Starting an Event Management Business

| October 6, 2010 | 5 Comments

Daydreaming about starting an event management business? Maybe you have already worked in the events industry and think about working for yourself. Or perhaps your organized meetings in the past and feel it your life’s passion. Both are good reasons for acquiring the profession.

Starting an event management business is similar to starting a relationship – it’s required to possess appropriate skills and follow some important steps to achieve success.


Gain Event Management Skills and Experience

Scoring a success is based on event manager solid grasp, steady skills and experience:

  • Verbal and written communications
  • Organization and time management
  • Negotiation and budget management
  • Marketing, public relations and more

Determine Your Event Management Market

Let’s say you’ve been working in the event industry for many years, know all ins and outs and eager to coordinate all kinds of events, from weddings to festivals.
Stop. This is a common mistake many event managers do. First of all, people have different energy levels and different capabilities. And, one can’t be a master of all trades. Recognize that there are distinctive differences between corporate, association, nonprofit and social events. Determine your market accordingly. It’s much easier to concentrate on a certain domain and become a professional.

woman holding open for business signDevelop a Business Plan

Someone once said, “If you fail to plan, you should plan to fail”. Like everything else, starting an event management business requires a business plan. There are a couple of resources that can help you. For example, U.S. Small Business Administration publishes materials about writing business plans. You can find more with Google!

Obtain Business Insurance

Business insurance is mandatory. Event management business should secure general liability and other forms of insurance to protect the business owner’s interests.
Several forms of insurance exist. Speak to an insurance advisor to learn the requirements.

Develop Network of Suppliers and Staffing Resources

Event managers usually work with a wide range of suppliers – communications consultant, stationery designer, promotional products distributor, party rental supplier, caterer, florist, photographer and more. You will also need the staffing resources for sales, marketing, accounting and administrative functions. It’ll be necessary to establish an infrastructure that will support your events from all sides.

Establish Your Fee Structure

You should be conscious of the various ways to cover expenses and make a reasonable profit. Most event planners’ charge is based on the following:

  • Flat fee
  • Hourly rate
  • Percentage of expenses
  • Percentage of expenses plus hourly rate
  • Commissionable rate

Business Development and Marketing

With a prepared business plan, established fee structure and determined event manager market it’s time to begin working with marketing materials. Choose the right name for your business; create business cards, stationary, proposals, client agreements and a web-site.
Launching a web-site is an easy step with a turnkey solution like PG Events.

About the Author

Pilot Group Ltd focuses on developing, selling solutions for e-business and technically supporting its customers. We develop solutions in different business fields: real estate, dating, job board, e-learning, and others. Check out our Event registration software at http://www.eventsoft.pro

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  1. vrushali deshmukh says:

    i want start my business at home or my city can u pls co-opret me and give me some idea for caterring business or food industry i have comlited my hotel manegement so pls help me out.

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  2. Windows 7 Key says:

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  4. suja says:

    i have completed my m.c.a. but i am interested in starting an event managemnt company on my own . pls help me

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  5. AMRUTA says:

    hi, im engineer but intrested in starting event planning buisiness like any type of party planning which includes all catering ,decoration, themes,etc…
    so i need ur help and suggestion related to this buisiness … plz help me….

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