event management / start-up / Women Entrepreneurship

Starting your own event management company? Check these boxes first

. 4 min read . Written by Vanshika Goenka
Starting your own event management company? Check these boxes first

Entrepreneurship is difficult and takes a lot of time, effort, and money, which is why one needs to be fully prepared before they dive headfirst into any kind of new business venture. So if you are finally on your way to making a name for yourself in the event management industry with your own company, we are here to fully support and help you in this new endeavour of yours. And with your company reaching heights, you can get to planning all those fabulous events you always dreamt of organising, But before this, you need to be well equipped with all the necessary resources to ensure your absolute success.

This sounds intimidating, we know, which is why we are here to help you launch your business and ensure that it's a raging success.

So, to get your head in the game and move towards turning your dreams into reality, there are a few boxes you need to check.

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Here are some things you should consider before starting your own event management company:

1. Get hands-on experience managing events

This is the first and foremost thing you should keep in mind. Before venturing out on your own, get experience in the event management business by working with other companies. This will help you hone your event management skills and give you very important and useful insights into how this business works. This experience will help you greatly when you open your own company.

Moreover, the success of your company depends on your experience in the field. Remember, real life is certainly not like the movie ‘Band Baaja Baraat’ where you will get clients without having any prior experience. This is because your clients need to have a reason to hire your company against all your competitors. For this, you need to have enough experience. So, don’t be like Shruti & Bittu, and get some hands-on experience before you dive into your entrepreneurial event management venture.

2. Identify what your event management forte is

This means finding out what kind of events are your strengths. For example, you might have been working in the wedding planning department for a while now, so that is your forte. While you may want to venture into different areas, it may be wise that you establish your company’s name first and then head into organising different kinds of events.

This will help you get more clients once you choose to move away from weddings, at that stage your company will be better established and have a well-defined existing pool of clients. This is also extremely important to get clients when starting out since the experience will enable your company to establish brand trust.

3. Build a business plan

Starting a new business is surely exciting and you might want to break out the news immediately but without a business plan, your new business is just an idea. To turn that idea into reality and eventually, a success you need to have a solid business plan.

You can start out by researching different business plans that are similar to yours as well as reaching out to people who are already in the business and asking for their help. There are plenty of tools also available online with templates that can help you get started on your business plan like Visme and help make it a flawless one to secure future investments. You can also read our article to ensure that you have a one-of-a-kind business plan.

4. Do your market research

Market research is one of the most important things to do before starting your business. You need to know the market and your competitors in and out, to know what works and what doesn’t. Market research will help you find what sets you apart from competitors, how much should you charge your clients, etc. By conducting extensive market research, you can clearly define your market and gain a competitive advantage over other event management companies. You can do this by speaking to the people who are a part of the industry or by going online and researching the market.

5. Plan out and set up your marketing channels

To get hired by people, they need to be aware of your company and your work first. Marketing is important for any business, but especially for an event management business. You need to plan out a solid marketing approach of how you are going to reach out to your audience and through what channels. This can be done through social media, a website, etc. With your company, you also need an approach to market the events you are organising to create your company value and make it seem more trustworthy. Read ‘10 Ways To Market Your Small Business’ to learn some extremely insightful tips on how to market your business.

6. Manage your tasks more efficiently

As the owner of an event management company, you are now in charge of multiple tasks and to manage all of them you need to streamline them to make things run smoothly and more efficiently. One of the best ways of doing this is through different tools that can help you automate your tasks. For example, you can use resources like Eventbrite or Allevents to manage the ticketing.

Now that you have an idea of how to start out in the event management business, you are ready to take the process to the next level and become your dream event planner. Keep the aforementioned points in mind and no one can stop you from climbing the ladder of success in your event management business and venturing into fabulous event planning.

Kool Kanya course, Be your own boss: Start your event management business today is just what you need to start an exponentially successful event management business and grow in the industry.