The event management industry is growing, a lot of money is being spent on event management, and the event management market is now too big. If you have an event management company, there are many directions to expand it.
If you just want to enter the event management industry, there is a profitable market waiting for you. The profit of this industry is increasing day by day. some time ago the profit percentage of this industry was 15% and now it is 40%. So you can start this industry to make profit and party planner business plan.
What is Event Planning?
The term event planning refers to when you hire someone to organize your event according to your wishes and choices. Special events are categorized as follows
To celebrate such as weddings, birthdays, anniversaries, fairs, etc.
You can organize conferences, meetings and graduations
To promote product launch rallies, fashion shows, etc.
Memorial and civic events
It is not all events but apart from the one related to the event industry.
An event planner can handle the following things.
- To research
- Create an event design
- Find a location
- Arrange and choose food, decor and entertainment
- Plan transportation
- Sending invitations
- Arrange housing
- Supervise the construction site
- Evaluate the site
Why do people hire a planner?
The individual thinks he has less knowledge and he has failed and he has less time, so he hires the planner because he is experienced.
Who becomes the event organizer?
Planners are the ones who want to organize your event and they are experienced, however, they start their business from a small level but they grow with time. Some planners work with other companies and some have their own companies.
When you start the event management business, analyze the target market around you, you can research the event planning around you and check what other companies are offering their customers, and you give better value to customers.
How much investment do you need to start an event management business? It depends on your area where you can start your business if the standard of living is high for people then you need to spend more money. Keep in mind that your cost should be low.
However, it’s usually not a 9 to 5 job, you can arrange the plan on weekends or evenings. So you can organize your time accordingly.
The event planner task
Here are some tasks an event planner should do.
The best way to minimize risk will be to start your event by doing research, researching what fits your client’s needs, sharing the experience of those who are already doing this work, and if you are new to this industry, then also calculate the cost of everything.
Before you start planning an event, first ask your client what they want write down all the suggestions and requirements, then read them again and start working.
It’s time to be creative, now you can work on the “look and feel”, make a brilliant idea, chat with your employee, get the suggestions, and at that time read your notebook in which the customer tells you all the requirements.
Now is the time to propose, your proposal at a lower cost, you need a photo and another sketch which is expensive for you, some companies provide a free proposal to the client but they are the ones who have invested heavily.
Now is the time to organize different things as you can see the vendors, food selections, venue theme, color scheme and many more things like that. Before taking all these steps, you can discuss with your customer and get their opinion first.
After making all the decisions, you can make sure that the sellers are friendly and well-behaved. Also note the arrival and departure times of the venue, they are on the same line, and make sure your staff member knows all the rules.
Ultimately, the success of your event depends on customer satisfaction. Client hires you and hires you next time and advertises client to others.
Cost and gain
When hosting an event, be sure to bill your client, keep your employee salaries and other service costs in mind, and take your profit margin as well. If you do it the first time, you will suffer a loss because you offer a low price to your customer.
Here are the top three factors involved in revenue and billing.
Market segment served
It depends on the event that you are planning a social event. The fees charged are different and if you are organizing corporate events, the fees differ, so you can keep in mind that all the services charged will be minimal and the revenue must be higher.
Fees are high if you are hosting a function in a well-populated area, fees also depend on the in-season and off-season event schedule.
Experience and reputation of the event planner
If you have just started a new setup, you need to charge less fees to attract your customers and establish a good reputation for your business.
Marketing and Resources
When you start an event planning business, you need to advertise your business and adopt these successful and less expensive ways, with the help of online marketing using social media sites to promote your business is a good method, you can also promote by posting on auction panels at your expense for this.
You can start the event planner business with a small level and then expand it when you get a good reputation, keep in mind the master key to manage your assets well and the cost of everything in your mind, to In the end, customer satisfaction takes on a lot of meaning for you because the customer is a person who can promote you very well to the society.