Like any other business, event planning is a venture that is not for everyone. The stress alone may be enough to discourage those who aren’t really passionate enough to push through with the business. Of course, you are probably over that any doubt about seeing yourself in the event planning business already considering that you are now searching for some guidelines on how to go about in doing it.
The event planning industry has grown for the past decade and is continuing to do so in 2018. This is not surprising for most enthusiasts since there are endless routes and possibilities for people with talent in events planning.
To help you go a step further in your endeavor, we have compiled some of the things you should know when starting an event planning business in 2018.
Know What You’re Good At
Event planning, like any other career choice, requires passion and skill. No event planner would be able to succeed in the industry they’ve chosen without one of the two, so it is imperative that you determine if you have what it takes to be in the business first.
Some of the traits needed in the career include a sociable and outgoing behavior as well as the ability to tackle ever-changing tasks of event planning. With that said, those who are more comfortable seated behind a desk with very few chances of communicating with the customer are less likely to succeed in the business.
Once you determine that you have what it takes to be an event planner, you need to proceed with having papers to attest to your skills. Certifications are required before anyone would trust you with their affairs, so be sure to know the nitty-gritty parts of the business.
It is highly recommended to invest in formal education to give your potential clients assurance that you’re the right person for the job. Event planning education costs range from $95 to $1,995, depending on the scope and level of certification you are aiming for.
Determine Your Target Market
Starting a business in event planning also requires you to determine your target market. In the industry, there are two types of markets you can aim for: the social market and the corporate market.
The social market covers events that are typically done by people for themselves or their loved ones. This includes birthdays, weddings, anniversaries, reunions, and countless others. Event planners who choose this type of market can also opt to specialize in a couple of them, which means the target market will also be more specified.
The corporate market, on the other hand, covers everything related to institutions, companies, non-profit organizations, and charities. With that said, some of the usual events covered by this market category include gala fundraisers, athletic competitions, receptions, and many others.
Compute Your Start-Up Cost
The start-up cost is a critical part of starting an event planning business because it would determine whether you have enough money to fund your business venture. When computing for this, you should consider the cost of living in the neighborhood where you plan to set-up your business. It would also be dependent on where you are planning to establish your company. Some event planners start with their home offices since it allows them to save on rent.
With that said, low-cost event planning businesses can launch with an $8,050 start-up cost while those with higher capitals would need to spare $31,100. Of course, there are certain shortcomings when you start with a lower budget, including the inability to rent a space with better foot traffic and hire extra help.
Have A Business Plan
Basically, a business plan would serve as the foundation for your event planning business. Every entrepreneur needs to have one as it would be the basis of their decision-making process and could also be used to convince investors and lenders.
Make It Legal
Once you’ve gotten everything in order, the final step is to make your event planning business legal. This means you would have to complete all documents needed to legally operate the business.