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.
Read also: How to start a movie shop business in Kenya.
Responsibilities of an Event Planner
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
To start an event planning business, you need to have done a course in public relations, marketing, hospitality, or any business course. However, even without a course, if you have the expertise and skills, you can venture into the business.
Read also: How to start video games 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
- Raise 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.
You can get business startup finance through:
- Banks loans and business financing
- Getting donations from family and friends
- Acquire Event Management Apps
At some point, you will need an app to manage your 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 software that can help you with marketing. You will need to 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 photography. 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.
Get Necessary Business Permits to Operate Your 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 more: Business permits and licenses you need in Kenya.
Do a Market Research and Set Prices for Your Business
It is a very critical step that you should not bypass. Before launching a business, understand the market first. You need to know who your competitors are and how you can outdo them. This includes the prices that you charge and the quality of services you will be offering. You also need to understand your potential customers. Understand their needs and draft a way to deliver them.
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. Do not leave any stone unturned when marketing your business. Customer referral is also effective, especially when you are offering high-quality services. Your customers will refer other clients to your business.