The event planning industry in Nigeria is a fast-growing one with immense opportunities for aspiring entrepreneurs. With the right knowledge and strategy, starting an event planning business in Nigeria can be very lucrative.
This step-by-step guide will provide you with the necessary information and tips you need to start your own successful event-planning company in Nigeria.
Conduct extensive market research on the event planning industry in Nigeria.
Before taking any steps to start your event planning business, it’s important to carry out thorough market research on the industry in Nigeria. This will help you understand the current market dynamics, opportunities, challenges, target audiences, and success factors for event planning companies in the country.
Some important things to research include:
- The size of the event planning industry in Nigeria
- Categories and types of events in demand
- Competition from existing event planning firms
- The target audience for your services
- Average budgets for different events
- Business regulations and permits are needed.
- Common event planning business models and fee structures
- Essential operational tools and software are needed.
Taking time to gather sufficient data on these areas will ensure you start your company armed with valuable industry knowledge and insights.
Formulate a solid business plan.
After conducting market research, the next step is to create a comprehensive business plan for your event planning company. A business plan is crucial for guiding your strategic decisions and setting things up for success from day one.
Your event planning business plan should cover the following key areas:
Give a brief overview of your company’s mission, objectives, and value proposition. This will summarize what you intend to achieve with your event planning business.
Provide details on the nature of your business, location, target market, and the expertise your team brings on board.
Outline the specific event planning services you will provide. This can include event consultancy, budgeting, venue sourcing, catering, entertainment, staffing, decor, and coordination on the event day.
Present a detailed analysis of your target market and industry, including information gathered during your research. Provide details on your competitors and your unique advantage.
Map out strategies for pricing, promoting, advertising, and networking to attract clients. Digital marketing should be a big part of this.
Describe the key operational aspects like business processes, equipment, tools, suppliers, and compliance issues like licenses and permits.
Outline projected costs, income targets, cash flow statements, profit/loss projections, and funding requirements for the first 1-3 years. Include potential revenue streams and pricing models.
Risks and SWOT analysis
Identify any potential risks and your plans for mitigating them. Also, conduct a SWOT analysis of your company’s strengths, weaknesses, opportunities, and threats.
Having a comprehensive plan like this will put your business on the path to success right from inception.
Choose the right business structure.
The business structure you register your company under has legal and tax implications. Some options to evaluate include:
- Sole Proprietorship: This is the easiest to set up, but you have unlimited liability.
- Partnership: You share control and liability with other partners.
- Limited Liability Company (LLC): more flexibility than a corporation with limited liability
- Corporation: the most complex structure but offers the highest business liability protection.
Consider which works best for your goals, vision, and proposed scale of the company. Also, research the legal steps required to officially register your chosen business structure in Nigeria.
Obtain the necessary licenses and permits.
To legally operate an event planning business in Nigeria, you need to obtain certain licenses and permits. These include:
- Business Name Registration: Register your chosen company name with the Corporate Affairs Commission (CAC).
- Tax Identification Number (TIN) Get your TIN from the Federal Inland Revenue Service (FIRS).
- Event Vendor License: Get this from the Ministry of Culture and Tourism in your state.
- Fire and Safety Certificate: Required if hosting events in your own venue space. Obtain it from the State Fire Service.
It’s advisable to consult a lawyer to ensure you comply with all licensing requirements before commencing operations.
Get professional certification.
Though not mandatory, getting professional certification in event planning will give you credibility and upgrade your skills.
Some popular options include:
- Professional Event Planner (PEP) Course: Offered by the Events Academy in Nigeria
- Certified Special Events Professional (CSEP)—from the International Special Events Society (ISES)
- Certificate in Events Management from the Global School of Events Management
These certification programs cover core areas like risk management, budgeting, sponsorship, and event marketing. Many offer online training options too.
Build an experienced team.
Running a successful event planning business requires bringing experienced professionals on board. As you grow, build a team with strengths in key areas like:
- Event Coordinator: To manage end-to-end event execution and logistics.
- Budget/Finance Expert: To handle pricing, billing, and tracking project costs.
- Marketing Specialist: To drive client acquisition and brand awareness strategies.
- Creative Designer: To craft concepts and décor for events.
- Catering and Entertainment Liaison: To coordinate food, music, and entertainment for events.
Having specialists in each domain will ensure excellent service delivery across all client events.
Create an online presence.
In this digital age, having a professional online presence is crucial for boosting discoverability and attracting clients. Some key steps here include:
- Get a domain. Purchase a domain name for your event planning company and use it to create a professional business website.
- Optimize your website: Ensure your website is mobile-responsive, loads fast, integrates SEO best practices, and showcases your services upfront.
- Create social media profiles. Launch business pages on social media platforms like Facebook, Instagram, Twitter, and LinkedIn. Leverage these for online marketing and networking.
- List of directories Create profiles on key event planning directories like Eventbrite, Eventfinder, and Nigeria Events to increase visibility.
- Produce content: Regularly create engaging blog posts, articles, infographics, whitepapers, case studies, and videos to attract site visitors.
Define your services and pricing.
Create a portfolio that clearly outlines the end-to-end event planning services you will offer clients. Also, determine how you will price and bill for your services.
Some popular pricing models used by event planners include:
- Hourly rate: bill clients per hour for time spent planning the event.
- Flat project fee: quote an all-inclusive price for handling the entire event.
- Packages: Offer pre-defined packages like basic, premium, and elite with different features.
- Commission on vendor fees: charge a percentage commission on vendor expenses like catering and entertainment.
- À la carte: price individual services like design, budgeting, and coordination separately.
Choose a pricing approach that aligns with your business goals and target audience. Also, factor in costs so you can turn a profit.
