10 Reasons Why Event Management is the Ideal Business Start up Opportunity

The Ultimate Guide To Business Start Up

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If you’re looking for business start-up ideas, let's explore why event management is the ideal business start-up opportunity, and why you should give it serious consideration. 

What is event management?

Event management is a business where the client pays you to set up and organize various types of event. These can range in scope from very simple to more complex events, requiring a greater degree of logistical input.

Some typical examples of the type of events you might manage range from birthday parties to weddings, graduations to anniversaries, christening parties to bar mitzvahs – in fact virtually any kind of special event you care to imagine.

In addition to these “private events,” there are also corporate events to consider, such as product launches, team building events, sales meetings, or end of year events. The list of corporate event planning opportunities available to the event planner is extensive.

10 reasons why event management is the ideal business start-up opportunity:

  1. Almost Unlimited Income Potential – we touched briefly on some of the types of events that are available for you to organize in an event management business. This is the tip of the iceberg. The potential clientele available to you, should you start an event management business, is huge and the type of events you can put together is only limited by your imagination.
  1. Low Business Start-up Cost – amongst business start-up ideas, the event management model is hard to beat. You don’t need an office and can hire contract employees on as-is needed basis and, unlike many other businesses, you don’t need to carry stock of any kind. You can get started in event management for very minimal cost.
  1. Minimal Risk – as there is no need to invest in many of the fixed and other costs associated with other business start-ups, your down side risk when you start an event planning business, is kept to the absolute minimum. This is, obviously, the ideal scenario and needs to be seriously considered.
  2. Positive Cashflow – it is, of course, entirely up to you as a business owner to decide what payment terms to extend to your clients. But, consider this, in event management 50% paid in advance and the balance owing paid in full, before the event, is very common. No billing the client and waiting 30-90 days for payment - effectively solving the cash flow issues that many new businesses face every day.
  3. Repeat Business the holy grail of any business is clients who come back time and time again. It’s far easier to do repeat business with existing clients than to continually have to find new ones. Corporates will always give you repeat business if you do well, and private individuals are sure to recommend you to friends and family.
  4. Accessibility – as event management has grown in popularity as a business start up, so has the availability of online event management courses. Simply do a Google search to find the best one for you.
  1. Efficiency – event management, as a business start-up idea, has another major benefit – the possibility to automate many of the essential tasks involved through the use of software. There are many excellent software packages available in the marketplace today that will help you organize and run your business efficiently.
  2. Build a Substantial Asset – an event management business, particularly one involved in corporate event planning with repeat clients, is a very valuable asset. An asset you can sell, at some point in the future or even pass on to a family member.
  3. Dynamic Industry – people become involved physically and emotionally in events and actively seek out good event planners. As well as carving out a rewarding career for yourself, you’ll be involved in an exciting and progressive industry that will help you grow as an individual.
  1. Fun – running an event management business, and dealing with the public, can be extremely rewarding and fun. You’ll meet interesting people and, don’t forget, you’ll be attending, for free, occasions that others are paying substantially for.

Starting an event planning business is a big step for anyone, but we hope these 10 reasons why event management is the ideal business start up and why you might want to start an event planning business for yourself have helped you get a step closer to getting started!