Start & Run an Event-Planning Business. Mardi Foster-Walker

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      START & RUN AN EVENT PLANNING BUSINESS

      Cindy Lemaire & Mardi Foster-Walker

       Self-Counsel Press

       (a division of)

      International Self-Counsel Press Ltd.

      USA Canada

       Copyright © 2012

       International Self-Counsel Press

       All rights reserved.

      Introduction

      Welcome to the world of owning your own special events business. You have taken an important first step by purchasing this book on how to own and operate your own special events company. The events business is big — really big. It is a $102.3 billion global industry according to Meeting Professionals International (MPI). Every day you will come across someone who is responsible for organizing an event, whether a special occasion such as a wedding, birthday party, graduation, or anniversary, or a major event such as a rock concert, film festival, fund-raising gala, convention, or awards ceremony. The world of event planning is an exciting one because the list of events being produced and celebrated every day is quite literally endless.

      This industry is also a growing field. Projections show that, as an occupation, event planning and event management will outpace many others in the coming years. According to a joint study conducted by American Express and mpi, North America can expect to see employment growth of 3 percent and an increase of 5 percent in training budget in 2004, compared to 2003. The growth rate is attributed to an increase in related sectors, including international travel and tourism, business, and hospitality. Also, according to a Microsoft™ business website at <www.bcentral.com>, event planning businesses are among the top ten for ease of entry (start-up), low cost, future demand, and potentially high return. The need for qualified event planners grows in relation to the success of other sectors such as travel and tourism. When you launch your own company, the amount of business you generate for yourself is really all up to you.

      A snapshot of the types of events that exist today will not do the industry justice, but it will help you to start narrowing down your focus. In this high-energy field, concentrating on one area of the business will help you focus your own resources. Start to think about the style of events that appeal to you. There are the formal occasions such as galas, awards banquets, and auctions. Then there are the business-focused events such as conferences, conventions, reward and recognition events (also known as incentives), and corporate meetings, and the industry-specific events such as expositions and trade shows. Plus, of course, there are the social events, which include a vast range of functions such as holiday celebrations, fund-raisers, weddings, sporting events, concerts, festivals, parades, children’s activities, golf tournaments, and so on.

      Even among the different types of events being produced, numerous specialties exist. Many in the business have found that their expertise is best concentrated on one specific aspect of producing an event. By focusing their business on what they do best, they improve their profitability. One could argue that there are as many kinds of work within the types of events as there are events themselves. From planning, coordinating, and managing to registration and on-site management, to production and volunteer organization, the many facets involved in this business will open up to you as you begin to get yourself established.

      You are choosing a dynamic industry in which to make a living. Starting an event planning business is also fairly straightforward. There are no great barriers to entry, you do not need a lot of capital to get started, there are no secret formulas that need to be acquired, and the technology is readily available. This book will assist you to focus on your area of expertise; it will help you avoid becoming a jack-of-all-trades and specialist of none. Don’t let yourself be overwhelmed. This guide will help you build your business one solid step at a time, laying the foundation for you to become a successful special event entrepreneur.

      Maybe you have been planning events for years already. Perhaps you worked for an events company, a non-profit association or a large corporation. Maybe you’ve been volunteering your time planning and executing social events. Whether you already have events experience or are just starting out, this book will provide you with some basic skills for starting up an events business. You may have to take on smaller projects until you have developed the skills and experience to create the bigger events.

      Regardless of your background, you have concluded that you have the skills, experience, and talent to venture out on your own. Or do you? Probably you have already discovered that you are detail oriented and self-motivated and will work beyond 9:00 a.m. to 5:00 p.m. You are most likely creative as well, which is important in this field. You want to run a business, therefore you have ambition, you are not afraid of rejection, and you are persistent. To run a business in this field you will also need to lead people, and that requires superb communication skills. Besides being creative, you must also be able to project a vision. If you don’t possess these qualities yourself, you can carefully assemble a team that possesses them.

      As you work through this book, you will be learning from professionals with more than 40 combined years of experience in running special events through their own businesses. You will learn marketing and operating skills to help you succeed more quickly than had you not done any research at all. It’s a given that the people and businesses out there producing events do not have time to take risks. The organization or person contracting your company to coordinate an event will want to know why they should hire you over the competition. This book will provide you with the skills and know-how to stand out from your competitors and get the contracts.

      As you plan your business, you will want to be connected to the internet and become familiar with webpage and brochure design. You will need to become familiar with database management and skilled at spreadsheet use. But keep in mind that this book is only a guideline. You will create brilliant strategies of your own. You will interact with other meeting planners — face-to-face, online, at trade shows, and through associations — and it will quickly become apparent that each may have a different approach. Remember that all of them started out just like you, with the basics. Now that you know how this book can help, let’s get started!

      1

      Getting Started

      Self-Assessment

      What is it that makes one person succeed in the events industry while another fails? There is no one stereotype of a successful special events entrepreneur, but certain common characteristics can be found in those who succeed. For example, they are invariably hardworking, determined, resourceful, and capable of honest self-appraisal.

      Starting your own special events business is risky, and you need to be clear on whether it is the best choice for you. You may already be working in the special events industry, but turning your skill into a business is a very different venture. Examining both your strengths and your weaknesses gives you the chance to remedy the factors that may impede your success. If you don’t manage time well, don’t like to work alone, and dislike making decisions, starting your own events business may not be appropriate — unless you are willing to work on your shortcomings. You don’t have to be perfect, but you do need to recognize and acknowledge your strengths and weaknesses before investing time and money in a business.

      A passion to succeed, an eagerness to learn, and an acceptance of responsibility can overcome any weaknesses.

      The value of any quiz, test, or questionnaire lies in that it can help you identify your strengths and admit your weaknesses. Look on this self-appraisal as an important first step in your