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Introduction
Target Market
Startup Costs
Operations
According to Goldblatt's research, profits in this industry continue to rise. Just a few years ago,
Goldblatt says, the average profit margin for an event planning entrepreneur was around 15
percent. His most recent studies, however, show profit margins can be as much as 40 percent. He
attributes the industry's good health to several factors, including the improved economy and the
trend of corporate America to outsource their meeting-planning functions.
What Is Event
Planning?
This question actually breaks down into two questions: What kinds of events are we talking
about? And, what is event planning?
First things first. Generally speaking, special events occur for the following purposes:
This list isn't an exhaustive one, but as the examples illustrate, special events may be business
related, purely social or somewhere in between.
Now we move to the second question: What is event planning? Planners of an event may handle
any or all of the following tasks related to that event:
Conducting research
Finding a site
How many of these activities your business engages in will depend on the size and type of a
particular event, which will, in turn, depend on the specialization you choose.
Why Do People Hire Event Planners?
This question has a simple answer: Individuals often find they lack the expertise and time to plan
events themselves. Independent planners can step in and give these special events the attention
they deserve.
Target Market
The Corporate Market
Broadly speaking, there are two markets for event planning services: corporate and social. The
term "corporate" includes not only companies but also charities and nonprofit organizations.
Charities and nonprofit organizations host gala fundraisers, receptions and athletic competitions,
among other events, to expand their public support base and raise funds. Thousands of these
events occur each year, and although the large ones require specialized event planning
experience, you may find smaller local events to start out with.
Companies host trade shows, conventions, company picnics, holiday parties, and meetings for
staff members, board members, or stockholders. There is a huge market for these types of events.
According to the Convention Industry Councils 2012 Economic Significance Study, 1.83
million corporate/business meetings, trade shows, conventions, etc. took place in the U.S. alone.
Social events include weddings, birthdays, anniversary parties, bar and bat mitzvahs, Sweet 16
parties, children's parties, reunions and so on. You may decide to handle all these events or just
specialize in one or more of them.
The market for social events, especially birthdays and anniversaries, is expected to continue to
increase over the next few years, as baby boomers mature. This group has children getting
married, parents celebrating golden anniversaries, and their own silver wedding anniversaries to
commemorate.
Startup Costs
How much money will you need to start your event planning
business? That will depend on the cost of living in the area
your business serves and whether you work from home or rent
office space. It will also depend, to a lesser degree, on your
own taste and lifestyle choices.
Keep in mind that while working from home will keep your costs low, you can't start any but the
smallest of event planning business on a shoestring.
This chart lists the startup costs for two hypothetical event-planning services. The first business
is homebased and has no employees. The high-end business occupies 1,000 square feet of office
space. The owner/manager of this business employs a full-time junior planner and a part-time
bookkeeper, as well as temporary employees who handle clerical work and who may help
prepare for various events. Both owners will derive their income from pre-tax net profit.
Annually, these businesses will gross $85,000 and $250,000, respectively. The startup table lists
pre-opening costs for the businesses.
Startup Expenses
Low
High
Rent
$0
$2,300
Equipment
$5,000
$17,000
Inventory
$0
$500
$250
$350
Communications
$100
$250
Payroll
$0
$4,000
Advertising/Promotion
$500
$2,000
$650
$1,500
$800
$1,700
Miscellaneous
$750
$1,500
Total
$8,050
$31,100
Operations
Few, if any, event planners have 9-to-5 jobs. By its very nature, event planning tends to involve
evenings, weekends, holidays and sometimes even specific seasons. How much time you must
commit to working will depend, once again, on the specialization you choose.
As a general rule, social events involve more weekends and holidays than corporate events do.
Some areas of the country and some types of events have "on" and "off" seasons. However, no
matter what your specialization (with the exception of parties for young children), you can count
on working at least some evenings as you coordinate and supervise events. The planning of those
events, however, will be done mostly during business hours.
