How to start Event planning business

How to Start Event planning business

Overview

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

Westernisation 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

On the basis of types of event planning business

Fundraisers
Family weddings, anniversaries, birthdays
Festivals
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

Reasons why people hire an event planner

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

Per event expenses could include

Site rentals
Vendors
Equipment vendors
Supplies
License and permits
Service fee and gratuity
Transportation and parking
Publicity and invitations
Mailing and shipping
Signage
Photocopying and preparation of registration materials

Licenses required

The licenses required to set this event planning business is

CMP, CGMP etc in healthcare, weddings, conventions etc
GST registration
Trademark registration
Bachelor degree in management or business stream

Investment required

The investment required to set up this event planning business is between ₹50000-₹3lakhs

Profits made

The profits made from this event planning busines 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

Target consumers

The target consumers for this business is as follows

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 organisations: 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, organisation 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

Area required

The area required to set this event planning business would be 200-300 sq ft or it could be started online

Raw materials required

The raw materials required to set up an event planning business are

Software
Website
Computer/laptops
Business cards
Company brand and logo
Printers

Manpower required

The manpower required to set this business would be 10-15 members ideally for coordination and organisation.

The team besides this could be either be hired or freelancers. Irrespective, the manpower would involve

Photographers
Caterers
Designers (interior/fashion)
Carpenters
Printing services
Musicians
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

Target consumers: The target consumers for this business are

Government organisations
Business and corporate organisations
Entertainment and art industry
Weddings and birthday events
Sport industry

Competitor review: The competitors to you in this business are

Wizcraft
Percept
Tafcon
Cineyug

Marketing strategy: The marketing strategy that can be implemented by your business

Certified planning experience
Tie ups with mass events
Word of mouth promotion
Social media promotion
Google listings

Also read :

Growth

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
Westernisation in planning and celebrating events has increased the need for event planning services in the business, traditional and entertainment sectors of India

Profit margin

The profit margin which this business is likely to yield to you is 15%-20%

Suggestions

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