The event planning industry has grown enormously in the past few years. According to recent research conducted by the United States Department of Labour the event planning industry is growing by 33% annually. If you are looking to start an event planning business this is definitely the time start. There are many different directions in which you can expand your business and find a niche that is lucrative and profitable. Not sure where to begin? Here are five tips to get you started:
1. Write a one-page business plan
The key to a successful event planning business, especially in the startup phase, is to keep things simple and your costs low. Many small-business owners start by trying to create the largest and most robust business plan. You are only going to need such a plan if you are seeking investors and financing. It is therefore strongly recommended that you start out by testing your business idea before investing lots of time and money. A business plan will be your guide going forward and is a step that should not be skipped.
2. Decide on a budget
While it is highly recommended you keep your costs as low as possible, you will still need to determine a budget to get your event planning business started and decide on how much you will be able to spend. If your business is self funded, be realistic about numbers and whatever you anticipate your budget to be. You should organize your business with the intent to be profitable within the first 30 to 90 days. Believe it or not it is possible, but you will need to have a budget reserve so you can survive in the event of unexpected expenses.
3. Take care of the money
When you start your event planning business ensure that your business funds is kept separate from your personal accounts from the beginning. This is often a mistake that small business owners make that can create problems come tax time. Setup a free business checking account with your local bank. This should take you no more than hour and you will thank yourself later.
4. Get a website
Regardless of whether your event planning business will have a brick and mortar location or be based online, you will need a website and that means securing a URL. Popular domain sites such as GoDaddy allows you to search for a website domain address of your choice and purchase it for as little as $9.99. Having a web presence is essential for connecting with customers online and driving new traffic to your business.
5. Test your business idea
As a new business owner you may need to overcome the fear of rejection because you feel you aren’t expert enough, you’ve never had a paying client before, you may never get a client, you name it. Just know that you have enough knowledge and skills to help people who are less knowledgeable than you are and that is all you need.
One way to get over your fear of business failure is to test your business idea. Get involved in an event planning association or a local business chapter to see what resources are available for you to share your business information with other members. Get their feedback for free!
You can follow these five steps by yourself for very little money. These tips are also a fantastic way of testing the viability of your event planning business before investing all your time and money into a unprofitable idea. However, remember this, there will never be a better time in your entire life for you to live your dream of entrepreneurship. Start today, learn and grow as you go, and continue to help people with your products and services.
Great post!