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So you want to start an event management business? Are you sure about that? Because starting your own business is a difficult enough in itself, and you should be aware that you are venturing into a field that is notorious for its high stress level and managerial challenges that entail handling people, deadline, budgets and technology.
You will need all the help you can get, so today we are here to help you with some advice to get you started and on the road to a successful event management business. So, let’s begin.

Know Your Business

So, you are experienced in event management, at least somewhat, right? If not, please come back after you’ve acquired some experience. Four or five years should be enough.

Sorry if this sounds harsh, but you need a solid base to succeed as an independent in this job. Having your own business is challenging enough without having to learn a whole new profession.

Actually, learning the ins and outs of event management business is just a part of the equation. The other important thing for successful being in this (or any) business is having a network of industry professionals, partners, contacts, vendors and venue owners. They can help you find gigs, but also be the pool your draw from for your staff.

Be the Man With the Plan

The first step in establishing a business should be to draft a business plan. After all, your business will be event management, which means event planning, so you have to be able to plan stuff.

Your business plan will define every other aspect of how your firm operates. You really can’t go wrong if you refer to this Forbes guide for what a solid business plan should contain. It covers all the bases and then some.

What they don’t mention, probably in order not to discourage budding entrepreneurs, is that you should think about an exit strategy. Failure can creep up on you in many forms, because of a multitude of reasons, not all of them having anything to do with how you did your job.

Show Me the Money

After you’ve figured out the basics, you need to make this thing start happening. And you know what it is that makes the world go around.

There are two most common approaches – seeking funding from investors, or paying for it from your own pocket. Which one you choose mostly depends on your current financial situation.

OK, now may be the time to remind you of a good side of the event business: you’re not actually going to need as much funding in the beginning. Yes, there are numerous organizational expenses for your office, software and salaries, most of the money you use to run events should be provided by your clients.

The things you will need to pay will include (but may not be limited to) the following:

• An office with appropriate equipment
• Licensing and Taxes
• Mobile phone and Internet
• Software
• Legal/Accounting Fees.
• Business Insurance. It’s vital that you look into this – do not neglect getting your business insured.
• Marketing. This is arguably the most important investment, yet the most hard to itemize and make concrete. You could go with advertising in local media, you can use online and social networks (Facebook, Linkedin and Twitter are a must), but you should definitely use your contacts and try to engage as many of them in word of mouth promotion as possible.

Find the Right People

Assembling the right team is an ongoing process (and chances are you will rely on volunteers for some, if not most of your events). However, you will need several experienced pros from the get go. Make sure they cover the most important aspects of your service and make surer that they are the right fit in respect to their personality and teamwork affinity.

This is probably the main reason you should not be getting into this business as an owner if you don’t posses at least a few years of experience. A manager must delegate, and that means that a manager must know what to delegate and to whom. You need to know the specifics of every aspect of what constitutes an event and have a good sense of who has the chops to do what it takes. And in order to be able to do that you will be relying heavily on your people skills crossed with your professional experience.

Here is a basic list of job roles you will need to find the right people for to get your event management firm started:

• Temporary/Contract staff to do clerical work and event preparation.
• A part-time bookkeeper/accountant.
• A part-time legal professional to help you draft your event contracts and manage liability.
• Additional planners to help you balance the workload of larger events.
• A developer to design your website.
• An outsourced marketing firm to get the word out about your business. Larger firms might even hire their own internal marketing professionals.

To Close Off

Before we finish, here’s a few final tips that don’t really fit into any of the segments described in the article.

Consider getting an event planning certification or degree or at least including someone in your team who has one. I’ve met more than one client which required this kind of thing in order to do business with an event management agency.

Nurture a positive and outgoing persona when you are meeting with new people, be they potential employees, clients or outside vendors. This business is all about personal contacts and knowing the right people who are willing to go the extra mile for you.

Always do your research and always be open for new approaches and solutions. Although there will always be some basic staples in this business, it is evolving and constantly changing, mostly due to new technology that can make your job much easier – or make you a dinosaur just waiting for the meteor to fall, if you are unwilling to adapt and embrace the new.