There are so many advantages of working for yourself, as a business owner, you can achieve everything you want if you are ready to put in the effort. However, realistically, there are some factors that can slow you down when you begin your journey as an entrepreneur.
One of the brightest ideas you can consider when thinking about a business to start is an Event Planning agency. Yes, it will cost you some money to start an event planning business, if funding may be a problem, I know some tips you can use to raise the money you need to establish your events planning business.
Don’t feel too bad about the lack of funds to start your business without help, think about it, there is hardly any thriving business that did not need financial support and assistance to get started.
The important thing to note is that your investment is worth it, and you can make a significant profit at the end of business dealings with your clients. Thankfully, owning an event planning business is lucrative. You can make enough profits to grow your business and become financially independent.
Study the business
Event planning as a business is quite broad. You should identify a particular niche that you will like to focus on. For example, you can start an event planning business for parties, which includes birthdays, anniversaries, graduation, bachelors parties, and so on. You can also become a professional wedding party planner, or start organizing music festivals and live shows.
There are so many options, and the different categories are mostly very lucrative, so you are on the right path. After deciding on a niche for your event planning business, you must learn everything about the business, how it works, requirements, expenses, how to make contacts, and much more.
Knowing all about the business you want to start gives you leverage when you are sourcing for investors/partners.
Make a list of potential expenses
This part of your planning process will require some research. You should find out potential expenses that will arise while handling an event planning contract. With this information, you can draw a budget for different categories of the events, to suit the clients who will be using your service.
There are clients who need basic services, which is more affordable. While you will meet others who want extra, more elaborate preparations for the event. With your knowledge of the costs, you can present an accurate quotation that will not fall short of the actual expenses.
Identify sources of income
How will you make a profit from the events planning business? The likely options are selling tickets online, getting sponsors, and agreements with vendors who can give you a percentage of the income they make after selling their products at your event.
It is important to know your sources of income, with this information you can project expected profits and make better plans.
With all the information you have gathered from the tips above, you are ready to start looking for partners who are interested in investing and mutually benefiting.
Finding sponsors for your event is not so difficult. There are so many brands that can leverage your events to sell more of their products. You can also reach out to investors who are interested in events planning business but are currently unable to start such a business because of other engagements.
Here’s the thing, anyone will be happy to provide financial support when you convince them that your idea will make a profit. Roll out the figures, realistic projections, and plans to make a profit and you will get a willing investor who can provide sponsorship for as long as you want.
You may need to get professional financial advice if you plan to take a loan and pay interest. However, it is an excellent idea to find low-interest funding sources. For example, a rich relative may be interested in investing. Or you can convince a brand to sponsor your show in return for massive sales of their products.
It is easier to convince investors if you plan to sell tickets at your event. Everyone knows that ticket sales are one of the best sources of income during events. With smart apps such as Meeti, you don’t need to worry about securing your funds when you sell tickets online.
With Meeti, you can design and sell tickets online conveniently, schedule, and monitor ticket sales. Your audience will be happy to use the Meeti app for the purchase of your event tickets because it is reliable and convenient. You can also use the Meeti app to share your details about your events on social media.
Use the tips in this article to get started, you may encounter some issues but apply the information in this article, and you should be able to sort out any problems and establish your event planning business.