Event Management Business: Skills Required to Startup

November 3rd, 2020 by admin Leave a reply »

Daydreaming about starting an event management business? Maybe you have already worked in the events industry and think about working for yourself. Or perhaps your organized meetings in the past and feel it your life’s passion. Both are good reasons for acquiring the profession.

Starting an event management business is similar to starting a relationship – it’s required to possess appropriate skills and follow some important steps to achieve success.

Gain Event Management Skills and Experience

Scoring a success is based on event manager solid grasp, steady skills and experience:

Verbal and written communications
Organization and time management
Negotiation and budget management
Marketing, public relations and more

Determine Your Event Management Market

Let’s say you’ve been working in the event industry for many years, know all ins and outs and eager to coordinate all kinds of events, from weddings to festivals.

Stop. This is a common mistake many event managers do. First of all, people have different energy levels and different capabilities. And, one can’t be a master of all trades. Recognize that there are distinctive differences between corporate, association, nonprofit and social events. Determine your market accordingly. It’s much easier to concentrate on a certain domain and become a professional.

Develop a Business Plan

Someone once said, “If you fail to plan, you should plan to fail”. Like everything else, starting an event management business requires a business plan. There are a couple of resources that can help you. For example, U.S. Small Business Administration publishes materials about writing business plans. You can find more with Google!

Obtain Business Insurance

Business insurance is mandatory. Event management business should secure general liability and other forms of insurance to protect the business owner’s interests.

Several forms of insurance exist. Speak to an insurance adviser to learn the requirements.

Develop Network of Suppliers and Staffing Resources

Event managers usually work with a wide range of suppliers – communications consultant, stationery designer, promotional products distributor, party rental supplier, caterer, florist, photographer and more. You will also need the staffing resources for sales, marketing, accounting and administrative functions. It’ll be necessary to establish an infrastructure that will support your events from all sides.

Establish Your Fee Structure

You should be conscious of the various ways to cover expenses and make a reasonable profit. Most event planners’ charge is based on the following:

Flat fee
Hourly rate
Percentage of expenses
Percentage of expenses plus hourly rate
Commissionable rate

Business Development and Marketing

With a prepared business plan, established fee structure and determined event manager market it’s time to begin working with marketing materials. Choose the right name for your business; create business cards, stationary, proposals, client agreements and a web-site.

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