How to Start Your Own Event Management Business

 Are you smart minded? Does your taste stand out from all? Then, event management business is the opportunity you are looking for.

If you are an outgoing person who is inclined towards a well paid and glamorous career. Then, you should know its the right time to start working for the event management business.

Well, to be clear event management is not just a career option but a full-grown industry. Being a beginner you have abundant opportunities and diversified careers to choose from. The magic recipe for being successful here is – “Passion”.

But how do you go about just thinking of making it into the real world? Also, growing it to become a successful business? 

While going ahead You can look towards two plans to start event management business in India

• Freelance Event Management Services
• Event Management Company

Let’s go through with the strategy to make you well equipped and stand out from your competition.

Take Account of Certifications and Experience

Identify your skills, you must have acquired some transferable skills that you can apply in an event management career that are 

• Managerial Skills
• Communicating Effectively
• Negotiation
• Time Management
• Cost Management
• Interpersonal Skills
• Inspiring Your team
• Organization and Coordination

Just sticking to what you know is the key. After you have decided what type of events you can specialize in, the next step is to take the proper experience for the same. You can get certifications through respectable organizations that are:

• Certified Meeting Planner (CMP)
• Certified Special Events Professional (CSEP)
• Certificate in Meeting Management(CMM)
• Certified Manager of Exhibits (CME)

Networking

In the digitally transforming world, knowing the right people is a necessity. Your clientele is your basic tool to grow your business. Which people you know will set you apart from your competitors.

This is the time when you approach potential customers and potential investors or partners. You can identify the needs of customers, ongoing trends in the market, common mistakes that shouldn’t be repeated and various other experiences.

Some techniques that work while networking are

• Attending seminars, live events, and trade shows
• Joining Facebook event’s groups and discussions
• Marketing your profile on social websites
• Building connections on social media
• Even approaching to competitor’s event

Legal need

• You need to start with the registration of your company                                             
• Have your tax advisor, to avoid last-minute hustles
• Right client contracts
• Secure commercial general liability insurance
• Have a child protection policy
• Prepare for event cancellation
• Get a liquor license Click here to get the license
• Get a health department permit 

Startup budget and base plan

Marketing is the first step toward starting the event management business. You would require a major part of your budget towards marketing. The things that you will need are:

The digital presence of business i.e website

A business without any social existence doesn’t exist at all. Having a website is a prerequisite, it ensures a boost in your business. You are available and making a profit even while you are sleeping. 

Investment in the software to run your business

Being an event planner you would require various tasks to be performed and completed within your time frame. Having software will increase your efficiency and effectiveness. Customized software helps you to work with the team and your customers at the same time.

Business Cards

An introduction to your business in a well informed and favorable manner. It ensures the credibility and legitimacy of your business.

Social Marketing

Being present would not work if no one knows you. Marketing your business socially will give a kickstart to your business. 

Ads Marketing

Whether your customers do not reach the flyers, hoardings or business templates, they will come across the ads that are published.

Miscellaneous Expenses

Travelling, power and fuel, salaries, legal cost, rent, etc are the expenses to be taken into account.

Determine Your target market

Majorly, event planning services consist of three major markets, let us learn about them.

Corporate Events

These are the events used by companies to bring together employees, showcase their products, enforce their image in the industry, relationship management, and various other purposes.

Event managers with good experience can handle these projects well. It requires an understanding of the event and the company’s aim for the event. 

This event includes:

• Seminars and Conferences
• Trade Shows
• Executive Retreats and Incentive Programs
• Golf Events
• Product Launch Events
• Appreciation Events
• Team Building Events
• Board meetings and Shareholder’s Meeting

Wedding Events

Event organizers need to expand their scope to coordinate wedding events. They share mainly the same set of skills. The variation lies in the planning of the wedding. 

High budget weddings require knowledge of themes, venue, decor, and caterers that vary from corporate events. It includes:

• Proposals
• Engagement Parties
• Cocktail Parties
• Bridal Showers
• Stag and Doe Parties

Social events

These types of events consist of various kinds of parties i.e handled by party planners. As these events are very important for a person, some of them are once in a lifetime events.

Customers are emotionally attached to these events. Party planners are hired to take care of these events very carefully. party planners need to take care of the budget, expectations of a client and various needs of customers. 

It includes

• Birthday Parties
• Family Reunions
• Personal Milestones
• Holiday Parties
• Personal Milestones
• Seasonal Milestones
• Anniversary Parties

Define Your Event Planning Services

Before presenting event planning services towards your consumers, First of all, you should consider developing a business template that contains the following features,

Executive Summary

It gives information regarding the key purpose of business and its future orientation.

Business Overview

It is a differentiator to the business that shows what is unique about your business. 

Product Details

It gives details about the services of the business and further description of them. It shows consumers how superior your product is from competitors.

Financial Roadmap

This is a feature, to get the funding while getting information to investors about the financial plans of the business. It helps investors to invest in business convincingly.

Analyzing the Market

It shows who are your targeted consumers and at the same time how often you expect them to buy your services.

Operational Strategy

This aspect of the business template helps consumers and investors to know the detailed planning of the business. It helps in better funding.

When you have developed your personalized business template, now you can consider classifying the services that you are going to offer your customers.

You can also show the discounts, free trials, campaigns, competitions and various other offers on your website.

Staffing

Weather starting business as a freelancer or your own company, staffing is necessary. You can post to various social websites, do not settle for any candidate. You must consider the skills of every individual.

 It would take time but you must get the right candidate because a person who is doing your work represents your business. Also, it gives you an edge over competitors to work more efficiently.

Conclusion

At this point, you would have understood how you can start event management business and growing it to become successful.

This guide takes you one step further from your competitors and that you would have known after reading the article.

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