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How to start Event planning business 2022

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How to Start Event planning business in 2022




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 2022. 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 2022
  • 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
  • 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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