HOW TO START AN EVENT PLANNING SERVICE
As the years are rolling by, the Event Planning and Management group of companies are growing tremendously. It has been revealed by Dr. Joe Goldblatt, CSEP (Certified Special Events Professional) in a recent research that Event Planning and Management companies are spending almost $500 billion annually worldwide to provide Event Planning Services for special events.
If you are also one of the aspiring Event Planners and want to provide Event Planning and Management Group then Goldblatt has something to say for you, “Suffice it to say, the marketplace is large enough to support and sustain your endeavor” and “If you’re working in one special events area, there are many directions in which you can expand. If you’re just entering the profession of special events, there’s a lucrative market awaiting you on many fronts.”
The Event Planning and Management Group are generating handsome revenue and this industry is booming exponentially. As per the research the average profit margin for an event planning entrepreneur was around 15 percent. Along with that, Goldblatt mentions that show profit margins can be as much as 40 percent.
So you can start your dream company of Event Management and Planning without investing much.
Start with two questions –
- What is event planning and event planning services?
- What kinds of events are we talking about?
Event planning is the process of managing a project such as a meeting, convention, tradeshow, ceremony, (link is external) team building activity, party, or convention. Broadly, event planning consists of following stages –
- Conducting research
- Creating an event design
- Finding a site/venue
- Arranging for catering services, interior and exterior décor, and entertainment
- Planning transportation for attendees and parking facilities
- Sending invitations to attendees
- Arranging any necessary accommodations for attendees
- Coordinating the activities of event personnel and their safety
- Supervising at the site
- Conducting evaluations of the event
And obviously it all depends on your business whether above mentioned activities will be engaged or not. So a thorough research for the event is required.
And if we talk about the kinds of events then they occur due to some special occasions –
- Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries)
- Education (conferences, meetings, graduations)
- Promotions (product launches, political rallies, fashion shows)
- Commemorations (memorials, civic events)
This is not an exhaustive list because various special events may be business related, purely social or combination of both.
Why Do People Hire Event Planners?
The need for Event Planning Services crops from the fact individuals often believe that they lack the expertise and time to plan events themselves. Independent planners can step in and give these special events the attention they deserve. It can be a great start for you if you want to become an event planner and provide event planning services.
Event Planning and Management is a diverse field in itself so it is always recommended to consider getting a degree or certificate from a local university in event planning or management. Meeting Professionals International (MPI) provides a list of colleges and universities offering educational opportunities in this field. You can also consider working to become a CSEP (Certified Special Events Professional) or CMP (Certified Meeting Planner) as these designations are given out by ISES and MPI, respectively. These designations are looked after while recruiting event planners by various corporations. It shows that you are professional and know your job well. This way they can hand over the charge of their special events.
- The Corporate Market
The term “corporate” includes not only companies but also charities and nonprofit organizations. Charities and nonprofit organizations host gala fundraisers, receptions and athletic competitions, among other events, to expand their public support base and raise funds. Thousands of these events occur each year, and although the large ones require specialized event planning experience, you may find smaller local events to start out with.
- The Social Market
Social events include weddings, birthdays, anniversary parties, bar and bat mitzvahs, Sweet 16 parties, children’s parties, reunions and so on. You may decide to handle all these events or just specialize in one or more of them.The market for social events, especially birthdays and anniversaries, is expected to continue to increase over the next few years, as baby boomers mature. This group has children getting married, parents celebrating golden anniversaries, and their own silver wedding anniversaries to commemorate.
Here are the main tasks you’ll be completing as an event planner:
Income & Billing
The goal in pricing a service is to mark up your labor and material costs sufficiently to cover overhead expenses and generate an acceptable profit. First-time business owners often fail because they unknowingly priced their services too low. According to industry expert and author Dr. Joe Goldblatt, fees are typically determined by three factors:
- Market segment served
- Geographic location
- Experience and reputation of the event planner
How, you may ask, are the above-mentioned fees-for-service calculated? Event planners we interviewed price their fees-for-service (the total cost to the client) using a “cost-plus” method. They contract out the labor; supplies and materials involved in producing an event and charge their clients a service fee of about 10 to 20 percent of the total cost of the event, with 15 percent being a rough average.
Right Angle Events is known for its outstanding event planning services in Melbourne. If you are looking for professional and hassle free event planning services, feel free to contact Right Angle Events at 0438 051 134.