Event Planning Business Guidelines

The following list provides eight guidelines to start your own event planning business.

1. Skills and Qualifications

The ingredients of a successful event planner include an extroverted personality with high energy and great organizational skills. It is also important to have good people skills that encompass a leader, a listener, and a team player. As an event planner, you are required to organize all aspects of the event. In the initial stages, you have to be a salesperson as you write your proposal and convince the prospect to hire you. To pull the elements of the event together, you must be creative, thorough, and open to ideas. You must be assertive but also flexible enough to take advice from the professionals you hire to help produce the event. You are also responsible for requesting payment and keeping track of expenses. You must be detailed and organized so the client will be updated on any changes or additional costs during the planning process.

A degree or certification in event planning would be beneficial for your business because many prospects look for qualifications. Having previous experience in organizing events is also a plus. Being an apprentice or understudy with an event planning company can help you gain a full understanding of the overall event planning process.

2. Equipment and Supplies

Your business “starter kit” should include a telephone; answering service; fax machine; cell phone; high speed computer (preferably a laptop) with internet connection; and a color printer. A laptop allows you to make presentations to clients and handle other administrative tasks anywhere you are. You may also want to consider purchasing specialized programs such as Vivien (Cast Software) for event space design, QuickBooks (Intuit) for accounting, and Photoshop (Adobe) for managing photos of your events. Always consider the least expensive way to get your point across to clients while still maintaining the highest level of performance. Remember, you’re just starting off as an event planner, and purchases in all areas should be limited to the few basics that you will definitely need on an ongoing basis.

3. Target Market

Events can be categorized under two main market segments: social events and corporate events. The social segment includes events that celebrate life milestones such as weddings, birthdays, anniversary events, reunions, etc. The corporate segment consists of events held by private organizations, corporations, businesses, non-profit organizations, charities, and political parties. Corporate events can include company parties, meetings, trade shows, fundraisers, product launches, political rallies, etc.

It is important to select the area you could most successfully deliver event services. What do you enjoy? What are you good at? It is up to you to decide which segment you want to plan events for.

4. Research

After selecting your target market, you must research the types of events that you would be handling. It’s good to familiarize yourself with customs, etiquettes, etc. that should be followed. The theme of a bar mitzvah, for example, will need to appeal to the younger set attending but should not create an uncomfortable or inappropriate setting for the adult attendees. Creating this kind of balance is where the true value of a planner comes into play!

You also need to research and select the suppliers/vendors that you will want to include in your support team. It is also important to research about your competition. To gain a competitive edge above others, you can read up on the latest trends, take classes, or attend industry meetings that offer educational seminars to focus on the specifics of event planning.

5. Start Up Costs

The start up cost will be different for every event planner. It will mainly depend on demographics: the area in which your business is situated and the targeted market segment. You would have to invest in your equipment and technology, office supplies and event supplies, and also for business license/taxes, marketing fees and advertising material, legal advice, etc.

6. Setting up of Functions

The main steps that you, as an event planner, will need to execute are Researching, Organizing, Coordinating, and Evaluating the event. Once you have been hired, the best way to reduce risks and have a successful event is to research and understand what the client’s expectations are for the event. Then, you would organize and coordinate the event. After the event, you should get an evaluation from the client in order to determine whether the event was a success and how you can improve your services.

To grow a business requires commitment to your clients and the event industry. There is no room for halfhearted attempts; you must be prepared to carry each project from start to finish.

7. Fixing the Correct Price

There is no crystal ball to tell you what a customer will pay, or determine what your service is worth. Setting your price is based on current market trends, your experience, and your complete understanding of the scope of the project. It is important that the price you charge would cover all the costs you have endured and leave an acceptable profit for you. Pricing your services can be done by percentage, by fee for services, by the hour, or by commissionable rates/add-ons. It is up to you to decide on the most suitable pricing method for your business. Just remember, don’t be afraid to charge for your time. Time is money, and you should be compensated for it.

8. Marketing Your Service

Marketing your business must be ongoing. To keep your business dynamic, marketing should be on your “to-do” list every day. Just one phone call, one contact, or one follow-up on a lead will help maintain the cycle going for your business. Networking and word of mouth are the best marketing methods for event planners. Business cards, advertisements, brochures, websites, etc. also help to spread the word. It is also important to create a portfolio of the events you have organized and bring it for potential clients to view.