Event management is the way to go these days. People have begun to depend less and less on members of the family to help them plan social or family events and even companies have begun to depend on event managing companies to take care of the events they organize – both at a small scale as well as large. It is the professionalism and the no-nonsense approach that most event managers swear by, which makes this, one of the most profitable businesses of this century. So, if you would like to start out on an event managing business, you have taken a good decision. However, since this profession is only next to films or the media in terms of pomp and show, there are chances that you might be fooled by appearances. Thus, it is important to know a few things about the business of handling events at a large scale. Here’s what you will need to do before you start your own event management company.
How To Start Event Management Business
Here are some things that you must keep in mind while starting an event management company:
You need to have sound knowledge of the field of event management. Since event management needs very sound planning, you must be very sure about every little detail that you will run into. Also, since event management includes a very wide variety of “events’ you will need to know what is needed for each of them – for instance, when it comes to managing an event sponsored by a top firm, they may need an LCD screen for presentation rather than expensive and high-end cameras, which may be needed for other purposes. You need to know where and how to look for these things, whether to invent your money in them or to hire them for a rent each time you need them.
Mentor For You
It would be extremely beneficial for you if you start as an assistant to an event planner or the managing director of an event management company. You will, in this way, be able to gain firsthand experience about all that is needed to survive and thrive in this industry. Since this industry is as close to show business as possible, you will get to know quickly that appearances can be deceptive and that there will be many who will try to get away by paying less or making excuses for not paying at all. A mentor will be able to teach you best how to handle such situations. You may never even have to ask any questions, all you will need to do is observe closely.
You will need to create a legal entity for your business venture. Decide whether you want to function as a Limited Liability Company (or LLC), a corporation, a partnership or would you want to be the sole proprietor. Bear in mind that when it comes to sole proprietorship liability protections are not provided. It is also easy to register a company these days using the services of such online business entity registration companies as BizFilings, LegalFilings and LegalZoom and so on.
The importance of marketing a company cannot be overestimated; market yourself and your company to be able to build a stronger base. By now, you must have decided what your target market is, so all you need to do is advertise to this group. You will need an advertising budget as well a specific set of advertising methods, be it online or offline.
Doing all the above will get you your first few clients. Although if it is turning out to be tougher than you thought, which it would be, most of the times, you could offer your services to friends, family, and acquaintances for free in exchange for a referral and or testimonial. All this could then lead to paid clients.