- Work with a Great Team
- Have Purpose and Stay Relevant
- Training and Education
- Negotiating Skills
- Plan Events Effectly
- Customer Base
- Set Goals for any event
- Build Extensive list of vendors
- Professionalism is Important
- Flexibility Is Essential
- Manage Costs & Profits Effectively
- Foresight to Future and Growth
How to start your own Event Management Business
If you plan to start your own event management business this guide will help you get started. I will talk about the first steps you need to take, what to do first and some important factors to consider before you start your own event management business.
The event management business is a constantly changing market, so before you even think about selling services to the public, it is paramount that event planners understand their role in the industry.
A professional events company provider must have a thorough knowledge of local government regulations which are constantly changing. It’s also important for event professionals to have a firm grasp on how to properly plan and execute special events.
Planners rarely work with identical sets of circumstances, they constantly need to develop new skills and revise old methods. They also need to be aware of what clients want from their MICE events or hybrid meetings. For example, corporate clients continue expecting originality from these occasions because they are footing the bill, yet consumers expect things to remain affordable at all times.
As i always say “Change is the only thing that will remain constant” so keeping up with this change requires ongoing education and an insatiable appetite for learning.
Work with a Great Team
Teamwork is very important for any events planning company. Good staff members will help you to achieve your goals and extend the possibilities of what you can do. The best way to find great people is take on interns or hire through job boards that cater to the industry.
Interns should be particularly useful if you’re just starting out as they are likely to know more about event management than you do! If your business does not have much work to begin with, make sure interns are remunerated in some other way for their time – even if it’s only a hot lunch or something similar each day.
With the right team around you, anything is possible!
Have Purpose and Stay Relevant
The main purpose of event management companies is to plan and organize events for their clients. This may include anything from small, intimate gatherings to large-scale extravaganzas which take months if not years to put together as such as concerts, sporting events and conventions where there are many moving parts all tangled up with one another.
Smaller events might require a budget of $10,000 or less but larger ones could set you back by over $1 million! Having a great team around you is essential because without it you cannot achieve anything. Not only do you need good planners and admins, but you also need great salespeople who can talk to potential customers and get them interested in your services.
What’s more, it is just as important for event planners to stay ahead of the game so their knowledge about the industry is up-to-date at all times. The more they know, the easier it will be for them to find new customers and keep existing customers happy so they return time and again over the years!
As such, business owners should always read through papers and magazines that relate to the events management industry on a regular basis. If possible try joining some online groups or associations that are relevant companies in your area too. This will help you both stay up to date but also will allow you to network with other professionals in the industry!
Training and Education
They say knowledge is power … this statement has never been truer than when applied to the management of special events! If you plan on running an events management company then make sure that you keep learning every day because this is one industry where circumstances can change in the blink of an eye.
Education is a priority for every member of the team, from the managing director down to interns, so it is essential that staff members have access to industry-specific information on an ongoing basis. After all, if you are not learning new things then there’s little chance you will be able to keep up with current events in the field!
Most events are negotiated in some way or another, so it’s vital that event planners have strong negotiating skills. The ability to negotiate effectively is an important quality for any business owner, although the art of negotiation becomes even more crucial when you are trying to put together a successful event. It requires you to be flexible and open-minded, plus have good problem-solving abilities. This will help your company come up with solutions quickly so there is enough time left over to create a flawless events program!
Plan Events Effectly
Events management has many pieces that fit together like a puzzle throughout the process of planning an event, no matter how small or large it may be. Keeping track of all these moving parts can be difficult but by having the right people on your side you will not only save time but also money down the road! As such it is important that you plan well ahead because without foresight, you will struggle to attract customers and worse still fail at making profits.
On the other hand, by being organised with your planning you are able to create a schedule that everyone can follow throughout the event process. If you have an existing team that is more than willing to put in the hours then there’s no need for concern as long as they know what their responsibilities entail!
If staff members understand their roles properly then you should be halfway towards putting together a great events management program. The last thing an event planner wants is for one person on their team to take responsibility for something they don’t know how to do; this will only lead to more problems down the road and could even cause your company insurmountable damage.
An event management company will not last for very long if they do not have customers to sell their services to.
What’s more, in order to improve your profit margin it is important that you upsell during the early stages of negotiation, when they are feeling most enthusiastic. This is because when people are already committed to an idea they are less likely to question its viability and run the risk of losing out altogether!
Therefore, you need to prove at all times that you understand what the customer wants and then check in on them regularly once contracts have been signed off in case any minor changes need making. Even if there aren’t any alterations needed it helps keep them happy knowing that their ideas matter and by updating them on progress you can boost their morale and motivation.
Ideas are all well and good but what’s even more important is being able to see things through to the end without any major issues cropping up. This means that it is vital you have reliable suppliers on your team who for example for promotions, events staff. They say nothing works unless everybody works together so with this in mind it is essential that relations between parties are amicable so everyone can enjoy success at the culmination of a project or event.
As every penny counts within the events industry it is important that you save money wherever possible by sourcing materials from trusted suppliers rather than opting for expensive alternatives straight away.
Set Goals for any event
Your goals should reflect what kind of services you wish to offer customers.
By having a comprehensive goal for your business, you will be able to plan ahead and assign tasks accordingly. This way you can make sure that all of your bases are covered. This also ensures that there is no duplication of efforts, which allows the company to operate smoothly. It is recommended by experts for event management companies to have a dedicated event management software to help them in achieving their goals.
Build Extensive list of vendors
it is crucial that you have your suppliers under control at all times, meaning they stay on time and within budget. If there are any problems with an order then they should be the first people to know as soon as possible so that remedial steps can be taken before things get out of hand.
With this in mind, make sure you document all of your service providers, even if they seem small potatoes, since having a few alternatives is always better.
Professionalism is Important
There is a fine line between being a businessman and a friend but as long as you stay professional, you should be able to manage this easily.
First impressions count so make sure everybody who visits your company feels welcome and well taken care of.
If it’s an initial phone call to establish contact then try to take the opportunity to find out as much as possible about what they want from your services, because this will save both parties time down the line. If they’re happy with what you have promised them then there shouldn’t be any problems in signing off on a contract from either end!
Even is you face an obnoxious customer, stay calm and remember that beneath the surface there are issues that are causing them pain. You have to put yourself in their shoes so you can understand their situation. Take the opportunity to improve your customer relations and see what steps you can take to make a terrible situation a little more bearable for them.
Understanding what your customers want is important, but delivering on time and without any problems is even more vital. Make sure you keep your suppliers and clients happy at all times and you should be good to go!
Flexibility Is Essential
Your services can’t grow without your business so it is important for the company itself to stay flexible. If there are issues with any parties involved in an event that you’re working on then don’t panic, just see how best you can solve the problem.
In case of any problems, speak with your clients and see what alternatives you can offer them. This way you could even turn a deficit into a profit!
Manage Costs & Profits Effectively
As well as making sure that everybody is happy with the arrangements made, make sure you keep costs down for yourself at all times. You will find it much easier to work that way and your customers will show more appreciation for what you’re offering them.
Foresight to Future and Growth
Finally, be on the lookout for new industry trends. If there’s a hole in the market, fill it! Make yourself seen to talents, suppliers, and industry experts every time you start a new project to demonstrate your value.
I hope you find this article on how to start your own event management business information useful, and I wish you the best of luck in your business!
Article written by Shawn Tulsi | Managing Director | Phuket Event Company