Creativity and organization are a formidable combination. And not many of us have it. And to top it off, having good social skills, and the ability to fix problems that usually occur in every event, big or small.
If you have these skills you are a gifted individual indeed and might have thought of having an event-planning business at least once.’
But even after having the right skills many of us find the prospect of owning a business overwhelming at the very least. But worry no more! Before you start planning the most happening events in the town, all you need is an event planning business plan.
The event planning industry stood at a market value of 3.03 billion dollars in 2021 in the US and is going through a period of rapid recovery after being hit by the COVID-19 pandemic.
Theme parties, lesser time to organize and plan for events as well as the demand for professional services have been major growth-driving factors for the event planning industry.
Event planners also help make events smoother, more memorable, and out of the box. And with the increasing want to stand out in everything you do is going to help the event planning industry flourish for years to come.
Things to Consider Before Writing an Event Planning Business Plan
Get skills and experience
Although starting a business is an exciting prospect as it gives you freedom it also comes with a lot of responsibilities. Hence, you should go prepared with event planning skills and experience before getting started.
You can even take an internship and work on your business plan and personal projects in your spare time to get a head start.
Develop your communication skills
Bad communication in event management is a recipe for disaster. Develop your communication and listening skills. It goes way beyond talking. You have to explain to and understand your team and clients correctly to do a good job and get good results.
Although developing such skills is an ongoing process you should get a head start even before you start planning your business.
Find a market for your services
Knowing your market saves you from wasting your resources, efforts, and time on mass marketing. Hence, before you decide on your niche, make a marketing plan and get started, find a market for your services.
If your skills do not directly work in the current market, find a way to make them transferable based on what the market needs.
Have a good team
Event planning comes with a combination of tasks from food to decor, guest lists, and whatnot. It is always good to have a team that complements each other’s skills and is very good at fulfilling tasks from at least one particular area.
How Can an Event Planning Business Plan Help You?
We all know that an event planning company’s success depends highly upon an organization. Be it while planning events or while carrying out other activities like budgeting and marketing.
A business plan can help you achieve just that. It can improve your efficiency, give you well-defined goals to follow, and improve your overall management.
Apart from that, planning your business gives you a good knowledge of the market structure and functioning.
Also, planning your business in its initial stages takes the tedious tasks of running a business out of the way, and lets you focus on what you are passionate about.
How to Write an Event Planning Business Plan?
This segment brings us to the main point of this article. How can you, as an event planner, write a business plan? And what to include in a good event planning business plan?
Well, you can either seek professional help for writing a business plan, write it through a premade template, or through an online business plan software.
We have created this sample Eventel – Event Planning Business Plan template for you to get a good idea about how a perfect event planning business plan should look like and what details you will need to include in your stunning business plan.
Chalking out Your Business Plan
If you’ve organized a few events in the past and feel that organizing is your forte, and you can come up with ideas that are both creative and functional, event planning might be the right career for you.
And although most people start out by working under someone, everyone dreams of owning an event planning company. Also if you are about to go ahead and start yours, wait a moment.
Because although you might have sufficient knowledge for planning events, you need one more thing to turn it into a business. A business plan.
Yes, you read it right. A business plan can be of great help while starting your event planning business. It can take your business to lengths and depths, and solve all of your business problems.
Before we understand how you can write your event planning business plan, let’s understand the importance of the business plan.
Event Planning Business Plan Outline
This is the standard event planning business plan outline, which will cover all important sections that you should include in your business plan.
- Executive Summary
- Business Overview
- John Doe
- Keys to Success
- Financial Highlight
- Net Income & Gross Margin
- Business Summary
- About Business
- Business Ownership
- Start-up Summary
- Startup Expense
- Startup Assets
- Office Design
- Products and Services
- Products and Services
- Party Pack
- Step-by-Step Guides
- Event Planning Software
- Resources Manual
- Event Planners Training Institute
- Competitive Comparison
- Products and Services
- Market Analysis
- Market Segmentation
- Private Organizations and Businesses
- Public Organizations
- Age Breakdowns
- Customer Segmentation
- Target Market Segment Strategy
- Service Business Analysis
- Hotels and Conference Centers
- Other Event Planners
- Employees or Persons wishing to do it themselves
- Market Segmentation
- Marketing and Sales
- Marketing and Competition
- Sales Strategy
- Private and Public Organizations
- Sales Forecast
- Management and Operations
- Management Summary
- Organizational Structure
- Personnel Plan
- Financial Plan
- Financial Plan
- Important Assumptions
- General Assumptions
- Key Financial Indicators
- Break-even Analysis
- Income Statement (5-Year Projections)
- Balance Sheet (5-Year Projections)
- Cash Flow Statement (5-Year Projections)
An event planning business plan consists of several key aspects. You can include the following sections to write a business plan that works:
1. Executive Summary
This is the first and foremost section of your business plan. It consists of a clear and precise summary of all your business stands for.
It is mainly written for summing up your business idea and for acquiring funding.
For example, as an event management company, you can include your business idea, a summary of your past projects, your marketing strategy, and your financial history.
2. Products and services
In this product and services section, you can include details about your services. Write down everything from your target market to the solutions your services offer and the market gap it fulfills.
For example, as an event management company, you can note the size and type of events you cater to. Also, about the variety of services you offer.
3. Market Analysis
The market analysis section will include everything you know and can find about the market you are trying to get into.
Write down everything from market trends, segmentation, and ways of reaching out to your customers to everything about your competitors like competitive analysis, your USP, etc.
For example, you can note down the strategies your direct and indirect competitors are using, branding strategies like customer reviews and website plans, etc.
4. Management and operational structure
In this segment, you can include everything about your team. And also about your daily business activities and long-term goals.
Planning this aspect removes chaos and hassles from your firm’s functioning.
For example, you can include who is responsible for onboarding clients, who are responsible for overlooking the preparations of the event, who is responsible for budgeting, and who is responsible for marketing in the first half of this section.
You can include a progress tracking system as well as an operational strategy and milestones in the second half of this section.
5. Financial Plan
A financial plan is very important for any organization or firm. Planning your finances in the initial stages can save you from a lot of struggles later on. A financial plan includes the past and the present state of your finances. Also, include the projected cash flow and profits.
For example, you can include the expenses you would incur while starting your firm and organizing your first event. And the sources you have for funding are the same.
You can also include the profit forecast as well as what amount of profits your company needs to make to survive and thrive in the market.
Download a sample event planning business plan
Need help writing your business plan from scratch? Here you go; download our free event planning business plan pdf to start.
It’s a modern business plan template specifically designed for your event planning business. Use the example business plan as a guide for writing your own.
Event Planning Business Plan Summary
In conclusion, an event planning business can thrive if you work according to a proper business plan.
Also, a well-written plan would take care of everything, ranging from the daily activities of your firm to its finances. Hence, you can channel all of your energies toward your passion.
It is crucial for an event management company to be well managed internally, for it to manage all of its events well.
So, go ahead and plan all the events you want to, but before that don’t forget to write your business plan.
After getting started with Upmetrics, you can copy this sample event planning business plan template into your business plan and modify the required information and download your event planning business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.