Most probably, planning an event can be complicated and full of surprises. Are you new to planning events? If so, You may need some little help. So, founder activity loves to share this helpful guide “starting an event planning business checklist”.
Keeping all the details in your head will be undoubtedly confused and stressful. In fact, a checklist can make a huge difference. But, Not all events are the same. Therefore, there’s no one-size-fits-all event planning checklist. A customized event planning checklist is the solution. That will help you to keep your target as well as it will provide essential information to you.
You just have to track the following checklist to keep you track and accomplish perfectly.
Checklist for starting your own event planning business
- Sufficient training or event planning experience
- A portfolio that contains pictures and descriptions of your best work
- Understanding about event planning industry
- Research local rules and regulations
- Solid business launch plan
- Startup costs (rent, transportation, payroll for your staff, licensing, brand launching, advertising, legal fees, insurances, official supplies, miscellaneous )
Sufficient training or event planning experience
Though this is not a physical thing, this must be included in your checklist. Because in order to run your own event planning business, you need to be an expert in what you do. In fact, getting a good education about event planning before you attempt to run an entire event planning business, is beneficial to both you and your clients.
Backing up your services with credentials and certificates from reputable programs is an encouragement to your clients, to work with you. With those documents, they will make sure that, you are well informed about your business field.
Not only that, having proper training, is an encouragement for you too. Because you will be much more confident in your knowledge and abilities. If you don’t have many experiences in the industry, you have to get a thorough education about it, Before jumping into your own event planning business.
Most of the planners, who decide to become business owners, also have practical experience. So, it is better to work in the industry, before you jump into running your own business. From working in the industry, you can gain knowledge as an employee. Further, you can learn from the mistakes. After all, when you start your own event planning business you will have a better idea of how things should run.
Accordingly, quality training or a planning experience is one of the major things, that you must include in your Starting an event planning business checklist.
After you gain experience by working in the event planning industry, make sure to put them together in a portfolio filled with pictures and descriptions of your best work. Make sure to include images that display your organization, innovation, and sense of style.
Before starting, your business, include this portfolio in your checklist. This portfolio will help you to attract new clients after you open your event planning business. Your event planning business portfolio must exemplify your professional knowledge, and skills, and it will contribute positively to the reputation of your new business.
A better understanding of the event planning industry
Do you have a better understanding of the event planning industry? Whether your answer is yes or not, this must be included in your event planning business checklist.
Make sure to find answers on,
- Is there enough demand for a new event planning business, where you going to start your business?
- What about the competition?
- Which type of event planning, needed the most?
The answers to these questions will influence which services you offer, where you decide to open.
Research local rules and regulations
Almost all the businesses, require some licenses before opening them. So, no matter where you decide o open your business, you will have to meet certain licensing requirements. It is better to research the licensing requirement before you take the other steps.
Moreover, make sure that, all of your business information is registered with the correct governing bodies and that you have all of the licenses you need before your doors open. In fact, educating yourself about local rules and regulations early will save you from troubles.
A Business Launch Plan
The way you launch your business is very important for its success. With your business launch plan, you can identify how will you attract new customers and how will you announce to the world about you. Creating a plan for the launch of your business can help you ensure a successful start. So, make sure to include this into your event planning business checklist.
Start-up costs are the fees that you need to pay for or purchase before you officially open your business. This is absolutely necessary to get your business off the ground. Creating a startup fund and budget portions of your money will be easy to calculate your startup costs. But, remember to save a portion from your start-up funds, to emergency costs. If something doesn’t go as plan, you may have to bear with it.
Accordingly, the following will be the categories that you have to keep budget potions from your startup cost.
As already said, getting the proper licenses are required to run the business flawlessly. So, it requires fees. Therefore, add these costs to your startup budget.
Legal and accounting fees
In order to run your business smoothly, you may need to hire experts to help you. Even experienced business owners also work with lawyers and accountants, in order to make sure that, their financial and legal affairs are in order. Working with these advisors is a smart business choice. So, make sure to allocate a budget portion for this and include it in your checklist.
Where will you operate your business? Do you plan to operate from home, or from an office, or from a storefront? According to the place you open your event planning business, you may require to pay the rent. If you are going to start from your home, you don’t need to pay any rent.
Make sure to separate a budget portion to launch your brand, from your startup costs. You can build a website, printing business cards, hosting launch parties will help you to build your brand. As well as, these will cost money. Further, if you have no IT experience, you have to hire a web developer and a graphic designer. So, consider these facts and add these to your startup costs.
Have you ever thought about this fact? Well, this is a thing that most probably forgotten to separate a budget portion. If you have a vehicle that uses only for your business, you have to maintain it. If you are going to register and insure the vehicle as a company car, you must have money for it. So, make sure to add this to the start-up costs.
Are you going to hire staff? If so, you must add this to your startup cost and separate a budget portion. They will expect to be paid on time, fairly. Not only that, you will legally require to provide that.
If you are not going to work with a team, you are the only one working under the business name. Your payroll maybe probably less than the costs for a team. According to your ability, you can consider whether you are hiring staff or not.
Almost all businesses have to pay the taxes. So, your event planning business also needs to pay taxes. Find out how you might be taxed by researching your local small business bureau.
Advertising and promotion
In order to run a successful business, you have to do advertising and promotion. Just think, you are supplying the best event decorating items and supplying the best service. But, how do you announce to the world about you? In order to come off the ground, you have to do advertising.
In fact, your marketing materials should correlate with the theme and tone of your business logo, name, and overall brand. So, you have to choose the correct medium for advertising your service. Make sure to, include funds for your initial advertising campaigns.
Insurance will protect your interests and covers your employees, office space, vehicles, and general liabilities. So, no matter where you open your business, insurance is legally required for all business owners. You may have to hire lawyers or insurance advisors to help you to choose the insurance policy that suits your business. Accordingly, make sure to add the cost of advisors, as well as the ongoing costs of your insurance.
Good communication is one of the major things that need for a successful business. So, how will you communicate with your clients, employees, assistants? Consider these and supply communication systems in your company.
How are you going to furnish and decorate your office? These are the items you actually need to account for, your office. Account each office supply, to your startup cost.
There is always a possibility that things go as planned. So, your start-up budget should include some funds set aside, especially for miscellaneous costs.
Accordingly, these are the accountings that you have to add for your startup costs. These services and things are the items that you included in the Checklist for starting your own event planning business. Additionally, starting and running your own business needs a lot of dedication. So first, include confidence and determination in your checklist.
If you follow the correct steps, and checklist you will set yourself up with the best chance of success.