Have you ever wondered how to start an event organizing (EO) business?
What if you could start a highly lucrative business that didn’t involve selling or shipping a physical product yourself, which you could run entirely from your home office, and which, at some point of their lives, virtually every human being will require the services of in some form or another?
Welcome to the event organizing business. To succeed in this game, you’ll need to have fantastic interpersonal skills and the ability to organize and plan things which haven’t yet manifested in the physical world. You’ll need to be able to visualize, plan and follow through.
Whether it’s birthdays, weddings for which you’re having to do most things from venue ideas to hiring wedding bands Essex, special religious occasions or events linked to major life milestones such as graduations or anniversaries, almost everyone throws a big party at some point and many people will require help planning and setting it up.
That’s where you come in. Read on to find out more.
Step 1: Research your Event Organizing Market
It should go without saying that you need to do your homework before launching a business of any kind.
Find out which events are needed in your area.
Types of Events that need Event Organizers include:
- Trade Shows
- Sports Events / Golf Tournaments
- Fundraising Dinners
- Music Concerts or Festivals
- Networking Events
- Holiday Events (4th of July, Memorial Day)
- Reunions / Family Events
- Church Events / Evangelism Seminars
- Business Picnics
- Theme Parties / Events
- Strategic Planning Retreats
You also need to figure out who your competitors are and what their prices are before you can even think about making a profit.
- Who is already in the business?
- How long have they been doing it for?
- What do they charge?
- What kind of events do they plan and run?
- Whose services do they use?
- How many people in your area are searching for event planners?
All of these questions need to be answered before you can create a business plan that’s effective. If you do come to the conclusion that you want to specialise in weddings, then these Winnie Couture franchise opportunities may also be of interest to you.
Step 2: Create & Test Your Network
Some clients will come to you with an idea of what they want, while others will need help in selecting venues, food types, transportation methods and even financial planning and budgeting.
You want to have a well-established network covering all the angles so that you don’t get hit with a surprise request you can’t fulfill. Go around and talk to local businesses you think you could develop a professional and reliable working relationship with.
You’ll want to test them before you use their services at a live event or party, and you’ll also want to work out a deal with them whereby you take a commission or get some sort of special discount for every big event you hire them for.
Here are some of the areas you’ll want to cover:
- Transportation such as mini-buses and limos.
- Venues such as restaurants, cafes and even concert halls/pavilions.
- Catering companies which can deliver and serve at your venues. You may need to work with more than one to meet the required tastes of the event.
- Florists who can cater to all occasions.
- Designers who can provide marquees, balloons, signs & decorations.
- Entertainers ranging from bands and singers to magicians and clowns.
- Media companies like photographers, videographers, printers for cards, leaflets, etc.
You also need to consider more than one company to fit a variety of budgets.
Research the costs associated with every single element of planning an event and thoroughly think through the numbers. Then, add your fee on top to come up with a price.
Step 3: Market by Starting With People You Know
Word of mouth is still the best form of advertising, and if you organize and throw a great party, bash or event for someone you know, they’ll tell their friends, family and colleagues all about it.
They’ll also probably share photos of the event all over social media. You’ll want to create a profile so they can tag you and vice versa, gaining exposure for your brand. You’ll be surprised how many hundreds of people can find you through social media alone. If you’re struggling, consider using PPC ads to help reach a further audience, and make sure to use something like a click guardian alternative to help prevent anyone from committing click fraud against your campaigns. This will then help you reach out further than before, ensuring that you can safely see what works and what doesn’t to draw in your target audience.
As word spreads, you may want to build a blog or website to help with marketing.
Remember, actions speak louder than words and photos/videos of a great event already planned and executed speaks 100 times louder than promises. Show them what you can do, rather than tell them.
Step 4: Consider Hosting Yourself
You may be able to host an event if you’re so inclined. If you have an outgoing, enthusiastic personality and like to interact with people and help them have a great time, you may consider hosting your own events if you have the time.
This can fetch hundreds of extra dollars per occasion and hosting is by far one of the biggest expenses of any event. If you can host, you’ll make a lot more money and extend your network just by interacting with people at events.
Step 5: Launch Your Event Organizing Business
Once you’ve done your homework, created a network and run a trial event or two it’s time to get busy and start making money. Consider Google Ads and Facebook Ads but be sure to limit their reach to your city, and get ready to start processing orders.
Summary: How to start your event organizing service
This is a demanding business and can involve late hours, stressful run-ups to events and can impact your social life. If you get it right, however, it’s highly profitable and there’s a virtually endless demand! If you manage to succeed and continue to do so and grow, because of the never-ending demand for event planning, you may find you could then sell your business to a company that buys businesses such as Amerinote Xchange, for a price you wouldn’t have imagined when you first started!
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