If you are reading this, you might be interested in starting up your own event management business from home. An events business involves a lot of planning and proper execution to be successful especially if you are starting it from home. Many people step back in this attempt as they don’t know where to start. To help them all, we have come up with a detailed guide on how you can set up an event management business from home.
Before diving into the main topic, let’s find out why it is beneficial to run a home based event management business.
You might be working as an employee in this field and trying to create your own clientbase or you just want to be your own boss, knowing the benefits of initiating a home based event business is worth it.
- Low cost:
An event manager technically can work from anywhere under the sky with the help of a high speed internet connection, laptop or mobile.
Using your home as an office can be a cost saving option as you do not need to spend a huge amount on renting or purchasing an office for your business.
Besides this, you do not need to get involved in a long term renting contract if you start an event management business from home.
- No travel related stress:
Commuting to the office regularly on time can be stressful especially when you are at the initial stage of your business.
Besides stress, time is another important factor here. You can easily save the time you would spend on traveling everyday that you can utilize in other productive business activities.
The biggest advantage of adopting the home office culture is flexibility. Event planners remain under constant pressure of meeting deadlines due to which they often have to spend sleepless nights.
For such long hours of work, no other place feels as safe as your home. You can stay up and work as long as you want without being worried about reaching your home.
- Client meetings:
Most clients prefer to meet at the office. However, if you are running a home based business and your home is not a suitable place for client meetings, you can always initiate such meetings in cafes or hotels.
What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” –Dave Thomas, Founder, Wendy’s.
Apart from the above mentioned things, here are the things you need to consider to move ahead with this plan.
Starting up something new needs a lot of planning and skills. So where to start? Well in this article we will discuss everything in detail about how you can start your event planning business and how you should proceed with this idea.
1. Learn event management skills
No matter in which field you are going to start your business with, you must have a clear idea about it. Similarly, if you want to start your event business from home, you must know what it is all about.
The path to establishing a business passes through many challenges and you must know how to overcome them. When it comes to an events business you need to have the right skills and experience to handle an entire event. Your clients would also rely on you based on your skills and experience.
If you want to ace the event management skills you can:
- Take up a course in the event management.
- Work as a volunteer or freelancer in an event.
Once you gain sufficient knowledge about this field, it becomes easier for you to start up an event business from home.
2. Market research
It is essential for you to know if the kind of service you are offering in your business is in demand or not.
Instead of having faith in your business idea, you must go out and do practical research to get the answer.
Well, it might be a bit difficult as you need to consider various sources to see the real picture.
- Talk to as many people as possible regarding the same.
- Find out public data, analysis and other reports.
- Try to interact with your target audience through phone calls or emails to understand the need of the service and more.
- Online research can also be very helpful here.
Market research is an inseparable part of every business irrespective of their size and age.
3. Competitor’s research
Once you are done with your market research, the next step is to conduct a thorough competitor’s research to understand their business movements and activities.
Consider the following things:
- Identify your competitors first and find out the number of competitors present in your locality.
- Make a competitive study between your business ideas and their offerings. Do not forget to point out the similarities and differences.
- Communicate with a few of your competitors to know what are the challenges they are facing in this industry and what services are they lacking.
- Try to find the exact number of businesses that operate in your area.
Competitors research helps you recognize your business strengths and weaknesses. This can also alert you about the challenges you may face in the future and let you be prepared to overcome them with proper planning and execution.
4. Create the structure of your business plan
Having a solid plan will always help you in starting up an event business from home. It always keeps you in a better position to handle your company easily.
You must start planning for your business even before giving it a proper name.
Here are the things you need to include while creating the structure of your business plan:
- Outline your company vision.
- Outline your company mission.
- Analyze your business strengths, weaknesses, opportunities and challenges.
5. Consider legal formalities
Whether you are planning to start a business from home or office, completing the legal formalities is crucial to avoid any sorts of legal troubles in the future.
When it comes to the legal formalities of a new business two most important things are:
- Giving a name to your business.
- Registering your company.
While naming your business, consider the following things:
- Consider the type of service you are offering through your business.
- What is the uniqueness of your dream business?
- Find a name that is simple and easy to remember. Keep it short and crisp.
- Before finalizing a name, do not forget to check if the domain name is available on the web.
Once you are successful in giving an identity to your business with a proper name, the next step is to register it.
Here, it is to be mentioned that a business registration process varies from country to country. Different countries have different rules. So you must be aware of the process that is followed in your country.
Consider the following things while you register your business:
- Research and gather details about the actual process of business registration in your country.
- It is important for you to determine the basic pattern of your business. This includes determining the kind of legal entity you will be using to operate the business. You might be the sole owner of your business or you have one or multiple partners and this has to be decided before you are submitting your application to the government. Make a research to find which structure will be beneficial for it.
- Assemble all the important documents that are needed to complete the formality.
6. Decide the type of services you will be offering in your event business
Another crucial part of building your own events company from home is to determine the type of event services you want to provide your clients with. The event industry is huge and contains an endless number of services. So as a business owner you need to decide if you have the strength or capabilities to offer all these services or you want to pick up a few from the list that you have a thorough knowledge of. For example, you can be a wedding planner or manage birthday parties or business meetings or conferences or more.
7. Make a fee structure of your event management services
This is another important aspect of an event management business as you must know how you can earn through your business.
The three most common and popular types of fee structure include the following.
- Per hour charge.
You can charge your clients based on the hours you have spent on their project.
- Flat fee and.
Under the flat fee system, you can charge your customers with a one time fee for an entire event.
- Fees based on percentage.
In the percentage based fee structure, you can charge your clients a certain percentage of the total cost that has to be spent on the entire event.
After analyzing the above mentioned fee structuring method, we have found that the percentage based fee structure is the most popular one. However, you must determine the fee structure based on the type of target audience you have.
8. Promoting your events business
Every business needs promotion, as you need to reach out to the maximum number of your target audience. The promotion method usually relies on the type of people you target for your business.
However, you must utilize both online and offline methods of marketing your business.
Online business promotion includes:
- Creating a website.
- Creating social media pages.
- Email marketing.
- Adding your business to local business listing portals.
Offline business promotion includes:
- Host a business launch party and invite everyone you know.
- Go for partnerships.
- Marketing through word of mouth.
9. How does the WP Event Manager help you?
If you are planning to step up in the world of events make sure you have a striking online presence for your target audience. This is because your visitors can easily find all the details about your business through it. Adding event management functionalities to it is something that makes the entire process smooth and simple.
Whether you are a beginner or you have already established your business, WP Event Manager adds the right ingredients to the success of your event management business. It is packed with some useful features that let you showcase your events through an interactive calendar, manage registrations, sell tickets, display event location through Google Maps and more.
When it comes to an event management plugin, the market offers countless options to you. So what makes WP Event Manager better than them?
- The features that WP Event Manager offers truly make it superior to others.
- It provides many powerful features for free to its clients.
- The paid addons are worth the price.
- Addons are very much affordable and they have recently launched bundles that have made the plugin easily available to everyone.
- When we are talking about the strengths of WP Event Manager, we simply can not avoid its support system. They are sincere and always answer quickly for their queries and issues.
So what else do you want for your event management business?
Discover the plugin now.
We hope that the above mentioned tips will help you kickstart your event management business from home with a minimum investment. Each and every step mentioned here is crucial for your business including, the market research, naming your business, registration and its promotion. If you follow these steps with the support of an event management plugin like WP Event Manager then the journey to success will become easier for you in this industry.