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How To Start An Event Planning Business
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By: Scam Risk - Expert Reviewer
How To Start An Event Planning Business: Easy Way To $10K?
It takes careful planning to start an event planning business in 2021. Here are some steps you can take to get started.
Towards the end of this article, you’ll find answers to some of the most frequently asked questions on how to start an event planning business…
But most importantly, you’ll see the exact system many others have used to build their own internet marketing business to over $40,000 a month in mostly passive income.
Table of Contents
Understanding The Business Requirements
If you are new to the event planning business, you might think it is all glitz, champagne, and parties.
You may have worked hard to achieve that, but the real story is quite different behind the scenes. Any event will have about a thousand boxes you (the professional event planner) need to check off for everything to run smoothly.
Duties And responsibilities Of An Event Planner:
These tasks might include, but aren’t limited to:
- Creating an event theme
- Arranging entertainment
- Picking the venue
- Booking vendors
- Sending RSVPs, marketing information, and details to attendees
- Budget planning
- Coordinate with staff and other subcontractors
- Space decoration
- Assisting the bar and catering staff
- Supervising and supervising the event
You will need to check off about 1,000 more boxes under each of these tasks. This field is well-suited to the Type A personality type. This is what you need to be.
- Detail-oriented
- Extremely organized
- An ace problem solver
- Demonstrate excellent communication skills
Aside from that, you will need to be a good negotiator who can manage a budget and market yourself.
A wedding planner must possess high emotional intelligence to manage nervous brides, grooms, bridal parties, and other guests in stressful situations.
It’s a good idea for anyone who isn’t quite sure if starting an event-planning business on their own to give it a shot.
The first is to consider working for an experienced party planner or event planning company as a personal, or production assistant. By doing this, you can determine if the job is for you.
How To Start An Event Planning Business In 5 Steps
For any type of party planning business to succeed, careful planning is required. Below are five steps to get you started in the events industry:
1. Get Your Event Planning Business Set Up. Draft A Business Plan.
Write your business plan. A business plan is a written document that describes a company’s core activities, objectives, plans, and how it will achieve them. Good business plans include an executive summary, products and services, financial planning, marketing strategies, and budget.
Your business setup also includes setting up all necessary legal foundations for your business. This includes getting your company registered, setting up a bank account, and getting a business license.
If you are new to the event planning industry, it’s crucial to go through the fundamental business foundations to make sure your business is compliant. The requirements will vary depending on where you are located. Find out the requirements to register an event planning business or obtain a license from your local government.
Here Are Four Key Questions To Ask Before Registering Your Business:
- Is your company name available? Does it have a registered owner?
- Search and confirm options will be available at your government offices.
- Do you want your business to be a sole proprietorship (LLC), or limited liability? Are you going to need a tax identification?
- This will depend on your business structure.
- Are there any permits or licenses you will need to operate your business?
- This can vary depending on your location. A permit may not be necessary for an event planner unless your business has a physical location. However, this permit will be required for certain events. You might need a permit for festivals or other outdoor events. For more information, check with the state or municipal offices.
Do You Need A Business Bank Account?
After you have registered your event-planning business and made it legal, it’s time for you to open a business account. Even if there aren’t any clients yet, it’s a good idea to start the process to clearly identify personal expenses and business expenses.
Here’s why you should open a business bank account:
- You can easily manage and grow your company by opening a business bank account. It is required for LLC companies to open business bank accounts.
- Separating your personal and business accounts will help you better understand your business’ financial health. It will be easier to determine how much money your event planning business has. This will allow you to make accurate budgets and track cash flow.
- It is difficult to track income and expenses if you keep them in one place. If you open a bank account for a business, your bank statement can be used to more precisely track income and expenses. You can even compare your financial books with your bank statement by using a monthly reconciliation without having to go through your personal expenses.
- Business tax deductions can only be claimed if you have the records to back them up. When personal and professional finances are mixed, it can be hard to prove which expenses are business-related and which ones are personal. This can cause problems if you are ever audited.
2. Get Your Online Presence Started.
Make sure to secure all your online accounts once you have a business name. Register all accounts, even if you aren’t planning to use them yet.
It’s better to plan ahead than to make a mistake and end up realizing later that someone else is using your business name.
Which Social Media Platforms Should Event Planners Use?
You can choose the right social media platform for your business by doing what makes sense. Social media is not a one-size-fits-all approach.
There are some platforms that are better for event planners than others. They are visually appealing, allow you to share beautiful images, and help you showcase your work. These are:
You should also get a domain name and set up your website. Experts recommend WordPress. But, if you don’t have the technical skills, ShowIt and Squarespace are great options which most event planners also use. They allow you to easily optimize your website for search engines.
3. Get Your Business Tools.
It is essential to have all of your business tools ready before working with clients. These tools are the programs in your client relationship management software (CRM). They will help you book clients, collect payments, and document the timeline and due dates.
Why Is A CRM Recommended This Early In Your Business?
This can be more difficult to do when you are already working with clients. These should be done before clients begin to come in. It will help you streamline your business processes and reduce your stress levels before they start coming in.
There are several client relationship management (CRM) programs you can consider for your event-planning business. They are:
How Do You Select The Best Event Management Software For Your Planning Business?
- Ease Of Use. The best CRM tool for your business is the one that you and your employees actually use. Are you able to use it easily? Is it visually attractive? Is it dated?
