The most challenging aspect of building an event planning business from scratch is figuring out what to do first. As with any other business, the event planning industry can be profitable if you know how to play your cards right. With enough knowledge, perseverance, and dedication, you’ll be on the path to your desired success.
Handling an event planning firm can entail various responsibilities for managing everything from weddings and corporate functions to birthday parties, charity galas, contract negotiation, venue scouting, and planning consultation. You may even have to rent out a self-storage in North York for the inventory of your supplies and decorations. This is why launching your company can be an overwhelming endeavour.
There are some essential pieces to keep you on the right track as you launch your event planning business, whether you’re catering for corporate events in Toronto or offering all-inclusive event services. Here’s a list of to-dos before starting an event planning business to ensure a successful path:
Conduct Market Research
It’s crucial that before you jump in, you understand your market and competitors. This way, you can determine your unique value proposition and compare if your fees are similar to or better than others in your local area. Find out how high the demand for event planners and wedding planners is in your city. This way, you can figure out how to stand out from other event-planning firms.
Craft Your Business Plan
Once you’ve determined the viability of your business, figured out how you stand out from your competitors, and selected your niche, write a business plan. A well-crafted business plan will help you determine where you’ll position your business and how you plan to get there. Most event planning businesses fail because they may have skipped this step and didn’t factor in the importance of coming up with a business plan.
You can create your business plan by researching successful strategies and firms similar to your scope of work. You can also reach out to others in the industry who can guide you and give you input on crafting a business plan.
Also, if you’ve never crafted, much less seen, a business plan before, you can find resources and templates online. Remember that an updated business plan is crucial so you can secure ROI-focused investments in the future.
Decide on Your Business Name and Brand
After creating a business plan, you need to start thinking up some ideas for your company name. Mix stress with fun to develop a business name that complements your brand. If you are sweating too much because you’re struggling to come up with one, try an online business name generator. There will be several suggestions to give you some ideas.
As for your brand, you need to decide what you want it to be. How will you want people to see your business? Are you aiming for a fun, elegant, modern, or traditional vibe? If you can’t figure this 1 out yet, you can research what works well with your audience. Make sure that you’ll stand out among your competitors.
Lastly, to ensure that no other business can take your name from you, get it legally registered.
Spend Time Learning about Business Filing in Your Area and Tax Laws
No matter what industry you’re in, every start-up needs to understand legal aspects. For example, when you’re planning to establish your event planning business in Malta, it makes sense to know about the implications of tax and audit in Malta before you dive in. This will also be necessary when you move your business from Malta to Toronto because you must go through the process of dissolving your business.
Set the Marketing Budget
An event planning business typically costs 30% more than your business expenses. It may seem a lot since you’ll need plenty of things. These may include flyers, websites, travel fees, digital marketing and online advertisements, and business cards.
The reality is that when you’re doing business, you need to spend money to make money. Remember that your main goal in the early months is to secure a high customer base as quickly as possible. Moreover, you need to deliver your promise of creating memorable events for your clients so they’ll stick around or recommend you to their friends. This way, your marketing costs will drop.
Determine the Legal Structure of Your Business
Before diving in, you must understand the different business structures available for your event planning firm. Decide if you generate more profit when you operate as a sole proprietor, a corporation, or a partnership. Remember that they also have different legal and financial implications. If you’re unsure about this, consider speaking with a lawyer and an accountant before finalizing your decision.
Build Your Business Website and Social Media Presence
Once everything is complete, start building your business website and social media presence. In this digitalized society, having a website is crucial to showcase all your work and give potential clients a peek at what they can expect from your services.
If you’re not a website builder or you only have basic knowledge of launching a website, it’s advisable to work with a professional website builder. Just note that the key to strengthening your website and social media presence is to ensure that they are updated and reflect the brand you’ve been working on.