- April 26, 2021
- Posted by: administrator
- Category: Blog
The event planning business niche is growing rapidly that takes the attention of everybody. This business has a bright future as people do not compromise on spending money for their special occasions. A survey shows that about $500bn are spent each year only for event planning and making it memorable.
Therefore, keeping in view the demand if you are thinking to join this business train to earn handsome money you should stick to our article. We will describe all the procedures a-z in a simple way.
What Is Event Planning & Event Planners?
In life, there are several moments when we celebrate and enjoy our achievements. For example, birthday parties, pool parties, annual functions, anniversaries, etc. All of such celebrations are the event that we plan to enjoy our success. Similarly, event planners are the people who have a good knowledge of planning to arrange an event so it can be memorable for such a person.
The term event planning and event planners are the two things of a single part. These terms are integrated with each other. When an event needs to be planned, we call the event planners to get the job done professionally.
Essential Elements To Start A Event Planning Business
To start any business, some of the essential things are required. When you are thinking of starting an event planning business, you should have some basic knowledge of event planning work.
Sketch A Business Plan
Every business idea takes its place from the mind, and then we put it on paper for basic sketching. Now you have done the first step of thinking to start an event planning business. Therefore, we should move to the sketching phase.
Likewise, the most business plans you should also keep simple, brief, and practical. A business plan should have the details of initial cost, target market, the specified niche is vital details. Keep that plan short, ranging between 350 to 450 words to know the whole story in less than 5 minutes.
Choose A Suitable Business Name
Starting a new event planning business is like a newborn baby that needs a name for recognition. Likewise, we give the name to a newborn according to gender. The same case is with the business name. We should keep in mind the business niche. The name should be relevant to the business that elaborates the business and keeps it simple and easy to pronounce.
Once you decide the name, get it registered for copyright purposes so no one can copy the name.
Business Bank Account
In a business, we have to do a lot of transactions and have to manage financially. This requires a separate bank account to keep all the money-related things transparent. It has another advantage if you are starting an LLC. A separate bank limits the liability.
Therefore choose such a bank account that provides good customer care services with instant and free transitions.
Registration is compulsory as the state requires every business for taxation and proper regulation purposes. Registration can cost less than $100 and about two weeks only. Mostly it depends upon USCIS’s workload. You can register the event planning business as a sole proprietor, partnership, or LLC.
In the event planning business, you need some initial investment. With the initial amount, you will have to buy decorative things for events, like lights, artificial flowers, unique articles. Not only that, you will have to open an office from where you can operate, while an office needs office infrastructure. So these are the basic expenses you will have to bear with an initial investment.
Making Price Plans
It is an easy deal for both the customers and event planners to deal with when all the plans and pricing details are clear. You should mention the details about the charges you are going to charge for providing event planning services. These plans should be clear, affordable, and flexible.
Advertisement Of The Business
Most people neglect this important point as they think it useless. But today is the era of advertisement. Due to the number of new businesses nobody can know about your business until you advertise.
Therefore, take advantage of social media, print media, and signboards to advertise your event planning business. This may require some amount, but on the same hand, it will increase the number of customers.
( Frequently Asked Questions )
What is event planning?
Event planning means planning the events like birthday parties, pool parties, annual functions, anniversaries, etc., for the celebration or makes it memorable. We often plan the event by ourselves, but we hire event planners in case of planning at a larger scale.
How to start an event planning business?
Likewise, every business event planning business also needs some basic steps to follow, which are as follows.
- Making A Business Plan
- Choose a Business A Name
- Registration of the Business
- Business Bank Account
- Initial Cost
- Price and Packages
- Advertising the Business
How to start an event planning business with no money?
Starting a new business often requires an initial amount to bear the initial expenses. But there are cases when a founder doesn’t have a single penny for the business. At that point, you can get bank loans, find angel investors, get help by crowdfunding, etc.