Setting event planning business with no investment is fairly easy and a wise startup project. The following article can help you to understand what is event planning business, how to start, and the revenue scope of this business.

How to start an Event Planning Business [with no money] ?

What is Event Planning Business?

An event planning business is a kind of service that is provided to organizations, families, or individuals to plan and execute an event at a less possible expense and within a time schedule. Of course, the budget and execution of an event may vary depending upon the client. 

Let's understand this with an example. Suppose there is XYZ Company and they want to celebrate the successful completion of their project. At this event, there will be 500+ guests. 

They want to celebrate but they do not know:

  1. Where to celebrate? (500+ guests will be there)
  2. What food should be served?
  3. Mic / Sound system arrangement for top people in the company to speak about their achievements.
  4. The permissions required to conduct such an event with 500+ guests
  5. What kind of decorations/lighting might make the occasion memorable
  6. What kind of activities should be held? 

And many more such questions. In this spot, an event planning business organization steps in and suggests various event plans and the budget.

The sole purpose of this kind of business is to plan, organize and execute events for Companies, Societies, Families, or Individuals. The event plan varies depending upon the client but for more or less involves research (figuring out the venue, stages involved in the event, Prime members in the event) and then preparing a plan keeping the client's requirement and budget. On the event day, it's your duty to keep everything on track and must go as planned. 

Who needs an Event Planning?

At this point, you must be thinking only the company seems to be a potential client in this kind of business. But this is not true. An individual can also be a potential client. A family can also be a potential client. Therefore individuals or families or society or a company may need event planning. 

E.g. A software engineer wants to organize a birthday party for his wife. He has no time to plan and arrange everything to conduct the birthday celebration. In this place, you as an event planning business company may step in suggesting a plan that is going to become memorable in their entire life. They are happy and you are happy by making handsome money.

All you have to do is understand the event, understand the stages in the event, prepare a plan, estimate the budget (be sure to keep multiple options with respect to varying budgets for every arrangement of the event) and suggest your plan for the event. Once finalized, collect the fund and make sure the entire process sticks to the schedule. 

Why would someone pay for the event plan?

Lack of understanding of event arrangement, lack of time, or a busy schedule can be the prime reason why an organization or individual takes the help of an event planning company to conduct an event. It saves time. It saves the headache. It saves the struggle. That's why individuals or companies are ready to pay money to the event planning companies to organize events for them.

How many members are needed in the Event Planning Business?

One member can run an event planning business. But on the day of the event, you are bound to take the help of a team. So you can hire your team for one day only. However, a dedicated salary-based team or you bunch of business partners as the team would be best to divide the entire task and execute the event on the schedule. 

Is the Event Planning  Business suitable for you?

Are you well aware of your local markets? Are you well aware of catering? Are you well aware of venues in your locality? Are you well aware of events (If not then little research is sufficient to understand all the stages of the event)? Are you well aware of arranging anything?

If yes, then the event planning business is for you. 

Start Event Planning Business with no money

Starting an event planning business with no money is not an easy task but not certainly an impossible one. Initially, you are bound to compromise on certain things. Such as instead of visiting your client in your car you may opt local transportation service. 

If you have formed a team then you have to constantly motivate them and you just have to show them good results in your first couple of projects.

It's the fame and name that the money matters the most in a business. So never ever disappoint your client. 

And most importantly listen to your client carefully and understand what exactly your client wants to achieve in an event. 

Event planning business whether you have an investment or you have no investment let's first understand the life cycle of an event.

  1. Discover and Reach your client
  2. Know about your client's target event
  3. Understand all the stages involved in the event.
  4. Research
  5. Prepare a schedule plan and budget
  6. Suggest client with your schedule plan and lock the plan
  7. Make Bookings
  8. Complete the event as you have planned.

More or less any company which runs this business goes through this life cycle for each event. 

Let's talk about how to start an event planning business.

You need an office. Why! Because people trust someone who has an office rather than someone who has no office. You can use your home as your office. 

Okay at this point, you have your office. What next? Research. Identify your potential client in the market. And list down what kind of events in general they conduct. And then list down upcoming events and also guess events your target company may going to organize. 

Plan and prepare various events for them with varying budgets. Put your best effort and be sure your plan is going to impress your client and upon execution, your client is going to remain impressed for sure.

Then it's time to pitch. Visit each client and pitch your event plans. Initially, most may not show interest as you are new in the market. But out of 100 even if you were able to successfully pitch your plan to 10 then you hit the jackpot for sure. 

Now it's time to collect the fund, pay advances to the venue, hired a team, etc. 

Put the entire effort to execute the event plan into the schedule. 

Upon completion what next? You have a reputation a little bit in the market. Now re-approach your potential clients with new event plans. 

Revenue Scope of Event Planning Business

In general, the revenue per event plan could be between 10% to 40% of the total event cost. As an event organizing company, when you book transport, hotel, or service then 5% to 15% commission is paid. On the other hand, event organizing companies keep a 10% to 30% margin in each budget estimation. This margin may reduce a little bit after negotiation. 

Conclusion

I hope you have understood how to start an event planning business with no money. If you liked this article then share it on social media platforms.