Are you passionate about bringing people together and creating memorable experiences? Starting an event planning business in India might just be the perfect venture for you. From weddings and corporate gatherings to social events and festivals, the demand for skilled event planners is on the rise in India’s dynamic and diverse market. In this in-depth guide, we’ll explore the step-by-step process of starting your own event planning business and thriving in this exciting industry.
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What is Event Planning Business?
An event planning business is a service-oriented venture that specializes in organizing and coordinating various types of events, ranging from weddings and corporate gatherings to social parties and festivals. Event planners work closely with clients to conceptualize, plan, and execute events that meet their specific needs and preferences, ensuring a seamless and memorable experience for attendees.
These businesses may offer a wide range of services, including venue selection, décor and design, catering, entertainment booking, logistics management, and coordination with vendors and suppliers. Event planning businesses play a crucial role in bringing people together and creating memorable experiences that leave a lasting impression.
Is Event Planning Business Right For You?
For people who are interested in getting into the business and contributing to their households, an event planning 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.
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.
13 Steps To Start Event Management Business in India
1. Research the Market
Before diving into the world of event planning, it’s essential to conduct thorough market research. Identify your target market, understand their preferences, and analyze the competition. Determine the types of events that are in demand in your area and assess the pricing strategies of existing event planning businesses.
2. Think About Your Style
One of the biggest things that is going to set you apart from your competition as an event planner will be your 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 style of creativity.
3. Identify Your Target Market
Before you begin building your event planning company, it is also important to decide on its focus. The very first step is to choose what kind of events you are going to conduct.
Determine the range of services you’ll offer as an event planner. This may include event conceptualization, venue selection, décor and design, catering, entertainment, logistics management, and coordination with vendors and suppliers. Tailor your services to meet the specific needs and preferences of your clients.
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.
4. Develop a Business Plan
A well-crafted business plan is crucial for the success of your event planning venture. Outline your business goals, target market, services offered, pricing structure, marketing strategies, and financial projections. Define your unique selling proposition (USP) and identify how you’ll differentiate your services from competitors.
5. Legal Considerations
Register your business as a legal entity. It can be a sole proprietorship, partnership, or private limited company, depending on your preferences and business structure. Obtain the necessary licenses and permits required to operate an event planning business in your city or state. Ensure compliance with tax regulations and other legal formalities.
GST registration is a must in India presently to run an event management company.
6. Evaluate the Cost of Launching an Event Planning Company
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 costs are high. However, if you are starting from home with a low budget, shouldn’t have to worry too much about salary costs during the early days.
7. 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.
8. 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 will help you through this process in more detail.
9. 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 and testimonials from your clients. Bring it all together to create a presence for yourself, either online, in print, or both.
10. 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 to take the most advantage of them.
Do yourself a favour 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.
11. Use Reputable Vendors
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 promptly. Also, develop a relationship with these vendors to make the next event you plan to run smoothly.
Also, consider that with vendors 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 making.
12. 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.
13. 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.
Conclusion: Event planning business 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.
Frequently Asked Questions
Is the event planning business profitable?
Event planning business in India can indeed be profitable, given the growing demand for professionally organized events across various sectors. According to a report by Statista, the event management industry in India in 2023, the market size of the weddings and allied segments industry was the highest in India at over four trillion Indian rupees.
and is projected to reach over 11 billion U.S. dollars by 2026, exhibiting a compound annual growth rate (CAGR) of over 12% during the forecast period.
What services does an event planning business in India offer?
Event planning businesses in India offer a range of services, including event conceptualization, venue selection, décor and design, catering, entertainment booking, logistics management, and coordination with vendors and suppliers.
How much does it cost to hire an event planner in India?
The cost of hiring an event planner in India varies depending on factors such as the type and scale of the event, the services required, and the reputation and experience of the event planner. Prices typically range from a few thousand rupees to several lakhs, depending on the complexity of the event.
What types of events do event planners in India specialize in?
Event planners in India specialize in various events, including weddings, corporate gatherings, social parties, festivals, conferences, exhibitions, and more. They cater to the diverse needs and preferences of clients across various industries and sectors.
Do event planners in India provide customized event planning services?
Yes, event planners in India often provide customized event planning services tailored to the specific needs and preferences of clients. They work closely with clients to understand their vision and execute it to perfection, ensuring a unique and memorable event experience.
What are the latest trends in event planning in India?
Some of the latest trends in event planning in India include sustainable and eco-friendly events, virtual and hybrid events incorporating technology, personalized and experiential event concepts, and themed events inspired by cultural and social trends.
Can event planners in India assist with destination weddings or events in other cities or countries?
Yes, many event planners in India specialize in destination weddings and events and offer services for events in other cities or countries. They handle all aspects of planning and coordination, from travel arrangements to venue selection and logistics management, ensuring a seamless and unforgettable destination event experience.