So, you are thinking about branching out on your own and starting an events company? If so, then be ready for the most exciting and rewarding adventure. There will be plenty of hurdles along the way, and at times you may feel as though you have made a huge mistake. However, if you persevere and put all that you have into this, you might just end up establishing yourself in one of the most fun and financially rewarding industries in the world. So, where to begin?
How do I start my own event company?
Step 1: The first step is simple: decide that this is genuinely what you want to pursue. Event management isn’t something that you can put half of your effort into. If you want to make a proper run of this, then you have to be all in. So, do your research and then make a decision. That is the first step!
Step 2: Decide on a brand-name and have somebody design you a logo. This is a crucial aspect. Brand is everything! Go and browse the internet and look at your competitors—particularly in your area. What are you up against? Try and be as clever and witty as you can. The more memorable the brand name, the better!
Just remember to double check that the domain name is available and that you can set up your official social channels as well.
Step 3: Now you want to register your event management company’s business and apply for all of necessary permits and/or licenses. The process will vary depending on where you are based, so do your research and follow the instructions carefully on the relevant government website.
Step 4: Next up you’ll need to put together a business plan. Pay close attention to your budget and all other expenditures that you might not yet be aware of. Research tax and all other necessary financial obligations. You should also look at potential clients and start putting together a plan of action for picking up your first contracts.
With a solid business plan, you might even be able to get funding or interest from investors.
Step 5: Plan your marketing approach and knock it out of the park! You can’t just start a business without any focus on your advertising. Start getting your name out there.
Step 6: Streamline all tasks and automate your processes as early as possible. Use all of the software available to you on the internet and learn how to stay on top of everything. Organisation is an event manager’s greatest asset.
Step 7: Manage your time well. Create a solid agenda and ensure that you stick to it as best that you can. Your life will be rather hectic otherwise!
Step 8: Track your progress and implement the necessary changes to facilitate continued growth.
What type of event makes the most money?
What type of events make the most money? Successful ones!
There are many different types of events that can bring in a serious amount of revenue. Picking the number one event that makes the most is difficult, as it really depends on such a wide range of different factors.
Ultimately, the biggest earning events are those with the most attendees. A lot of your revenue will be generated from ticket sales alone, so having an event that is large enough to accommodate a large number of attendees is crucial. But there are also a number of other important factors that you need to consider when putting together a successful event, particularly if you want to make as much money as possible…
How do event planners make money?
There are five key ways that you can make money at an event:
Facilitate commerce between parties
Put ads on your event website for additional revenue
Sell VIP “premium attendee” experiences (e.g., the backstage pass)
Sell all manner of merchandise
How do you price an event?
The simplest way of pricing an event is by adding the total cost of the venue, food, entertainment, etc. expenses together, and then divide that number by the amount of people that you expect to attend. This should give you an idea of the average cost for each attendee. Following that, you’ll need to determine just how much profit you need to make in order to surpass your break-even point.
This article is a mere glimpse into the work that must be done in order to successfully start your own events management company. There is a long road ahead, but with plenty of hard work, planning, and commitment, before long you can be an established events company, such as Bold Events, with a solid reputation for delivering and hosting the finest events around! Good luck!