Start An Event Planning Business
Startup Cost:
Learning Curve:
Flexibility:
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Event Planners provide the much needed service of organizating and coordinating all aspects of a special event. This includes social events like birthdays, weddings, and anniversaries, as well as business events like corporate picnics, conferences, and promotions. The reason these individuals or companies choose to hire an event planner is because they either lack the knowledge or time to orchestrate the various details involved with effectively planning out a major event. As an event planner you will need to have plenty of stamina and excellent people skills. Creativity, organizational skills, as well as the ability to multitask and deal well with stress are all essential. You will need to be creative in the planning process and effective at putting it into action and overseeing the event as it actually occurs. Most major events are planned many months in advance, and you will need this time to make sure all vendors will provide, suppliers supply, and that the details will fall into place without a hitch.

The cost to startup an event planning business will vary depending upon whether you will remain home-based, or if you plan to immediately start renting office space and hiring employees. For home-based starters, you can get by with only a modest upfront investment, mostly for equipment. A great deal of learning must be done in advance to develop the proper relationships with vendors and suppliers who will be your contacts for events in the future. Experience really is beneficial and you may even want to consider getting a professional certification to demonstrate that you are in fact a professional when it comes to event planning. You will be limited in your flexibility in this field. Most event planners find themselves working beyond normal business hours in order to make sure all the details and problems get taken care of. The income potential can be quite lucrative in this market. What most event planners do is charge a fee for their services to the client, and then receive a percentage of the vendor and supplier services that are included in the event. Alternatively, the event planner may choose to purchase all the vendor and supplier services directly and then bill the client one total amount for the entire service, marking up the total event cost for a fair profit. Typically, this profit margin is around 15%. As your service grows beyond the walls of your home and you hire others to take on more events, the profit potential can become even greater.


Consider getting professional certification for event planning. This will instill confidence in your potential clients that you are in fact a "professional" when it comes to planning events.

Networking is vital! Although most tradiational advertising methods can be helpful, most business in this industry is usually generated by word-of-mouth and through social networking.

Be sure you have the energy and ability to deal well with stress. There are a number of both expected and unexpected situations that will need to be dealt with to oversee that a major event goes off without a hitch. The pressure of managing all of this on your own can be great, so be sure you have the stamina for it.


Event Planning Service Business Startup Guide Event Planning Business Startup Guide

Do you have what it takes to be a highly paid event planner? This easy-to-use guide from Entrepreneur Magainze can show you how to run your own event planning business.
 
 
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