5 Things to know and do to build a successful event planning business

build a successful event planning business

Even though the COVID-19 pandemic has forced the event planning industry to operate almost exclusively in the online realm, that doesn’t mean that this sector isn’t booming. In fact, organizing events online is a great way to kick-start your own business in this field, but you also need to take into account the fact that live, physical events are going to come back in a big way as the pandemic subsides.

This means that the event planning industry has a bright future ahead, and that now is the time for a focused and motivated entrepreneur like yourself to start building your very own event planning business. With that in mind, here are the five key things you need to know and do in order to build a thriving business in this growing industry.

It all starts with market and competitor research

First and foremost, you can’t hope to kick-start a successful business if you’re unaware of the trends that prevail in your market, who your competitors are, and what potential clients expect from their event planners. This is why your first order of business is to research the event planning industry thoroughly and gather as much actionable information as you can before launching your business.

Market and competitor research will prove invaluable in shaping the core of your business model, defining your pricing strategy, creating your unique value proposition to set you apart, and more. Be sure to look for honest opinion pieces online, look for successful event planning businesses and analyze them mercilessly, track industry forecasts and statistics, and most importantly, educate yourself on how to plan events for maximum impact in the online and offline worlds.

build a successful event planning business

Pick the minds of the leaders in the industry

Planning and organizing events for clients is a complex process with a lot of variables, and as the leader of your business, you will oftentimes be wearing many hats at the same time. If you want to venture into this field successfully, then you need to find out how other successful individuals have built up their businesses, and what their recipe for success was. Never underestimate the power of networking for the growth of your event planning business.

As an entrepreneur doing everything to improve their business, you should find and get in contact with successful business leaders in your industry and try to pick their brains for useful tips, tricks, and strategies. Be sure to attend online workshops and meetups as well to learn as much as you can about what it truly takes to stand out.

Find reliable and trusted partners

Probably one of the most important elements of success in event planning, especially as a new entrepreneur, is having a reliable network of partners. You see, your job is not just to make a plan for the event, it’s also to help your clients execute it. Sometimes, high-paying clients will ask that you completely take over the event planning process and handle everything related to the event online and offline.

You will be tasked with organizing the event online, but also finding event AV solutions and equipment rental partners that will provide you with all the resources necessary to create and execute your event plans without breaking the bank. These specialized partners in your network should be affordable but reliable and trustworthy, and they should use the leading digital and physical tools to bring your elaborate plans to life.

Be flexible and adaptive to new industry trends

Aside from surrounding yourself with trusted partners, you also have to build your business on the foundation of flexibility and adaptiveness in the face of changing industry trends. In other words, you have to be prepared for whatever the new trends may bring, especially now that event planning in the new normal is quite different than what it used to be before the pandemic.

Staying open-minded, innovative, and on top of the latest trends will one day allow you to turn your business around should you hit a rough patch, as well. Always remember that high-paying clients are looking to work with event planners that can adapt their strategies to every socio-economic shift that hits the market.

build a successful event planning business

Invest in building a recognizable brand

Last but not least, never underestimate the power of branding in the event planning industry. Clients looking for reputable event planners probably already know who the trusted names in this field are, so if you want to get on their radar, you need to invest in comprehensive brand-building.

As any reliable beginner’s guide to branding will tell you, you need to define your brand’s values and strengths in order to build a trustworthy business. Your brand also needs to have a unique tone of voice and visual identity for your website to capture the attention of potential clients. Don’t forget about SEO optimization and be sure to spread the word of your new business by making quality content and disseminating it across the online world. After all, marketing your amazing brand is an essential part of long-term success in this competitive field.

Wrapping up

Event planning is an industry that is always on the rise, even during the times of the COVID-19 pandemic. There is no wrong moment to enter this industry as an entrepreneur, but that doesn’t mean that success is guaranteed. Be sure to use these tips to maximize your chances of success and obtain high-paying clients for your event planning business in the first month after launch.

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