| Let's Throw a Party: Starting an Events Planning Service |
Do you throw the shindigs everyone raves about? Maybe you cater cookouts or scout locations for your office's annual events. Many Events Planners got their start in the business by extending a single talent into coordinating entire events. Professionals in this industry often find lucrative opportunities planning celebrations, meetings, conferences, promotional events and commemorations for individuals, educational institutions and corporations.
Because many people lack the time and expertise to organize their own events, good planners are in demand. According to one estimate, worldwide spending for special events is $500 billion per year. Successful events planners can earn anywhere from 30 to 40 percent profit for an event. Not bad for the party preparer.
Among their responsibilities, an Events Planning Professional will conduct research, locate a site for the event and create a theme or design. They will arrange for food, beverages, entertainment, send invitations and direct activities and personnel. They may also coordinate transportation and lodging for attendees and make a formal evaluation of the event.
Most Events Planners thrive by their reputation. Therefore, becoming certified will be to your advantage. Certificate programs are often available at local college and university campuses.
The Guest List
Events usually fall into two categories: corporate and social. Corporate events include company picnics, holiday parties, and board and staff meetings. They also include the more frequent events in the nonprofit sector including fundraiser galas and receptions. Social events will include birthdays, weddings, parties, reunions, anniversaries and more.
Getting the Party Started Right
Start-up costs will depend on your resources. However, the larger investment of time and money up front typically allows one to operate on a larger scale and thus produces more profits. Some have chosen to operate out of their own homes and invested as little as $8,000. Others, on the high end, have put in upwards of $31,000. Expenses to be considered are rent, inventory, equipment, advertising and promotions, legal and accounting fees, payroll, licenses, taxes, and insurance.
Party Over Here!
The operations side of your business will vary depending on the size and type of events you intend to specialize in. However, some functions will apply to everyone. The first, of course, is research. Survey the market. Find out if there is enough demand for your type of services. When planning larger events, you may want to conduct focus groups and surveys to ensure you can reap the benefits of the investment.
If you are just starting out, it would serve you well to talk to other planners who have successfully produced the type of event you are hosting. Other research will include studying up on customs and etiquette. To increase your understanding of the significance of a cultural or historical event that you are not familiar with, such as a bat mitzvah or quinciñera, some further research may be necessary. Probably most importantly, however, you will interview your client. Ask them all the questions you can think of and be prepared to listen intently and take notes. Listening to your client's vision for the event will be the key to winning customer satisfaction.
The next step will be the design phase. Here you have the opportunity to use the creativity that got you to this point in the first place. Keep a file of ideas on hand to consult in the process. Also, always refer to the client's requests that you noted during your interview to determine the look and feel for the event to as much detail as possible.
Then you will create a proposal. Proposals can be costly and time consuming so you may want to consider charging a consultation fee that can be applied to final bill if you are hired. Your proposal should include photographs, sketches and figures to give the client a real sense of how you will pull it all off. If you get the contract, choose a single person among your client's associates as your contact. This will eliminate any confusion as to who is the decision maker and free you from getting entangled in disagreements among your clients.
Now it's time to bring it all together. Make sure you have plenty of time to coordinate the event. Large office parties are typically planned months in advance, whereas some large conferences may be planned years in advance. You should give yourself enough time to find a location, rent the space, hire vendors and take care of any other integral details that arise. Be prepared to have the phone stuck to your ear for awhile!
Hiring vendors will require contractual agreements that specify what is expected of them. Be sure to include their arrival and departure time and confirm these times with them before the event. Coordinating all of the activities will be another one of your responsibilities. All personnel should have at least some idea of the order of events. Similarly, all staff members should clearly understand their responsibilities.
"We should do this again sometime."
If all goes well, your customers will be more willing to consult your services in the future and refer their friends. A satisfied client can be your best source of advertisement. Assessing how well your event was conducted can improve your learning curve as a start-up Events Planner. You may choose to survey the guests themselves or other industry professionals who worked the event in order to obtain information about your performance. Or you might even invite a consultant to come in and observe. Whatever methods you use, make sure they are impartial and insightful to ensure your future success.
What to Charge
It is important for every business owner to accurately price his/her services. After covering all expenses including labor and materials, you want to make a decent profit. For social events there is usually a flat fee plus a percentage of what the vendors make. For corporate clients a handler's fee is added for coordinating the other contractors. A project fee will also work for corporate clients who have a strict budget to adhere to. For first time planners, the easiest way to calculate prices is to add up all your costs for coordinating the event and charge the client a mark up of 10 to 20 percent.
"Tell your friends."
For an Events Planner the strategy for marketing is networking. Because your clients can't witness your work the full breadth of your work from advertisement full of descriptions, spending a lot of money on a big ad would be senseless. Your clients will want someone they can trust so the time and money you invest should be geared toward your target audience. A distinguishing business card and brochure can cost-effectively be mailed to local businesses and passed out at other functions. Networking occasions can also be avenues for finding good contractors. Speak to the hospitality staff at various events to find good leads for some of your requisite services.
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