Equip yourself with event planning tools.
Specialized event planning software and tools will make your operations easier and more efficient. Some must-have tools include:
- Project management software, e.g., Trello, Asana, Smartsheet for task lists.
- Client CRM (e.g., Zoho) and Salesforce to track leads and manage clients
- Invoicing and billing: e.g., Freshbooks and QuickBooks for preparing estimates and invoices.
- Event website builder (e.g., Splash, Eventbrite) for creating event landing pages
- Event management software (e.g., Aventri, Cvent, and Tripleseat) for registrations, planning, and logistics
Invest in solutions that suit your budget and business needs. Using the right tools will give you an edge over the competition.
Create an inspiring portfolio.
An inspiring portfolio showing your experience and capabilities is a must for impressing prospects. Document your portfolio with:
- Stunning photos and videos of events you’ve organized to showcase your signature style
- Testimonials and reviews from happy clients help build trust.
- Case studies to demonstrate how you delivered success for each type of event
- Vendor list you’ve partnered with, along with services offered.
- Awards and media features to spotlight your achievements and credibility
Feature your best portfolio pieces prominently on your website and marketing materials. A strong portfolio sells your skills better than anything else.
Complete internships to gain experience.
Before taking on paid clients, it’s prudent to gain hands-on event planning experience through internships. Identify and reach out to leading event companies in Nigeria, and offer your skills as an unpaid intern for a few months.
This will let you gain vital expertise in areas like:
- Managing event budgets and logistics
- Vendor acquisition and contract negotiation
- Tracking attendance, registrations, and RSVPs
- Sourcing venues, entertainment, catering, etc.
- Onsite event management and troubleshooting
The connections you build can also become great referrals once you start your own company. Even a short, 1-2 month internship will accelerate your learning curve significantly.
Network strategically to get clients.
Effective networking is crucial for getting the word out about your new business and bringing in clients. Focus on networking with stakeholders like:
- Corporations: Reach out to their marketing and PR departments to offer event services.
- Wedding planners: Partner with them as a wedding event vendor.
- Agencies: Connect with advertising, PR, and marketing agencies to service their client events.
- Suppliers: Network with vendors of venues, catering, etc. to be recommended to their clients.
- Influencers: Pitch your services to bloggers, social media influencers, and celebrities to handle their events.
Actively participating in industry associations and local business chambers also expands your network. Don’t wait for clients to come to you; get out there and connect.
Promote your business online and offline.
Aggressively promote your event planning business through both online and offline channels. Some proven tactics include:
- Search ads: Use pay-per-click ads to appear on Google when people search for related keywords.
- Social media ads: run targeted Facebook, Instagram, and LinkedIn ads to reach your ideal audience.
- Email marketing: Send emails to your subscriber list with newsletters, promotions, offers, etc.
- Guest posting: Get published as a contributor on popular Nigerian blogs relevant to your target market.
- Press releases: Create and distribute releases about significant company news and achievements.
- Radio and TV ads: buy spots on local stations to promote your brand.
- Broker partnerships: Strategically partner with brands that allow co-marketing with each other’s audience.
- Print flyers. Distribute catchy flyers at locations your clients frequent.
- Attend expos. Buy exhibition booth space at key local and international trade shows and conferences.
Try out a healthy mix of online and traditional promotion strategies above to quickly establish your brand and get sales inquiries.
Deliver exceptional services to clients.
The best marketing for an event planning business comes from delighted clients who give referrals, write reviews, and reuse your services. Some tips for wowing clients include:
- Maintain excellent communication and promptly respond to all inquiries.
- Get a clear brief of their exact event needs and goals upfront.
- Suggest creative and innovative ideas to make their event truly unique.
- Proactively keep them updated on progress and involve them in decisions.
- Collaborate closely with them and all vendors to ensure seamless coordination.
- Be highly organized, meet deadlines, and avoid last-minute surprises.
- Handle all event hiccups promptly and escalate any issues.
- Capture and share event photos, videos, and results post-event.
- Send thank-you notes and get client feedback to improve continually.
When you consistently exceed client expectations, your reputation will spread quickly.
Expand your business over time.
Once your event planning business is established, look for opportunities to scale up operations.
- Take on more clients; increase capacity to handle multiple events simultaneously.
- Grow your team. Hire more planners with niche expertise as the company expands.
- Diversify your services: add related offerings like event photography and videography and equipment rentals.
- Organize your own events. Host ticketed festivals, conferences, or networking events as an additional revenue stream.
- Start an event venue. Invest in launching your own event hosting space.
- Go international. Consider expanding services into neighboring countries.
Pursue the growth areas that align best with your long-term entrepreneurial vision.
Key Takeaways on Starting an Event Planning Business in Nigeria
Launching a thriving event planning company in Nigeria’s booming industry takes comprehensive preparation and hard work. Following this detailed guide will help you navigate the key steps to success:
- Conduct extensive market research before starting operations.
- Craft a solid business plan covering all operational and financial aspects.
- Choose the ideal business structure and acquire the necessary licenses and permits.
- Obtain professional certifications to boost your credentials.
- Build a skilled team to handle various event planning tasks.
- Create an appealing online presence and portfolio.
- Define your services and pricing carefully based on market dynamics.
- Equip yourself with the best event management tools and software.
- Gain experience through internships before taking on paid clients.
- Network relentlessly and promote your business through diverse marketing channels.
- Wow clients by delivering incredible event experiences that exceed expectations.
With meticulous planning, industry knowledge, consistent marketing, and providing exemplary services, your event planning venture in Nigeria will thrive. Stay adaptable to keep evolving your offering and grabbing new opportunities for growth.