Event management business plan

Planning is an essential step before you start any business. Event Managment is an area which yields a lot of money but similarly, a huge amount is invested in it. So, it becomes essential to perfectly plan your Event Management business and measure all the loops and holes inside it before its inception.

1. Event Management Business plan

2. Write a Summary Write a description for your event planning idea. This should be the overview of your firm and should include all the aspects from crop to cup.

3. Explain the key features of your business Write about the overview of the market you are going to cover Have a study about the market players dominating in the event industry Learn about the marketing strategies you are going to implement You must have a clear idea about the funds you need to seek from your investors(ongoing research and development, working capital, market expenses etc.) Your mission and vision should be clear You should focus on the core values and that should be exceptionally better than the rests.

4. Your Business Offerings E vent management is a vast industry; special events occur for the following purposes: Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries) Education (conferences, meetings, graduations) Promotions (product launches, political rallies, fashion shows) Commemorations (memorials, civic events ) You must have a clear idea what you will offer. Either you can choose an individual purpose or you can serve for all.

5. Market Analysis When it comes to analyzing the market for a business like event management you need to consider every possible aspect. Market analyses is not an easy task, it has been bifurcated into three- Market Overview- It is where you need to understand the event industry and must be aware of all its pros and cons. Target Market- Here you need to understand where you are starting your business and what is the scope there. Market Opportunities- You require to have an idea about where and how you are going to stand in the near future.

6. Competitive Analysis You must be aware of all your competitors and their key aspects. You must even have a detailed analysis of the products and services they cater. You should employ powerful and innovative services like no one else. There must be some unique services offered by you. For example: You may have a provision of renting clothes for a theme party.

7. Marketing Plans There is an enormous growth in the event management industry in the past decade. Hence, there are a lot of competitors prevailing here. In order to stand among these dominating competitors you must follow tenacious marketing strategies. You must outline your pricing strategies, what services will you offer, what would be price per service and what benefits you will if one cater your service.

8. Some of the prominent examples are- Augment on-line and social media marketing with off-line marketing. Connect with hotels, resorts, event venues, and catering firms to identify special packages to market to clients . Contact relatives, friends and former colleagues and remind them that referrals are welcome. Advertising and Promotion- Several forms of advertising and promotion will be used including a website, partnerships/ networking with the Chambers of Commerce, and participation at various tradeshows.

9. SWOT Analysis Strength T eam of expertise members Exceptional customer service Mention the strengths of your firm Weakness Low budget Less experience Mention your weakness so that you can overcome them in the future Opportunities High potential market Customers with growing trends Give the external opportunities for the event management business Threats Existing dominating competitors New entrants with low pricing strategy Provide the external threats of the event management business of yours.

10. Expansion Plan Give the details about the expansion of your Event Management business which should include the following details- At what location you will expand your business in the near future? Who would be your competitors in the target market? What new services will you implement in the near future?

11. Financial Projection Make the financial projection of your event management business highlighting the goals for sales and profits. All the costs such as rent supplies, utilities expenses, travelling charges, employee salaries and other overheads, must be considered. Project your revenue, profits and losses, breakeven analysis etc must be calculated for at least five years to step on a safer path.

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