The event Management business is now one of the most profitable businesses with low investment. As more and more people in India are looking for professional event management companies to manage events, demand for result-oriented agencies is on the rise.
For many people who are interested in getting into the business and contributing to their households, event management business is a smart idea. With flexible hours, an event management business provides an opportunity to flex your creative side and business acumen all at once.
You don’t need any special training or education. However, a degree in hospitality, event planning, or tourism, will give you an added advantage. You can also get certified as special events or meeting planners, as well as read books to get a handle on event planning basics.
If you are better suited to working behind a desk with little customer engagement, then an event management business may not be right for you. If you prefer working alone in a non-collaborative, yet organized environment, then you may want to reconsider this career move.
Finally, if on-the-spot creative thinking is not your strong suit, then your ambitions might be a better fit elsewhere.
However, if client-facing work excites you if teamwork contributes to your happiness, and if a fast-paced work environment fits your pace, managing an event management company might be the perfect business for you.
12 Steps To Start Event Management Business/ Company in India
1. Think About Your Style
One of the biggest things that are going to set you apart from your competition as an event planner will be your individual style. Now obviously, your clients may come into your business relationship with a very good idea of what they want for their event.
Or they might come to you because they love what they’ve seen of your work, and they think it matches their style.
In both cases, it is important to create your own style of creativity.
2. Identify Your Target Market
Before you begin building your event planning company, it is also important to decide on its focus. The very step is to choose what kind of events you are going to conduct.
Some event business companies do industry-specific event planning. Others address a niche market. It can be corporate or wedding events.
For example, if white-collar events are more suited to your style, then network with industries and companies to organize their events.
You should build your business as per the needs and trends that customers are looking for.
3. Lay The Foundations
If your event management business takes off, you might end up being very busy. To be a successful event manager, you must be disciplined and methodical in your approach.
As an event planner, you’ll need to have water-tight contracts, financial practices, and organizations to help you keep on top, and safe from issues. Having these things in place from the beginning is a lifesaver, and starting good habits is essential for a strong business.
4. Legal Side Of Your Business
Once you set up your business project plan, focus on the legalities of running a business.
Register your event planning business in whatever state you reside in India. Obtain all necessary business licenses required to start an event management company.
GST registration is a must in India presently to run an event management company.
5. Event Planning Costs
Having some experience working with a reputed event management company will be a big plus. Things will be a lot easier in terms of establishing good relationships with venues and suppliers. Furthermore, it helps in making a list of contacts to get good rates in printing, etc.
Your supplier costs will dictate your pricing for the most part. Just how low you can swing your venue rentals and printing costs will depend on your contacts. Your overheads, if you are working on your own, could be as little as the cost of a phone line and a website.
Marketing and promotions are considerations too. For big event management agencies, manpower cost is high. However, if you are starting from home with a low budget, shouldn’t have to worry too much about that salary costs during the early days.
6. Network With Suppliers
To run an event management business, you must have a dedicated team. Other than your team members, a group of reliable suppliers is essential.
Depending on your niche, create a team of suppliers that can provide a wide array of services. It can be a florist, caterer, decorator, interior designer, set designer, printing agency, photographer, and many more.
7. Build a Website For More Exposure
A website not only gives you a platform to showcase your work, but also attracts more clients with the help of testimonials. It is also easier to share with potential clients and on social media.
Simply connect the website to your Facebook, Twitter, and YouTube pages and post shareable content regularly. Also, websites are inexpensive and relatively easy to set up.
We have written on how to create your website of your own which helps you through this process in more detail.
8. Market Your Business
There are numerous ways to promote your business. However, before you think about marketing, keep in mind that event planning is a service, and word of mouth is key. Therefore, you’ll want to maintain quality standards in all events that bear your name. With that said, also maintain consistency. This is a long-term marketing strategy as many former clients will recommend you to friends.
In the short-term, you can use social media advertising like Facebook and Twitter Ads, brochures and posters, blogging, email marketing, and business cards. The list is long. Choose marketing strategies that meet your needs and that are effective. You may end up trying a few before finding the magic bullet.
Once you get a job, remember to collect lots of photographic evidence for your portfolio, as well as testimonials from your clients. Bring it all together to create a presence for yourself, either online, in print, or both.
9. Take Advantage Of Online Markets
In an online market, business owners can reach large numbers of people for a fraction of the cost of traditional advertising. But, you’ll need to know how to use the tools available to you in order to take the most advantage of them.
Do yourself a favor and get acquainted with both Facebook and Instagram as a minimum. All of these things create a persona for you and your business, almost like an online first impression for your clients.
10. Use Reputable Vendors
It goes without saying that your reputation precedes your business. For every event you plan, you will need a steady supply of materials you can’t provide yourself. It’s, therefore, a good idea to find reputable vendors who can provide you with the right materials in a timely manner. Also, develop a relationship with these vendors to make the next event you plan to run smoothly.
Also, consider that with vendors that you have built a relationship with, it is possible to get high deals for lower. The more relationships you build, the more you save. Becoming an event planner will seem even more rewarding because of all the savings you will be doing.
11. Develop Your Resource Network
You will need a network of resources to make your parties a reality, such as caterers, entertainers, technical experts, technology suppliers, and marketing experts.
While you organize all of these resources for the event, the vendors will provide the tools necessary. Reach out to friends in the event management industry and check reviews on websites like Yelp to find the right vendors to work with.
12. Let Your Creative Side Out
The important thing to remember throughout the entire process of starting a business, particularly an event planning one, is that creativity is key. You have a head full of great ideas, all of which are just waiting to come out and shine at someone’s event.
Don’t censor your creative side too much as you go along, or let it become too heavily influenced by other people. Remember that not everyone, including your clients, is going to agree with you, but that doesn’t mean they need to change how you think, or how you act.
event planning can be a rewarding career path to choose, and starting has never been easier than it is now. Thanks to social media marketing, you can now reach as many people as possible. Take the initiative, because being an event planner will not only keep you occupied but also bring big bucks to the table.
Event Management is a multi-million dollar industry: if you are an organizational hotshot who throws a great event, you could take a bash at it and earn yourself a cut of the winnings. But if you want to be part of this rapidly growing and rabidly competitive sector, just be sure you’re prepared to fight it out with the big boys!
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.