Planned a few events in the past?
And, if you feel that event planning is your forte, and you have ideas that are both creative and functional, event planning might be an exciting endeavor for you!
Although most people start out by working under someone, everyone dreams of starting their own event planning business.
Also, you are about to go ahead and start yours; wait a moment!
You might have sufficient knowledge for planning events, but navigating the complexities of the event planning industry needs a well-thought-out roadmap. And that roadmap is a comprehensive event management business plan.
Yes, you read it correctly. A business plan can be of great help while starting your own event planning company. It not only sets the foundation for your venture but also enhances your opportunities for success.
So, we have created a Sample Event Planning Business Plan for you to get a good idea about how a perfect event business plan should look like!
Now, without any further ado; let’s explore all the details you will need to write in your stunning business plan.
Key Takeaways
- Clearly define your goals, mission statement, service offerings, and management team in your business plan.
- Perform thorough market and industry analysis to identify target customers, and adapt to the latest trends.
- Present a realistic financial plan, including startup costs, revenue projections, and a break-even analysis to attract investors.
- Effectively draft your pricing strategy and unique selling propositions to meet the specific needs of your target customers.
- Provide a clear outline of your business operations to efficiently deliver your planning services and seize new opportunities.
- Craft your marketing techniques, sales tactics, and promotional activities to reach a wider audience.
- Recognize your key competitors, and develop strategies that make your event planning business stand out in the competitive landscape.
How to Write an Event Planning Business Plan?
- Get a Business Plan Template
- Write an Executive Summary
- Provide a Company Overview
- Conduct an Industry and Market Analysis
- Describe your Product and Service Offerings
- Outline a Sales and Marketing Plan
- Introduce Your Team
- Outline Business Operations
- Prepare a Financial Plan
1. Get a Business Plan Template
Before you start writing a business plan for your event planning business, it is recommended to get a business plan template first.
It’s like having a valuable resource for your business planning. It not only simplifies the business plan writing process but also helps you include all the essential elements in your plan.
However, you can effectively organize your thoughts and accurately draft a strategically sound business document according to your specific requirements and preferences.
Not only that, it sets the stage for a comprehensive, professional business plan that empowers you to highlight your vision, attract potential investors, and navigate the competitive event planning landscape.
If you are a budding entrepreneur or looking for a polished template, choose Upmetrics’ business plan template now and ensure that you won’t skip any important facts in your plan.
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2. Write an Executive Summary
An executive summary is the first and foremost section of your event planning business plan. It provides a brief introduction to the entire business plan.
Make sure that it is clear, concise, and engaging, as it will create your first impression and attract investors or readers to delve further into your plan.
Start this section by describing your idea behind an event planning and type of business; for example, are you a startup business, want to grow an existing one, or running a business chain?
Communicate your business objectives and emphasize how you will be different from other event-planning businesses. Here is an example of event planning objectives using Upmetrics:
Next, give an overview of each of the subsequent sections, including offered services, market opportunities, marketing strategies, and financial projections that will be explored in greater detail within the plan.
Not only that, you can end this summary with a compelling call to action, inviting potential investors or readers to the next meeting if they are interested in your event planning.
Generally, this section is written after the whole event business plan is ready. It is often the easiest way to do so as you have simply gone through and written all the key sections of your plan.
3. Provide a Company Overview
Now, provide detailed information about your event plan business. It contains ownership, legal structure, office location, business history, and other such business-related facts.
Begin with the intro of what type of events you are organizing. For instance, it will be corporate events (catering to businesses), social events/celebrations(wedding planning, birthday parties, etc), or niche events(specialized in just one type).
Discuss a little bit more about your business history, including when you started event planning and what milestones you have accomplished. Also, accentuate your mission statement.
Take reference from the below example describing the mission of the event planning company:
In an ever-changing, fast-paced world, success is determined by good choices for lasting effects. Eventel strives to be the best choice for clients by helping to ease their event planning burden.
Through consistent, predictable professionalism, Eventel will ensure a worry-free and hassle-free event at a reasonable price.
Event also has internal clients to serve. The event will strive to provide the same predictable and professional working environment to its employees and contracted vendors, justly compensating them for their services.
It is also a priority to make a comfortable living wage for its owners, founders, full-time staff, and their families.
Keeping in tune with the needs of the market, utilizing the latest technology and trends, all while ensuring the client receives the individual attention they deserve, is the vision and daily mission of Eventel; The Event Planning Specialists.
In addition to that, you can mention your startup summary and future business goals, as this section gives an in-depth overview of your business.
4. Conduct an Industry and Market Analysis
Starting an event management business requires a strategic events industry and market analysis. So, take some time to go further and locate more accurate data.
Try to include certain key elements in this section:
Market size and growth potential
You need to study specific data about various markets in which you are trying to get into and ensure profitability. So, describe your market size & growth potential and whether you will target a niche or a much broader market.
For instance, the USA industry revenue for event planners has grown at a CAGR of 4.1% over the past five years and reached $5.6 billion in 2023. So, it is crucial to define the target market segment.
Target market segment
Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.
Do proper market research and try to create a buyer’s persona in terms of their demographic and psychographic profiles.
Take reference from the below example written using our innovative AI writing assistant:
Competitive analysis
Identify and analyze your direct and indirect competitors. Recognize their strengths & weaknesses, and describe what differentiates your business from other planners.
Direct competitors can be other event planning businesses, while wedding planners, local venues, caterers, or conference centers can be indirect competitors.
