How to Start an Event Planning Service

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Source: Entrepreneur

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.”

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. Business owner Martin Van Keken had a successful catering company before he decided to plan entire 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.

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