How To Start Business After Event Management
- April 13, 2018
- Posted by: EduWings
- Category: Eduwings
One of the top queries people ask event directors is “how did you get here?” There’s really no magic formula for achievement in beginning out on your own. Everyone’s journey is totally different. However, there are key parts to their success.
If you’ve been sitting at your desk daydreaming regarding the glamorous life of owning your own events company, it’s time to wake up! Initiating any business can be brutal in this socioeconomic climate and to achieve the success you have got face reality – hard work, long days and nights and an entire lot of networking!
It’s not all doom and gloom, once you’ve taken decision to begin, there are some easy steps that you just can follow to form sure that you stand out from your competition:
Gain relevant experience:
Do you have event planning experience? Get experience – this is the primary tip that you can stumble upon after you wish to begin out. Though expertise in the event planning business will be extremely useful, it’s not essential. Throughout your career, you’ll have gained some transferable skills that you can apply to your event planning career. The foremost vital of these skills are ORGANISATION, TIME MANAGEMENT, CREATIVITY, NEGOTIATION, COMMUNICATION, and interpersonal SKILLS. Stick with WHAT YOU KNOW! Keep in mind to utilize your own personal expertise when deciding what kind of events you’re getting to specialize in. for instance.
Expand your network:
We’ve all heard it, and though what you know is very important, generally who you know carries plenty of weight too, and in the world of event planning knowing the correct people is a necessity! Social media could be a great way of networking. LinkedIn could be a very good example, be a part of acceptable teams and participate in discussions. Attending seminars, exhibitions, and trade shows are nice ways in which of increasing your contacts and network.
Create a business plan:
Every planner wants a solid business plan. This might be daunting; however you’ll be able to obtain a business plan template from most banks once you go to enquire regarding setting up a business account. These templates are very helpful as they contain all monetary modeling templates that you will require to produce your year on year projections. Using the bank templates can also come in handy if you need bank funding for your business. When creating your plan, it’s essential that you do your market research! Knowing your audience and your competition are important to find your niche and to decide how and where to push your services.
Registering your company
There’s no point coming up with a catchy name for your company if it’s not registered. Ensure that you just register your company with the relevant body. Remember, merely registering your company doesn’t provide you with trade mark protection, this must be done separately. Get professional recommendation before registering a company as this will have implications on the kind of monetary records that you will need to keep for tax purposes.
What do you have to offer?
Once you have determined your target market and completed your rival analysis, it’s necessary that you think about what kind of services you’re going to provide your clients. for example, are you attending to provide full event planning services together with event registration, venue hire, catering services, event promotion, etc… or are you attending to specialize in one or 2 areas? It’s very important that you think about the costs involved. the administrative costs and time constraints of paper based event registration for example can be a burden on a start-up as can event marketing and promotion that need special experience. a good manner of reducing these costs is to use an online event registration provider. Some providers offer you the choice making and customizing your registration forms as well as your event website and emails – saving you time and money!
Get your papers in order!
It’s imperative that you know all the legal procedures and complete your paperwork in advance. You don’t want to be in the position where you have to turn down a client because you haven’t allowed enough time to obtain a particular license or certificate. Make sure you obtain business insurance to cover your employees as well as the public.