You may perhaps be interested in an event management startup. This business is quite interesting and requires you to be creative. You can start this venture from your home without much investment. However, you need to follow some expert tips to have a great start and achieve sure success.
How to start an event management business – Quick guide to follow
1. Gain varied experience in event planning:
By gaining more experience in this field, you can be quite innovative in your offers.
2. Be confident in your offers:
Gain lots of administration and event experience. Be confident enough to plan independently. Learn core skills to reduce expenditure.
3. Market research:
Find out if there is a market in your area for the services planned to be rendered. Doing market research can help. Also get to know your competitors.
4. Identify your strengths & weaknesses:
Identify if you are interested in providing full-range or specialized services depending on your industry knowledge.
5. Focus on your passion:
Identify the events you feel most passionate and confident and focus on that.
6. Identify the realities of a startup:
Plan how to survive during the initial days. You need to meet your daily business expenses before making profits.
7. Come up with a decisive plan:
Calculate the amount required to pay your monthly bills and survive each month. Be frugal and save maximum.
8. Business type to set:
Event management startup can be of any type. You can be a freelancer or establish a company. Understand your personality liability with regards to each option. Also, identify the process, setup costs, growth potential and ongoing administrative commitments. Remember to compare as well as contrast tax implications in all types.
9. Determine business name:
Choose an attractive name that suits perfectly your type of business. Avoid using already used names. Moreover, consider abbreviations to prevent future shortenings.
10. Come up with a decent business plan:
This will help crystallize your intentions and plan for your company. The plan will help describe your marketing/sales strategies, financial forecasts and business objectives. It should include the following:
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- Company vision
- Mission statement
- Marketing plan
- Financial plan
- SWOT Analysis
11. Funding & Investment:
Check out of grants or investments offered to new business by governments. You can also opt for non-conventional routes like crowdfunding.
12. Business Registration/Incorporation:
Get to know the process to register/incorporate formally your company. Also identify the required format and information that varies between countries.
13. Develop brand identity with properly designed Logo:
It is essential to signify your brand. Reproduce your logo on websites, business cards, badges, social media, etc.
14. Establish Social Media & Website Accounts:
Find out if the site domain is available and purchase it on agreement of company name. also reserve handles on leading social media channels. Try to get the same handles in all networks to ensure consistency.
15. Safeguard Business Intellectual Property:
Use Copyrights, patents, trademarks, etc. to safeguard your band. Consult a specialist to stay protected from plagiarism and theft.
16. Establish company bank account:
After company registration apply for company bank account to match your specific business needs. The bank should support your vision.
17. Confirm fee structure & pricing strategy:
You need to establish rates for your services. Check out what your competitors are charging and accordingly fix your price structure. Do sound competitive to attract clients easily.
18. Secure clients with aggressive marketing:
Before launching your business, do try to get some projects and clients. This will help boost your confidence and help gain more clients.
19. Avail relevant insurance coverage:
This is crucial to protect yourself from liability and damages. Some countries mandate requiring valid insurances to start this business.
Therefore, going through the above tips will allow you to know how to start event management business.
