Event planning is a taxing yet rewarding career path. If you’re fond of creating events, creating meaningful moments, and bringing people together, event planning business management is a great fit. As mentioned, starting this business takes a lot of hard work.
This is why we’ve made it easier for event planning enthusiasts. As they say, starting your business is probably the hardest one. If you’re wondering about the essential steps and aspects to know before you open such a business, you can refer to the twelve steps we’ll comprehensively discuss below.
Step 1. Choose an Event Planning Path
The first step in how to start an event planning business is to identify which aspect of event planning you’re most interested in or good at. Some examples of career paths include the following:
- Event Coordinator
Event coordinators manage multiple clients and oversee the execution of diverse events. They ensure everything runs smoothly, from corporate gatherings to personal celebrations, handling logistics, vendors, and timelines for a seamless and memorable experience for all attendees. - Conference Planner
Conference planners specialize in managing expos, seminars, exhibitions, and trade shows. Their responsibilities include securing venues, coordinating schedules, and ensuring flawless execution. They handle everything from speaker arrangements to attendee registration, creating a streamlined and professional event experience. - Wedding Planner
Wedding planners assist couples in organizing every detail of their big day. From coordinating florists and photographers to securing venues and caterers, they ensure all elements come together perfectly for a beautiful and stress-free wedding celebration. - Venue Planner
Venue planners focus on hosting events within specific locations like hotels, arenas, or convention centers. They manage in-house staff, set up layouts, and coordinate resources, ensuring the venue meets the client’s needs and provides an exceptional event experience. - Party Planner
Party planners bring intimate celebrations to life, including bridal showers, birthday parties, and baby showers. They manage themes, décor, and entertainment, ensuring personalized touches and a fun atmosphere for unforgettable small-scale gatherings tailored to each client's vision.
Step 2. Conduct Market Research
Along with opening an event planning business, it’s vital to research your local market and identify the target audience. Some factors you must consider during market research include whether to focus on social events, weddings, corporate events, or destination events. Furthermore, ensure you understand the pricing, competition, and potential demands within your chosen area or market.
To better understand your target market, you can host surveys, gather focus groups, conduct interviews, or observe your chosen market. As you collect helpful data, ensure you know who these people are in your market, their goals, challenges, and the resources they need.
Step 3. Develop an Event Business Plan
This will be the foundation of a business’s success. The business plan documents significant information about the company’s goals and expectations. Structuring it must include the following points.
- Mission statement
- Scope of work
- Marketing strategies
- Market analysis data
- Financial objectives
- The frame for getting started
Step 4. Identify the Costs to Set Up an Event Planning Business Management
Starting any business means getting enough capital to keep it running. There are various start-up costs an owner must consider. Remember that these costs can add up, so set aside sufficient funds to cover the following expenses.
- Insurance
- Business formation fees
- Mobile phone
- Computer
- Equipment
- Supplies
- Software
- Internet
- Website
- Advertisements and marketing
- Transportation
- Office space
- Freelancer and employee expenses
Step 5. Develop Your Pricing Strategy
First, research the industry standards and structure a competitive yet profitable pricing strategy. Consider pricing per event, hourly, or offering packages based on the event type Besides the package offers, some event planners develop an introductory offer to entice more clients. Remember to get all the details of the project or event when getting new clients. This lets you calculate correctly and come up with a fair proposal.
Additionally, ensure your pricing strategy reflects the value and expertise you bring to each project. Highlight unique services or perks that set you apart from competitors. Transparent pricing builds trust with clients, while flexibility to accommodate their needs fosters long-term partnerships and positive referrals for future business growth.
You must also base your pricing structure on three things.
- Location. Your pricing should sufficiently cover the cost of living and expenses.
- Event type. Each event is different, and some require higher pricing structures than others.
- Experience level. Most clients will pay more if you have certifications in various event planning training and lectures. Experience is also a plus.
Step 6. Create Your Event Planning Portfolio
The steps on how to start an event planning business also include building your portfolio. The portfolio can be created through a website, physical display, presentation, or whatever means you prefer. Regardless of your choice, your portfolio must showcase your background in the event planning business management landscape, what you do, and how your business stands apart from competitors.
