Guide to Setting Up an Event Planning Business

event planning business

The events industry suffered a lot when the pandemic started. Strict travel bans, lockdowns, and physical distancing measures forced organizers to postpone and even cancel concerts, sporting events, festivals, and exhibitions. The most prominent event that was postponed at the height of the pandemic was the 2020 Tokyo Olympics.

Despite this, the industry is starting to recover over a year after the start of the health crisis. Due to this, setting up an event planning business is an appealing idea for some entrepreneurs. Here are some tips that you should consider if you pursue your plan of starting an event planning business in the middle of the pandemic.

Take Care of the Paperwork

Getting the paperwork done is the first thing that you should do when you set up an event planning business. You should decide on the name of the business, develop your business plan, open a bank account for the business, and get the necessary licenses.

You should also review the requirements for the business to ensure it complies with applicable state and federal laws. It’s important to remember that the state requirements are different from one state to another. Therefore, you should check with the local government and become familiar with the laws of the state.

Opening a bank account for the business allows you to separate the finances of the business from your personal finances. It also allows you to know if the business is thriving or losing money.

Finalize the Services to Offer

Aside from the paperwork, you should also finalize the services that the business will offer. In the case of an event planning business, you should decide on whether the business should offer full-service planning and implementation of an event or not.

When the business takes care of everything, you should look for a suitable venue, make the necessary reservations, work with a catering service, arrange for transportation, plan the decoration, and reserve lodgings for your clients, among others. Another option is to specialize in a specific aspect of the business, such as offering communications for the event or taking care of venue decoration.

It is important to finalize this aspect of the business since it determines the budget that you should set aside to start the business.

event planning business

Create a Network of Suppliers

A network of suppliers is important to lighten the work of the event planner when he is working with a client. Due to this, you should create a network of suppliers and service providers to help you with the events you will work on in the future.

You should look for a reliable caterer who is capable of providing the food requirements of small and large events. The caterer should also be capable of meeting the dietary requirement of the clients. This is particularly true if you plan to work with a wide variety of clients.

A photographer is also essential to ensure the events that you are handling are properly documented. You should look for a photographer who has the equipment and experience to handle different types of events from weddings to product launches.

You should also look for a tuxedo rental shop that is capable of providing formal outfits whenever the event requires them. This is particularly true if you’re working on a wedding and the couple has no idea where to get formal attire for their entourage.

Work on a Business Portfolio

Entering the event planning industry requires you to create a portfolio that showcases your capabilities to potential clients. If you worked on some events in the past, you should use the photos in these events to promote the business.

But if you are starting from scratch, you should offer your event planning services for free to your family and friends. This allows you to get the images you need for your portfolio. Aside from past events, the business portfolio should also include pictures of the food offered by your caterers and flower arrangements from your florists.

To ensure the photos are impressive, you should get a professional photographer to take the pictures. Professionally taken, high-quality photos are essential to increase your chances of landing your first client.

Set Up an Online Presence

With a lot of people going online for their needs, it’s only practical for you to start a website and create accounts on different social media platforms. Doing this allows you to connect with potential clients after you launch the business. You should also post the pictures from your portfolio on your social media accounts to attract the attention of the market.

Starting an event planning business is an appealing idea for entrepreneurs who are looking for something new in the middle of the pandemic.

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