10 Steps to Starting Your Event Planning Business

June 20th, 2023 | by Mary Windham | This post may contain affiliate links

Are you one of those people that everyone compliments on their hosting skills?

Are your friends still talking about how awesome your five year old’s birthday party was?

Did you manage to save your friend’s bachelorette party when the Maid of Honor dropped the ball?

If you’re reading this blog and you have a passion for creativity bringing people together, my guess is that you’re at least thinking about starting an event planning business.

It’s an exciting and rewarding venture, but event planning requires meticulous attention to detail, strong organizational skills, and effective communication. But don’t be nervous! We have the 10 steps you need to take to get started in event planning.

1. Define Your Niche

First, you need to identify the specific types of events you want to specialize in. It could be weddings, corporate conferences, social gatherings, or a combination of various event types. By defining your niche, you can tailor your services, marketing strategies, and expertise to reach a specific audience, setting yourself apart from competitors.

2. Develop a Business Plan

An initial business plan outlines your company's vision, target market, services offered, marketing strategies, financial projections, and operational details. It will serve as your roadmap and will help you make informed decisions throughout the startup phase. Getting this out on paper is crucial, as it forces you to think through some of the nitty-gritty business details that might otherwise get lost.

3. Acquire Relevant Skills

To run an event planning business, you’re going to need more than just a passion for planning. Increase your skills and knowledge by pursuing certifications, attending workshops, and/or enrolling in courses related to event planning, project management, hospitality, and - especially - entrepreneurship. Knowing what it takes to run an event planning business will enhance your credibility and provide you with a solid foundation to deliver exceptional services. This understanding is important to get to early in the process, in case you realize it’s really not for you.

4. Establish a Professional Network

For your business to succeed, you’ll need to build a network of industry professionals, including vendors, suppliers, caterers, photographers, and decorators. Start by attending industry events, joining professional associations, and actively engaging in networking opportunities to establish valuable connections. Collaborating with trusted partners will not only enhance the quality of your events but will also provide you with a strong support system.

5. Set Up Your Business

Register your event planning business as a legal entity and obtain the necessary licenses and permits for your area. Consult with an attorney or business advisor to ensure you’re in compliance with local regulations. Then, set up a professional website that showcases your portfolio, services, and contact information, as well as social media accounts to promote your business and engage with potential clients.

A single page website and an active Instagram account is a great, low-cost way to start online without overwhelming your time or budget.

6. Define Your Services and Pricing

Once you determine the range of services you will offer, you’ll need to do some competitor research to establish pricing structures. Some of this research should also be done during the business planning stage, but here’s where you make the final decisions about what you should charge. Try to keep your prices competitive, yet reflective of your expertise and the value you provide. Consider offering different packages to cater to various client budgets and needs.

7. Provide Exceptional Service

This one may seem obvious, but it’s important to deliver outstanding service to every client you work with. Listen attentively to their needs, provide creative solutions, and maintain open lines of communication throughout the planning process. Really pour your attention into providing the best event planning services you can, every time. Exceed expectations by paying attention to even the smallest details and ensuring a seamless and memorable event experience.

While it might take more time at first, and you may put yourself out on a limb and make mistakes, these growing moments will become the foundation for a strong event planning business. They will guide you as you improve and grow your clientele through repeat business and positive word of mouth.

8. Track Your Finances

It can be easy to put off, but make sure to maintain meticulous financial records and track expenses, income, and cash flow. Use accounting software or consult with a professional bookkeeper to ensure accurate financial management. Develop detailed budgets for each event, considering all expenses, and negotiate competitive pricing with vendors to maximize profitability. This will take time to get right, so give yourself slack as you learn more over the years.

9. Say Thank You & Seek Feedback

After each event, follow up with your clients. Thank them for the opportunity and let them know how much you appreciate their support. Most importantly, gather as much feedback as you can from attendees, vendors, and clients. Gauge the success of the event and identify areas where you can improve next time.

10. Continuously Improve

Don’t just collect the survey responses and review them once. Put improvements into real action by regularly streamlining your processes, updating service plans, and enhancing your internal and external operations. Attend industry conferences and stay updated on the latest trends and innovations. In other words, stay on top of your game!

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