Starting An Event Management Business? 5 Things You Must Know.
A Whole New World Of Opportunity In Event Management Awaits You!
Looking for a business idea that has the potential to reward you with a substantial income - then you should definitely consider starting an event management business?
Why? For starters, event management has a solid reputation for being an amazing business choice for the right people. It gives you the chance to start and grow your own business as you want, chooses how many hours you want to work and plan the income level you want to achieve.
There are a few things you need to be aware of before you get started, so if you need help starting an event management business here are 5 things you must know.
- WHAT IS EVENT MANAGEMENT
Event management is often referred to as an event planning service, and the service you provide to your clients includes planning special events, designing the look and feel of the event and the execution of the event itself.
We can break events down into 4 main categories as follows:
Celebrations – weddings, birthdays, parades, fairs, reunions and anniversaries.
Educational – graduations, meetings, and conferences.
Promotional – fashion shows, political events, and product launches.
Commemorative – civic events and memorials.
Starting an Event Management Business
- THE MARKETPLACE
The marketplace for a good event planner is absolutely huge and growing all the time. Research done by Dr. Joe Goldblatt CSEP (Certified Special Events Planner) suggests that the annual marketplace for special events planning is some $500 billion per year and that is a lot of potential in anyone’s books.
What is really interesting is that unlike other marketplaces where margins are being squeezed like crazy, the event management arena has seen a steady growth in margins from around 15% a few years ago to as much as 40% right now. This is great news for you as a potential event planner.
Suggested reasons for the upswing are a general improvement in the economy and more of a willingness for companies to outsource their event planning needs. It does make sense to outsource a function that isn’t always needed on a daily basis and corporates can save a lot of money by not having to employ someone on a full-time basis with all the associated costs.
- WHAT MAKES FOR A GOOD EVENT PLANNER?
A successful event planner will likely be highly organized but at the same time flexible enough to deal with unexpected situations as they arise. It’s virtually a given in your event planning career that plans may need to be changed at a moment’s notice due to unforeseen circumstances. A speaker not turning up, problems with presentation or sound equipment, a power cut – there are many last minute hitches that you may need to contend with.
As well as having top notch organizational skills, a good event planner must be a good communicator and able to converse with and co-ordinate people at many different levels. From the CEO of the company for which you’re working to the caterers who supply the food and your event management team itself, you’ll be expected to communicate clearly and decisively.
- WHAT TO EXPECT
By its very nature, your event planning career will probably involve working weekends, evenings and holidays, particularly if you’re involved in planning mainly social events. Don’t expect your business to be a 9-5. That said, the rewards of working for yourself and the satisfaction of building a lucrative business far outweigh the sacrifices involved for most people.
That said, much of the planning will be done during office hours with just the events themselves being after hours or on weekends.
An obvious exception to this rule would be if you specialize in children’s parties of course.
- EDUCATION AND CERTIFICATION
There are many online event planning courses where you can get an education in the world of event planning – a word of caution, however. If you decide to go the online route, be sure to do your due diligence on the event planning course you’re considering. Beware of large up-front payments and look for testimonials from satisfied clients. If you can find testimonials that you can check out personally with the person giving them, so much the better.
You can also consider working towards becoming a Certified Special Events Professional (CSEP) or Certified Meeting Planner (CMP) and you can find all the details you need with a quick Google search. Becoming certified will be a huge bonus should you choose to specialize in corporate event planning as clients will often equate certification with professionalism.
If you need help starting an event management business I’m sure these 5 things you must know have given you plenty food for thought. Best of luck with your new venture, you’re about to discover a whole new world full of opportunity that can be very rewarding.