Events planning business is one of the services rendering business that can provide many job opportunities for many in Nigeria. It needs coordination and proper logistics management to really succeed.
If you want to start events planning business that will succeed in Nigeria, do well to consider the information listed below:
A. Get Event Planning Skills and Experience
The long-term success of an event planning business will be based on the experience that the planner brings to his or her clients. That means, if you’re thinking about starting an event planning business, you should have a solid grasp as to what an event planner is, and make sure you have some solid skills:
Verbal and written communications
Organization and time management
Negotiation and budget management
Creativity, marketing, public relations and more
You can also Contact an Expert in Event Planning Business
You can also acquire the basic knowledge of how to become a successful event planner if you are always close to experts in the business. Being close here entails you assist them in organising and executing events. When you have participated in planning events many times, you will be familiar with what it takes to organise different events.
B. Determine Your Market
Do not just think you can handle all sorts of events. You have to consider the areas you are good at first before moving into other areas once the experience is acquired. Corporate events are not the same with social events so you have make sure you can handle any event you’re in charge of very well.
A common error many planners make is to say that they are willing to coordinate all kinds of events, including corporate meetings, weddings, fundraising galas and more. Determine your market accordingly.
C. Develop a Business Plan for Your Event Planning Business
Like in every other business you want to start, business plan is very important. Starting and event planning business also requires a business plan for it to succeed.
D.Register a Business Entity that Fits Your Business
Now that you realize that creating an event planning business should be viewed as a “work in progress,” it’s very important to determine your business structure in the beginning. The most fundamental step is to make sure you decide what type of business entity works best for your plan. For this, it’s important to secure professional advice.
There are several options available to you, and it’s important to select the type of business organization that best represents your interests.
E. Develop Your Network of Suppliers and Staffing Resources
It’s time to try to lighten the burden of business structure for a moment. Now it’s time to consider who you want to include in your network of suppliers. Event planners work with a variety of suppliers, including caterers, florists, photographers and more.
And although you may think that you can handle all tasks, ultimately you are going to need to establish an infrastructure of resources to support your events and overall operations. This includes staffing resources for administrative, sales, marketing, legal, accounting, and other functions.
F. Establish an Event Planning Fee Structure
With services in mind, it’s important to determine your fee structure. Many independent and small event planning firms should be conscious of the various ways to cover their expenses and make a reasonable profit. After all, this will help keep you in business five years from now. Most event planners charge based on the following:
Percentage of expenses
Percentage of expenses plus hourly rate
G. Be Creative
As an event planner, it is good to be very creative, creating new ideas of how an event should be planned. For instance, decoration; your client may give you a particular choice of decoration and you present a plan which surpasses theirs. This makes your clients count on you whenever there is an event, and even market you to a new client through “word of mouth”.
H. Focus on Business Development and Marketing for Your Event Business
With your business model in place, an understanding of your services, a sense of how you will charge for your services, now it’s time to begin to develop important business and marketing materials.
Well, now you’re ready to choose the right name for your business and work your business development plan. You will also need to create business cards, stationery, a website, proposals, client agreements and more.