Small scale business idea: Event Planning Business
Do you want to establish your own event management business and earn a living? Under any scenario, you must first ascertain your current position. Two skills are needed to excel in this cutthroat industry: social networking and business growth.
Once you've decided to pursue the event management business, you'll need to work intensely and relentlessly. Not only can your expertise and reputation decide your potential, but also your networks, communication, negotiation, and entrepreneurial abilities.
How to start an event planning business?
Event Planning service is one of the best low-cost business ideas with high profit. This article is intended to serve as the ultimate event management business ideas for those interested in starting their own event management business. Following are the steps you need to explore:
1. Market Research: All you have to do is determine whether your business idea is potentially feasible. Is there a market in your city for event planners and wedding planners? And, if so, how can you differentiate yourself from other planners? What distinguishes your business. What is your area of expertise? This should be the primary thing in the pre-launch business startup checklist.
2. Analysis of your competitor: A competitive analysis backed up by market research will assist you in setting your business more strategically, allowing you to determine whether and how your future priorities can be matched.
Conduct research into their marketing and implementation tactics, their return on investment, their advertisers and investors, their business expertise, and what attracts visitors to their events. To gain a thorough understanding of this, you can also attend events of your competitors.
3. Business Plan: After determining the viability of your market and defining your niche, it's time to compose a business plan. A strategic strategy will assist you in mapping out the direction you want your business to go and the path you want to take to get there.
Conduct a fact check on your skills and talents to determine the most effective way to use them in order to contend with your competitors and win over your target audience. Recognise your talents and weaknesses and capitalise on them.
4. Legal Staff: Different market processes must be researched before stepping in. Whichever business structure you choose: sole proprietorship, partnership, or corporation. Each of these has unique legal and financial ramifications.
5. Licences: A list of licences that an event management business should possess prior to conducting an event:
- No objection certificate
- If you are planning a live show at an event, you must obtain a licence from the Indian Performance Rights Society Ltd.
- If you want to bring performers from outside the country to play at your event, you must obtain international artist approval and send a few additional papers to the authorities, most notably the performer's passport and visa.
- Additionally, you must bear in mind that anything you do must be consistent with the Indian supreme rule.
- Since the event management business is all about arrangements between planners, hotels, and musicians, it is important to adhere to the Indian Contract Act 1872.
- Additionally, you must possess a liquor licence if you want to serve alcoholic drinks at your event.
6. Business Bank Account: Once you've licensed and legalised your event planning business, now it is essential to open a business bank account. Though you don't have any customers yet, it's wise to provide a mechanism for specifically separating personal and company expenditures from the start.
7. Business insurance: You would need business insurance as a new event planner. The amount of coverage required for your event management business and specific events varies according to local laws. So it is highly recommended to talk with a few insurance firms about your business.
8. Business Name: Consider the brand name carefully and thoroughly since this is not anything you want to alter after launch. Look for any problems that will prohibit you from using already-used names.
9. Domain Name: Once you've chosen a company name, the next step is to secure your business domain name. Attempt to secure a domain name that precisely suits your company name. If you are unable to select a domain name that exactly suits your company name, pick one that is a near fit.
10. Set up Website: Your website can serve as your online home for communicating with customers about your resources, processes, and portfolio. Spend time developing a website that can impress your prospective customers and improve your odds of being recruited.
11. Social Media Platform: Being one of the best small profitable business ideas, event planning services can aptly utiliae social media. The trick to selecting the right social networking site for your business is to do what makes the most sense. Social networking is not a one-size-fits-all proposition.
There are several sites that would fit well for event planning due to their aesthetic appeal, ability to post pretty pictures, and ability to highlight the work.
12. Business Logo: Now we're getting down to the fun things! Your logo can serve as a visual representation of your business and should be consistent with your name. So don’t try on your own and hire a graphic designer.
12. Business Templates: Setting up the backend of the company is almost as important as setting up the front end. Business Templates include->
- Pricing guides
- Social media templates etc.
14. Market Your Business: When the business can accept its customers, you ought to sell as though it were your existence. You can be the most incredible event manager, but if no one knows your work or where to contact you, the company would cease to exist.
Marketing your company entails more than establishing a website and social networking accounts; it also entails determining what your clients want and effectively articulating how you will deliver it.
15. Your Area Of Expertise: Let them see that you know what you're doing to gain credibility. Apart from an undergraduate degree, you should participate in a variety of credential programmes to bolster your skills and reassure your customers that they are in good hands.
SWOT Analysis For Event Planning Business Plan
It is a competitive instrument for assessing the business's and industry's strengths, weaknesses, prospects, and risks.
1. Strengths: Strength encompasses all that the business is capable of doing well or excels at. All the characteristics that will assist you in achieving performance.
2. Weaknesses: Weaknesses encompass anything that the company is incapable of doing well or is not very good at. It includes-
- Unexploited capital
- Ineffective business team
- Inadequate teamwork
- Inadequate competitor research
- Inadequate financing etc.
3. Opportunities: Opportunities encompass all that operates in the business's favour. You must grab every opportunity that comes in your way.
4. Threats: There are many threats that can harm your business-
- Changes in Market
- Any natural disaster
- Strong competitor
- Financial risks etc.
India is, without a doubt, one of the world's fastest rising economies. Any company started here has a lot of potential for expansion. Though event management has undoubtedly grown in popularity in recent years, dominating the market requires developing the necessary qualifications, gaining the necessary expertise, and acquiring the necessary knowledge to propel this sector forward.
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Q. Is event planning a good career?
Ans. Starting your own business here will provide a lot of growth opportunities. You have to be in it for the long haul if you want to rise to the top in this industry.
Q. How do event planners make money?
Ans. On average, event planners can bill between 15% and 20% of the overall cost of the event. Depending on the size of the programme and the time required to schedule and execute. This could be sufficient to offset the entire expense and source of benefit for a planner.
Q. What qualifications do you need to be an event planner?
- Diploma in Event Management
- Certificate in Event Planning
- Conference and Event Planning Course
- Event Management Course
Q. What are some event planner marketing strategies to attract clients?
- Offer experiences
- Demonstrate expertise
- Work with reputed event planning company
- Partnership with non-profit