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.
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