How To Start An Event Management Company

Event Management, as a business opportunity has witnessed tremendous growth and success in the last decade. The drastic increase in the number of Live Entertainment Shows, Corporate Events and Meetings, Promotional Events, Trade Fairs and Exhibitions, Conferences and Seminars has amplified the need for Event management Companies who can organize and administer the events.

The era of event management business began with the globalization of the world economy. Multinational companies harnessed the power of events as a marketing and promotional tool. With time, organizing large scale events to promote and build brands became an essential and inevitable aspect of the integrated marketing mix.

It allowed companies to showcase their products, services and brands to a broad audience and earn trust and publicity. Since event management was a huge task requiring ample workforce and infrastructure, businesses outsourced the job to specialists in this field, and thus event management companies were born. Event Management made a massive entrance into the entertainment sector by organizing award functions, fashion shows, reality shows, and so on.

Event Management companies cash on their ability to plan, visualize and ultimately execute successful events for various businesses. Event Management requires an amalgamation of creative talent along with managerial skills of planning to materialize plans into action and organize huge scale events. Event Management is not a task that can be performed by an individual.

It requires a team of talented and creative individuals who can work in harmony with each other and achieve the ultimate goal of organizing events pubfilm. Furthermore, the success of an event management company largely depends on the ability of its people to network and socialize and build positive public relations. The techniques of negotiation, entrepreneur skills and socializing come quite handy while running an event management business. This article examines and details various steps involved in starting an event management company and building your path to success.

Choose Your Areas

An Event Management Company earns by selling its services in the form of talent, creativity, the know-how of organizing events. The foremost step to start an event management company is to ascertain areas in which the company intends to operate. The criteria such as experience, viability, expertise, etc. should be considered while opting for a core area of operation. An Event Management Company can provide services like conducting professional meetings, seminars and conferences; organizing entertainment shows including music concerts, fashion shows and parties, organizing wedding ceremonies, etc.

It is essential to select one core area and channelize your resources and experience into maximizing gains from that particular area. For instance, if wedding planning is your forte, you should focus your capital and workforce into building a reputed wedding planning company. Every space requires a different methodology of preparation, implementing and executing events. Being a jack of all trades will create chaos and confusion, and you might end up wasting your resources and suffering losses.

Market Research

Conducting thorough market research is an inevitable part of preliminary planning before starting a business. Market research includes a detailed examination and analysis of the demand and supply of your product or in this case service. Select your target audience, i.e. the clients whom to intend to capture and their intention of hiring your services. For instance, if you are operating in an under-developed economy, then organizing fashion shows or music concerts may not be a lucrative business opportunity.

The next step in market research is to ascertain the current and potential competition. If the market is already saturated with enough competitors offering the same services, you might want to target a different market or choose a separate area of operation.

Lastly, conduct a SWOT analysis, i.e. a detailed analysis of your strengths and weaknesses in the light of opportunities and threats presented by the external business environment. Your advantages include your talent and expertise which you can use to secure business from your potential clients and offer superior services. Your weaknesses include the USP of your competitors which you lack. Now endeavour to maximize your strengths and gain most out of them by cashing on the opportunities and minimizing the threats present in the business environment.

Drafting A Business Plan

Once you have analyzed the present market scenario in terms of competition and opportunities, the next step is to lay down a business plan which will act as a blueprint detailing the goals and objectives, the mission and vision of the company mocospace login, current and future requirement of resources including capital, workforce, managerial talent, etc.

While drafting the business plan, it is essential to be realistic and avoid being too optimistic about sales and revenue forecasts. Also make arrangements for a contingency plan which acts as a buffer when faced with contingencies of economic slowdown, economic crisis, etc. Lay down the short and long-term objectives of the company. Determine an organizational structure to estimate the staffing requirements.

Determining The Financial Needs Of A Company

Every business needs capital to survive and flourish. Any business activity cannot be performed if money is not available to fund the operation. Determine the sources of funds available to the company and estimate the financial requirements of the company shortly. Estimate the operating cost, i.e. the cost associated with the day-to-day running of the business; the gestation period, i.e. the period after which the company reaches a break-even point, and find out investors and business partners who will aid you in running the business.

Legal Formalities

A company needs to be duly registered under the appropriate Act. Specific legal rules and formalities apply to companies which need to be duly completed before starting a business.

Promote Your Business

A business which does not catch the eye of its audience cannot survive. To secure business from your clients, you must advertise your business and create a favorable public image. Engage in marketing and promotional activities to promote your business and build a brand name in the industry.