Celebrations are a way to remind us of the things that matter in life. They remind us to appreciate milestones and to enjoy life. If you’re planning on starting a business to help create memorable events, you can start with this list of event planning business ideas.
What is an Event Planning Business?
An event planning business entails planning and hosting different events such as weddings, anniversary parties, or birthdays for clients. These events can also be fundraisers.
A professional event planner organizes many, or sometimes all, aspects of an event.
The main premise behind hiring an event organizer is to allow the hosts to enjoy their event freely. This is especially evident considering the work and effort required to create a flawless event. Some things they manage are:
- Guest List
- Seating Arrangements
- Food (Dishes and Portions)
- Event Program
Event organizers also take charge of negotiating and coordinating with event vendors and suppliers. Clients basically entrust them with the budget for the event, and planners help them spend their budget in the most optimal manner possible.
Is an Event Planning Business Lucrative?
Event planning businesses are potentially lucrative because of the fact that people always find ways to celebrate events. You need only look at the many milestones a person’s life has, and it’s easy to see the demand for event planners. Event planning businesses can gross between $85,000 to $250,000 per year, depending on the business structure. (i.e., whether you’re a sole proprietor, partnership, corporation, or LLC.)
Many event planners establish a network that allows them to secure vendors and suppliers at discounted rates. This creates a big opportunity to make a hefty profit.
Now, consider the way that the event planners help to save costs when you compare it with standard arrangements. Clients like working with event planners for the peace of mind and the guarantee of a smooth and memorable event.
Tips for Starting an Event Planning Business
If you’re set on starting an event planning business, there are a few things you need to be aware of. These tips will help you launch your business with minimal trouble and increase the chances of entrepreneurial success.
1. Define Your Scope of Work Clearly
Defining the scope of your work will outline what your business does and what it doesn’t. This will help you determine many things, such as:
- Other services you provide.
- Events you work with.
- Types of plan you create.
This will allow you to start your business from the beginning with clear intentions. While most businesses evolve over time, defining the scope of your work will help you establish a distinct business identity.
A clear identity will also serve as the basis for your marketing efforts. This makes it easier to differentiate your business from those of others.
2. Promote Your Business
Online marketing is the most important aspect of getting your event planning business off the ground. It will generate much-needed interest in your business and help you find clients.
If you have a marketing budget, you’re going to want to work with a PR agency to boost your reach. If you have a limited budget, don’t fret. You can always use social media platforms such as Facebook and Instagram to promote your business.
3. Build a Professional Network
As mentioned earlier, some event planners are able to hire event vendors at discounted rates. Events planning is also about establishing a network of reliable suppliers and vendors.
The businesses you work with also have a direct impact on the success of your business. Make sure to partner up with competent and skilled people. Some people to look out for are:
- Makeup Artists and Hair Stylists
- Tailors and Seamstresses
- Sound and Lighting Technicians
- Event decorators
Make sure to establish long-term professional relationships with these people because they’ll form part of your events planning package. Clients are more likely to work with you when they see that you have a really good team.
4. Create a Solid Business Plan
As with all businesses, it’s imperative that you plan for growth and for drought. Many businesses fail because they fail to react appropriately to certain conditions.
A business plan will also include your budgeting model. Make sure that you have enough money for your personal needs. You’ll need to hold on until you hit your ROI. You wouldn’t want to sacrifice either your health or business over a lack of budget planning.
5. Do Market Research
Market conditions will dictate the probability of your business’ success. It will also allow you to target quality leads who are most likely to convert. Market research provides insights into the best approaches to apply, as well as opportunities to specialize in a certain aspect.
Market research is the foundation of success because it helps owners make smarter business decisions. Never overlook the value of the information you can gain from market research.
Event Planning Business Ideas
Now that you understand the basic idea behind an event planning business, it’s time to explore the possibilities. Below is a list of event planning business ideas you can draw inspiration from. Look through the list, find what resonates with you, and try to tweak the idea into something unique and creative.
- Destination Wedding Planning
- Private Event Planning
- Luxury Wedding Planning
- Floral Designing
- Virtual Event Planning
- Festival Planning
- Promotional Event Planning
- Tourism Events Planning
Entrepreneurship is one sure way to attain financial freedom and help your community thrive. Events planning is a lucrative business because it enjoys a steady demand, and there are a lot of opportunities for a big payday.
Remember to address all foundational tasks and to plan for growth. We hope this short list of ideas gives you a springboard that helps you come up with a great idea. Good luck!
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