Organizing an event, whether it’s a wedding, anniversary, baptism, children’s party, graduation party, debutante ball, family reunion, fashion show, fundraiser event or company product launch entails time, money, good communication skills and strong organizational skills.
Events management is a thriving business. Individuals who do not have the expertise and time to organize an event on their own, seek the help of event organizers to take care of the details of the occasion. Companies also hire event planners to handle various company events involving large number of attendees. Professional event organizers can take care of all the nitty-gritty of planning and setting up the event.
Here are some tips to consider if you’re planning to put up your own events management business:
1. Learn about the industry.
Anyone interested in putting up an events management business should start by learning about the industry. Here are some possible ways to learn about the events planning business:
People who have been in the events management business for several years can give helpful insights about the business. Interview business owners and people working for events management firms.
Enrolling in an events management seminar can give aspiring event organizers needed knowledge and tools to start their own business. The scope of an events management seminar usually covers the following:
- Basics of organizing events
- Putting up a team
- Managing staff
- Finding the right venue and suppliers
- Problem solving
Pinoy Bisnes Ideas recommends working as an apprentice for an established event planning company to get needed exposure in the industry and learn about the ins and outs of the trade.
Pinoy Bisnes Ideas also suggests acquiring a degree or certificate in events planning by enrolling in a college or university and becoming a Certified Special Events Professional (CSEP) or Certified Meeting Planner (CMP).
2. Develop and strengthen your communication skills.
An events planning business involves dealing with clients and suppliers. People who want to head their own events planning business should brush up on their verbal and written communication skills.
Planning an event often involves arranging several meetings with clients and suppliers to work on the details of the occasion. It is vital to learn how to communicate effectively during meetings in order to work on common vision, purpose and goals. Remember that bad grammar can easily turn off clients and bad sentence construction can lead to confusion, especially in contracts.
3. Determine your target market.
It is advisable for new event organizers to focus on specific events rather than take the challenge of coordinating all kinds of events that come their way. Determine if you want to handle parties for private individuals (weddings, debuts, etc.) or companies (product launches, corporate meetings, fundraising galas, etc.). Build experience and confidence by starting on small events and gradually moving on to bigger and more challenging ones.
4. Provide start-up capital, invest on equipment and set a location.
The start-up capital of an events planning business may depend on office space and number of staff. According to Chron.com, your start-up funds should be able to cover at least three months’ overhead expenses, including rent, utilities and staff salaries.
Aspiring event organizers who do not have enough money for capital can start a small events planning business at home. Instead of hiring people, the business owners can divide the workload among themselves.
Find an ideal location for your events management business. Choose a location that is easily accessible to clients and suppliers.
For a home-based events planning business, designate an area in the house for client and supplier meetings. It is also possible to set-up meetings in public places like coffee shops and restaurants.
To have a successful events planning business, it is important to invest on necessary equipment and services such as computer, printer, scanner, fax machine, landline, mobile, and internet services. These things are important so you can establish communication; do research; make and send client proposals and contracts; send and receive emails from clients and suppliers; and more.
5. Get proper registration requirements and documents.
Choose a good name for your events planning business. Register your business at the Department of Trade and Industry (DTI) for single proprietorship and at the Securities and Exchange Commission (SEC) for partnership or corporation. Apply for a business permit from the city where you will put up your events management business. Register the business with the Bureau of Internal Revenue (BIR) to secure TIN (Tax Identification Number). Secure Social Security System (SSS), Philhealth, and PAG-IBIG coverage for employees.
6. Promote the business.
Here are some ways to promote your events planning business: