Daydreaming about starting an event management business? Maybe you have already worked in the events industry and think about working for yourself. Or perhaps your organized meetings in the past and feel it your life’s passion. Both are good reasons for getting into the event management business for yourself.
Starting an event management business is similar to starting a relationship – you need to possess appropriate skills and follow some important steps to achieve success.
Gain Event Management Skills and Experience
Scoring success in event management is based on the event manager’s solid grasp of what it takes to successfully run an event, steady skills and experience:
- Verbal and written communications
- Organization and time management
- Negotiation and budget management
- Marketing, public relations and more
Determine Your Event Management Market
Let’s say you’ve been working in the event industry for many years, know all ins and outs and eager to coordinate all kinds of events, from weddings to festivals.
Stop. This is a common mistake many event managers do. Remember that people have different energy levels and different capabilities, and one can’t be a master of all trades. The first step is to recognize that there are distinctive differences between corporate, association, nonprofit and social events. Determine your market accordingly. It’s much easier to concentrate on a certain domain and become a professional.
Develop a Business Plan
Someone once said, “If you fail to plan, you should plan to fail”. Like everything else, starting an event management business requires a business plan. There are a couple of resources that can help you. For example, U.S. Small Business Administration publishes materials about writing business plans.
RELATED: Free Sample Business Plans
Obtain Business Insurance
Business insurance is mandatory. Event management business should secure general liability and other forms of insurance to protect the business owner’s interests.
Several forms of insurance exist. Speak to an insurance adviser to learn the requirements.
Develop Network of Suppliers and Staffing Resources
Event managers usually work with a wide range of suppliers – communications consultant, stationery designer, promotional products distributor, party rental supplier, caterer, florist, photographer and more. You will also need the staffing resources for sales, marketing, accounting and administrative functions. It’ll be necessary to establish an infrastructure that will support your events from all sides.
Establish Your Fee Structure
You should be conscious of the various ways to cover expenses and make a reasonable profit. Most event planners’ charge is based on the following:
- Flat fee
- Hourly rate
- Percentage of expenses
- Percentage of expenses plus hourly rate
- Commissionable rate
Business Development and Marketing
With a prepared business plan, established fee structure and determined event manager market it’s time to begin working with marketing materials. Choose the right name for your business; create business cards, stationary, proposals, client agreements and a web-site.
RELATED: Marketing an Event and Meeting Planning Business
Recommended Books on How to Start an Event Management Business:
- Event Management
- Event Management For Dummies
- The Complete Guide to Successful Event Planning with Companion CD-ROM REVISED 2nd Edition
- Event Marketing: How to Successfully Promote Events, Festivals, Conventions, and Expositions
- Professional Event Coordination
Kristina Antipova is with Pilot Group Ltd, which focuses on developing, selling solutions for e-business and technically supporting its customers. We develop solutions in different business fields: real estate, dating, job board, e-learning, and others. Check out our Event registration software at http://www.eventsoft.pro