Top 5 Ways to Start an Event Planning Business: A Comprehensive Guide

What is an event planning business?

• Preparing a budget for the event you are working on. 
• Following local laws. 
• Selecting a nice venue ( in case of in-person events). 
• Planning food menus, guests, attendees, transportation, seating arrangements and more. 
• Managing registrations and ticket sales when applicable. 
• Handling check-ins and check-outs. 
• Dealing with all local vendors, like photographers, decorators, designers and more.

• Taking care of the technical needs. 
• Ensuring that all the required equipment is working properly including speakers, mic, etc. 
• Promoting the event.

What are the seven stages of event planning?

1. Start planning now: Planning is the heart of every event so no matter how far your event is, you should start planning it from now. Try to create a rough sketch of the event and include everything that you will need in it. For example, if you have a wedding function to organize, start looking for venues, decorators, designers, musicians etc. 
2. Maintain a calendar: when it comes to an event, time management is very important. To make sure that you do not forget any important part of your event, create a calendar and highlight the dates on which you plan to complete specific event-related tasks so that nothing goes out of your hands. If you have multiple events, do not forget to specify the dates on your calendar to get everything done on time.
3. Build a team: Taking up all the responsibilities of conducting an event entirely on your shoulders is certainly not a good idea. Its better to build a team to handle the event seamlessly. Look for hardworking people depending on your budget. Someone you know might have knowledge or contacts in the food section or fashion. Utilize your contacts and do research to create a perfect team for the work.
4. Contact vendors: Dealing with vendors is one of the most challenging part of managing an event. You probably need to talk to multiple vendors to get things within your budget. Its an art to convince vendors to offer you things at cheap rates and that you need to achieve.
5. Look for associated risks: it is another crucial part of the event planning business. You always need to have a Plan B in case the Plan A fails. For example, if any technical issue arises like the microphone is not working or anything like that you always need to make sure that you have an alternative option for that.
6. Get everything in writing: Written assurance is everything that matters. This is because verbal promises have no value. So it is important for you to thoroughly check your vendor contracts to ensure that nothing comes to you as a surprise on the main event day. Get all the details of your purchases and deals in writing. Starting from the number of chairs or decorating items to price breakups everything should be mentioned in your agreement clearly.
7. Get ready for the event day: When everything is planned on time and things work according to that, your big day is sure to be successful. All you have to do is to check things properly to ensure that everything is alright.

Top 5 ways to start an event planning business

1. Gain experience in this field

• Join an event planning company and start working there. 
• You can also participate as a volunteer in charity events.
• Try to secure a job as an event planner. 
• Build meaningful connections in the events with people who can guide you in your business journey. 
• Closely observe the traits business owners follow and the skills they possess.

2. Do a thorough market research

• If you have a plan to take up a specific type of event like birthdays or private parties, check whether the people in your locality are financially capable of handling that. 
• Similarly, you need to make sure that the business plans that you have in your mind match the cultural and religious norms of your target audiences. 
• Don't forget to study your competitors in the market, their client base, the kind of strategies they follow etc. 
• Check competitor's websites and their promotional strategies on social media and other online platforms.

3. Create a business plan

• Write down your business objectives and the goals you want to achieve through this. 
• Ascertain the number of people you want to hire to build a team for you. 
• Create a budget. 
• Mention your financial goals. 
• Build your online and offline marketing strategy. 
• Plan your expenses based on the budget you have set.

4. Take legal advice

• Select a business model. 
• Choose a suitable name for your business registration. 
• Generate your employee identification number. 
• Get relevant licenses for your business. 
• Create an account in the bank for your business and keep it insured.

5. Create a website

• Open source. 
• Scalable.
• Easy to use. 
• It offers a huge list of event management plugins. 
• Currently, it empowers more than 43% of all websites available on the internet.

How much investment is required to start an events business?

Wrapping up