How to Start a Party Planning Business | Bizfluent

 

starting party planning business

In essence, if you want to start your own party planning business, you are required to write a detailed business plan that can pass reality test when subjected to it; you should work with the facts, figures and other indices in the event planning industry / party planning industry as it applies to the locations or country you intend starting your party planning business. Party planning requires very little start-up money, so it may be the perfect choice for those with no capital. As an events coordinator or party planner, you will be involved in organizing all details of occasions such as anniversary celebrations, family reunions, weddings, retirement parties and . Jan 25,  · If you've never planned a party or organized an event, volunteer to do one to make sure you have the stamina and interest in event planning as a business. Write a business plan outlining your service, prices and financial projections. This is the time to decide if you're going to focus on a specific type of events, such as weddings or conferences.


How to Start an Event Planning Business from Home (Updated )


A party planning business can be a fulfilling and profitable opportunity for someone who is social, organized, detail-oriented, and has a flair for entertaining and coordinating events. Unlike other startups, a party planning business does not require much capital or dedicated space. However, figuring out how to start a party planning business does require some basic steps that are similar to all home based ventures, as well as those that are unique to the field.

Additionally, starting party planning business, do some research on the party planning industry where you live so you can think about how to set yourself apart. Next, write a business plan detailing exactly what niche you plan to fill and how you plan to accomplish this. Then, pick an unambiguous name for your business that lets potential clients know exactly what type of services you provide.

You'll also want to check your state's laws to find out if you need to register your business. To learn how to market your new business on social media sites, keep reading! To create this article, starting party planning business, 11 people, starting party planning business, some anonymous, starting party planning business, worked to edit and improve it over time.

Together, they cited 16 references. Categories: Hospitality and Tourism Businesses. Alice Marie Roberts. It also received 15 testimonials from readers, earning it our starting party planning business status. Learn more Figure out what kind of party planner you would like to be. While many party planners dabble in multiple customer starting party planning business event types, most others find their niche and specialize.

While you can always change your business later on, it's helpful to think of these questions in its planning phase. What kind of client do you want to focus on? There are two main customer markets for a party planner: corporate and social, starting party planning business. Corporate party planners organize events, such as major meetings, retirement parties, receptions, conferences, and trade shows. Social events, on the other hand, make up the category most of us think about when we hear "party.

What types of parties do you want to plan? Many party planners pick a niche they enjoy most. This can be an event type, such as birthday parties, or a particular style or theme you may offer. Do you want to work with kids? Parties for young children are very different from family and adults-only gatherings.

Everything from decorations to entertainment to refreshments must be tailor-made for the right age group. Because of this, some party planners choose to specialize in children's parties. Others prefer not to plan these types of events.

Consider your education and background. While a college degree isn't necessary for starting a party planning business, many party planners hold bachelor's and advanced degrees in a variety of related fields. College majors that offer valuable skills for a would-be party planner include business management, marketing, and hospitality management. Talk to an attorney or someone else knowledgeable in local small business law.

Although party planners don't typically need a license, some state and local governments may require it. This will help protect you in the event a guest is injured or causes damage to the party venue.

Talk to your lawyer about what kind of coverage may be right for your business. Learn more about the party planning industry where you live. Do some research on which other party planners and companies organize events in your area.

Try calling or visiting and ask them a few questions. Get information about local competitors and take their styles and focus into account. Starting party planning business this in mind when determining your niche. Try to set yourself apart as unique in some way by offering a different type of service or experience. Ask around for possible new business contacts and find out more starting party planning business local event venues.

As a party planner, you will need to know a wide variety of reliable local caterers, suppliers, starting party planning business, entertainers, and other professionals. It will be your job to organize and coordinate these disparate elements to create a memorable event.

Write a business plan. Write out exactly what niche you plan to starting party planning business and how your business will accomplish this. Use the information you gathered earlier to determine the size of your potential market.

Determine the rates you will charge for your services and the income target you will need to aim for. Figure out if you can fund your business yourself or if you need to take out a small loan to cover initial costs.

Choose a name for your business. Pick an unambiguous name that will tell potential clients exactly what your company does. Use the U. Patent and Trademark Office's trademark search tool or your country's equivalent to check potential names against existing trademarks. If your business's name is similar to one already registered, it's best to pick another.

Consult local business laws to find out. Register your new business if necessary. Check local and state business laws to determine if your business requires any type of registration, licensing, or permits. Aside from tax collection, party planners in the US are not typically subject to any special types of business registration. However, be sure to double-check with your state and local government's policies before doing business. You can use the U.

Small Business Administration's website as a guide to help you. Set up your office. Although minimal compared to other businesses, you will still need some space to do your work effectively, starting party planning business. Many party planners simply use their home office.

You will need a personal computer and a printer capable of large batch stationary and advertisement jobs. Your office should also have a place where materials like party supplies may be stored safely and away from grime. You may choose to rent out a permanent office space or a temporary meeting room when seeing clients. Many professionals who work from home see clients in public spaces, such as a coffee shop or restaurant. Set yourself apart from your competition.

Consider what types of parties you specialize in and compare your style to other party planners in the area. When advertising your services or meeting with clients, be sure to emphasize what makes you unique. In the early stage of your business, it may make more sense to be a "generalist" and plan a variety of very different kinds of parties. As your reputation grows, you can start focusing more on specific types of parties, becoming a "specialist.

Price your services properly. There are a variety of factors to take into account when setting prices for your business. What are the typical rates for your location?

Look at your competitors' rates to get a good idea of what to charge. In general, areas with a high cost of living will result in higher hourly rates. How much experience do you have? A planner with previous professional party planning experience will command a higher rate than one just starting out.

To attract clients, you may have to start out low and gradually raise your prices over the starting party planning business as you gain a positive reputation. Are you charging on a strict per hour basis or are you adding markup fees? A standard practice in the party planning field is to charge a markup fee of around 15 percent for each item you contract. In contrast, some party planners charge for billable hours plus a flat "project fee. Be flexible and prepare for the unexpected.

As anyone who has planned an event knows, plans can change. A successful party planner must be prepared to throw a successful party no matter what happens. Your caterer may get sick or the venue's roof may collapse the day before. Don't panic. Instead, have backups for every event. Have a long list of reliable caterers, venues, and entertainers with overlapping skills and specialties. This is especially important when planning outdoor events.

Predicting the weather is difficult from day-to-day, but as a party planner you will regularly make plans months in advance. There is no way of knowing that far ahead if you may be dealing with inclement weather, starting party planning business. Be sure to be able to change venues or provide cover for your guests at a moment's notice.

Market your business effectively. In the early phase of your party planning business, marketing is crucial to establish a reputation and customer base. Make sure starting party planning business website is aesthetically pleasing and easy to navigate.

 

How to Work From Home as an Event Planner

 

starting party planning business

 

May 30,  · Starting up an event planning business is not a decision to take lightly. It is a major decision which impacts not only on your life but also on your family and others around you. At the same time, if you are passionate and determined that this is the right direction to take you shouldn’t take no for an answer - go for it! In addition, areas of the country that have well-defined on- and off-seasons base their prices partly on which season they're in. Experience and reputation of the event planner. If you're just starting out in the industry, it's reasonable to charge less for your planning services while you gain expertise. But if you want to launch your own event planning business, a specialized degree or certification is not needed. In fact, successful event planner, Candice Coppola of Jubilee Events said, “I studied art history, not event planning or event business.