Here are the main tasks you'll be completing as an event planner:
Research. The best way to reduce risk (whatever the kind) is to do your
homework. For large events, research may mean making sure there's a
demand for the event by conducting surveys, interviews or focus group
research. If you're new to the event planning industry, research may instead
mean finding out all you can about vendors and suppliers. Research also may
mean talking to other planners who have produced events similar to the one
on which you're working. Or you may find yourself reading up on issues of
custom and etiquette, especially if you're unfamiliar with a particular type of
event.
Whatever kind of event you're planning, research should include asking your client a lot of
questions and writing down the answers. Interviewing a client may not be what you immediately
think of as research. However, asking too few questions, or not listening adequately to a client's
answers, can compromise the success of the event you plan.
Design. Your creativity comes most into play in the design phase of event
planning, during which you sketch out the overall "feel" and "look" of the
Proposal. Once you've interviewed the client and done some preliminary
brainstorming, you should have enough information to prepare a proposal. Be
aware that the production of a proposal is time-consuming and potentially
expensive, especially if you include photographs or sketches. Note that only
the larger companies producing high-end events can afford to provide clients
with free proposals. You should receive a consultation fee (she suggests
about $150), which can be applied toward a client's event if he or she hires
you.
Organization. During this decision-intensive phase, you'll rent the site, hire
vendors and take care of more details than you might believe possible. You'll
be on the phone until your ear is numb. But before you do any of this, make
sure you have a contact person (either the client or someone acting on the
client's behalf) with whom you'll discuss all major decisions. Having a
designated individual helps ensure that communication lines are kept open.
Also, social events in particular sometimes suffer from the "too many cooks"
syndrome. Having one designated contact helps you avoid being caught in
the middle of disagreements between event participants.
Generally speaking, the bigger the event, the more lead time that's required to plan it. Major
conventions are planned years in advance. Although you may not be arranging events on such a
grand scale, you do need to allow at least a few months for events like corporate picnics,
reunions or large parties.
Coordination. After you've made the initial plans, turn your attention to each
of the activities that form a part of the overall event. At this point, your goal
is to ensure that everyone is on the same wavelength. Good communication
skills are important. Make sure all vendors have at least a general idea of the
overall event schedule. Even more important, vendors should be clear about
what's expected of them, and when. Vendor arrival times should appear in
the contracts, but verify those times anyway. This is a "check and recheck"
period. Make sure all your staff members know their roles.
Evaluation. The obvious, and in one sense the most important, test of an
event's success is customer satisfaction. The goal, of course, is to end up
with a client who will sing your praises up and down the street, shouting it
from rooftops. This is the client who will hire you again, and who will provide
that famous word-of-mouth advertising for you.
There are several other ways to evaluate the success of an event. You can hire an event planning
consultant; have someone who hosts extremely successful parties observe your event; plan a
roundtable post-event discussion with your employees; obtain feedback from other industry
professionals working at the event, like the caterer or bartender; or survey guests at or after the
event.
Market segment served. Social events have a different fee structure than
corporate events. In the social events industry, planners typically receive a
fee for their services, plus a percentage of some or all vendor fees. The two
income streams produce enough revenue for a profit. In the corporate events
industry, however, planners typically charge a fee for their services, plus a
handling charge for each item they contract. For example, a planner buys
flowers from a florist, marks them up (usually 15 percent) and charges that
amount to the client. Another possibility is a flat fee, or "project fee," often
used when the event is large and the corporation wants to be given a "not to
exceed" figure.
Geographic location. Fees are higher in the northeast United States, for
example, than in the southeast. This difference reflects the variation in cost
of living. In addition, areas of the country that have well-defined on- and offseasons base their prices partly on which season they're in.
Experience and reputation of the event planner. If you're just starting out in
the industry, it's reasonable to charge less for your planning services while
you gain expertise.
How, you may ask, are the above-mentioned fees-for-service calculated? Event planners we
interviewed price their fees-for-service (the total cost to the client) using a "cost-plus" method.
They contract out the labor, supplies and materials involved in producing an event and charge
their clients a service fee of about 10 to 20 percent of the total cost of the event, with 15 percent
being a rough average.
