Whenever you have a dream, there will always be those telling you why it can’t be done. Their key arguments are either that there isn’t enough gain in it or that the industry is oversaturated.
The event management business is no exception here. Still, those who are willing to get their hands dirty are always going to find a way to the top. Starting an Event Management Business truly is difficult, but with the right course of action, even this isn’t impossible.
Here are some tips that might be of use.
1. Start with an Idea
Event management is a broad term and saying that you want to succeed in this business really doesn’t reveal much. This means that you need to narrow your focus down to what you are most familiar with. For example, you might be good at throwing parties or organizing weddings, which already gives you a hint about your future line of work.
Once you have this figured out, try doing some research on your target demographic, as well as your competitors. Let’s say you decided to go with the wedding planning idea. So, look up websites of few competitors and see what they have to offer.
2. Make a Website
In 2016, most of the work is done via digital means. This means that what you will need in order to succeed is a solid website. On this website, you need to present and promote your business to all potential clients and business partners.
For starters, you need it to be well-optimized for both desktop and mobile users. Since 2015, most searches are conducted from mobile devices, so it would be unwise to disregard them. The most important thing, however, is to make sure it’s quick and efficient, since most people online give up in the first 4 seconds of waiting for a page to load.
3. Make Your Website Useful
Now that you have dealt with the visual aspects of your website, it’s your duty to make it useful to your audience. Here, it might be a good idea to display your contact, as well as any information interested parties may find relevant. In the very end, you can also install an array of plugins to add one or two more practical aspects to your website.
For example, you can make it possible to order tickets via an event ticketing plugin. This way, your clients can order tickets from your website directly and you don’t have to include a third party for distribution and sales. This also means that all of the profit from their sales goes directly into your budget.
4. Spread the Word
Ok, now you have a well-optimized website and a method of ticket distribution. But, what good is all that if no one knows you exist? You will simply have to come up with a solution to this problem, and the most cost-efficient way to spread the word is through social networks.
Post pictures of events you organized on Facebook, Instagram and Pinterest, announce future happenings on Twitter and even make a LinkedIn profile. Remember, if you don’t promote your business, no one will. Do so often and even be shameless about it.
5. Set a Budget
At the end of the day, event management is a business like any other, which means that there are several things you will need to worry about. First, you need to set up a budget and acquire enough starting capital. Sure, you can always ask your clients for some money in advance, but this might not always be enough. It will be on you to decide whether to go with crowdfunding like Kickstarter, a bank loan or to look for investors interested in equity in your business.
In order to set a budget, you need to know what are some of the basic startup expenses. For example, if you were to rent an office, it might cost anywhere from $2000 to $3000. Of course, you might also work from home and save quite a bit on it.
Next, you will need is some basic equipment, the price of which will greatly depend on your business focus. Then there’s the price of advertising, licenses and taxes, as well as the insurance of everything aforementioned. This is, of course, just broadly speaking, but you will have to know everything to the last digit.
6. Getting Certification
Finally, event planning is not just about knowing how much food to offer or where to hire a venue for the celebration. It is either an art or a science, depending on who you ask. Either way, you don’t want to go into it unprepared, so you might want to consider getting a certification from a local university.
As you can see, starting an event management business is far from simple. Without a thoroughly prepared business plan, you simply cannot hope for success. However, even having everything figured out in advance cannot guarantee triumph. Although, it does give you an edge against others in the same position as you, which is not a small thing.