How to Start an Event Planning Service

 

The special events industry has grown enormously in the past decade. According to recent research conducted by Dr. Joe Goldblatt, CSEP (Certified Special Events Professional), spending for special events worldwide is $500 billion annually. Goldblatt is the founder of International Special Events Society (ISES), the founding director of the Event Management Program at George Washington University, and co-author of The International Dictionary of Event Management. "Suffice it to say, the marketplace is large enough to support and sustain your endeavor," says Goldblatt. "If you're working in one special events area, there are many directions in which you can expand. If you're just entering the profession of special events, there's a lucrative market awaiting you on many fronts."

What's Inside

• Introduction
• Target Market

According to Goldblatt's research, profits in this industry continue to rise. Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent. His most recent studies, however, show profit margins can be as much as 40 percent. He attributes the industry's good health to several factors, including the improved economy and the trend of corporate America to outsource their meeting-planning functions. Since you're not some tech startup bidding for programmers, you can get started without a lot of money.

What Is Event Planning?

This question actually breaks down into two questions: What kinds of events are we talking about? And, what is event planning?

First things first. Generally speaking, special events occur for the following purposes:

• Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries)
• Education (conferences, meetings, graduations)
• Promotions (product launches, political rallies, fashion shows)
• Commemorations (memorials, civic events)

This list isn't an exhaustive one, but as the examples illustrate, special events may be business related, purely social or somewhere in between.

Now we move to the second question: What is event planning? Planners of an event may handle any or all of the following tasks related to that event:

• Conducting research
• Creating an event design
• Finding a site
• Arranging for food, decor and entertainment
• Planning transportation to and from the event
• Sending invitations to attendees
• Arranging any necessary accommodations for attendees
• Coordinating the activities of event personnel
• Supervising at the site
• Conducting evaluations of the event

How many of these activities your business engages in will depend on the size and type of a particular event, which will, in turn, depend on the specialization you choose.

Why Do People Hire Event Planners?

This question has a simple answer: Individuals often find they lack the expertise and time to plan events themselves. Independent planners can step in and give these special events the attention they deserve.

Who Becomes An Event Planner?

Planners are often people who got their start in one particular aspect of special events. Many other planners have similar stories. This explains why planners often not only coordinate entire events but may, in addition, provide one or more services for those events.

Event planners may also have started out planning events for other companies before deciding to go into business for themselves. Joyce Barnes-Wolff planned in-house events for a retail chain for 11 years and then worked for another event planning company before striking out on her own.

Becoming Certified

Consider getting a degree or certificate from a local university in event planning or management. A list of colleges and universities offering educational opportunities in this field is available from Meeting Professionals International (MPI). 

Also consider working to become a CSEP (Certified Special Events Professional) or CMP (Certified Meeting Planner). These designations are given out by ISES and MPI, respectively. Many corporations, and some members of the general public, look for these designations when hiring planners. Because of the research and study it takes to become a CSEP or CMP, clients know that these planners are professionals.

 

Target Market

The Corporate Market

Broadly speaking, there are two markets for event planning services: corporate and social. The term "corporate" includes not only companies but also charities and nonprofit organizations. Charities and nonprofit organizations host gala fundraisers, receptions and athletic competitions, among other events, to expand their public support base and raise funds. Thousands of these events occur each year, and although the large ones require specialized event planning experience, you may find smaller local events to start out with.

What's Inside

•              Introduction

•              Target Market

Companies host trade shows, conventions, company picnics, holiday parties, and meetings for staff members, board members, or stockholders. There is a huge market for these types of events. 1.83 million corporate/business meetings, trade shows, conventions, etc. took place in the U.S. alone.

The Social Market

Social events include weddings, birthdays, anniversary parties, bar and bat mitzvahs, Sweet 16 parties, children's parties, reunions and so on. You may decide to handle all these events or just specialize in one or more of them.

The market for social events, especially birthdays and anniversaries, is expected to continue to increase over the next few years, as baby boomers mature. This group has children getting married, parents celebrating golden anniversaries, and their own silver wedding anniversaries to commemorate.

Courtesy:  event management company in Lahore