March 10, 2021 | by Mary Windham | This post may contain affiliate links
It’s 2005 in Los Angeles, and my best friend and I have just decided to take a leap of faith to pursue our dreams of entrepreneurship. We both quit our cushy jobs and moved back home to the Washington, DC area, near the support of family and friends, to open a full-time event planning firm. A year later, Occasions, Inc. Event Management was born.
Although my best friend has since moved on to other ventures, I must say that 15 years later, that first step was momentous. My entrepreneurial journey building a seven-figure company has been a great adventure, filled with lessons, challenges, and joys that shaped me into a patient, resilient, and tenacious business owner. Now it's my goal to help other new and seasoned event planning entrepreneurs in ways I wish I’d been helped in the early years of my company.
I will share the many ups and downs I've experienced while developing Occasions Inc. to provide you with valuable insight. Through my experiences, you can avoid common pitfalls and build the sustainable, profitable event planning company of your dreams. Remember, everyone will experience mistakes. These obstacles are what shape us and create resilient, savvy entrepreneurs. It's not an easy, quick journey, but I hope to keep you motivated, inspired, and accountable while equipping you with tools and resources on your road to success.
Whether you are just beginning your entrepreneurial path or you’re a seasoned veteran, below are five valuable nuggets I wish I knew prior to opening my business:
#1 Continuous Market Research
When my best friend and I launched our company, I must admit, we were seriously lacking a real marketing strategy. At the time, our mission was simply to launch Occasions, Inc so we can follow the dream of planning exciting and successful events. We had our Master's in Event Management, our Certified Meeting Professional designation, and years of industry experience, so we felt these things should speak for themselves.
Unfortunately, we were very wrong. We had a rude awakening when clients did not magically appear at our doorstep after we launched. If no one knows you exist, how will you attract business? So we had to step back and determine a plan for attracting clients. We had to ask questions like, Who is our ideal client? Where do they live? How can we reach them? What are their pain points and goals? How can we turn them into clients?
If you don't have clients, you don't have a business, so no matter what you’re selling, you need a marketing strategy. Every year, as part of our end-of-year strategic planning, my team and I began reevaluating our target market and adjusting our marketing plan accordingly. This constant adaptation is key in order to keep up with client needs.
#2 Building Your Network
In event planning, networking is huge! Networking is the key to building both clientele and partners. From your market research, you’ll know which social media platforms your clients are using, which networking events they frequent, if they serve on boards if they are interested in certain causes, and more. The more active you are with fostering relationships through networking events, serving on these boards, volunteering, and otherwise engaging in the community, the more connections you’ll create for your business.
As for my company, there’s no doubt our network was crucial. As we began to develop our marketing strategy, the immediate goal was to delve into our personal networks and let them know about our services. This has been extremely useful and, to this day, our marketing plan always includes building and evaluating our network of strategic partners and resources.
#3 Get A Mentor and/or Join A Community
In our sixth year in business, we were approached by a large government contractor to participate in the SBA 8(a) Mentor Protégé program. And I must say, this was a pivotal turning point for our company. Our mentor explored our business practices, providing invaluable guidance on strengthening our infrastructure, processes, and systems. Our mentor provided government contracting training, guided us financially, and even partnered with us on large opportunities.
I wish I had sought out a mentor or supportive community much earlier. It’s more than just validation; engaging with other entrepreneurs gives you access to a support system for advice and guidance to help you avoid common errors, navigate inevitable challenges, answer questions, and keep you motivated. Entrepreneurship is not easy and can often be isolating.
So don't go at it alone! Our Everything Planning community is one such place that provides much-needed mentorship, coaching, resources, tools, and accountability to keep you moving forward confidently!
#4 Your Back Office Support
After launching our company, we learned quickly the value of a strong back-office support team when running a successful business. It's critical to retain an accountant to help navigate financials and taxes, legal support to review your contracts, and a small business banker to help with banking needs and potential funding. Developing this in-house network and office support is crucial to keeping your business running - and growing - smoothly!
#5 Developing Your Business System
Lastly, but very importantly, you must have a strong infrastructure. Over the years, we developed a strong business system with many specific processes and procedures for different scenarios. A strong foundation saves you time and money, which can be passed on to your clients and the value of your services.
Every one of your company's different actions should have a written process. I’ve discovered over the years that this is one of the biggest failures of many businesses, driving their owners to bankruptcy because they didn’t put in the administrative legwork needed to be consistent and effective. Trust me, I’ve felt the sting of not having an appropriate process in place, and I don’t want you to!
Through the EP Planning community, you’ll be equipped with guides, templates, and other resources for a strong infrastructure and stable long-term growth.
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