How to start event planning business in Nigeria
Do you want to go into event planning as a business? Do you need a template to develop your event planning business plan. Are you interested in becoming a certified event planner, have and run your company, managing events and making money. If your answer is yes, then this article is definitely for you.
What you just need to do is to keep up with new trends in client’s needs. You need to up to date and keep up with new strategies in the science of event management.
Having had the awareness on how to become an even planner, the big question is do you have the capacity to meet up with the demand? You need to be prepared as demands could get higher than expected.
Start-up of this business does not have to be elaborate; you just have to start somewhere. Some experts in this business are of the opinion that you render the first two event planning services that come your way at reduced prices to endear yourself with potential clients.
Basic Recommendations For Starting a Successful Event Planning Business
1) Carve out your niche as an event planner
Your area of specialization in this business will mostly depend on your areas of expertise and where you are located. Will you area of specialization be corporate events or social events? These are questions begging to be answered.
As an illustration, if you are not living in a commercial area then you should specialize in social events.
2) Choose your clientele
Having s good knowledge of your clientele is as good as knowing occasions you want to handle. Is your focus on individual or corporate clients? Aside from being sure of the type of services you want to offer, there is need for a research into the clients that need such services and also which section of the market is one with the highest potential. The process of development of your business will start from there and you may also discover some other untapped area.
Event planners come in to give deserving attention to events when individuals discover they don’t have the expertise and time to handle event planning on their own.
Events planners are hired by small and large scale businesses to organize and coordinate events with thousands of attendees. It is important to build your passion around this business as it is a very rewarding venture if you are passionate about it and you are ready to work hard.
3) Getting a business plan for your event planning company
A good and well developed business plan could give you an advantage when it comes to starting a business and growing it. It is advisable to develop a business plan after conducting your feasibility study. This will give you a focus on your market and empower you to adapt to change fast.
Foremost is to identify your market and its limit or the trading area of your business. To carry out a market survey, you need to answer the following question:
- Is there a population base large enough to support your event planning business?
- Will the economic base of your area of operation provide a favorable environment for your business?
- Are you focused on corporate or social events or both?
As an example, you need to have an idea of the number of corporate organization in your area of operation that holds conferences and seminars at regular intervals, the size of these organization, their budgets for events and if they do subcontract event planning services.
4) Start on a small scale
The best option from statistics is to start your event planning business first by handling social events. There are abundant opportunities here more than the established planners can handle. Due to this, there is no reason to be discouraged if there seem to be a lot of completion in your area of operation.
All you need to do is to strive to be the best, conduct a thorough market survey, develop a good business plan and you will definitely have your way in the seemingly competitive market.
5) Assemble the needed manpower and equipment
Most often than not, event planning is a one-man business as most activities associated with it can be subcontracted out to appropriate firms. If you have a goal of moving far in the business, there is need for you have your own manpower and equipments. You reduce cost of operation in the long run by having these equipments and manpower rather than renting them.
6) Apply for a small-business insurance
Insurance is a very important consideration in setting up an event planning business. This will go a long way in helping to secure your business. Useful information about this can be obtained from the website of National Alliance of Special Event Planners (NASEP).
7) Develop a marketing plan
A marketing plan is also very important before starting your event planning business. You need to have the awareness of the strengths, weaknesses, opportunities and threats associated with the business. A good and well developed business plan will give you an edge over your rivals in the business.
8) Get a good location for your office
As a starter, you may run your business from home. As the business grows, you may need to get an office in a good location. You may also use social media as an instrument for moving your business to the next level. In other words, you need an office online through creating a website or a face book page for your business.