- Customization. Each event planning business is unique. Consider whether the CRM you choose has customization options that allow for branding, sales, or your workflow.
- Reporting. Good CRM tools allow for detailed reporting on a range of data. Remember that analytics are crucial even for an event planning business.
- Automation And Integration. Can CRM automate tasks in your business? Integrate it with other programs like email, accounting, or marketing platforms? A CRM that integrates with other programs such as Salesforce or has automation features is a good choice., i.e., zapier.
4. Create An Event Planning Business Portfolio.
Your portfolio as an event planner is essential if you are a new event planner. Images that show potential clients what your business can do are essential. You can use photos from past events to promote your business.
If you are just starting your business but don’t have images, you can volunteer to organize events for friends and family to help you market your business.
Pro Tip: Hiring a professional photographer is advisable. Family events are wonderful, but they are only successful if the images taken are professional and of high quality.
If you don’t have a portfolio, a styled shoot is another way to showcase your skills. These are five tips to help you plan a styled shoot.
- Set a goal and start working towards it. Create a plan for the shoot.
- Get ideas by brainstorming. Consider what you want to achieve, and what style or theme you’d like for your shoot.
- Build your team. This includes the baker, photographer, stationery designer, florist, and venue manager. You will need to make a list of all the people you need to execute your vision.
- Locate a venue. Your venue is an important part of any styled shoot because this is where you will be setting up everything. You can choose a location that represents your brand, or one that is easily customizable to fit the theme of the shoot.
- Make a schedule. It will be easier to plan the styled shoot with your collaborators if you have a clear timeline. Although there are no guarantees that everything will go according to plan, it will be easier to have a reference point to help you stay on track and keep you informed of any delays or changes.
5. Market Your Event Planning Business.
After your business is ready for clients, market it as if you are a professional. Even though you can plan amazing events, if nobody knows where you are or who you are, your business will be doomed.
Marketing your business involves more than just having a website or social media accounts. It also requires understanding your customers and being able to articulate how you can meet their needs.
Here are some questions to ask yourself when marketing your business:
- Are you able to predict the needs of your customers?
- Are you confident that your customers will trust the quality and reliability of the service you offer?
- How can customers find out more about your company?
The Answers To All These Questions Lie In Marketing.
The way you market your business is key to whether or not your business succeeds. Your business will likely close due to lack of bookings.
Marketing Is Also How You Differentiate Yourself From Your Competitors.
You have probably been on Instagram or Facebook and seen many event planners post about their past event planning services.
Marketing is vital for event planners. Your competition is actively marketing their business. Marketing aggressively is the only way to gain an advantage over your competitors.
Marketing your event planning business does not have to be unprofessional or sleazy. You can simply do research about your target market and find ways to offer a better experience and service.
How To Win At Marketing Your Event Planning Business
Your business will do well and effectively sell to your customers if you educate them, keep them engaged, and build a good reputation with them.
Businesses that attract new customers have the best chance of succeeding. Marketing is how your business attracts new customers.
Conclusion
What are the startup costs to open an event planning business?
For a small business to begin event planning, set aside $15,000 to $25,000 for the minimum.
How do I start my own event planning business?
Research, plan, budget, scope of work and throwing amazing events are all part of any event planning business process.
Can you start an event planning business with no experience?
Although it can seem daunting to start an event business, you don’t need any prior experience. Some of the best event planners in the world, like Preston Bailey and David Tutera, started their career in the event industry.
Is an event planning business profitable?
Starting an event planning business can be a very lucrative career option. Successful event planners will enjoy a positive reputation and be able charge high prices for their creativity, execution, and results.
What Is Our #1 Recommendation For How To Make Money In 2021?
Our review team has come across a program in the real estate industry that is next level!
Although it’s not real estate in the traditional sense, it’s all digital.
With this digital real estate program, you can have the ability to completely walk away from manual labor!
Sound too good to be true?
Of course it does!
But it isn’t…in fact, business owners wish they had this skill!
All you have to do is build and rank a website and forward the jobs off to a business owner in town, you could even email it to them!
This works for literally any service based business, tree service, plumbing, towing, etc.
How Do You Get Paid And How Much?
Simple, after you forward the jobs off to a business owner and he makes some money off of them, you simply ask to make the deal beneficial for each other.
A fair price to charge per lead, depending on the industry is 10-20%…let’s just use the tree service industry for example and go by worst case scenario.
Let’s say you build and rank the site and only 20 jobs a month come in. The average tree service job is anywhere from $500-$2000!
That means at bare minimum you have an asset worth $1000 a month!
See why they call it digital real estate now?
That’s a rent payment.
The great thing is how easy it is to scale. You don’t have to answer the phone…all you have to do is get the phone to ring.
Unlike the passive income ideas I mentioned earlier…
This one actually allows you to collect that without working in a brick and mortar business all day.
Truly passive income!
The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice over when he is sharing his screen.
You will learn the importance of keywords, website name, how to send call notifications via email, backlinking, etc.
Once the training program is completed you will also have access to a Facebook group where you can ask questions and be in a community with others on the same journey as you.
Digital real estate allows you to have passive income with most of your day being spent OUT of the brick and mortar landscape.
Now, I know you probably have tons of questions… So, check this out to learn more.
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It really helped when you talked about event planning companies and their main duties! Recently, my sister said she’s interested in starting a business. My sister wants to know more about party planning, so I’ll be sure to share your tips with her! Thanks for the information on how party planners need to find and book event vendors.