Updated: June 30, 2019
Organizing an event such as a company party or a wedding can be overwhelming if you do it alone. To help with the management, many choose to hire an event planner or get the services of an events company.
Event planning has good income potential, especially if you have a large network of suppliers. You can expect to get various projects from large-scale concerts with huge production values, product launches, to humble and simple weddings.
To handle all the important parts of an event may be too intimidating for someone with no experience, that’s why events management has become a popular business through the years.
One great thing about an event planning business is that it requires little capital. But you must be organized and comfortable in dealing with different types of people — from clients to suppliers.
Below are some tips on how to prepare and start this type of business.
1. Register your business.
Think of a business name that’s relevant to your industry so you can use it for business branding as well when you start marketing.
For sole proprietorships and partnerships, you can register with the Department of Trade and Industry (DTI). For corporations, you must register with the Securities and Exchange Commission (SEC).
Once registered, acquire a barangay clearance in the city your business is located at, along with the mayor’s permit and BIR certificate.
Afterwards, take a visit to the Bureau of Internal Revenue (BIR), to obtain your Certificate of Registration (COR) for authentication and reassurance that you are a legitimate business as well as getting your license to print receipts.
2. Identify your market.
You can go gung-ho and be the “jack-of-all-trades” type of business. But you can narrow down the kind of events that you want to specialize in.
The best option is to choose a specific market, and then focus on one or two types of events:
- Corporate Market: trade shows, team building activities, stockholders’ meetings, conventions
- Private Market: weddings, debuts, family parties, reunion parties
Once you decide on the market, proceed with studying your demographics, their specific needs, and what the different types of suppliers and kind of logistics that you need to cover for their events.
3. Partner with reliable suppliers.
Attend exhibits to locate the good suppliers. If you’re on a limited budget, negotiate with freelance suppliers whose services are relatively less expensive.
Having a supplier is important in the planning stage, as they can determine the things that are needed for the client’s event as well as help you assess the overall head plan of the whole operation.
But whichever you choose, make sure that you’re partnering with a business or an individual who is reliable. It makes good business sense to ask for their previous clients to get feedback of their reliability.
4. Be sure you have enough starting capital.
As mentioned above, an event planning business requires only little money to start. Here are the approximate costs of your capital expenditures:
- A computer or laptop: P30,000
- Printer: P3,000
- Business registration expenses: P10,000
- Office supplies: P2,000
- Initial marketing costs: P5,000
- (Optional) Event planning seminar: P3,000
5. Possess a good work ethic.
Sure, the set-up of the business is relatively easy, but as a planner, certain requirements are needed from you that you will need to show to your clients that they are at capable hands.
Great organization skills
Since the planner needs to do everything and take charge of every aspect of the business, they must be particularly good at organization, delegation, and time management, among others.
In relation to the responsibilities given to the planner, it is necessary that they may be able to adapt to sudden changes and be a quick thinker. Unfortunate events may happen but that is when the planner needs to be optimistic the most.
It will be normal for you to partner and work with other planners for some events. Thus, you need to be able to manage people if you’re given the head planner role, and likewise the skills to guide your own staff.
Are you an event planner? What other tips can you give when it comes to starting an event planning business? Please share them below in the comments section.