Maybe you are naturally a good planner; from planning meals to family gatherings and get-togethers, it may come easily to you. Perhaps you even help others plan out their days or weeks. If this is the case, you have what it takes to run an event planning business successfully.
The big question is, how do you turn this passion into a business? Where do you start? Who do you plan for? What are the equipment needs? Where will you get clients? If you don’t have answers to these questions, that is why we are here for you.
Below, you can learn about the steps necessary to start an event planning business. Read through the steps carefully to make sure that you get started off on the right track for your event planning business.
Have A Business Plan
No business can thrive without having a proper plan in place. This plan highlights your goals and strategies as you move forward. And if you intend to look for investors or partners, this is what you will show them.
Your plan should have an executive summary that states why you think your event planning company is unique. It should also feature an overview, breakdown your competitors, and identify your customers. Further, it should detail your marketing strategies, finances, and management structure. Your business plan should clearly show how you will make money and provide supporting documents such as resumes, leases, contracts, trademarks and so on.
It will take you about $5,000 to get started in this business. If you have the funds, fair enough. However, if you don’t, there are several ways you secure the funding. You can pursue funding through banks that offer loans and business financing options, friends and family, or through government loans.
When seeking funding, maybe even Fundable or CrowdFunder could help you out. This is another situation in which you will need to present a solid business plan.
Acquire The Right Software
There is software available that will help you run your business more efficiently. This software includes project management or event management software, scheduling software, marketing software, network security, cloud security, and SIEM software.
You will also need billing and invoicing software and other mobile event apps. Some of these apps might not be needed at first. However, as your business grows, you will need to rely on them more and more.
Acquiring The Right Licenses
Just like with other businesses, it’s quite hard to operate without the proper legal licenses. You have to get the right paperwork to start working. If you don’t know which licenses and permits you should get, check with your state. Also, be sure to get the proper insurance just in case anything happens. You always want to make sure you are well covered and protected.
Marketing Your Business
You have to come up with strategies for marketing your business. You could do this through fliers, word of mouth, door to door soliciting, or social media. Your choice will largely depend on your budget. After figuring out what kind of business and clientele you want, you can then proceed to figure out how you will market your business.
Starting up an event planning business is not too hard as long as you know what to do and can plan accordingly. If this has always been your passion, there is no better time to turn it into a business. There is nothing as rewarding as doing something you love.