How to start an event planning business from home.
So you want to run your own event business.
It could be that you’re just starting as a newbie in the event industry and diving straight into the deep end with your own business. Or, you have been working for others in the industry and feel the time has come to branch out on your own. Either way, learning how to start an event planning business can be stressful and confusing – unless you have the right advice.
Now is the perfect time.
It really is the perfect time to take a leap and try to break into the industry. Events are back up and running again – which means the market for event planners is set to boom. And for those looking to start a business, the events industry has always been popular.
Turn those skills of yours into a dream career by learning how you too can start an event management business. And, the icing on the cake is that event planning is an occupation that you can launch easily from the comfort of your home. We love that as a start-up option.
RachellA SAYS
“Seize the opportunity and turn your passion for events into a thriving business - now is the perfect time to launch your own event management venture and ride the wave of the booming industry.”
It’s all business, regardless of the industry.
We've distilled the process into eight manageable steps to guide you towards success. From defining your niche and crafting a solid business plan to building a strong network and establishing your online presence, each step is carefully designed to pave the way for a thriving event management venture.
You must remember that while we're discussing events specifically, the fundamental steps to follow are grounded in solid business development principles that can be applied across industries.
By following this roadmap, you can navigate the challenges of starting a new business, you can capitalise on the booming events industry, and you can transform your skills into a rewarding and fulfilling venture. So, let's dive in and uncover the key steps to launching your own event business, with a friendly and approachable approach that still maintains a professional edge.
Create a distinct workspace.
Write a business plan.
Create a financial plan.
Work our your pricing.
Set up a bank account.
Narrow your services niche.
Identify your target market.
Get out there and promote your services!
So you want to run your own event business? You can do it!
What does this all mean?
When you’re just starting a new business, it’s wise to minimise costs. Don’t spend money on anything you don’t really have to, because the flow of money coming in as revenue is likely to be small when you first start up. A great way to save money is to work from home.
However working from home can also be a negative thing if you don’t set yourself properly. Creating a distinct workspace in your home helps you maintain a clear separation between work and home life. It’s the best way to foster a healthy work-life balance, and ultimately boost your productivity.
Why we love building your new event business from home:
Low Cost of Operation - As a start-up, you don't need to include much investment in your business. All you need is a working phone, computer, and your enthusiasm and knowledge.
Saves Time and Money - With a home office, you can cut out time for the commute, and save costs from rent, outgoings and other expenses that come from working in a commercial office.
Flexibility - Working from home gives you the benefit of working hours that you choose. Moreover, remote working creates a safe space for you to work late into the night. You don't have to worry about heading back home after a late-night at the office or on international conference call.
Now you need to dig into the business plan.
Creating a business plan is vital for ANY type of business, including your event planning service. The business plan is essential for your success and helps make the structure for your business. It helps in creating a clear road map for your business. You can use this important business document as a summary to present a vision of what your event planning business represents, and where your ambition will take you.
What will happen if you don’t write a business plan? As Benjamin Franklin once put it, if you fail to plan, you plan to fail. It’s a commonly-used saying because it’s all too common with new business owners! These words echo in every aspect of our daily lives, and so should they also in your business.
Work out your pricing, and create a financial plan.
Determining the price for your services is more than just deciding how much you want to get paid. It requires that you have some understanding of pricing strategy. Finding the right price and day rate for your service often takes some trial-and-error. It is also something you can work on and develop over time. It’s important to document the process and experiment until you find the right price that works for you, and your business.
The good news is, once you’ve worked out how much you want to charge for your event service, you can start getting paid! If this is all new to you, you can get a copy of our ‘Event Services Pricing Guide’ in Event Planning Business Kit.
A financial plan provides an estimate of costs that you need for the proper running of your business. The financial plan should also include payment plans and processes. Your financial plan is your ultimate guide for your business operations. You should continuously refer to your plan when making significant decisions affecting your business.
It is always a good idea to consult legal and financial professionals when creating a financial plan.
Narrow your services niche and you’ll find your target market.
As an event professional, you can focus on becoming a specialist in a niche type of events (e.g luxury weddings or tech conferences) or you might work across a broad range of event types. Within that area of events, you should determine the scope of services that you offer. Is it just creative event styling that you offer, or do you specialise in event operations? Perhaps you want to start a full-service event agency that covers all aspects of event management from start to finish? Choose what suits you and your clients best.
As an event business owner, identifying the target market for your services niche is paramount to the success of your business. Success depends on you being clear about what you offer, and to whom.
Every successful business requires a well-crafted marketing plan. A marketing plan guides what you need to do to sell your business. One of the top benefits of having a marketing plan is that it helps you map out your competitors. It also provides your company with a strategy for targeting your ideal clients. It is OK if your marketing plan is just a simple 1-pager to start. The priority is to get something down on paper to get you started, and you can build on it and refine it as you go along.
Rachella SAYS
‘Take the leap, put your business out there, and watch it thrive by creating a simple marketing plan and connecting with other event professionals to showcase your best work and expand your reach.”
Wrap up.
The final step in setting up your business is actually putting it out there.
Start by creating a simple marketing plan and get it down on paper - it's the first step to get you going. If you’re not sure how to do this, we’ve included a useful 1-page marketing plan guide in our Books library. The priority is to get something down on paper to get you started, and you can build on it and refine it as you go along.
Connect with other event professionals to build your network. Build your presence on networking groups and on social media to expand your reach and show your best event day images. Connect with other professionals in the market to let them know you are open for business, and to show them your best work.
WRITTEN BY RACHELLA THOMAS
Rachella Thomas is the powerhouse behind award-winning event consulting agency, Event Kit. With her 20+ years’ experience producing world-class events for high-profile clients and brands, Rachella has honed her skills to create a valuable resource for event planners looking to elevate their events. Her wealth of expertise has established Rachella as the go-to event consultant and mentor for aspiring event professionals and businesses alike.
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