You can also opt for a display advertisement. These are the bigger, bordered ads in the Yellow
Pages. There is a charge for these. If you do choose a larger ad space, be sure to include your
logo. You may also want to consider advertising in your local newspaper. Many papers
periodically (perhaps quarterly) publish special sections for brides- and grooms-to-be. These are
good vehicles for promoting your event planning business if you plan to do any wedding
consulting.
Dallas planner David Granger agrees. The problem, he notes, is that customers need to see what
you do, and a word ad won't accomplish that. He recommends networking and making friends in
the industry. That way, he says, "People know you, trust you. They want honesty and integrity."
Networking can help your business in two ways. If people have met you and know what services
you offer, they may refer business to you or use your service themselves. Furthermore,
networking with hotels, caterers and so on will give you a chance to meet some of the people
whose services you may need as you plan events.
Although networking and word-of-mouth are the most common industry strategies for acquiring
clients, traditional forms of advertising do have their uses. A distinctive card or brochure sent to a
mailing list or to local businesses may attract new clients. A small ad in a local business
magazine can help build name recognition. A website on the internet may allow you to attract
customers unresponsive to other forms of media.
Resources
Associations
Successful Meetings
Travel Weekly
Books
Become an Event Planner: The Three Necessary Steps to Begin Your Event Planning
Career by Sirena Evans
The Complete Idiots Guide to Meeting and Event Planning, Second Edition, by Robin
Craven and Lynn Johnson Golabowski
Pocket Idiots Guide to Choosing a Caterer by Phyllis Cambria and Patty Sachs
Special Events: Creating and Sustaining a New World for Celebration by Dr. Joe
Goldblatt
Educational Opportunities
need. Check out Capterra for a complete breakdown of top event management software products like Eventbrite,
Regpack, Grenadine Events, SimpleTix, and many others.
6 Steps to Planning a
Free Startup Event
and Making a Splash
As an ecommerce startup -- selling a socially conscious jewelry line from Kenya -- and a
business with a limited marketing budget, we devote a lot of energy to thinking up ways to
creatively (i.e., cheaply) yet effectively market our company and expand our customer base.
Related: Online Marketing Gets All the Buzz But Check Out the ROI for Live Events
Weve found that planning promotional events is one of the best ways to meet our customers
face-to-face and simultaneously control our brand messaging, thereby accomplishing something
so important for a young company without an established brand: speaking for itself.
Viral marketing and word-of-mouth marketing are two of the most underrated and least costly
marketing strategies. As we thought about how we could raise brand awareness and create buzz
around our mission, we drew upon the ALS Ice Bucket Challenge and the Dark Knight Rises
viral video campaign for inspiration.
When we launched a grassroots PR stunt in Central Park last year and asked people to share their
dreams with us, we discovered how to deliver our message to engage with potential customers
and also gathered behavioral data points to help drive our future marketing decisions. Here are
six key things we learned along the way:
4. Be a personal ambassador.
Event sites like Splash and Eventbrite are easy to use for event management, but dont forget that
you are the best (and no-cost) ambassador for your event. Tell your friends and family and ask
them to support your event. You can even spread the word online through your own personal
social media accounts and by blogging about your company and its mission on sites like the
Medium.
5. Be creative.
We attracted hundreds of people walking around in Central Park through our energized and
talented musicians (one of whom dragged a harp into the park!) Without their presence, we
would not have collected as many dreams from people as we did -- 150, to be exact. Even as the
music drew a crowd, it allowed bystanders to open up. Had we not turned this viral marketing
event into a concert, everyone would have thought we were street peddlers!
conscious ecommerce site, were definitely in the people business. We cannot stress live
interaction with your target customer segment enough.
Some of our most loyal customers have been gained from these in-person events and summer
craft fairs where we were able to put a face to our brand, have customers try on products and talk
to us about their interests and aspirations.
