Think you’re ready to launch your event planning business? While starting an event planning business is an exciting prospect, rushing your launch could cause your business to flounder. In fact, missing just one crucial step is a recipe for disaster that may take years to fix. So, don’t send out those launch party invites just yet. Do these seven things first.
1. Double-Check Your Business Plan
Your business plan is your guiding document. Fortunately, there are tons of great resources out there to help you. Start by talking to other event planners about what they have found to be important for their businesses. You’ll develop useful connections while learning practical tips you may not have thought about yourself.
It’s also a good idea to research successful business plans and use them as a model for your own business. Then, ask a few pros to review your plan with you before you finalize it.
2. Get Your Official Business Documents in Order
Chances are, you’re an amazing event planner with creative ideas and a knack for multi-tasking under pressure. But accounting, legal, and taxes may not be your jam. Before you launch your event business, connect with the appropriate pros who can help you navigate some of those unfamiliar territories. You’ll get expert advice on setting up your business entity, along with an official business process to handle revenue, expenses, and reporting requirements.
3. Scope Out the Competition
Before you launch your event planning business, it’s wise to scope out the competition. You’ll be able to market your business better if you know who your competitors are and how your business will stand out from the crowd. Learning from others in your event niche can also be helpful in a collaborative way.
Remember, while it may be tempting to try to do everything in the beginning, it’s better to focus on your strengths. Identify your specialty, and start there. It’s easier to differentiate your business within a niche market and then expand than to try to compete with everyone in the city.
4. Know How to Market Your Business
Once you have a solid business plan and know what differentiates your event business, you need a plan for reaching potential clients. Think about the types of event clients you hope to land. From there, you can develop a marketing plan designed to reach them with the right messaging.
Now is the time to also create an appealing event planning website, business cards, and social media pages. You may also want to consider sending out email blasts, attending industry events, or purchasing ads to promote your newly-launched business.
5. Network and Get in the Room
In the event planning business, who you know is every bit as important as what you know. After all, it’s impossible to pull off a stunning event without help. So, take time to network before you launch your event planning business. You’ll appreciate those connections when you find yourself short-handed or a vendor suddenly cancels.
Before your official launch date, consider networking with these event professionals to build up your go-to list of essential event vendors.
- Other event planners
- Top NYC catering partners
- Entertainers
- Mixologists
- DJs
- Florists
- Photographers
6. Have a Plan for Self-Care
Running an event planning business is hard work. You’ll be tempted to push through on sheer willpower alone, especially when you first start in the industry. Unfortunately, that’s a surefire way to suffer from burnout.
Event planning can be stressful, and it’s even more stressful when you’re trying to build your reputation and gain clients. As hard as it is to let go, it’s crucial to have a plan for self-care. You need to take care of yourself if you’re going to cope with the pressure.
From exercising and eating a healthy diet to making time for hobbies or meditation, self-care is an investment in your business, just as much as your hard work and money. So, make a plan now to take care of yourself and your personal relationships. You’ll appreciate it later.
7. Reserve a Booth at the Event Planner Expo
The Event Planner Expo is the hottest place to promote your newly-formed event planning business. As NYC’s premier networking conference for event planning professionals, exhibitors have the opportunity to showcase their businesses to thousands of attendees. That’s why exhibiting at The Expo should be an integral part of your marketing plan this year.
As an Expo exhibitor, you also gain valuable opportunities to form strategic partnerships and learn from key industry players. Don’t miss your chance to cement your business as one of the industry’s best. Reserve your booth today!