As you get booked by several clients, consistently build your portfolio through some of the following ways:
- Gather client reviews and testimonials
- Write a case study
- Capture before and after photos
- Create inspiration boards
- Gather media coverage
Step 7. Design Your Company Logo, Website, and Brand Identity
The event planning industry is exceptionally competitive, so having a unique brand identity ensures people and clients will remember you and your services. The brand’s look and feel are significant aspects of building relationships with existing clients and attracting new ones. Potential customers who share your values are likely to choose your company over competitors. You can follow the steps below.
- Design your logo. Your company logo should reflect your mission and vision. You can hire a graphic designer or make your own through user-friendly graphic design software.
- Design brand guidelines. These refer to the company’s font size and style, color palettes, and other details on how and where the logo can be used. Combining these elements will result in your brand's overall identity.
- Make a website. Explore website-building tools that would help you get started without web experience.
Step 8. Create Social Media Channels for Your Business
Make your business more visible by making social media accounts. Since most people use the internet, you must not pass on this chance to introduce your brand on a broader scale and get clients. Besides Twitter, Facebook, YouTube, and Instagram, you can also promote your brand on TikTok, Pinterest, Snapchat, and many others.
Remember that it’s unnecessary to make an account available on each social media channel. Instead, you must identify the platforms your target market uses the most.
Step 9. Look into Advertising and Marketing Opportunities
After identifying your target market and pricing structure, research ways to promote your business to that market. Consider several influencers and associations you could partner with to spread the word about your event planning business. There are publications offering media packages. You can check their websites to see the type of advertising they do and the pricing of each package.
Step 10. Broaden Your Network
Fellow event professionals are as important as your clients. The power of business networking lets you interact with other event planners with whom you can build relationships. You can learn best practices from them and identify opportunities to boost your event planning business management. Some recommendations for your network include joining live or virtual groups and associations or posting related resources on social media.
Step 11. Print Your Business Card
Surely, everyone is using digital resources these days. However, physical business cards are just as vital. The card is an excellent medium to keep in the event planning toolkit, mainly when event organizing deals with several in-person networking. If you’re not used to making business cards from scratch, you can search templates online and customize them based on your design brand guidelines.
Step 12. Build Relationships with Event Suppliers
As mentioned, networking is essential in the event planning landscape. Whether you are new to the industry or a seasoned veteran, you must create a network of suppliers and vendors you know and trust. You can make a list of videographers, photographers, venues, caterers, florists, entertainers, decor rental companies, and hotels with trusted reputations and great reviews. You can also tap freelancers, which you can turn to, especially for larger event projects. These people usually bridge the gap when you only have less knowledge on a subject.
Building strong partnerships with suppliers ensures seamless event execution and fosters trust with clients. Attend industry expos, maintain regular communication, and showcase mutual support to strengthen these connections. Reliable vendors can also recommend your services, further expanding your network and boosting credibility.
FAQs
Q: Are there specific qualifications to be in the event planning business management industry?
A: Formal qualifications are generally not required, but getting certifications in event planning will boost your credibility. Your experience in organizing events, creativity, communication, and strong organizational skills are vital in the industry.
Q: How much does it cost to open an event planning business?
A: It widely varies depending on the location, services offered, and whether you’re working from home or renting an office space. You also have to consider the start-up costs mentioned in the early sections of this article.
Q: Is it advisable to run my business alone?
A: Event planning can be done alone only in the early stages. However, client demands also increase as you grow your company and build networks. This means you need more people and need to hire staff so you can delegate tasks for smooth event organizing processes.
Q: How long does it take to plan one event?
A: Most experts generally allow at least six months to plan mid-sized events effectively. Meanwhile, planning large events may require at least a year before execution. Proper planning ensures a memorable experience and reduces potential stress for everyone involved.
Conclusion
Starting an event planning business management is an exciting venture that requires careful organization and planning. By considering the vital steps, you’ll be closer to starting and establishing your business and hopefully succeeding in the dynamic industry. As you plan to start the company, you can check out PDF Agile templates to help you organize the essential things you must do. These templates are all editable. You can choose one template and input all your plans for your event planning business.
