The UK has an impressive events sector that adds billions to the economy every year. There are a lot of businesses in this sector but there are just as many opportunities.
This is a great sector for entrepreneurs as there are no limits to what kind of events you can put on or what kind of clients you could market to. There will be specific differences between the way each type of business is run but there are also a lot of skills that will remain the same throughout this sector.
Find a niche
With so many aspects of this industry, it is even more important than most others that you find a niche for your business. Make sure that you can define what kind of events you do and who your target market is.
Ask yourself why customers would come to you rather than someone else and advertise what this is. Running an events business will be easier if you have researched the sector and established what part of it is underserved.
You could specialise in corporate and business events, weddings or birthdays, non-profit events and fundraisers or you could focus on marketing events. These are just a few examples of what you can specialise in. Depending on the size of your market, you could make your offering either more specialised or less.
Do as much market research as you can so that you know what kind of event planning business there is a demand for.
Focus on these skills
Running an events business will mean juggling a lot of different tasks and, in order to do this, you will need to be extremely organised. Each event will have a lot of moving parts and you might have several events on the go in the same month.
You will need to effectively communicate with your clients and keep them up to date with how the planning for their event is going- no matter how stressed you are! Your clients will be part of your marketing if they are happy with you. The resulting event that people attend will also be marketing your business for you.
A lot of an event business is finding the right suppliers that you can rely on for lower prices. The relationship that you build with them will be very important and keep that relationship going well is something that you cannot take for granted.
Working from home
One real advantage to running an events company is the fact that you can keep your overheads low by running it from home. As your events happen on site, you will be doing all the setup and deliveries from other locations. Therefore, it won’t matter if you have office space or if you work from home.
This can be especially helpful if you are starting out and you need to get a good idea of what kind of expenses you can afford. Some event planners, however, continue working from home long after they are making enough to move into offices.
As an event planner, you will be driving to meet clients, going to see locations and visiting suppliers. You may want to get rid of any commute that going into an office would give you.
Working from home can lead to a difficult work/balance so keep things structured and give yourself a dedicated workspace.
Buying the right events business will let you start off running. If you find the right business to buy, you should already have contacts and a reputation. This will be a good start to your new career.