What do you need to start an event planning business?
I was thinking of starting an event planning business? But what all do I need to do it? Do you have to have office space or some kind of connections? And will it need a lot of start up money?
You absolutely need experience in event planning; plus good connections for suppliers; plus excellent reputation, references & referrals (to get any business); plus money & excellent credit. You need money & credit or no suppliers for services, products, etc. It is best if they have known you and done biz with you over a lengthy period so that they know you are reputable, pay your bills, and don’t muck up the orders for your clients.
The event planning biz has pretty much tanked in the recession/depression, everyone who has done hotel event management wants to get into the biz (since they’ve lost their jobs), and most of those who were already in the biz are totally desperate for biz and extremely competitive. You had better have sufficient income elsewhere (e.g. very well compensated spouse in a very secure job), plus about a year’s worth of biz expenses. You have to pay suppliers before the client pays you (and some clients are taking 90 – 180 days to pay, if they pay at all).
In short, unless you are superlative in this biz, have plenty of money, a sterling reputation, and a big-time celebrity client list, forget the whole idea. Bad timing. And I bet you don’t have the extensive experience, et al, you need to even start such a biz. If you did, you wouldn’t waste your time thinking about it, no less asking YA questions.
February 10th, 2010 at 8:24 pm
You absolutely need experience in event planning; plus good connections for suppliers; plus excellent reputation, references & referrals (to get any business); plus money & excellent credit. You need money & credit or no suppliers for services, products, etc. It is best if they have known you and done biz with you over a lengthy period so that they know you are reputable, pay your bills, and don’t muck up the orders for your clients.
The event planning biz has pretty much tanked in the recession/depression, everyone who has done hotel event management wants to get into the biz (since they’ve lost their jobs), and most of those who were already in the biz are totally desperate for biz and extremely competitive. You had better have sufficient income elsewhere (e.g. very well compensated spouse in a very secure job), plus about a year’s worth of biz expenses. You have to pay suppliers before the client pays you (and some clients are taking 90 – 180 days to pay, if they pay at all).
In short, unless you are superlative in this biz, have plenty of money, a sterling reputation, and a big-time celebrity client list, forget the whole idea. Bad timing. And I bet you don’t have the extensive experience, et al, you need to even start such a biz. If you did, you wouldn’t waste your time thinking about it, no less asking YA questions.
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