If you have the drive and social skills necessary to plan events and coordinate vendors, you may be able to start an event planning business in your area. Before you get started, however, you will need to do some research and think about what kind of event planning business you want to start. Some businesses, for example, are focused on one type of event, usually weddings, and will plan such events only. Other businesses are broader and can handle a wider variety of events, such as celebrations, memorials, educational fairs, job fairs, and so on.
Once you have a clear set of goals, it helps to write a business plan that will outline all aspects of your event planning business. This plan should include an analysis of the target market, competition, potential pitfalls to starting the event planning business, and ways in which your business will be better than others. Advertising strategies should also be included, and a detailed budget should be drawn up. It may also help to make profit and loss projections that will give you an idea of how much money you can expect your business to make in the first few years of operation.
You will need to secure startup funding for your event planning business, which often means securing a business loan. Writing a business plan will help you secure such loans, as you will be able to show lenders your plan and give them a sense that you will be able to pay back the loans on time. Once you secure funding, you will need to set up vendor accounts, establish a storefront or base, and advertise your new business. Networking will be important; visiting bridal boutiques, schools, funeral homes, and other venues that you are likely to coordinate with is a good first step toward establishing your business name and drumming up new business.
Before you do any networking, however, be sure to design promotional materials and price lists so vendors and customers will get a sense of what they can expect from your business. The more information you can give your customers, the more quickly your business will become established. Keep track of expenses and profits; if you are not good with budgeting or accounting, consider hiring a professional accountant to take care of this aspect of the business. This will save you a lot of frustration and possible loss of money when you start up your event planning business.
