The event management industry is one of the fastest growing in the US, and if you know what you’re doing, you can easily turn a profit. Moreover, you don’t need any specialized training to start. As long as you know how to administer an event planning business and know how to advertise and find customers, you are good to go.
In fact, according to the US Bureau of Labor Statistics, now it’s the best time to start a business in the event management industry.
Still, it’s important to keep in mind that many new businesses end in failure (regardless of industry). Moreover, the risk of failure is bigger in an industry where the competition is always ready to snatch away any unsatisfied customers.
So how can you make sure the risk of failure is smaller for your business?
We took a look at some of the most successful entrepreneurs in the niche and compiled a few tips for those of you who are just starting in the events management industry. It may not be a recipe for guaranteed success, but it helps to know the path.
Put Together a Business Plan
Every successful business starts with a well-detailed business plan.
A business plan will help you identify the weak points in your vision and find ways to fix them. Also, you will be forced to sit down and really think about key elements for success, such as:
- Goals (short and long-term)
- Mission (the message for your customers and employees)
- Type of events you want to organize and plan
- Certifications and permits you will need for a legal business operation
- Marketing needs and channels
- Target audience
- Resources (both human and equipment)
Quick tip: It’s important to work with accurate data, so when you hammer down the details of your future business use all the tools at your disposal. For instance, you can use specialized software to help layout your floor plan (this will also be helpful to present to investors and funders).
Handle the Paperwork.
Once you have the business plan you also have a detailed plan of the steps you need to take in order to start your business. And, in most cases, paperwork will be the first step ( not the most exciting, but it is necessary).
Check with local authorities and get all the permits to put you in business. Also, find the best tax structure that fits your needs and register the business with the local tax authority. It is also good practice to find a reliable tax advisor and accountant (if the initial budget allows it).
Take Care of Finances
Every business requires an initial investment before it can become viable. This investment needs to cover expenses such as office space, maintenance, advertising, software and hardware requirements, staff payroll, and more.
Now, you could support it from your own resources, try to get a bank loan, or start looking for investors who are willing to believe in your future success.
Build a Solid Team
While some entrepreneurs can afford to start their business with a one-man team, an event planning business is quite difficult to manage on your own. There are so many different activities to do when you’re trying to put an event together that, even with the best management software, you still need a lot of help.
Therefore, it’s best to find a few reliable people with experience in the niche who will become your business’s core. In the beginning, most of you will wear more than one hat, but this way you get to know the business from top to bottom.
Overall, as long as you have a solid business plan and have your finances and team figured out, your new events management business has all it takes to become a success!
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