Is it an easy time to start an event planning business?
At the beginning of the year, companies everywhere started canceling their events and replacing them with online get-togethers. They’ve also sent most of their employees home to avoid in-office meetings and allow people a safer alternative while adhering to the latest recommendations on social distancing.
As months go by, we have noticed that events have been changing to adapt to the new era due to the pandemic. Simultaneously, event planners are still thriving, especially because the need to organize smaller, more manageable events is rising.
Both companies and entrepreneurs alike are beginning to restore their operations to some new form of normal slowly. As we have yet to see what that normal will entail, events will not be postponed indefinitely or reduced only to their digital alternatives.
Although online conferencing will still be the predominant way to connect with partners, clients, and employees, event planners will be an even greater necessity – precisely to help businesses navigate the waters of what we refer to as the new normal.
We will discuss what you should do to open your business during our current uneasy times on the next topics.
Stay informed on the latest rules
Considering the pandemic and the constantly changing rules and regulations, your business will be in a very sensitive position. It’s not just about legal liability and potential fines. It’s primarily about your business reputation.
You should be informed about the latest changes in your local rules regarding social distancing, the maximum number of people to attend an event, mask-wearing needs, sanitation and hygiene essentials, and the like. Following the rules will give you a chance to build a reputable business from the get-go.
Start with a business plan
No company can build itself, so you need a solid business plan paired with a powerful marketing strategy to launch your event-planning business.
Writing up a business plan will also enable you to see how you want to position your brand in the industry. Do you want to be a wedding planner, organize professional networking events only, or work with children’s birthday parties? There are so many options, and it’s always smart to narrow down your expertise.
This will allow you to carefully tailor your short and long-term business goals, set specific milestones, allocate enough budget, and choose the best strategies to push your brand out into the world.
Partner up with the right companies
Event planners working as solo entities are on the rise, especially because more companies are now opting for small-scale events. However, that doesn’t mean that your business doesn’t depend on a slew of other companies that you work with: catering companies, audio, and visual professionals, all the way to entertainment.
You should build up your contacts so that you always have experts at your side. Start with finding solutions for AV equipment hire for events to have cutting-edge audio and visual technology and experts at the ready. Have a list of reputable caterers as well as performers for versatile entertainment. The more you can offer through your connections, and the more your business can grow, too.
Set up your digital presence
Precisely because of the pandemic, you cannot possibly market yourself without a stellar online presence, starting with a user-friendly website to represent your personal brand. Choosing the right platform, finding the right theme, establishing your brand’s tone of voice, and deciding on your site’s core purpose can be challenging.
More often than not, event-planning sites are informational and serve as a perfect contact platform so that potential clients can reach you. The content you post and then share on your social media pages will help build up your personal authority in the industry and, of course, connect with more experts in the field. Your digital presence will become the starting point for all of your future marketing endeavors so that you can grow your customer base slowly, but sustainably.
Work out the starting capital
Setting up a small business might not require the same sizeable budgets as running a large-scale corporation, but some basic structure is vital for the sake of financial stability. At first, you’ll be the one investing in those key operations such as accounting and bookkeeping, marketing and sales, and networking. If you don’t have all the capital to invest yourself, there are safe ways to find investors for your business, and then work your way up from there.
The key here is to make a realistic prognosis of how much working capital you need for the first year of your business. Set a financial plan so that you can show your potential investors just what they can expect their investment to achieve in the foreseeable future. Showing them the relevance of business events and your role in growing the industry can help you build up the capital you need. This is a perfect moment to present your experience and connections to recognize your authority and expertise.
Starting an event planning business is certainly an excellent way to build a reputable organization, despite the pandemic, and help companies connect in approved, healthy, and safe ways. As you advance, you’ll need to upgrade your strategies and use your portfolio to attract more clients, but for these early stages of business development, mastering the basics will make all the difference in giving you the right foundation for your company. Use these tips to set up and run your event planning company in a structured way, and you will have ample opportunities to grow.