Events have been on the rise, making the event planning business a promising business idea. Starting an event planning business will help you make profits and grow your business. People do not have time to plan for events, while others want to avoid hardships that come along when planning an event.
For these reasons, if you are planning to start an event planning business, you are on the right track. Here is what you need to know about event planning business.
Write an Event Planning Business Plan
The first step to starting a business is to draft an event management startup business plan. A business plan is a road map that shows business goals and strategies. It should have the following:
- An executive summary
- Company overview
- Key competitors
- Marketing plans and operations
- Startup costs
- Sources of startup capital
The amount of startup capital differs from one country to another. It also depends on the size of the business you want to start. However, as a rule of thumb, the best way to start a business is to start small and keep expanding.
Read also: How to start a catering business.
Responsibilities of an Event Planner
An event planner has the following duties:
- Event planning, identifying and delivering services
- Contact clients to understand their needs for customer satisfaction
- Manage events and ensure they stay within the allocated budgets
- Carry out market research, contract and negotiate for deals with other service providers
- Offer additional ideas to customer plans and ideas
- Ensuring event compliance with legal and health safety
Get Business Permits for an Event Planning Business
Before you can launch your business, you need to register the event planning business with the authorities. Pay for licenses and business permits. Ensure that the business is compliant with business regulations in your country.
Also, understand the tax laws within your area. It will help you pay your taxes efficiently and avoid having your business disrupted. Also, buy a business insurance policy to protect your business against losses such as theft.
Read also: How to start a movie shop business in Kenya.
Work on Your Skills
To start an event planning business in Kenya, you need to first develop skills in this field. You may need to have done a course in hospitality, management, or public relations. Some of the skills you need to in this business include time management, attention to detail and negotiation skills.
What Do you Need to Start an Event Planning Business?
You will also need an app to manage events. You can get overwhelmed by the number of events and fail to plan well for others. Luckily, there are many event and project management software available.
You will also need to develop marketing strategies for your business. You can create social media profiles for your business. You can make use of Facebook, Instagram, website and email marketing.
Another important strategy to improve your services is to collaborate with other businesses like photographers. When planning an event, you can always consider their services. This way, you will have a vast pool of resources and get customer referrals from a business you collaborate with.
Partner With Other Businesses
One of the ways to excel in the event planning business is by partnering with other businesses.
Suitable business partners for an event planning business include:
- Event decorators
- Entertainment businesses
Identify a Category of Events
There are different types of events in Kenya and you can decide which one exactly you will be organizing.
Some of them include:
- Personal events like family get together, weddings and birthday parties.
- Educational events like conferences, meetings and seminars.
- Promotions like political parties, product launches and political rallies.
Read also: How to start video games business.
Cost of Starting an Event Planning Business in Kenya
The cost of starting an event planning business depends on the size of the business you want to start. To start a small event planning business, you need at least Ksh 100,000.
The following is startup capital breakdown:
- A computer or laptop – Ksh 25,000
- Printer –Ksh 10,000
- Business licenses – Ksh 10,000
- Marketing and branding – Ksh 20,000
- Rent – Ksh 15,000
- Employee – Ksh 20,000
- Office supplies – Ksh 5,000
Is Event Planning Business Profitable in Kenya?
The event planning business is profitable in Kenya. There are many events held every week and people need professionals to help them plan. Therefore, investing in the business idea will give you high returns. Make sure to market your business so that you have many clients.
Set Prices for Your Event Planning Business
Setting prices for your services is very important. You need to set prices that are fair to your customers and ones that will help you make profits. You also need to consider how much your competitors are charging. Do not overcharge customers.
When starting, it is best that you start by charging lower prices compared to your competitors until customers build trust in your business.
Read also: How to start a laundry business in Kenya.
Market Your Event Planning Business
Marketing is a critical factor in the success of any business. You must be creative to market your business. It can be through social media, business cards, websites and collaboration with other companies. Customer referral is also effective, especially when you are offering high-quality services. Your customers will refer other clients to your business.