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8 Tips for Starting An Event Planning Business

8 Tips for Starting An Event Planning Business

You can plan events for your family, friends, or for yourself. These strategies will help you get started in planning events and earning money. These are the key steps to turn your passion into a profit.

1. Research your market

Before you take the plunge into business, it is essential to conduct some research. Market research is a method of finding out about people who are likely to buy from you. You will need to find out if your service is in demand, what the price is and where it can be found. Access to the internet and a computer will allow you to do market research for virtually nothing.

2. Create a business plan

A business plan is a written description of your business’s future. This plan outlines what your business plans are and how they will be implemented. It is a must-have document that you should not skip. This will give you the best guide to setting your business goals for the future and allowing you to monitor if they are being met.

3. Register your business

Registering your business is essential to ensure that your business name and business address are legally protected. This is a crucial step to establish yourself as a professional, reliable and trustworthy service provider. You should also think about the type of business structure that you want. Is this a sole proprietorship? Or will you be working alongside a partner? These are just a few questions you should ask yourself as you register your business.

4.  Set up your business structures

Before you take on event planning clients, it is strongly recommended that you have the necessary business structures in place. You will need to name your company, obtain event insurance, set up a bank account, and consult a lawyer to make sure that all contracts and other business documents are appropriate for your business.

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5. Your event planning fee structure

Most event planners struggle with pricing. It can be challenging to determine your pricing structure, especially if you are just starting out. My first event planning was for friends and family. I charged $0 for supplies and only $1 for the events. Even more, confused was when I began planning events for paid clients. I would severely undercharge my services to avoid losing potential clients. To prevent this, track your cost, how long it takes to plan an event, and what your hourly wage is to establish the price range.

6. Register for an event planning course/program

Event planning has grown in popularity as a profession. It has also made it more competitive for event planners. It was not required that event planners had both design and event planning skills in the past. This is changing. To be competitive in this industry, event planners must have basic skills, education, and experience. You will need to build a portfolio and take professional development courses to demonstrate your expertise. Look for classes that will help you improve your skills, and then enroll in them. To prove your new knowledge, it is a good idea to get a certificate of completion.

7. Volunteer to gain experience

Knowing what you should do is one thing, but being able to do it well is another. Volunteering gives you the experience and skills you need to impress clients and build trust. If you’re new to the industry, this is an excellent way for you to increase your portfolio. Get involved in your local non-profit organization and volunteer your services.

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8. Promote your event planning business

After you have completed your business plan and established a price range for your services, it is time to create your business branding materials and market your services. Potential customers will remember your brand identities, such as a logo and website.

 

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