Guide to Starting Your Own Event Management Business
Starting your own business is always risky, but it is a risk most people are more than willing to take. In the past few years, an event management business has become more and more popular for several reasons. The first one is that it is in great demand, which means the market is ripe for the taking. The second one is that it can be quite frugal, making it quite compelling for those on a tight budget. Last, but not the least important, it is an interesting job that allows one to fully express their creativity. With this in mind, here are a few things you need to know about starting your own event management business.
Choosing Your Niche
The first step on this journey of a thousand miles should be narrowing down your niche of industry. Organizing events is a phrase that doesn’t reveal much and there is a great difference between planning graduation parties and weddings. What you need to keep in mind is that these events are essentially different and you need to pick the one that suits you the most. For example, organizing a get-together or a party is much simpler and cheaper than organizing a wedding. However, the latter one pays much better.
Working from Home
Even though this is not the ideal option, if there is no other way, you can always start an event management business from home. This brings many benefits, like not having to lease a space or commute to work every day. However, you will still need to acquire some certifications. What you should probably start from are the diplomas, like those issued by the international Special Events Society or Connected International Meeting Professionals Association. Once you have all this done, you can proceed to the next step.
The next thing you need to think about is the promotion. You need to make a strong online presence, and here, your website is both your first and your last line of defense. Skimping on your home office’s design is not wise, but it is a tolerable move. After all, not many people will get to visit it. On the other hand, your website is out there for everyone to see, which means that it needs to be perfect. In order to achieve this, you need to keep it both visually pleasing and functional at the same time. Making it practical by improving its loading time or installing WordPress event ticketing system are just some of the possibilities.
Getting the Finances
Sure, there are many areas where you can cut your expenses, but every startup needs the initial capital. Your clients won’t pay you the entire sum up front, which means that, for your first few businesses, you will have to buy supplies and rent the equipment from your own pocket. Luckily, there are many ways to finance a startup, like seeking a bank loan, offering equity in exchange for funding, or starting a crowdfunding campaign online. In most cases, the best choice is determined by two things – how much money you need and how soon you need it.
While there are many benefits to those who see event management as their career of choice, there are some downsides, as well. First of all, the fact that this industry is lucrative also means that you won’t lack in competition. Also, even though it is a beginner-friendly line of work, it doesn’t mean it’s easy to succeed at it. On the other hand, nothing good in life ever comes free and making your success in any line of work is always going to be hard. Some people get dissuaded by this while others, however, see it as yet another challenge.
Dan Radak is a marketing professional with ten years of experience. He is currently working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies. He is also a coauthor on several technology websites and regular contributor to Technivorz.