How To Start An Event Planning Business With No Money – Unlike most startups, you can start a successful event planning business with a fairly limited startup budget. We have a wide variety of events that we can provide event planning services for, including:
In this article, we will show you how to start an event planning business with very little money. We cover everything from start to finish, including identifying your target market, creating a business plan, pricing your services, marketing your company, creating a business plan and managing operations.
How To Start An Event Planning Business With No Money
Event planning helps individuals, groups, organizations and companies to plan, organize and implement events. This includes everything from researching the market and finding a suitable venue to ensuring the day of the event runs smoothly. The list is exhaustive and varies from event to event.
The Ultimate Guide On How To Start An Event Planning Business
Event planners often have multiple responsibilities. Once a client understands the type of event they want to host, they begin by evaluating the various services and resources they will need to make the event happen. They then create a budget estimate to show their client how much it will cost from start to finish.
Simply put, event planners plan, organize and execute events for clients while ensuring that everything fits within the client’s budget.
Now that we have a good understanding of what Event Planning is and what event planners do, let’s see how to start your own event planning business with a very limited startup budget.
Starting your own event planning business doesn’t have to be difficult. With the right tools, you can start and close your first customer without spending a cent.
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In this section, we’ll show you how to start an event planning business with a very limited startup budget. We consider:
We recommend using an event management tool to create a site, manage resources and contacts, and sell services. Event Smart is an event registration, ticketing and management solution that offers a free basic package to get you started.
The first thing you need to do is decide if you want to target general event planning or a specific niche market.
If you don’t have much experience in event planning or are just starting out, it’s a good idea to choose a unique event market and branch out after building your portfolio. If possible, start. by type or at least by the area of the story you are familiar with. If you’re not familiar with events, attend some events and see how things are done. The main advantage of offering your services to the event market is that you can cover more ground and use your resources (time, energy, skills) more efficiently for certain types of events and clients.
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Once you’ve chosen a niche event type, the next step is to do your research and identify your target market. For example, if you want to plan fundraising events, we recommend contacting local organizations and charities.
Next, do your research and learn as much as you can about the needs of your chosen market. For example, you can find out:
This information can be obtained by looking at the organization’s event website, social media pages, researching competitors, or contacting the organization and requesting an interview.
Once you’ve established a niche and done your research, you need to decide how to price your event planning services. Although prices may vary from transaction to transaction depending on the client’s requirements, you should still keep some general pricing information in mind. For example, you want to decide:
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It is also important to decide on a general pricing strategy. Do you charge an hourly fee or a percentage of the event’s total budget? Do you charge a fee for booking seats or hiring catering companies?
Generally, event planners choose a cost-plus pricing strategy that allows them to sustain their business and make a profit (on average 15% of the total cost of the event).
Once you’ve determined your individual pricing and pricing strategies, consider bundling services and offering event planning packages at different price points.
Since our goal is to start an event planning business with very little money, your marketing efforts will be limited at first. However, once your event planning business starts to grow, you can set aside money each month for marketing purposes.
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Tell your friends, family and colleagues that you’re in the business! Provide a business card with your company name on it. Find opportunities to organize events for friends and family. It’s a great way to build a portfolio, gain experience and learn about the event planning business. Visit or contact companies that need the same services as you and discuss their needs.
Create a business page on social media sites and promote your events to your target audience. Use the right hashtags and post regularly for maximum reach.
Create a free event website with Event Smart and use it to promote your event planning services. Take some time to create landing pages, messages, FAQ section, services page and pricing table. Use Event Smart’s editable and personalized pages with event registration pages.
Search local business directories and start building an email list of potential clients interested in your event planning services. Send them information about event planning services and pricing.
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It’s worth checking out event rental locations in your area. Venues should be very willing to talk to event planners who can bring customers into the space. By talking to venue owners, you build relationships with new businesses that can help you and your customers. It can also be a powerful way to attract new customers, such as small business owners, when you join their network.
Creating a business plan is an important step in starting any business. It contains information about your company, your goals, the services you offer and who you serve. A solid business plan will help you stay on track and guide you when you need to make key business decisions.
Event coordination and monitoring are planning activities that take place during or during an event. Depending on your chosen niche, it could be on weekends, evenings, after hours, or even during business hours (any business meeting or other business event).
In addition, it should be noted that some events are seasonal. For example, non-profit organizations often hold fundraising events around the holidays.
Everything You Need To Know About Starting An Event Planning Business
However, as an event planner, you are responsible for many different event planning functions and activities depending on the type of event. Here are some actions common to most events:
It’s a good idea to research what kinds of activities you can plan ahead of time. Different types of events have different needs. For example, if you organize a virtual event, you need special equipment, event space and supplies.
You may want to make a list of possible places to eat and drink. Your information may include information about availability, prices and contact numbers.
Once you have gathered and researched your client’s needs, the next step is to make an event proposal for the client, which again depends on the type of event you are planning.
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Otherwise, most event proposals include a short portfolio (with images), testimonials, price information, contract and schedule. Since you’re just starting out, you might want to consider getting a consulting fee if you share a sales pitch with a client.
Once the customer accepts your offer, you must take steps to organize and host the event. This step usually involves making phone calls and visiting different service providers. You rent the venue, hire vendors (catering, seats, lighting, entertainment, etc.) and do everything else that the client wants to perform at the event.
It is better to involve the customer in the decision-making process and make it as easy and simple as possible.
Coordinating with the people, vendors, and suppliers that come together to make an event a reality can be overwhelming. You need to make sure everyone is on the same page and clearly understands the timeline of events.
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Event Smart’s ability to add partners makes it easier to manage the entire team and opens up a platform for collaboration.
It is completely possible to start an event planning company with very little funding. In the beginning, you need to spend a lot of time on market research, portfolio building and marketing. When your business starts to grow, you can invest money in your business, hire employees or consider entering different niches.
We hope you have a better idea of how to start an event planning business from idea to execution – with very little capital.
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