By Mashum Mollah
If you’re the type of person who enjoys planning all the family, work and friend celebrations, you might have considered making it official. After all, how difficult can starting an events company be if you’re passionate about it?
As any professional events planner will tell you, things aren’t always as easy as they appear. Managing an events company involves everything from knowing the right caterers to having a solid event public liability insurance policy!
Plan the Work, Work the Plan
While it’s true that a passion for something is crucial to turning it into a business, there are a few more steps that you should consider before you start planning your first party!
As with any other type of business venture, what you put in will eventually be what you get out. With that in mind, keep reading for a few expert tips of pointers to consider as you plan your business.
Create a Business Plan
Planning is key in any type of business. And it starts with a sensible business plan. In short, a business plan involves the exact guidelines for your company. Some points to cover in your business plan include the following:
- What type of business do you want to run?
- Where will the start-up funding come from?
- What measures will you put in place to protect your business and clients?
- How will you attract new clients?
- Will there be employees and if so, have you made provision for contracts and salaries?
The good news is, there are many online resources that can provide you with the necessary templates to get your plan started. Bear in mind, your business plan will need constant tweaking and updating as you go along.
Identify Your Business Scope
Claiming to run an events company is a very broad statement and can lead to confusion among potential clients. Before you launch your business, know EXACTLY what type of events you’ll be managing.
For instance, will you be focusing on wedding planning only, or will you prefer to focus on festivals and outdoor markets? Once you have made a list of what you can do, this list should correspond with the information you put on your website and advertising.
Bear in mind, your business scope can always change. As you gain experience and profits, you can add additional events to your list. Start small, build a client base and then expand from there.
Establish a Marketing Strategy
Many first-time business owners are of the opinion that they’ll first get their business up and running and then work on the marketing. In fact, it should be the other way around! You can’t sell a product or service without the necessary marketing.
Initially, it’s a good idea to set a marketing budget of at least 30% of your business expenses. Some of the marketing expenses you’ll need to cover include the following:
- Business website and social media advertising
- Business cards, pamphlets, and other printed advertising
- Expenses related to advertising your business which include networking and travel
Research the Legal Aspects of Your Plan
Planning an event is one thing. Making provision in the event that something will go wrong is an entirely different problem. You should always have a backup plan. Part of your backup plan involves the right insurances, contracts, and legal advice to assist you if something goes wrong.
Insurances such as event public liability policies will go a long way toward covering you in the instances if something goes wrong at one of your events. This can involve injury, equipment failure or property damage. It’s recommended to not start planning any events without this type of insurance in place.
Create an Outstanding Elevator Speech
Ever heard of an elevator speech? Essentially, you need to be able to sell your company and what you offer in 30 seconds. The term “elevator speech” implies that your pitch shouldn’t last longer than a short elevator ride, i.e. 30 seconds.
An effective elevator speech has the following 4 components:
- Company name and service or product on offer
- Client problem your company will solve (removing the stress of their upcoming event)
- The solution you have to their problem (stellar event planning)
- The benefit of choosing your company (cost, quality, minimal stress)
Practice your elevator speech on friends and family and then also on a few people who won’t think twice about giving you an honest opinion!
Final Thought
The success of any event planning company comes down to the planning you put into the initial stages. It’s also crucial to never over-promise on the service your company can provide. Take the time to do adequate research about how other similar companies are faring in your area.
It’s always a good idea to get tips and tricks from people willing to share this type of information. Speak to people about their experiences with other event companies and use their mistakes as a guideline to avoid similar mishaps. Once you have done the appropriate planning and research you’ll be well on your way to being the best event planner in town!
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