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

Do you know your competitors’ prices?

      (f) Do you know where your clients are?

      (g) Are there enough clients to sustain your business?

      (h) Do you know how to sell and market your service?

      (i) Can you afford to be on the same playing field with your competition (i.e., are you in the same league)?

      (j) Can you price your services competitively and still make a profit?

      Weigh your findings against your original idea. Does the data suggest a slight deviation from that plan? Does it affirm or negate your business premise? Cull from the data what fits best with your experience, resources, creativity, and preference. Based on this information, you can define your service. Then date the material and file it for future reference. Save any remaining research information that backs up your business idea.

      Once you feel you can comfortably answer yes to these ten questions, the next step is to research a location for your new business and an operation site within that location.

      2

      Establishing Your Business Site

      Location Considerations

      Once you have determined your market and are confident about your special event business, you need to find space from which you can operate. The two options covered in this section are finding and working from an office space and setting up a home-based operation.

      Leasing Office or Studio Space

      If your dwelling is not appropriate for a home-based business and you have enough capital to rent an outside space, you can consider leasing office or studio space. The advantage to leasing outside space is that you can invite potential clients to meet with you there.

      Additionally, clients often presume that those operating outside of the home are the more successful, established organizations. This presumption, of course, is not appreciated by the many within the events field who do work out of their homes. Certainly choosing this option has the advantage of the professional image it lends to your company. Many large corporate accounts will feel more comfortable doing business with a company in an office building.

      When leasing office or studio space, it is a good idea to consider the following issues:

      (a) Proximity and accessibility to potential clients

      (b) Parking facilities

      (c) Accessibility to loading dock or freight elevator

      (d) Work space and storage

      (e) Type of lease agreement

      (f) Shared space

      (g) Security system

      (h) Proximity to coffee shops, food places, or convenience stores

      Proximity and accessibility to potential clients

      Consider how close any potential office space is to your clientele. Make it easy for your clients to find you.

      Parking facilities

      Make sure you locate your office where there is plenty of free or inexpensive parking for the convenience of your clients, delivery trucks, and staff.

      Accessibility to a loading dock or freight elevator

      If you start to store collateral and props prior to an event, you will be grateful for easy access to a loading bay or freight elevator.

      Work space and storage

      Make sure your office has sufficient space for storing supplies and meeting with clients. You can lease your own space in an office building, small-business park, warehouse, or loft/studio space. Storage space will depend on the type of events you will work on and whether or not you will choose to purchase and store props.

      Another option is the “packaged office.” This type of facility usually takes up the entire floor of an office building. Each company has one office space. There is one central reception area and a receptionist who can accept deliveries, take messages, and perform secretarial services for a separate fee. These offices generally have a photocopy machine and fax machine available, which all the tenants share. However, there may be cost and privacy issues when operating in such a facility. You need to ensure that your clients and suppliers will be treated well by the other businesses sharing the same office space.

      Type of lease agreement

      If you rent or lease space, you will need to decide what kind of lease agreement you are willing to sign. The longer the lease term, the lower the monthly rent, but you are responsible for the full term of the lease whether you are still operating the business or not. Some lease agreements will not allow you to sublet the space.

      For a brand-new business, it is probably best to take a one-year lease or month-to-month rent at a higher rate until you have ascertained how well your business is going to do. Always seek competent legal advice before signing any kind of lease agreement to be sure you understand the fine print.

      Before renting or leasing space, ask yourself the following questions:

      (a) Is the space accessible for receiving and shipping?

      (b) Is there a loading bay? What about elevators?

      (c) Is there sufficient parking for delivery trucks and clients?

      (d) Are there enough electrical power outlets for your equipment?

      (e) Is the lighting, heating, and air conditioning sufficient?

      (f) Will your lease allow you to make necessary alterations, such as installing work spaces?

      (g) What type of advertising sign is permissible in your lease agreement?

      (h) How safe is the area and the building?

      (i) Will you be able to buy reasonable insurance against burglary and fire?

      Home-Based Operation

      Being able to work from home is often a deciding factor for those starting a business. For many would-be entrepreneurs, working from home is the most economical way to get started. In the event business, there are plenty of home-based operations.

      You can’t choose your space in the same way you would if you were looking for space to rent or lease. However, if you do decide to run the business from your home, you will need to make sure you do not violate zoning ordinances or rental agreements (if you do not own your home). If you have space to run a home-based business, you should still spend some time researching the cost of office/studio space. This will give you an indication of what rental costs would be incurred if you ran your business in another location. Paying yourself the equivalent rent each month will give you a better indication of your profitability and the feasibility of future expansion.

      Every home-based business is a unique blend of family, skills, and lifestyle. To make the blend rich and prosperous, each must be considered independently. Will your business suit your home environment? Do you have sufficient space to work undisturbed? Does working from home suit your personal style? Can you stand to be away from the buzz of a workplace? Can you be motivated while home-based distractions such as laundry, dishes, social visits, television, and sleep surround you? Think about these questions carefully.

      The business and your home

      Ideally, you should have a separate room for your business so that, at the end of the workday, you can shut the door