Getting your foot in the door of the event planning industry requires building your business carefully. Starting an event planning business requires more than a sharp eye for interior design. Don’t worry; we can help you learn more about the building blocks of a stable strategy right now. Take the right first steps for your company using this breakdown of what to consider when starting an event planning business.
Construct a Business Plan
A business plan is a document that details your strategy and communicates it to others, including new business partners or investors. There is no single way to build the perfect business plan; some designs may vary. Key details every business plan needs to include are your company goals, market research, and the trends that will influence your marketing and business strategies.
Your plan should also include a projected timeline with potential business costs and revenues, which will be particularly helpful for investors who want to understand what they’re funding. This business plan will outline the structure you will follow to let your creativity shine during every event setup.
Don’t Overlook Legal Requirements
Creativity is critical in the event planning industry, but let’s not overlook key legal requirements. Starting a business requires thinking about important details such as insurance, chosen business entity, tax requirements, and more. Thankfully, you can consult with legal experts who can help you along the way, so you don’t have to become a lawyer overnight to understand how to operate your business.
For example, work with an accountant who can assist with navigating tax requirements because it’s not always the same as filing and paying taxes at home. It’s easy to overlook key legal requirements when starting a business, but working with other experts is essential to building a responsible company model.
Look At Each Event Individually
Outlining what to consider when starting an event planning business requires highlighting the organization and style that makes event planners so valuable. Once you have your business structure in place, don’t forget to provide space for decorations and other supplies you can use for future projects. Using your experience from previous events will help each new project run more efficiently.
That said, there is a difference between relying on experience and copy-and-pasting. If you simply use the exact same strategy for one event as you did another, you run the risk of overlooking the venue’s unique opportunities. For example, our pipe and drape kits available online include a wide range of materials in various colors. Thus, you can fine-tune your purchase for each event, and with proper care, you can use that fabric again in the future.
However, don’t hesitate to find a new pipe and drape kit to cover more space or make a venue pop visually. Simply put, make every event planning decision with a specific purpose for that event in mind and not solely because it worked somewhere else. That way, you can truly find your creative voice and make that known during events and through online marketing.