Point out how you have a competitive edge in the market, such as superior event management options, user-friendly methods/tools to book your services, and adequate pricing plans with better services.
Not only that, describe emerging market trends in the industry and explain how you will cope with all the directions. You can also list regulations and licensing requirements that may affect your company.
5. Describe your Product and Service Offerings
Next, specify the scope of your products and service offerings. As an event management business, you can describe the size and type of events you cater to, including a variety of event planning services.
This section must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors or readers understand the value of your business.
While drafting your event planning services and products, you can take reference from the below example:
Eventel provides event planning in a wide range of applications. We guarantee satisfaction in the areas of appearance, performance, and taste.
The following is a sampling of the types of events we plan every year:
- Corporate events or meetings, Training, and Retreats
- Conferences and Workshops
- Birthday parties, Anniversaries, Graduations, and Holidays
- Weddings, Receptions, and Showers
- Company picnics, banquets, and award ceremonies
- Caterer coordination and decor
- Trade shows and fashion shows
Effectively define your pricing plans for event planning services. Also, communicate your services to the customers by sharing a detailed description of the procedure you use while working with clients.
Mention if your event planning company offers any additional services. You may include services like lighting & sound, vendor negotiation, guest concierge services, etc.
6. Outline a Sales and Marketing Plan
Writing the sales and marketing strategy section means a list of tactics you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing strategies:
Social media marketing
Use social media platforms to present your company’s essence. Regularly post exquisite snapshots or videos of your planned social events, decor, and behind-the-scenes moments.
User-friendly website
Assure that your event management company has a user-friendly website that provides basic information about your services, pricing, and contact
details. Also, share informative blog post content or event videos.
Pricing strategy
Describe your pricing strategy—how you plan to price your services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers.
Collaborations
Build an extensive vendor network to expand your reach and draw their existing customers. This might do wonders for your business and enhance your brand image.
Offline advertising
Effectively reach your target audience using offline advertising methods like brochures, newspapers, social gatherings, or events. Also, try to offer a personalized approach or stress-free planning to retain existing clients.
7. Introduce Your Team
A powerful management team is paramount for demonstrating your business’s ability to thrive in the event planning industry.
Letting your readers or investors know about your business leadership or key managers will help them have a clear idea of who is running your event planning company.
So, start this section by introducing key team members and highlighting their event planning skills & previous experience.
Jot down their qualifications and specific responsibilities. You can also shed light on how your experienced event planners contribute to the success of your business.
Next, describe the compensation plan for the leadership team and event planners, including salaries, bonuses, and other benefits. This can help key stakeholders to ascertain how much percentage is allocated to salaries.
If you have a board of advisors for your event management business, then mention them along with their roles and experience.
8. Outline Business Operations
Now, it’s time to outline the processes and procedures involved in your day-to-day business operations. Detail how you will eventually plan to manage your business effectively.
Staffing & training
Highlight your staffing needs by mentioning the number of employees, planners, or coordinators. Also, include their qualifications, the training required, and the duties they will perform.
Operational process
Outline the processes and procedures you will use to run your event planning business. It may include initial client meetings, decor, party favors, caterer coordination, set up/clean up, etc.
Equipment and machinery
You can also include the list of equipment and machinery required for event planning, such as office supplies, camera & photography equipment, event planning software, etc.
Explain how these technologies will help you maintain quality standards and improve the efficiency of your business operations. Refer to the below example written using Upmetrics AI assistant:
9. Prepare a Financial Plan
For a successful event planning business, you need to prepare a well-structured and in-depth financial plan with a realistic financial projection. It comes last in the business plan but is the most important section for investors.
So, mention all the below key components in your financial plan:
- Profit and loss statement
- Sales forecast
- Cash flow statement
- Balance sheet
- Break-even analysis
- Financial needs
- Tax considerations
From the above, you can identify the funding needs and evaluate the funding resources for your event planning company, including bank loans, SBA-guaranteed loans, angel investors, and personal savings.
In this section, you need to make a few assumptions. It will greatly affect the financial forecasts of your business. Refer below table to make important assumptions:
Well, having a realistic financial plan in your hand not only helps you present your business’s fiscal health but also emphasizes its sustainability.
However, calculating all the financial statements from scratch can be an overwhelming task. But, not to worry; use Upmetrics’ financial forecasting tool to formulate all your financial projections.
All you need to do is provide the information you have, and let the tool estimate financial factors, and create visual reports for you. No manual data entry, recalling Excel formulas, or preparing graphs—nothing.
Here’s an example of a projected cash flow statement for an event planning business:
Download Free Event Planning Business Plan Template
Need help writing your event planning business plan from scratch? Well, here you go; download our free event planning business plan template now and start writing.
This modern, user-friendly event management business plan template is specifically designed for your event business.
With a step-by-step guide and example, it assists you in creating your own plan without missing any crucial details.
The Quickest Way to turn a Business Idea into a Business Plan
Fill-in-the-blanks and automatic financials make it easy.
Prepare Your Business Plan with Upmetrics AI
Finally! You know how to write an event planning business plan with the help of our free sample business plan template. So, you are one step closer to starting or growing your business confidently- pretty exciting, right?
But you know what else is exciting? Your business planning process can be even faster and easier than this. Yes, you heard it right; it’s possible with the power of the Upmetrics AI assistant tool.
So, take a sigh of relief and focus only on planning the most happening events in the town!
