About to start an event planning business? Get on these useful tips
Event planning business seems to be very lucrative since several parties/events hold every weekend in Nigeria.
If you need a business that would always bring in cash almost every week, event planning is suitable for that purpose. Event planning involves more than just planning and organizing events. It deals with music, colors, talks, decoration. It just means everything working out together perfectly.
Corporate retreats, product launches, weddings and many more events need the presence of an event planner. Even in economic downturns, companies will still have product launches and people will still have to do weddings, so you get to make money all the time. The need for event planning/hosting services rarely diminishes, it is steadily increasing in demand.
The most interesting part is that you can start with very little capital. All you need is determination, networking and creativity. Here are tips you need start an event planning business.
1. Assess and get the skills needed
Event planners must be creative and well organized, but they must also have excellent interpersonal skills. Your creativity reflects in your output and helps you make a difference.
Events are about people, so successful event planners must be able to effectively listen to what clients want, develop relationships and negotiate with vendors (companies that supply products and services for events). You need to manage and translate what your client wants.
2. Have a Business Plan
Having a plan is very important for anyone starting any type of business. It is important to clearly write down how you intend to achieve specific goals. A Business plan will help you define your ideal target market, plan out your financial involvement, and know your major competitors in the business to enable you to compete favorably.
3. Choose your niche
It's very important every event planner choose a niche because you can't plan two different kind of parties the same way. You can’t possibly fit into all the market niches the industry has to offer all at once. Find a suitable and profitable niche, and build your business around it. When you do that, your professionalism in that area will be unquestioned and recognized.
4. Develop relationships with vendors
You’ve probably heard the adage “it’s not what you know but who you know”. The most important relationships you will build as an event planner is with the vendors for your events. These are companies that supply products and services for events, such as caterers, florists, equipment rental companies, hotels, photographers, etc.
Learn about each one’s business by conducting informational interviews and ask for discounts they can offer you. Being polite to your vendors can't be avoided. You can also arrange to have vendors refer clients to your event planning business.
5. Register your Business
Registering your business in Nigeria is very important. You don't want the government officials closing down your business after creating a brand for yourself. Businesses are registered with Corporate Affairs Commission (C.A.C) head on to their website to start the registration process immediately.
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