The event management industry is growing now, a lot of money is spent on event management and the marketplace for event management is too large now. If you have an event management company there are many directions that you expand it.
If you want to just enter the event management industry then a profitable market is waiting for you. Profit of this industry rises day by day. as a time ago the profit percentage of this industry was 15% and now it is 40%. So you can start this industry to earn profit and party planner business plan.
What is Event Planning?
Event planning term refers to that when you hire a person for conducting your event according to your wish and choice. Special events are categorized into following
- Celebration
To celebrate like weddings, birthdays, anniversaries, fairs, etc
- Education
You can be organized conferences, meetings, and graduations
- Promotion
To promote the product launch rallies, fashion shows, etc
- Commemoration
Memorial and civic events
This is not all the events but apart from that related to the event management industry.
An event planner can handle the following things.
- Making a research
- Create an event design
- Find a site
- Arrange and choose the food, decor, and entertainment
- Planing the transportation
- Sending invitations
- Arrange the accommodations
- Supervising the site
- Evaluate the site
Why do people hire a planner?
The individual thinks that they have less knowledge and did not manage and have less time so they hire the Planner because they are experienced.
Who becomes the event planner?
Planners are those who want to organize your event and they are experienced, however, they start their company from a small level but they grow up with time. Some planners work with other companies and some have their own companies.
Target market
When you start the event management business, analyze the target market around you, you can make research about event planning around you and check what other companies offer to their clients, and you give better value to the clients.
Startup cost
How much investment do you need to start an event management business? It depends upon your area where you can start your business if the living standard is high for the people then you need to spend more money. Keep in mind that your cost must be low.
Operations
However, typically it is not a 9 to 5 job, you can organize the plan on a weekend or in the evening. So you can set up your time according to this.
The task for the Event Planner
Here are some tasks that an event planner must do.
Research
The best way to minimize the risk will start your event by researching, making a search for what is according to the needs of your customer, sharing the experience of those who are already doing this job, and if you are new to this industry then also calculate the cost of everything.
Before starting an event planning first interview your client about what they want to write down all the suggestions and requirements then read them again and start working.
Design
It’s time to do some creativity, now you can work on “look and feel”, make an awesome idea, discuss with your employee, get the suggestions, and at that time read your notebook in which the client tells you all the requirements.
Proposal
Now it’s time to propose, your proposal at a low cost, you need a photograph and another sketch that is costly for you, some companies provide a free proposal to the client but these are the ones who have highly invested.
Organization
Now is the time to organize different things as you can see vendors, food items selections, venue theme, color scheme, and many other things like this. Before taking all these steps you can discuss with your client and get their opinion first.
Coordination
After making all decisions you can make sure that vendors are friendly and behave well mannered. Also, write the arrival and leaving times of the venue, they are in the same line, and make sure your staff member knows all the rules.
Evaluation
In the end, the success of your event depends upon customer satisfaction. The client praises you and hires you next time and advertises from client to others.
Cost and Earn
When you organize an event make sure you charge your client, keep all the things in mind your employee salaries, and other services charges, and take your profit margin also. If you do it the first time then you will bear a loss because you offer a low price to your client.
Following are the main three factors involved in income and billing.
Market segment served
It depends on the event that you plan a social event. The charged fees are different and if you organize corporate events then the fee differs, so all of these you can keep in mind all the services charged will be minimum and income must be higher.
Location
The fee is charged high if you are organizing a function in a well-settled area, the fee also depends upon the on-season and off-season events timing.
Experience and reputation of the event planner
If you are just starting a new setup then you need to charge fewer fees to make your clients and make a good reputation for your company.
Marketing and resources
When you start an event planning business then you need to the advertisement of your business and adopt those ways which are fruitful and less cost, with the help of online marketing using social media sites to promote your business is a good method, you can also promote by display on bid boards as thy charge from you for this.
Final wording
You can start the event planner business with a small level and after that expand it when you take a good repute, keep the main key in mind to manage your assets very well, and cost of everything in your mind, in the end, client satisfaction take a lot of meaning for you because the client is a person who can promote you very well among the society.
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