Guideline to Setting Up Your Event Planning Company: Follow These Easy Steps
There are a million things to think about if you are intending to start your own event planning business. Whether it's just a dream or almost a reality, here are a few steps you need to take to set up a successful event management company.
The decision to start up an event planning business is not a cup of tea, one should not take it lightly. It is the most important decision which affects not only your life but also on your family and others around you. But at the same time, if you are obsessive and ascertained that this is the right goal of your life, you shouldn’t take no for an answer - go for it!
Although 80% of businesses endure the first year, almost half no longer exist after five years and only one-third make it past their tenth anniversary.
As only one-third of businesses that have survived past the tenth anniversary, we wanted to generate the best useful guidelines to help others take those vital first steps to be their own boss.
As it is certainly not the simple option to a ‘get rich quick’ plan. It is a high risk, but possibly high reward plan over the long term.
Mentioned below are the details and the process you will need to follow before officially launching your event planning company. There are lots of things to think seriously about and we have highlighted important action to take for each step.
1-Attain Various Event Planning Experience
The more event planning expertise you achieve, the better the service you are going to be able to offer your clients. This isn’t just restricted to event planning services, any business skills and experience will make you a more successful business owner. Just grab any opportunity to get paid or unpaid work experience and use this to learn the things that work to achieve your business goals.
If needed educate yourself on how to use tools that will help you as a small business. Nowadays, many of these programs are available online and there is a variety of video tutorials and written content to help you understand how to use them. Before taking the tumble into the business, make sure you have got lots of events and administration experience and are confident with planning events on your own.
2-Embark on Market and Competitor Research
The first thing you need to verify if there is a definite requirement for the services that you want to offer, you need to do some actual research to confirm this.
To attain reliable information, look into public data, reports, and analysis on the web, discuss to people and try to focus on groups and individual phone calls with those that you are looking to build relationships with, to determine proof of a need.
List the number of competitors there are in your area, jot down the similarities
and differences in the services they offer, compared to your business idea, check how many event businesses operate within your targeted area.
3-What Makes a Good Business Plan?
You should design a business plan on which working could be done, especially in the early stages of starting out in business. The process of thinking about and designing your plan is what will give you a competitive advantage. Check back and revisit your plan regularly. Let your business plan improve with you and your business to keep you on the exact path.
There are no right or wrong answers for your business plan, it is unique. You can adjust the layout detailed to your requirements.
Most important questions to design your business plan should be:
What should be my business plan to make event management company unique?
How will my event business flourish when so many others fail?
The strongest business plans:
Sell a Solution, Not Just a Service
If you don’t have a problem you are solving, you are a minnow in a very large sea. As an event planner, you should be rallying more revenue, less hassle” for events. People hire planners because they don’t want to deal with the details. They want the headache to be someone else’s. Explain through your business plan how you will prove this and take those things on so they can get back to business.
Explain What Makes You different? What is your value? What do you offer exclusively from other event planners? Know your specific value to a different type of client and let them know it at every chance you get.
Get Along what you want to accomplish so that any potential investors can see at a glance what your business idea is, without using any complicated language. Your plan doesn’t have to belong, but it should prove the vision for your idea, your objectives, how you will deliver the plan and how it will make money.
4-Think Seriously About Investment and Funding
Is any funding available to you? The government may offer loans or grants for new businesses, to help them start out, or your college or university may be able to offer support. The usual trend for business investment was always through banks or from investors. Design a strong business plan to attract an investor.
• If you can start your business without financial help this is always recommended as loan repayments are one less thing to worry about. Create a cash flow forecast to identify when the shortfalls may occur and if there are alternative ways of handling it, rather than a loan (overdraft, different payment terms with clients, negotiating credit terms, etc).
• If you do need investment, make a list of all of the options open to you, interest rates, repayment terms, set up time and the pros and cons of each.
5-Decide on the Business Name
Think carefully and research your business name as this isn’t something you would want to change after launching. Look for any differences, which stops you from using names already in use.
Decide on a killer business name:
• Share your best ideas with people you love, family and confirmed clients to check the result
• Check whether the website domain name and social media profiles are still accessible for your selected names.
6-Get Your Logo designed and Build Your Company Brand Identity
When your company name is selected and registered you can start making your company logo and branding. As you have to flourish your business happily with this logo and your brand identity for a long time. Tools and design package
s are available if you have the skills to create this yourself, otherwise, a graphic designer should be able to create your company identity for you, and they can design your letterheads and business cards also.
Develop your corporate identity:
• Brand standards should be created, detailing the correct use of your logo, font, colors, placement and so forth
• Consider how your logo will reproduce in different situations, such as reversed and on social media, badges, business cards, websites.
• You will need your logo in different formats such as .eps, .jpeg and .png.
Set Up Your Website and Social Media Accounts
Check your website domain is available and purchase it when your company name is agreed upon. We should also preserve the social media platforms too, even
if you have not completed your profile details, start actively posting from the accounts. Aim for the same handles across all networks for consistency.
Sort out your online presence:
• Propagate your web page and social media channels as soon as you can. Even if it is just a holding page and ’coming soon’ message it lets people know plans are afoot
• Get friends and family to follow you initially to boost your follower numbers on social
• Start sharing useful posts to start creating more true followers.
Protect Your Business Intellectual Property
Protect your brand via trademarks, patents, copyrights, whichever route is related to your product or service. Take specialist advice on these matters to make sure that you are protected against theft and plagiarism. Don’t think that it wouldn’t happen to you.
• Take legal advice to protect your IP
• Don’t be afraid of asking people to sign a non-disclosure to protect your IP whenever sharing information and ideas
7-Market Your Business Like Crazy to Secure Clients
Try to work on obtaining some clients and projects before officially launching the business. Having one client already signed up was a great confidence boost when you launch your company and absolutely a deciding factor to take the plunge.
Tell as many people as you can about your intentions, including friends and family as word of mouth has become a very fast medium of marketing. They may not need your services, they may know someone else who does.
Develop Your Business Opportunities
Be sure to devote plenty of time to expanding and growing your business, otherwise, you will find that you complete your first projects and then have no more work on the scope. Managing cash flow and the peaks and troughs can be difficult as you get to grips with being your own boss.
Think about the next steps for your event planning business:
• Set up alerts or systematically check websites for relevant opportunities and tenders and get out there to network and meet people
• Develop template marketing content and wording for proposals so you are ready to respond quickly as you find out about opportunities
• Improve your pricing structure, fees and charges as you go along
• Get a business guide to help you through this tricky starting period.
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