Many people lack the time or expertise to plan and manage events on their own. As a result, they are likely to hire the services of a professional event manager. Due to the huge demand, the event planning and management industry has grown into a billion dollar industry over the past few years. The work of an event manager usually involves tasks such as creating an event concept, organizing for entertainment and décor, planning transportation, locating sites, sending out invitations, organizing accommodation, and handling security.
Here are some tips for starting an event management business:
1. Get the necessary qualifications
One can succeed in event management with only passion and a natural flair for organizing events. However, to enhance your chances of success, it would be advisable to get a certificate or degree in event management or planning from a recognized institution. You might end up being recognized as a Certified Meeting Professional (CMP) or a Certified Special Events Professional (CSEP). Having such qualifications makes you appear credible and enhances your chances of landing deals, especially with corporations. Having certifications in Hospitality Management, Human Relationship Management, Marketing, Tourism Management and Public Relations can also enhance your chances of success in your event management business.
2. Choose your target market
Events can generally be divided into two categories: social and corporate. Social events include family reunions, children’s parties, anniversary parties, birthdays, and weddings. The market for such events has continued to grow increasingly in recent years. Corporate events include product launches, trade shows, company retreats, meetings for board members, and annual conventions. Though it is possible to have an event management business that caters for both of these categories, it would be advisable to focus on a specific target market. This allows you to build a reputation as an expert in a specific industry.
3. Consider the startup costs
The amount of capital required is a very vital consideration when thinking of launching an event planning business. Some of the expenses involved in starting up include inventory, equipment, rent, communications, licenses and taxes, promotion and advertising, accounting, legal fees, and insurance. To keep your costs low, it would be advisable to start by working from home and hiring staff only on a temporal basis.
4. Price your services
The prices you set for your services should cover overhead costs such as material costs and labor, and generate a reasonable profit. However, many first-time business owners make the mistake of pricing their services too low. If you are new to the industry, carry out some research to find out what other event planners in your area are charging for similar services. Other factors which should determine your prices are the market segment served, geographic location, and your reputation as an event planner. For instance, if an event requires you to travel a long distance, you might need to factor transport and accommodation costs in your pricing.
5. Market your business
When it comes to marketing, there are many options to choose from. You could decide to print posters or flyers, or get your business listed in the yellow pages. In addition, you could place an advert in one of your local newspapers. You will also need to build a business website as well as create pages on the major social media sites. This will help create a buzz about your business and attract clients.
See Also: 5 Tips For Hosting A Business Event
If you are looking to starting an event management business, the tips above can come in very handy. Feel free to share other ideas in the comments section below.