Imagine a job that allows you to put on your fancy dress and attend parties every day. Event management, colloquially known as party planning business, is one such occupation.
There are many plus points of being in the party planning business. You meet new people, you get to explore new cultures, you stay close to market ups and downs, and you make a lot of money in the process.
Event party planning business can be started by working from home. This is a business that you can begin with a relatively small investment if you begin from home. It will keep overheads low and maximizes productivity in the early phases.
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You can also get loans if you need money. Very bad credit loans with no guarantor are accessible online from direct lenders.
What is Event Management / Party Planning Business?
The process of planning a party or event is known as event management. This event can be of any type ceremonial, personal, public affair, online, or in a hybrid format.
Based on their purposes and objectives, events can be divided into four categories:
Personal events: Weddings, birthday parties, etc.
Public Event: Commercial, political, and charity events.
Cultural events: Ceremonies, religious, art, and heritage events.
Entertainment: Sporting events and concerts.
It’s best to choose a niche cause you wish to become an event planner. It is crucial to familiarize yourself and earn some experience if you want to be well known in the world of party planning business.
1. Getting Professional Assistance for Skill Development
A good event planner delivers an amazing party experience to his or her clients. And to be a good planner, you must acquire skills:
- Interpersonal skills like communication, both verbal and written
- Presentation skills
- Time management
- Organization management
- Budget management
- Negotiation
- Marketing,
- Public relations etc.
Also, you must think out of the box to have a special experience for your clients. Creativity, a determined team, and the ability to strategize the events are going to be crucial for you.
2. Obtain Funding for Your Company
Although this business can be started with very little to no money, it is essential to have funds at your disposal. Many clients will reimburse you only at the end of the event. If you can not arrange funds, you can get loans with no guarantor.
This business-like, all other ones, require an operational budget.
3. Define you Niche
You must figure out your niche, the kind of services you love to work with and want to be known for. You can begin with partial services. There are services like decorations, entertainment, booking a location, promotion of the event, catering, flowers, etc.
As your experience grows, you can take full control of every aspect of an event. You also need to discover your niche. Would you be a birthday or wedding planner, or would you instead enjoy planning galas or concerts?
Having a niche will establish you as a successful and well-known planner.
4. Market Research
Market research helps you understand whom to target and what is your competition. You can understand what is in demand and what is not available. You can bring something new based on your market research.
It will also make you understand the needs of your clients and the price they will be willing to pay for your events. Doing market research will guide you in formulating your plan.
5. Business Plan
A business plan will be easy to make only when your market research has been on the right path. It will be crucial that it will give you clear insight into the operations of your upcoming business and achieve your future goal.
Your business plan will fetch you investors and funds if you present it properly. Have a business plan, the model, profits, and future expected projections in your business plan.
6. Find the Name of your Organization
Choosing a name for your company may seem easy, but it takes a lot of thinking to create a plan. People will know this name, and they will approach you. This is going to be your brand identity.
Consider your niche and the kind of service you’d like to provide, and think about what comes to your mind. Word hard to bring a clever but straightforward name for your organization.
You can prepare a list of names you like and sleep on it. Pick a name that is simple to spell and call. Make sure it is original and one-of-a-kind. A name that is a good depiction of your services and can get your audience’s attention would be perfect.
7. Branding
Branding is associated with naming your event management company. It is when you begin to create the logo and other marketing materials. Pick a catchy slogan, make social media pages, and post regularly.
Make a website including all the necessary information. You must establish clear standards for branding to speak to your target audience.
8. Develop a Supplier and Staffing Resource Network
A party planning business relies heavily on suppliers. It’s time to use your interpersonal skills and start building a chain of suppliers. Find out about the people and include all the local suppliers with the kind of service and their details.
You will need caterers, florists, photographers, and many other vendors for your event company to work. While you must have good relationships with suppliers, it is also essential to not rely entirely on one supplier.
And, of course, you need assistance with work. You need to hire staff to ensure that your work is in the right direction. Hire people who are comfortable working in gatherings and can face challenges.
9. Licensing and Paperwork
While staffing and finding suppliers are going on, you must work on your necessary paperwork and documentation. You would not want to be in legal trouble, right!
Following are some necessary documents needed by you:
- Obtain the necessary permits: Whenever you plan a party, be sure to consult the local authority or council as well as the venues before conducting events. Understand the rules and laws to avoid any last-minute hassle. Throwing a party in a public place needs you to have permits.
- Create a trader account: You’ll need to register as a trader with HMRC. Be aware of the tax ramifications.
- Create a business bank account: You need to set up an accounting and cash flow system so you can simply monitor accounts, invoices, and outgoings. If necessary, you can hire a freelance or full-time accountant to assist you in the business.
10. Price Plan
As a beginner, I must advise you to have a single-price system for the entire service. Never have a small fee just because you are new. You should have a single pricing system with some offers like a beginning offer or first-time offer, etc. This will make your client feel special and enjoy your services even more.
Some companies also provide commission-based rates such as hourly for the time you spend working on the event. Every new project will bring new experiences, and you will learn to charge better.
Your pricing must cover your operating expenditures while still allowing you to make a reasonable profit.
Conclusion
If you want to be well-known in party organizing, pick a specialty. This is a low-cost or no-cost party planning business firm.
Your event management company should have a business plan after market research. Writing a business plan will be simple. Determine your niche and develop a clever yet straightforward name for your company.
Make a memorable tagline, create social media pages, and update frequently. You’ll need to recruit people to ensure that your work runs smoothly.
People who are comfortable working in groups and who can handle obstacles should be hired. As a newcomer, I recommend using a single pricing scheme for the entire service.
