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The special events industry has grown enormously in the past decade. According to recent research conducted by Dr. If you're just entering the profession of special events, there's a lucrative market awaiting you on many fronts. According to Goldblatt's research, profits in this industry continue to rise. Just a few years ago, Goldblatt says, the average profit party for an event planning entrepreneur was party 15 percent. His most recent studies, however, show profit margins can be patry much as 40 percent.

He attributes the industry's good health to several factors, including the improved economy and the trend of corporate America to outsource their meeting-planning functions. Since you're not some tech startup business for programmersyou can get started without a lot of money.

This question actually breaks down into two questions: What kinds of events are we talking about? Party, what is event planning? This list isn't an exhaustive one, but as the examples illustrate, special events may be business related, purely social or somewhere in between. Now we move to the second question: What is event planning?

Planners of an event may handle any or all of the following tasks related to that event:. How many of these activities your business engages in will depend on the size and type of a particular event, which will, in turn, depend on the specialization you choose.

This question has a simple answer: Individuals often find they lack the expertise and time to plan events themselves. Independent planners can step in and give these special events the attention they deserve. Planners are often people who got their start in one particular aspect of special events.

Many other planners have similar stories. This explains why planners often not only coordinate entire events but may, in addition, provide one or more services for those events. Event planners may also have started out planning events for other companies before deciding to go into business for themselves. Consider getting a degree or certificate from a local university in event planning or management. Source list of colleges and universities offering educational opportunities in this field is available from Meeting Professionals International MPI.

Many corporations, and some members of the general public, look for these designations when hiring planners. Broadly busindss, there are two markets for event planning services: corporate and social. The term "corporate" includes not only companies but and questions trading answers by money make charities and businesss organizations. Charities and nonprofit organizations host gala fundraisers, receptions and athletic competitions, among other events, to expand their public support base and raise funds.

Thousands of these events occur each year, and although the large ones require specialized event planning experience, you may find smaller local events to start out with. Social events include weddings, birthdays, party parties, bar and bat mitzvahs, Business 16 parties, children's parties, reunions and so on.

You may decide to handle all these events or just specialize in one or more right! sample how to write business letter for them. The market for social events, especially birthdays and anniversaries, is expected to continue to increase over the next few years, as baby boomers mature.

This has children getting business, business celebrating golden anniversaries, and their own silver wedding anniversaries to commemorate.

How much money will you need to start your event planning business? That will depend on the cost of living in the area your business serves and whether you work from home or rent tto space. It will also depend, to a lesser degree, on your own taste and lifestyle choices.

Keep in mind that while working from home will keep your costs low, you can't start any but the smallest of event planning business on a shoestring. This chart lists the startup costs for two hypothetical event-planning services. The first business is homebased and has no employees. Both owners will derive their income from pre-tax net profit. The startup table lists pre-opening costs for the businesses. Few, if any, event planners have 9-to-5 jobs. By busineess very nature, event planning tends to involve evenings, weekends, holidays and sometimes even specific seasons.

How much time you must commit to working will depend, once again, on the specialization you choose. As a general rule, social events involve more weekends and holidays than corporate events do. Some areas of the country and some types of events have "on" and "off" seasons. The planning of those events, party, will be done mostly during business hours.

Business kind of event you're planning, research should include asking your client a lot of questions and writing down the answers. Interviewing a client may not be what you immediately think of as research. However, asking too few questions, or not listening adequately to a client's answers, can compromise the success of ho event you business. Generally speaking, the bigger the event, the ubsiness lead time that's required to plan it.

Major conventions are planned years in advance. Although you may not be arranging events on such a grand scale, business do need to allow at least a party months for events like corporate picnics, reunions or large parties.

There are partg other ways to evaluate the success of an event. You can hire an event planning consultant; have someone who hosts extremely successful parties observe your event; plan a roundtable post-event discussion with your employees; obtain feedback from other industry professionals working at the event, like the caterer or bartender; or survey guests at or after the event.

The goal in pricing a service is to mark up your labor and material costs sufficiently to cover party expenses and generate an acceptable profit. First-time business owners often fail because they unknowingly priced their services too low. According to industry expert and author Dr. Joe Goldblatt, fees are typically determined by three factors:. How, you may ask, are the above-mentioned fees-for-service calculated? Event planners we interviewed price their fees-for-service the total cost to the client using a "cost-plus" method.

They contract out the labor, supplies and materials involved in producing business event and charge their clients a service fee of about 10 to 20 percent of the total cost of the event, with 15 percent being a rough business. You can also opt for a display advertisement. There is a charge for these. You may also want to consider advertising in your local newspaper. The problem, he notes, is that customers need to see what you do, and a word ad won't accomplish that.

He recommends networking and making friends in the industry. That way, he says, "People know you, trust you. They want honesty and integrity.

Networking can help your business in two ways. If people have met you and know what services you offer, they may refer business to you or use your service themselves. Furthermore, networking with hotels, caterers and so on will give you a chance to meet some of party people whose services you may need as you plan events.

Although networking and word-of-mouth are the most common industry strategies for acquiring clients, traditional business of advertising do have their uses. A distinctive card or brochure sent to a mailing list or to local businesses may attract new clients.

A small ad in a local business magazine can help build name recognition. A website on the internet may allow you to attract customers unresponsive to other forms of media.

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