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How To Start Your Own Event Management Company

Apr 15th 2019 at 4:58 AM

event planning

The special event industry is expanding and is worth $500 billion annually, as stated by a research done by Dr. Joe Goldblatt. As such, big opportunities lie in it. When working in this marketplace, there are multiple directions in which you can grow, as a lucrative market awaits you on many fronts.

But you will need to carefully decide where your strengths lie and what you’re experienced in. This article will guide you into the basics of event management and let you decide better about what kind of event to organize and specialize in.

Decide which direction you wish to follow

There are different types of events you can organize and event planning services you can offer on them. Some are purely social, some are business related, while others are somewhere in between. The services you plan to provide will be based on the type of the event, which will, in turn, be based on your specialization. They can be classified into these categories:

Types of events:

  • Promotions (fashion shows, product launches, political rallies)

  • Education (meetings, incentives, graduations, exhibitions, conferences)

  • Celebrations (parades, anniversaries, weddings, birthdays, parties, music concerts, fairs, reunions)

  • Commemorations (civic events, memorials)

Available event planning services:

  • Event evaluation

  • Supervising the event

  • Designing the event

  • Arranging accommodations for attendees

  • Conducting research

  • Searching for the event site

  • Arranging for décor, entertainment, and food

  • Inviting the attendees

  • Planning and executing transportation to and from the event

  • On-event coordination

  • Event promotion

  • Venue Hire

  • Event registration

Instead of trying to organize every kind of event possible and sell all event planning services on them, select only those services you can complete most effectively and specialize in them. Those that you know most and in which you have the majority of experience and expertise required.

For example, if you're experienced with organizing music concerts, it would be better to go in that direction than just going into wedding planning as the market is bigger there. Corporate meetings are different than memorials in terms of implementation, planning and evaluation. As a matter of fact, every type of event requires distinct planning, executing and evaluating capabilities and as such, it won't be possible for you to develop them all.

Select your core competence carefully, and just once.

Select and find the necessary skills

As mentioned before, look where your experience and expertise lie. Although experience can come in handy, it isn't essential. During your working hours, you have probably picked up a few transferable skills that you can now use in your event planning career. Some of those are:

  • Marketing skills - For promoting the event, pricing and delivering it.

  • Organization skills – For time management, coordination, control, and logistics.

  • Interpersonal skills – For negotiations and communication

  • Computer skills – For website creation, and for ad materials (flyers, brochures).

  • Accounting skills – For financials and budgeting.

  • Creativity skills – For event designing.

  • Risk management skills – for security reasons.

What you're unable to learn or do by yourself you can outsource or hire part-time, or better, you can find volunteers from local universities. You can also use a ticketing system. Such systems streamline everything completely and offer tools that simplify the process of organizing an event and building a community around it.

These systems are able to transform the event in a singular experience and guide you through the process from the registration to the on-event activities and post-event analytics. Everything can be redesigned and personalized with full control from your part.

Research the market, and analyze the competition

Market stands for your target audience – the people who would be interested in your event and clients who would want to hire you. If they aren't interested in your event, you'll end up with zero attendees. You wouldn’t organize a rock concert in a predominantly old community.

Discover the demographics of your target audience – their age, gender, profession, lifestyle, income, interests, behaviors, what they drink, where they live, what they desire from an event, their customs, religion, etc. Survey the area where you wish to organize an event. Unless you wish to organize weddings in an area where there are only two a year.

Competitor analysis is about discovering who your competitors are, what their market share and value are, where they live, what their turnover is, how many employees they have, how many clients they have, how many events they organize annually, why do people go there and what makes them special. This will help you develop a business plan for your event.

In conclusion, use everything that was mentioned in this article to develop a sound business plan for your event management company. Be realistic, avoid optimism when estimating capital investments, sales and profits, and outline your business goals precisely. What are your short-term and long-term goals and what is the mission and vision of your event management business? Answer these questions and you will be well on the way to start your own successful event management company.

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