Business owners in this competitive industry need to strategize business operations while simultaneously organizing extravaganzas that make clients swoon. Which is why you need a clear understanding of the building blocks necessary for success. Many event planners launch as solopreneurs, but they soon look for a personal assistant. Or perhaps you want to hire a junior planner, salesperson, or office manager. Of course, you’ll need workers’ compensation insurance to operate legally whenever you add that first team member. After finishing your paperwork and legal requirements, head over to the Small Business Administration for a helpful checklist.
Your location, expertise, niche, and competition will help you set your fees. Below you’ll find the five most prevalent ways of pricing event planning. Business ideas move to the realm of reality as soon as a company has a name. Pick a name that blends your niche, USP, and expertise as an event planner.
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Our commitment is to help you drive meaningful connections at meetings and events. From lanyards to badge ribbons, experiment with our online customization tools to see exactly how your product will look before you buy. Certain publications will have media packages available on their websites. Don’t forget to check so you can get an idea of what types of advertising they have available and how much each package costs. But as you gain more experience, you might want to add on things like home-based insurance or upgrade to a new tax entity once you enter into the appropriate bracket.
The Bureau of Labor Statistics notes that demand for event managers will grow an additional 11% by the time we reach 2026. With such a positive industry outlook, it’s good to find new ways to stand out amongst the competition as new event planners enter the market in coming years. Gone are the days of cumbersome mile-long lists to track all the moving parts of an event. If event planning and hosting is something you do often, it is important to build a community around them. This can include prospective new attendees, current stakeholders, speakers, sponsors, or event professionals.
Even with the most amazing speaker or entertainment line-up, you need a promotional plan to get people in the door. For instance, if your event is the National Conference for Dogs, you could create a hashtag such as #NCDwoof2019. Are you trying to raise awareness for a cause, or collect a predetermined amount of donations for your next project? Running an event will look a bit different depending on these answers.
The following is a general event planning checklist to help you get started. There are a few things you’ll want to do to set up a successful event planning business. We’re exploring eight key steps that will take you from finding your niche to booking events, accepting payments, and tracking your performance to grow your business.