Do you want to start a home-based event planning business? If so, find here in this article a detailed business plan guide on how to start a career in event planning from home covering aspects like cost, equipment required, and much more.
Many existing successful event planners started their businesses from home. If you are a beginner looking forward to entering this industry with low money, experts advise you to start it from home. The first thing which normally comes to mind when entering any business is whether it is profitable or not. Let us first check the profitability of the event planning business.
Is Event Planning Business Profitable?
Event planning is a service-based business. The worldwide business revenue is huge and is expected to grow more in the coming days. The United States alone generated a mammoth $5.4 billion US dollars in the year 2020. A sizeable amount of this business volume is contributed by home-based event planners.
The reasons for starting an event planning business from home are plenty. Some of them are the following:
- Low Startup Cost
- Flexible Working Hours
- You Work as Your Own Boss
Here are the 10 Steps to Start Event Planning Business
1. Learn The Art of Planning Events
The first thing is to learn the different aspects of planning an event. If you already have the knowledge, it is definitely a big plus. However, for a beginner, it is important to learn the trade.
Check with local institutes that offer courses related to event management. Attend those programs and equip yourself with the basics. You can also check online tutorial platforms offering event planning courses online.
After learning the basics of event planning, it is advised to work as an intern with an existing company. It will help you in getting the most needed exposure to exactly event planning works in the actual field.
2. Understand the Local Market
Like any other business, before starting it is a must to understand the local market. Market research will help you in getting information regarding the taste and trends of the local customers.
3. Write a Business Plan
Most people feel a home-based business does not need a business plan document. However, if you are serious and want to make serious money, you must have a blueprint to do so. A business plan is just the blueprint for your future.
Your home-based event planning business plan does not require to be a 100-page document. A well-researched few pages will do at the initial stage. Some of the topics you must include are the following:
- Vision Statement
- Mission Statement
- Market Analysis
- Products/ Services Offered
- Pricing Strategy
- Financial Plan
- Marketing Plan
4. Name Your Event Planning Business
Deciding on a proper name is an extremely important aspect of any business. Take time off, do research, and select the one which fits your company profile and that can help customers easily remember your business when required.
Your business name could be location-centric or niche-oriented. Some examples of event planning company business names are the following:
- Right Hand Event Planners
- The Big Night
- Wonder Wedding Planners
- Birthday Bash Planning Company
- Let the Party Burst
- Texas Party Planners
Do not forget to check whether a relevant domain name is available or not.
5. Register Your Business
If you want to start and run a legally compliant company, register your event planning business. Talk to local concerned authorities or professionals and learn the process.
If starting with a low budget, a proprietorship business structure is a most widely applied format. However, if you are from the United States and looking for protecting your personal assets, forming an LLC is a wise choice.
6. Get the Licenses and Permits
You may need specific licenses and permits from local authorities to operate the event planning business. Check with local appropriate authorities and procure them.
In addition, take appropriate business insurance suitable for your business. After getting the licenses, open a business account.
7. Create a Brand Identity
Creating a value-based brand is an essential part of establishing an event management business. Design a catchy logo. You can hire a professional or you can create your own taking help from online logo-building software.
Print stationaries and business cards with the logo embedded in them.
8. Make a Website
Nowadays, a website is a must for not only reaching customers but also enhancing brand awareness. Creating a simple website will do at the initial stage. You can create a website with the help of drag-and-drop website builders available online. You don’t need any technical knowledge to create a website with online website builders.
9. Setup Your Home Office
Even if you start from home, it is mandatory to set up a professionally managed home office. The office space should be free from family disturbances.
It is seen most clients want to meet event planners in person before finalizing the deal. If your home office is small, you can meet them at hangouts, cafes, and malls.
10. Promote Your Event Planning Business
Networking is the key to a successful event planning business. Tell your near and dear ones about your venture. Do remember it is a trust-based business. Initially, word-of-mouth advertisement works best. It will be great if you can create a properly articulated elevator pitch. It is highly advised to create an effective marketing plan and implement it.
Furthermore, it would be nice to get some clients before launching your event business. And, finally, launch your event planning business with a bang.
How Much Does it Cost to Start an Event Planning Business?
The investment will depend on several factors. The major components are license costs, equipment, space rent, supply costs, software costs, and promotional costs. On average, the cost of starting a small event planning business will be in the range of $5000 to $10,000. However, the startup cost will be much less if you start the business from home as you do not need to pay the space rent.
What is the average profit for an event?
The profit margin generally ranges from 15% to 30% in the event planning business.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.