takes to get everything done. Major conventions, for instance, are planned at least a year in advance.

Money on your mind

Another thing you should determine are your operating costs. They tend to vary depending on the costs of living in the area and whether you rent an office space or work from home. Likewise, while some planners have several people on a regular payroll, others rely more on hiring part-time workers or outsourcing. Other areas of expenditures you have to factor in are inventory, equipment, licenses and taxes, communications, promotion and advertising, insurance, legal fees and accounting, and miscellaneous.

Next, it is time to turn attention to the other side of the coin - your profit. You have to come up with a system for pricing your services and marking up your labor and material costs. The goal, of course, is to cover overheads and generate a sufficient income. Try not to reduce your prices too much and assess how the geographic location, your experience and reputation, and market segment influence this. Usually, even planners price fees-for-service by utilizing a “cost-plus” method. 

Name of the game

Regardless of the specifics, there are some aspects of event planning that always come into play. The initial stage is pretty decision-intensive while the second phase, when the event actually takes place, calls for flawless execution. Through it all, good communication skills are incredibly important for planners because they have to ensure everyone is on the same page. Open channels of communication and clear expectations take the guesswork and confusion out of the process.

Finally, bear in mind that event planning is most often not a 9-5 job. If you want to build a customer base, you’ll have to work weekends, holidays and even evenings. Also, to gain a competitive edge, one should try to become a certified planner. Namely, it is possible to obtain a degree or certificate from your local university in event management or planning. Ideally, professionals in this field aspire to get a designation of a CSEP (Certified Special Events Professional) or CMP (Certified Meeting Planner).

Ahead of the pack

Event planning is a lucrative market with plenty of opportunities and profits that continue to rise. To hit it big, do your homework and see what type of client best suit your firm. Have a thorough plan, strategy, and business model in place. Grasp all the moving parts and elements that make or break a great special event. Focus on developing and marketing your business and build a name for yourself. Make an effort to stand out in the market and offer something that your competition fails to deliver.