We are going to introduce this business to you by specifying the potential is has to cater to. Do you know annually India has around 55 events planned mandatorily per year. It celebrates 30-40 grand festivals per year. India has 10 million weddings taking place every year with 2000 weddings taking place every day.
On above of all this, there are constant Birthdays which take place everyday with atleast 50 people of 1326093247 population every day. Infact india was ranked 1st when it came to the country having the most celebrated events and festivals every year.
That’s how many events take place in this country and that’s how many opportunities you’ll have to cater to to enlarge your business if you take up an Event planning business. Want to know more about it now, don’t you! Here are all the hows and whys
Market potential and uses
Event planning business, is as simple as its name spells it. It’s involves planning the design, structure, format, finances, marketing and coordination of any given event under the budget and the purpose specified by the person hiring an event planner.
The market potential for this business is vast because of the following reasons
- Westernization in the way the Indian consumers celebrate any event now, its has moved to a wider scale.
- Increasing disposable income of the consumers.
- Increasing needs to justify ones social standing and status through getting an event planned with precision.
- Growing business opportunities, startups etc who prefer penetrating the market through grand product launches, events etc to have an impact on the consumer markets.
- Infact the indian even Industry is expected to cross worth ₹10,000 crore by the end of FY 2023. Further the potential for this business can be defined and elaborated on the following basis.
- Family weddings, anniversaries, birthdays
- Meetings and exhibitions
- Commercial marketing and promotional events
- Entertainments, art and culture
- Sporting events
- Annual conventions and trade shows
- Seminars and workshops
- Technical events
- State and regional conventions
- Time saving
- Leaves the stress of paying attention to detail
- Creative themes
- No fret of handling the finances
- Precision in organisation skills
- Marketing and advertising done by the planner
- Site rentals
- Equipment vendors
- License and permits
- Service fee and gratuity
- Transportation and parking
- Publicity and invitations
- Mailing and shipping
- Photocopying and preparation of registration materials
- CMP, CGMP etc in healthcare, weddings, conventions etc
- GST registration
- Trademark registration
- Bachelor degree in management or business stream
The investment required to set up this event planning business is between ₹50000-₹3lakhs.
The profits made from this event planning business depends on
- Geographical location of event
- Experience and reputation of you company
- Market segment served
However, the profit which an event planners makes is ₹4lakh per month
Business corporations: The large business corporations could require the event planning services for planning their Annual General meetings, orientation meetings etc.
Weddings: Wedding require event planning services to ensure that the budgets are kept in check with and to achieve professional and precision required in the big fat Indian wedding for its 10-11 functions.
Startups: The startups require event planning services for planning an orientation meeting, product launches, get together and events which could have a mass impact on the consumers and investors.
Business organizations: The publishing, media, product and services businesses require event planning services to plan the company formal and informal parties, marketing events, workshops etc.
Government events: Event like trade shows, get together of associations etc also require event planning services to ensure coordination, organization of the events.
Entertainment events: The entertainment and media industry require event planning service for award ceremonies, concerts etc.
Sporting events: sporting events in India like premier nights of IPL, world cups, kabaddi, conference meetings also require event planning services on a wide scale.
Other events: Other events like birthdays, anniversaries, fundraiser etc also require limited event planning services.
The area required to set this event planning business would be 200-300 sq ft or it could be started online.
- Business cards
- Company brand and logo
The manpower required to set this business would be 10-15 members ideally for coordination and organization.
The team besides this could be either be hired or freelancers. Irrespective, the manpower would involve
- Designers (interior/fashion)
- Printing services
- Contacts with AC, technicians services etc
Business model and growth
The business model of the event planning busines can be defined using these four variants
Value proposition: The value proposition which this business is likely to provide to you is
- Large target consumer niche
- Minimal investment
- High profit margin
- Government organisations
- Business and corporate organisations
- Entertainment and art industry
- Weddings and birthday events
- Sport industry
- Certified planning experience
- Tie ups with mass events
- Word of mouth promotion
- Social media promotion
- Google listings
The event planning business has witnessed and has the potential for the following growth prospects
- The event planning industry of india is expected to grow at a CAGR of 16% by 2023.
- Westernization in planning and celebrating events has increased the need for event planning services in the business, traditional and entertainment sectors of India.
The profit margin which this business is likely to yield to you is 15%-20%.
This business was rewarded “the most stressful job” of 2017 but this business opportunity isn’t quite much
- Firstly, this business can be started from home with a minimal investment and a vast market to cater to.
- Secondly, this business has its application and need spread across all the possible sectors because let’s face it, every business require recognition and sense of affiliation to be filled among the employees, so events keep on taking place.
- Lastly, as your business gets promoted through name and fame you are also likely to get global demand for your services as well.
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