| The event planning service business is a $500 billion | | | | - Research: Find out everything about vendors and |
| business worldwide today, with lots of growth | | | | suppliers, talk to other planners who have produced |
| opportunities. The profit margin has gone up from | | | | similar events, read about issues of custom and |
| 15% to 30 to 40%. People hire event planners | | | | etiquette. Ask your client a lot of questions and write |
| because they don't have the time and expertise to | | | | down the answers. |
| organize events themselves. Some of the events for | | | | - Design: You need to sketch the overall "look" of the |
| which event planners are hired are: | | | | event. To get good ideas you should have |
| - Celebrations (fairs, parades, weddings, reunions, | | | | brainstorming sessions, either by yourself or with |
| birthdays, anniversaries) | | | | your employees. Consult your notebook for client's |
| - Education (conferences, meetings, graduations) | | | | answers to the questions you asked in the research |
| - Promotions (product launches, political rallies, fashion | | | | phase. These responses will help you thoroughly |
| shows) | | | | check each idea for feasibility before suggesting it to |
| - Commemorations (memorials, civic events) | | | | the client. |
| Qualifications: The best way to set up an event | | | | - Proposal: The production of a proposal can be |
| planning service business is to start as an apprentice | | | | time-consuming and expensive, especially if you |
| with an event management company. This gives you | | | | include photographs or sketches. You should receive |
| useful exposure to the industry, and you learn the | | | | a consultation fee, which can be applied toward a |
| tricks of the trade without investing anything. You | | | | client's event if he or she hires you. |
| may also acquire knowledge about the industry by | | | | - Organization: During this phase, you'll rent the site, |
| getting an event planning or management degree or | | | | hire vendors and take care of many more details. |
| certificate from a local university and also become a | | | | Make sure to discuss all major decisions with your |
| CSEP (Certified Special Events Professional) or CMP | | | | client or someone acting on client's behalf, but avoid |
| (Certified Meeting Planner). | | | | consulting many people. |
| Target Market: The target market for event planning | | | | - Coordination: Ensure that everyone is on the same |
| service business is huge. Companies as well as | | | | wavelength, that all vendors have a general idea of |
| charities and non-profit organizations host gala | | | | the overall event schedule, what's expected of them, |
| fundraisers, receptions and athletic competitions, | | | | and when. Make sure all your staff members know |
| among other events, to expand their public support | | | | their roles. |
| base and raise funds. Companies also organize trade | | | | - Evaluation: Ensure your customer satisfaction so |
| shows, conventions, company picnics, holiday parties | | | | that your client will provide a great word-of-mouth |
| and meetings for staff members, board members or | | | | advertising for you. You may also hire an event |
| stockholders. Besides this there is a large social | | | | planning consultant to evaluate your work. |
| market. This includes organizing of weddings, | | | | Earnings: There is no fixed fee in the event planning |
| birthdays, anniversary parties, Sweet 16 parties, | | | | service business. The fee varies from event to |
| children's parties, reunions and so on. | | | | event, and is proportional to the volume and quality |
| Start-up Costs: The start up costs of an event | | | | of work involved. Generally, you can expect to make |
| planning service business depends upon your business | | | | 15 to 20 per cent on every event. Given the size of |
| profile. A low-end event management business can | | | | the industry, part-time event planners can gross |
| be started for $8,000 while a high-end may cost | | | | around $20,000 annually while full-time event planners |
| $30,000 to $50,000. The main expenditure is on three | | | | can hope to earn $100,000 or more. |
| heads: equipment, number of employees and office | | | | Marketing: The best way to promote your business is |
| space. | | | | by word-of-mouth publicity. Encourage your clients to |
| Tasks and operations: Social events generally involve | | | | refer their friends to you. However, this will happen |
| more weekends and holidays than corporate events. | | | | only when your work is good. You can also consider |
| Some events have "on" and "off" seasons. The main | | | | advertising in yellow pages and trade journals. A |
| tasks of an individual running an event planning | | | | website is another useful place to give details about |
| services business are: | | | | your event planning service business. |