Real Estate Website Design Ideas
30th Jun 2021
Broadly speaking, there are two markets for event planning and management services: corporate and social. The term “corporate” includes not only companies but also charities and non-profit organizations. Charities and non-profit organizations host receptions and athletic competitions, among other events, to expand their public support base and raise funds. Thousands of these events occur each year, and although the large ones require specialized event planning and management experience, you may find smaller local events to start out with.
Companies host trade shows, conventions, company picnics, holiday parties, and meetings for staff members, board members, or stockholders. There is a huge market for these types of events.
The Social Market
Social events include weddings, birthdays, anniversary parties, children’s parties, reunions and so on. You may decide to handle all these events or just specialize in one or more of them.
The market for social events, especially birthdays and anniversaries, has increased over the years and is expected to continue to increase over the next few years, as the population mature.
How much money will you need to start your event planning business? That will depend on the cost of living in the area your business serves and whether you work from home or rent office space. It will also depend, to a lesser degree, on your own taste and lifestyle choices.
Keep in mind that while working from home will keep your costs low, you can’t start any but the smallest of event planning business on a shoestring.
Few, if any, event planners and managers have 9-to-5 jobs. By its very nature, event planning and management tends to involve evenings, weekends, holidays and sometimes even specific seasons. How much time you must commit to working will depend, once again, on the specialization you choose.
As a general rule, social events involve more weekends and holidays than corporate events do. Some areas of the country and some types of events have “on” and “off” seasons. However, no matter what your specialization (with the exception of parties for young children), you can count on working at least some evenings as you coordinate and supervise events. The planning of those events, however, will be done mostly during business hours.
Here are the main tasks you’ll be completing as an event planner and manager:
Whatever kind of event you’re planning, research should include asking your client a lot of questions and writing down the answers. Interviewing a client may not be what you immediately think of as research. However, asking too few questions, or not listening adequately to a client’s answers, can compromise the success of the event you plan.
Generally speaking, the bigger the event, the more lead time that’s required to plan it. Major conventions are planned years in advance. Although you may not be arranging events on such a grand scale, you do need to allow at least a few months for events like corporate picnics, reunions or large parties.
There are several other ways to evaluate the success of an event. You can hire an event planning and management consultant; have someone who hosts extremely successful parties observe your event; plan a roundtable post-event discussion with your employees; obtain feedback from other industry professionals and vendors working at the event, like the caterer or bartender; or survey guests at or after the event.
Income & Billing
The goal in pricing a service is to mark up your labour and material costs sufficiently to cover overhead expenses and generate an acceptable profit. First-time business owners often fail because they unknowingly priced their services too low. Fees are typically determined by three factors:
How, you may ask, are the above-mentioned fees-for-service calculated? Most event planners and managers price their fees-for-service (the total cost to the client) using a “cost-plus” method. They contract out the labour, supplies and materials involved in producing an event and charge their clients a service fee of about 10 to 20 percent of the total cost of the event, with 15 percent being a rough average.
Marketing and Resources
Print advertising covers a broad range, from a free — or inexpensive — advertisement on some event sites to an ad in a glossy national publication or radio and TV costing tens of thousands sums of money. You may also want to consider advertising in your local newspaper. These are good vehicles for promoting your event planning business.
Networking is key and can help your business in two ways. If people have met you and know what services you offer, they may refer business to you or use your service themselves. Furthermore, networking with hotels, caterers and so on will give you a chance to meet some of the people whose services you may need as you plan and manage events.
Although networking and word-of-mouth are the most common industry strategies for acquiring clients, traditional forms of advertising do have their uses. A distinctive card or brochure sent to a mailing list or to local businesses may attract new clients. A small ad in a local business magazine can help build name recognition. A website on the internet may allow you to attract customers unresponsive to other forms of media.
Put your party experience to good use byplanning, designing and managing events for private and corporate clients!