While youll certainly reach a larger audience online, sometimes there are huge benefits from
gaining a few loyal customers in the early stages of your start-up who will act as brand
ambassadors for the rest of your companys life.
MarketingProfs points out that branded event apps are crucial in terms of gathering vital real
time data about events. In light of the mobile obsession that has swept the world, offering a
branded mobile event app can satisfy your attendees quest for instant gratification while
providing critical data for your firms marketing team.
With a branded mobile app it is possible to boost pre-event interest, as well as significantly
increase the number of opportunities for reaching attendees with targeted branding and
messaging. Such an app can be used for:
Event planning courses whether they be classroom style or online can provide valuable,
much needed knowledge about how to be an event planner.
You can find these programs at many universities, local colleges, adult education programs and
online resources. If you are new to the event planning industry, select something more general
for an overview. If you have some experience in event planning and want to focus on a particular
type of planning such as special events, corporate meetings or fundraisers, then explore courses
that are specialized and will provide knowledge in that particular area of interest.
3. How to Gain Valuable Experience
Wondering how to gain experience as an event planner when no one will hire you without
experience as an event planner? It is a catch-22. But there is an answer. Volunteer. Volunteering
your services gives you invaluable experience. Many nonprofits and charities host events to raise
awareness and to fundraise. These organizations do not have the funds to hire additional event
planning staff; their focus is on raising as much money as possible. Volunteer to help them plan
the event and put your skills to work. Work the event and gain hands-on experience. Ask
questions and learn as much as you can. Spread the word that you are thinking of becoming an
event planner or launching your own event planning business. Get contact information from
vendors and business cards from those involved at the charitable organization. Volunteering is a
great networking opportunity in addition to the opportunity to do something good.
4. Event Planning is Not about Going to Parties
If you think that event planning is all about going to parties, think again. Planning events is hard
work and it isnt very glamorous. You are not the guest; you are the one responsible for creating
a wonderful experience for those guests. It can be quite stressful at times but it can also be a lot
of fun and incredibly rewarding. Many components come together to host a memorable event.
Excellent organizational skills, attention to detail, creativity and flexibility are a few of the
qualities that are necessary to succeed in this business.
Marketing Coordinator
Student Event Planner Trade Show Promotions
skills. Communicating your special talents as an event planner can land you the job of your
dreams, but you must be able to sell your skills as the best match for the job opening.
Money is always a top-of-mind subject when it comes to planning events. It has increasingly
become the burden of event and meeting planners to get more and more for less and less. Many
institutions seem to use the dawn of the digital age as an excuse to be cheap and unrealistic. Your
boss says things to you like, Advertising is free isnt it? Send a tweet! or Send out a survey
and get me the results by tomorrow.
While its true that tech tools are making us more efficient and have the potential to save us
money, it takes a lot of strategy to put those mechanisms into place. Thats why weve put
together this package of resources on budgeting, research on what planners told us their revenue
pain points are, how to maximize your sponsorships and keys to conversions in event marketing.
Event marketing is, in many ways, content marketing you can touch. Can you apply
methodologies from content to acquire, nurture and close new customers from events?
Ill show you how you can apply familiar content marketing strategies to your event marketing to
increase the number of converted customers, the speed with which they convert, and the overall
user experience.
More on intimate experiences at larger events? See how Kristi Casey Sanders, the VP of
Creative/Chief Storyteller at Plan Your Meetings, created a personal experience for her guests
with sponsor speed dating.
She checks her CRM and run reports the week after an event, a month after
an event, two months after, and even three months after to show ROI and
justify the marketing spend.
Content marketing and event marketing are intrinsically tied, effective when used in tandem, and
driven by the same understanding of human behavior. Lets embrace the similarities between
these two programs and continually re-evaluate them.
What is a Seminar?
A Working Definition
A seminar, sometimes referred to as a conference, is commercial program where attendees are
given information or training. It is usually held for groups of 10-50 individuals. A seminar is
frequently held at a hotel meeting space, an academic institution, or within an office conference
room. Some of the most popular kinds of seminars in business focus on personal development
and business strategies.