Event management is a booming industry with a lot of opportunities.
The reason is that people now prefer to hire event managers for all their small to big events to ensure that their events run smoothly.
As a result, they can enjoy themselves by being a part of all the moments without worrying about the arrangements.
If you are planning to start an event management business, you must take a step-by-step approach.
It will help you not only in the long run but also in the short term.
The first step to starting an event management business is to know how it works to gain experience and skill.
For this purpose, try to find and learn about every nook and crook of event management.
There are many ways to do this, like attending events, volunteering for events, working for a company that manages events or joining an event management association.
Event management is a highly competitive industry. Therefore, the more experience and skill you have, the better your chances of success in this field.
The three most important skills to develop in event management are:
If you master these three, no one can stop you from starting a successful event management business.
Additionally, having good communication skills and keen knowledge of the industry will be the silver lining of your business.
Targeting the niche with the right potential is the most important thing to consider when starting your event management business. It will determine how successful you will be in the long run.
For this purpose, here is a list of different types of niches for event management business:
There are many niches in event management, and it is not easy to pick one.
However, if you are new to the industry and you want to know what niche would suit your skills, you can use this checklist:
After assessing yourself on the following questions, it would be easier for you to pick your target niche easily.
You can specialize in any niche as long as you know how to market yourself and create content for that specific niche.
A business plan will provide a roadmap for the future and will help you to stay on track.
A well-written business plan will help you to get a better understanding of your company’s direction and objectives, as well as your strengths and weaknesses.
Accordingly, consider these things while making a business plan for an event management business in India: -
The first thing you should do before forming your business plan is to know who your target audience is. You can start by identifying the kind of events that they usually attend and what their demographic profile looks like. It will help you create content, design events and offer services accordingly.
Secondly, plan how you will attract customers. For this purpose, prepare the marketing strategies you will use based on what your target audience might like.
After that, research the competition in the market and what they are doing. It helps to determine the positioning, pricing and marketing strategy.
Once you know who your target audience is and what potential services you need to provide, it's important to figure out the appropriate price for those services. In fact, this will also help you with figuring out the initial investment you will require.
After that, plan for the infrastructure that would be required in order to set up a successful event management business. This includes budgeting for venues, tenting equipments, designs and framing.
You should plan around the needs of your business and take into account any possible obstacles that could interfere with their events, like weather, festival, event dates, or other events that may collide with them.
Registering your event management business is really crucial for gaining the trust of your clients.
People are very cautious when they are choosing an event management company and tend to go for one with a proper legal structure.
With this in mind, you can register your event management business as any of the following:
The decision will depend on several factors, such as the number of directors, capital invested, power-sharing ratio, expansion goals, the scale of business etc.
Therefore, to make the right choice, get in touch with our experts by filling out the form on the right.
They will advise you on the best business structure for your needs and will also help you to register it quickly.
Documents Required for Registering your Business
The next step is to obtain all the legal licenses and permits required for an event management business.
Here is a list of licenses and permits you will need in an event management business:
Some of these licenses are state-oriented. Thus, you will need to acquire them from specific state authorities before organizing an event there.
Event managers are always on the lookout for vendors and staffing suppliers to help them with their business.
Although finding the one who can provide the necessary services at the right price can be challenging, there are many ways to do so:
1) Use LinkedIn
LinkedIn is one of the best ways to find vendors and staffing suppliers. Many event management companies use LinkedIn as their primary lead generation tool. You can use LinkedIn's search option to find people who work with your niche or who work at companies that specialize in your niche.
2) Go through Advertisements
You can also go through advertisements on websites like OLX or Quikr to find vendors and staff for your event company. These websites are a great way to find vendors that deal with events in your niche.
3) Network on Social Media
Social media is one of the best ways to find event professionals. You can ask and answer questions on sites like Twitter and Instagram, or you can look for hashtags related to your event company's niche.
4) Ask friends
Sometimes asking people you know can be cheaper than other methods you have tried. Ask friends and family members if they know anyone who might be able to help your event company or job search for your event company's staff.
5) Attend Events and Workshops
An event manager must attend as many events as they can. It will help you with meeting new people, networking with vendors and suppliers of that event and also give you an opportunity to do collaborative events.
Note: - It is important to consider factors such as location, cost, and experience before hiring any vendors or suppliers.
In order to create a suitable quote, you will need to take into account the following factors: -
To be able to provide the best service, it is necessary to have a clear understanding of what the client needs.
The quote will give you and the client an estimate of the total cost of a project or product. In fact, it can be used as a starting point for negotiation with the client.
Also, it will serve as a guideline for budgeting and planning purposes.
The next step is to create a budget for your event management company which includes all the cost factors such as rent or office space, food, transportation and other necessities.
You also need to figure out how much money you need on hand so that you can make payments when needed.
For an estimate, you will require a minimum of Rs. 10 Lacs to Rs. 15 Lacs initially to start with small events.
Accordingly, you can consider the following options for securing investment:
Some of the events you can start with are birthday parties, baby showers, kitty parties, get-together, festive gatherings etc.
Once you get a good grasp over organizing and start understanding things and situations, you can dive into the big bowl and pick big events.