How to Start Your Event Planning Business

Have you ever attended some type of event and thought that you would have done things a little differently? The fact is that you may have what it takes to own and operate your own event planning business. If you like the idea of becoming a professional event planner, there are some things to get done ahead of time. Here are some examples.

Evaluate Your Skill Set

All event planners possess certain skills. Those include organizational skills, a certain amount of creativity, and the ability to work under pressure. Knowledge about different themes and what you would need to prepare a space for a specific event is also important.

While you will eventually hire others to help you with one or more aspects of an event, you must be the one who can see the big picture and make sure no detail is over looked. If you think there is room for improvement in one or more areas, gaining practical experience by working with another event planner for a year or so is a good idea.

Determine What Sort of Event Projects You Want to Take On

Some Toronto event planners like the challenge of taking on all sorts of events. Others prefer to specialize. For example, you may prefer to focus on corporate contests or only do the planning for events like large weddings and receptions. It’s up to you to decide what sort of events you would like to do. Keep in mind that early on you may not be sure where your niche happens to be. If so, it’s fine to make yourself available for variety of corporate or private events. In time, you will find that clients are calling to arrange specific types of events based on the work you’ve done for others. At that point, it would make sense to focus more on those types of activities.

Create a Viable Business Plan

No successful event planner in Toronto works without a business plan. Don’t let the term intimidate you. A business plan is simply a document that outlines what you plan to do with the business and how you will go about making those plans happen. Your plan will include how you will build an inventory of supplies that an be used for different events, where the business will be headquartered, and how you will charge for the services. You can even include a specific strategy for funding the business during that first critical year and when you expect to begin generating net profits. The latter is especially helpful if you plan on securing funding from angel investors, since they will want to know when to expect a return on their investment.

Taking Care of the Legalities

In order to operate the business, take care of matters like incorporation, obtaining licenses and certifications, and securing business liability coverage. The goal is to ensure all legal aspects of your business are in place before you take on that first client.

Advertising Your New Business

All event planners in Toronto had to start out by securing their first clients. With little money at first, you will need to be creative about advertising the business. Set up social network accounts and invite people to like, follow, and share your posts. Print up business cards and leave them where people can find them with ease. Ask friends to pass your name along to anyone they know who is responsible for events at clubs, houses of worship, or businesses. You can also be proactive and visit businesses with your card and a small folder outlining what you have to offer.

Owing your own event planning business is a lot of work, but it comes with plenty of rewards. If you like this idea, start investigating it today. By this time next year, you could have a thriving business that brings you a lot of satisfaction.

David Jackson

David is a personal finance expert, a professional male model, and an entertainment writer.