The event planning industry was valued at around $1.1 billion recently and is predicted to grow by 10% by 2023.
If you're an extrovert looking to make big bucks with your people skills, starting an event planning business is the right move!
Starting a business from scratch can be a daunting mountain to climb. From investing in your dreams to establishing a reputation, you're going to have a lot on your hands.
Let's take a look at 7 top tips on how to start an event planning business that is guaranteed to be a success.
1. Bulk up Your Expertise
Before you start looking for investors and clients, you need to prove that you know what you're doing. Take a look at your existing resume and consider what you bring to the table.
Even if you've worked in the event planning industry in the past or received an undergraduate degree in hospitality, there's no harm in furthering your education. There are several certification programs you can enroll in at little to no cost that will really round you out.
For example, the Certified Special Events Professional certification program was developed by the International Life Events Association. You can study and take the test from home. Once you've completed it, you get tons of industry information alongside your certificate.
2. Determine Your Niche
Event planning is a broad spectrum that covers everything from corporate events to weddings. Trying to tackle all of them is not the best way to go. Instead, narrow in on a specific niche so that you can demonstrate to each of your clients that you know everything there is to know about their event planning needs.
To pick your niche, consider both your interests and your area of expertise. Then, do some local market research to determine what needs your community has.
For example, perhaps the only wedding planner in your town focuses on high-end weddings. There are probably tons of couples who are working on a budget and would love to hire an event planner but can't afford a high-end wedding. This is a need that you can fill.
3. Create a Business Plan
Creating an effective business plan will give you a clear trajectory and help you stay on track over the coming months and years. Plus, it will show your investors that you know exactly what you want to do with their money.
Include an executive summary that differentiates you from the competition, along with industry and customer analyses. Discuss your plans for marketing, operations, finances, and growth. This should cover how you plan to use initial investments and how you plan to generate more revenue in the future.
4. Invest Your Money Wisely
Decide on how you want to secure some startup capital, whether you want to look for local investors, take out small business loans, or utilize crowdfunding platforms.
Once you have your startup capital and, subsequently, start making money from clients, make sure that you're putting all of that back into the business for at least six months to a year. Pay off your vendors ASAP, take out insurance plans, hire more staff, and invest in your marketing endeavors.
5. Market Your Unique Qualities
When it comes to a marketing plan, you need to think about how, why, and where you're going to focus your efforts. In all of this, you want to consider the qualities that make you and your event planning business different from the rest.
Event planning is all about personality, so make sure that your extroverted personality shines through in your marketing! Logos and banners are important but you also want to make sure that you're still the face of your business.
Never underestimate the power of social media. Instagram and Facebook are both fantastic platforms that will allow you to effortlessly combine beautiful images with detailed text. Ask your clients if you can use pictures of their events to showcase your abilities online and remind them that you would love a review, a tag, or a comment on their own platforms.
6. Stay on Top of Industry Trends
The most important thing you can do as your event planning business grows is to stay updated, trendy, and modern. If potential clients see that you're failing to keep up with your competitors and relying on an outdated style, chances are high that they'll move on.
One way to stay on top of industry trends is to incorporate online planning tools into your website. These tools allow clients to make simple, easy adjustments to the input they're giving you, from the style of decor they're looking for to the specific songs they want to hear.
In addition, make sure that you're busting out some of the more fun and current elements event planners are using today. For example, upgrade your dance floor from a plain slab of plywood or vinyl matting to an LED floor screen that guests will love interacting with!
7. Build Reliable Partnerships
Expanding your event planning business doesn't just involve bringing in more revenue and hiring more employees. It also involves building reliable partnerships with vendors in your area.
A good event planning business can provide clients with a list of vendors to choose from that are highly recommended. That means caterers, DJs, lighting experts, and more. When you create partnerships with a variety of vendors, you may be able to offer your clients exclusive discounts for their vendors that are beneficial for everyone involved.
Turn Your Extroversion Into a Career and Start an Event Planning Business
If you're a natural extrovert, you already have one of the most important event planning skills: you know how to talk to people and make their events vision become a reality! It's time to take your abilities and turn them into a lucrative career by starting your very own event planning business.
Looking for more ways to boost your business or turn your passions into a career in event planning? Bookmark our page for great leads and ideas when it comes to an event planning business and beyond.
