Starting an events company can be one of the most fun and exciting entrepreneurial endeavors to go down while in school. Not only are you getting real-world experience in owning a business but doing so by throwing parties, which honestly can be a pretty great education in itself. While it might sound like fun, a successful events company is one that requires quite a bit of hard work, but some that come with rewards that are worth it. However, that’s why we’re offering you a few tips on how to get started, check them out below:
Draft Up A Plan
Although many people think the event industry is a model of simply finding a place, some entertainment, and putting something together, compiling a plan can help you out tremendously in ensuring that it’s executed right. Not only will you be more likely to cross your “t’s” and dot your “I’s”, but catch on to the other items you may not have considered, such as what type of liability insurance you might need or how Alcohol licenses work per the type of events you’re trying to throw. This type of planning generally leads to more of a success as well, because as noted by Harvard Business Review, businesses are 16 percent more likely to achieve viability if a plan is in place. No worries if this is your first time writing a plan, as the practice isn’t nearly as hard as you might imagine.
Start combing through some of the business plan guides you might be able to find online, as these are helpful in drawing out the individual items you might need. Even if you haven’t been thinking about growth, it’s useful also to draw out specific benchmarks of where you’ll be a month, three months, all the way up to a year from now, which not only helps you stay on track but reassess why you might not be hitting certain numbers. It’s okay if you stray slightly from your original plan to respond and adapt, as long as you have your eyes on the central mission of where you want this events company to go and what you want it to be.
Know Your Budget
Once you’ve established your business plan, it’s time to start assessing your budget. While every business venture varies, the Small Business Association puts the average cost between $1,000 to $5,000, which is going to be slightly different for your company, especially if you plan on floating funds for events. The budget is where designing an events company can get tricky, as your approach needs to be mindful of both what you currently have versus what you’re aiming to do with increased funds.
To begin, take a look at the current budget you have for events and divide it up amongst the costs you generally incur the best you can. For example, how much your venue is, the artist/entertainment, liability insurance, liquor licensing, marketing, etc. The more accurate of a picture you’re able to paint, the better off you’ll be in preparing for what you need, as well as how you’ll grow. Take your time in establishing out all the items for your events company, as this is one aspect you don’t want to miss.
Come Up With A Marketing Plan
A significant part of owning is an events company is a solid marketing plan. While we’ve all seen the usual run of social media ads and flyers around town, being effective with events marketing can be a difficult task, as you want to let people know you exist while not coming off as cheap. This can be a fine balance, which is why investing in quality content will be your best bet.
Especially for your social media materials, having well-curated, professionally produced content will help you out tremendously. This is where your primary audience is because as noted by Pew Internet, 71 percent of 18 to 24-year-olds are currently on Instagram, a medium you should make a goal to capitalize on. In searching for quality, we highly recommend hiring a video production agency to film one of your parties and showcase people having fun. Remember, the more you’re able to sell this lifestyle, the more people will want to gravitate towards your brand, which is well worth the investment.
Keep It Consistent
Finally, as you get your events company rolling, it’s important to stay consistent with your efforts. Not only will it help keep your buzz going, but you’ll additionally be showcasing a brand that has room to grow; because as noted by LucidPress, it takes 5 to 7 brand impressions for someone to remember you, which is why you should map out a calendar and stick with it. This should be something you’re excited about and have fun with, as a primary first step to a business you can run for a long, long time.
What are you most excited about in launching an events company? Comment with your answers below!