Industry basics

Identify your target market

It is important to decide what you want to focus on with regards to the business. Decide what types of events you want to plan. Some businesses do industry-agnostic event planning, whereas others capture a niche market, such as corporate events or wedding planning.

According to Entrepreneur, there are four types of events:

1. Celebrational: These events are festive and exciting. They include fairs, parades, weddings, reunions, birthdays, anniversaries
2. Educational: More formal and information heavy. Includes conferences, meetings, graduations
3. Promotional: These events are a mix of the first two, combining festivities with information. Examples include product launches, political rallies, fashion shows
4. Commemorative: Finally, these events are formal yet are meant to remember important figures and events with memorial services and civic events

Draw up a solid business plan

This is the foundation of your business. The success of a business depends on the way the business plan is drafted, the funding also depends on how solid the business plan is. Take time and do thorough thinking about your venture that will result to a clear and viable plan. By so doing you can prevent challenges and costly mistakes.

Every business needs a business plan to guide their decision-making process, educate investors and lenders of your intentions, and to keep your business on the right path when times get rough.

How to write a business plan:

·  Executive summary - a snapshot of your business.

·  Company description - describes what you do.

·  Market analysis - research on your industry, market, and competitors.

· Organization and management - your business and management structure.

·  Service or product - the products or services you’re offering.

·  Marketing and sales - how you’ll market your business and your sales strategy