You may have worked in the events and meetings sector for many years. Or maybe you’ve assisted with event planning and believe this is your life’s work. These are all compelling arguments to pursue this career.
However, before you start renting out self-storage in North York for your equipment or hiring VAT services in Malta to do your accounting, read this guide to learn the basics of starting a business on event planning in Toronto.
Here’s what you need to do:
1. Register your event management firm and apply for permissions or licenses
Starting your business does not necessarily require certification or licensing, but you can register your event management firm and business name. Then, establish a separate accounting system for your business and keep track of all your income and expenses for tax purposes.
The registration requirements will vary based on your location and business size, so conduct preliminary research. Additionally, ensure that you file for the appropriate licenses and permissions to avoid legal issues when growing your brand.
For instance, if your event planning firm serves alcohol, there will be various regulatory obligations than if you do not provide alcohol.
2. Create your business strategy
Developing a company strategy supports the organization and attracts partners, investors, and customers. It is also a document that will act as an essential touchstone as your firm grows.
If you are considering how to establish an event planning firm, your business plan should contain the following two elements:
- Budget. Numerous small-business costs, including taxes, insurance, and permits, may be unknown to you. Ensure you study to know precisely what you will need to pay for. Knowing how much revenue you need can help you name the price for your services.
- Prospective Clients. The events sector is vast, and your event planning firm will undoubtedly find a niche. According to a recent estimate, the yearly global expenditure on special events exceeds $500 billion. However, which clients can you rely on? Create a list of prospective customers, including local businesses, former event management clients, and dream accounts. Then, design an approach strategy.
Once you have a business strategy, you may begin your event planning company by taking strategic measures.
3. Prepare your marketing strategy
Marketing is an essential aspect of launching your event planning firm. If you are an event organizer, you know the significance of marketing your events.
But as a small company owner, you must also advertise your brand so that people know you are available for hire. This adds a new dimension to your marketing requirements. Download this form to plan all of your brand and event marketing efforts so that you can stay organized.
4. Make your tasks doable
Every event planner is used to juggling many jobs. These responsibilities will expand rapidly when you start your event planning firm.
Use technology to automate as many tasks as possible. Several tools available for companies can automate a surprising amount of tasks.
5. Monitor your progress
The right software will gather data on your behalf if you automate processes, sell tickets, and manage your company. Measuring your development as a new company owner is only possible with data.
Review your metrics to measure the success of your marketing strategies. And frequently go back to your company strategy to ensure you maintain your vision and achieve your objectives.
6. Use your time efficiently
No matter how many chores you automate or how organized you are, your to-do list will always be lengthy. Effective time management is vital for an aspiring event planner who wants to establish a company.
Meetings, for example, are a terrific opportunity to engage with others and a massive time drain. You will need frequent contact with customers, but you can make your sessions more productive.
Create a comprehensive plan and adhere to it, with just enough small talk to create rapport with customers and suppliers. As your team grows, fight the desire to schedule extra meetings for everyone.
7. Manage stress
Keep your cool during this whole situation. Being an entrepreneur may be difficult. The more you can maintain composure, the greater your chances of success. Taking lessons in event planning is another excellent method for enhancing your management skills and gaining customers’ confidence.