Attending parties and event is no doubt an ultimate fun. However, planning and arranging events is more than just music and venue. It is a process of connecting steps which requires careful analysis and successful accomplishment. Not only this, but it also requires salesmanship, diplomacy, multitasking and many more.
Therefore, people usually get the services of professional event management companies to get everything accomplished in time. It has turned the management of events into a flourishing business. It is evident from the recent study conducted by Dr Joe Goldblatt (Certified Special Events Professional). The study reveals that the annual spending for events is around $500 billion per year across the world.
According to the statistics provided by salary.com, the average revenue generated by the event planners operating globally is over $58,000. Further, annual earning of events companies in Abu Dhabi ranges from $43,075 to $78,088. Therefore, it stands out clearly that event management is a profitable business across the world.
5 Steps Guide to Establish Event Planning Company at Home
Feel motivated after reading the above statistics? Are you inclined to start your own business of event management services? The following tips will help you to better work in the events industry.
Obtain Necessary Knowledge And Skills In The Field Of Event Management
If you are aspiring for the success in the long run, don’t forget the importance of adequate skills. It means that an individual should have a detailed conceptual understanding of all related concepts of event plan, execution, accomplishment and regulation of all processes related to events.
Some required skills are:
- Polished written and verbal communication
- Optimized management of time and organizational skills
- Effective management of budget and negotiation skills
- Healthy public relations, sociability and creativity
Determine Your Target Forte, Niche Or Market
No matter what experience do you have in previous years, it is important that you are working to establish your own business. However, the first and foremost thing is to determine the audience you want to target.
The event management has a wide scope because it is interlinked with many other businesses. For instance, events can be family oriented, wedding events, get together parties and corporate events.
Therefore, it is important to figure out your target niche for better facilities to offer in the marketplace. So, create opportunities for your business organization by researching market trends. The following criterion will help to scrutinize targeted audience:
- Celebration events and parties
- Educational conferences and study symposiums
- Commemorative events
- Promotional gatherings, marketing events
Make A Comprehensive Business Plan Document
Although, you are working from home for the clients you are a full operation and established the company. So, always keep your vision and objective thriving by getting it along with you. Talk with people to target their requirements.
Once you have selected your business niche, it’s the perfect time to lay down the foundation of your home based event management company. Proper documentation can help significantly in determining packages and the prices.
Making a comprehensive business plan will help you to get everything streamlined with the objective of business. A guideline provided by the Forbes describes the following elements in a business plan
- Cover page
- The abstract idea or the summary
- Company introduction, background and overview
- Business operational plans
- Marketing plans
- Market predictions and analysis
Take the example of Abu Dhabi; various events companies are carrying out their planning and management activities through the internet. They are not just operating locally but grasping global market of event management also. It has helped the small-sized event planners to secure higher profit margins.
Final Verdict – Take Away
To sum up, Working from home is easy because it eliminates the need for proper setup. It goes without doubt that it can be a productive model of earning a handsome amount of money.
However, various people consider it as freelance work, but actually, it’s not. It is because event planning is a complete business including all processes which a conventional business does. Further, working from home can help to reduce cost and enhance productivity.
Remember! Always do a job that you love to do. Don’t waste your time in making big plans. Start a small event company from Home and make it a giant business organization with your hard work.
