| You don't need much to start an event planning | | | | the shrewdest among all the business people in a |
| business, and this means that event planners are a | | | | locality. They can sniff opportunity from a mile away |
| dime a dozen in a crowded city. Competition is fierce | | | | and will always find ways to pitch their services to |
| and you have to offer something unique lest the | | | | prospects. They have to be aggressive because the |
| bigger, more established groups of event planners | | | | event planning business is highly dependent on trends |
| gobble you up. | | | | and market demands (e.g "Jeez girl, didn't you know |
| Starting a party planning business is exciting to say | | | | that carnation corsages are now considered tacky?"). |
| the least, but a bit of reality check is needed every | | | | You must also undergo a thorough self-analysis to |
| once in a while. One way of making sure you're not | | | | determine your best selling position. Here are some |
| just building castles in the air is to make sure there is | | | | questions you need to ask yourself. |
| a market for your party planning business. | | | | 1. Do you have enough passion for the business to |
| Specialization is an option for event planners who | | | | outlast your competition? |
| want to corner a certain target market. For example, | | | | 2. Can you afford to give out generous discounts to |
| you could focus on the debutants and plan your | | | | new prospects who can promote you well in the long |
| business model around this group of people. | | | | run (i.e. well-connected individuals, socialites etc.)? |
| However, if you feel that girls and parents won't | | | | 3. Do you have loyal employees to cover your back |
| readily spend on debutant balls, you can choose to | | | | just in case you need to work on simultaneous |
| target the bachelorettes who are more likely to shell | | | | projects? |
| out cash for a memorable hen party. | | | | 4. What's unique about your service? |
| Event planners should engage in market research to.... | | | | 5. Do you have enough suppliers to support your |
| 1. Gauge the acceptability of your service or product | | | | growing business? and |
| 2. Isolate the specific needs of your target market | | | | 6. Do you have a plan B? |
| 3. Estimate the scope of your target market | | | | Now, you are probably asking...what is a plan B for |
| 4. Decide on the best strategy to adopt | | | | event planners? No, it's definitely not "quitting". The |
| 5. Identify your biggest competitors, and | | | | main purpose of a plan B is for you to keep your |
| 6. Find a way to make your service more unique | | | | business going and earning even when your major |
| You can delineate your target market according to | | | | plans are going to the dumpster. One good plan B is |
| their demographics (age, gender, income, religion, | | | | to go back to your roots. Before you became a jack |
| education etc.), geographical location (urban or | | | | of all trades, you specialized in one aspect of party |
| suburban area) and psychographic traits (lifestyle, | | | | planning (catering, restaurant, public relations, |
| personalities and values). Remember that there is | | | | advertising, crafts, interior design, venue reservation |
| always that untapped market that your competitors | | | | etc.). If business is slow or if your competition is too |
| are ignoring. Finding out where these people hang out | | | | big for you to handle, the best thing to do is to |
| and what their main concerns are will enable you to | | | | regroup, re-organize and go back to the drawing |
| corner the market more effectively. | | | | board. |
| It's safe to assume that event planners are among | | | | |