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He attributes the industry's good health to several factors, including the improved economy and the trend of corporate America to outsource their meeting-planning functions.Since you're not some tech startup bidding for programmers, you can get started without a lot of money. Generally speaking, special events occur for the following purposes: This list isn't an exhaustive one, but as the examples illustrate, special events may be business related, purely social or somewhere in between.How much money will you need to start your event planning business?
Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent.
His most recent studies, however, show profit margins can be as much as 40 percent.
Related: How to Start a Business With (Almost) No Money This question actually breaks down into two questions: What kinds of events are we talking about? Now we move to the second question: What is event planning?
Planners of an event may handle any or all of the following tasks related to that event: How many of these activities your business engages in will depend on the size and type of a particular event, which will, in turn, depend on the specialization you choose.
Charities and nonprofit organizations host gala fundraisers, receptions and athletic competitions, among other events, to expand their public support base and raise funds. Social events include weddings, birthdays, anniversary parties, bar and bat mitzvahs, Sweet 16 parties, children's parties, reunions and so on.
Thousands of these events occur each year, and although the large ones require specialized event planning experience, you may find smaller local events to start out with. You may decide to handle all these events or just specialize in one or more of them.
This question has a simple answer: Individuals often find they lack the expertise and time to plan events themselves.
Independent planners can step in and give these special events the attention they deserve.
Companies host trade shows, conventions, company picnics, holiday parties, and meetings for staff members, board members, or stockholders. According to the Convention Industry Council’s 2012 Economic Significance Study, 1.83 million corporate/business meetings, trade shows, conventions, etc. The market for social events, especially birthdays and anniversaries, is expected to continue to increase over the next few years, as baby boomers mature.
This group has children getting married, parents celebrating golden anniversaries, and their own silver wedding anniversaries to commemorate.