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Starting or managing a own party and event planning business

Event planners do everything according to a formula or plan which is mostly based on their experience. A wise planner will not only depend on his own experience, but also on the history of successful planners. While examining the event planning industry, one can take out many instances where he can learn something or the other. Talking to thriving planners in the industry, reading the books of winners in the industry will be of immense help in dealing with tough clients and unusual situations. The event planning industry has grown a great deal in the past twenty years. It is estimated that the annual spends on special events in the United States is $800 billion.

Inspite of the economy slowing down and the global events posing a threat, the event planning industry kept blooming. Though the corporate market is making slow progress, the social market is growing rapidly due to more people having dispensable incomes. Since millions of Americans are in the age bracket of 50-60, they retire from their jobs and don't want to do it quietly these days and so have some special occasions like anniversaries, retirement parties, children's weddings and birthdays in the next few years An event planner can earn from $55,000 to $100,000 a year.

Some universities even offer an MBA course in event management and event leadership. Established businesses won't mind going for a corporate holiday or a picnic or an outing for their employees. This way the corporate market finds growth. Though the profits are good and steady, it takes atleast three years or 1000 days for the business to become stable and get healthy profits. The main reason is that for event planning business, word-of-mouth referrals is the key to get new clients and this will take a while before having a sound and solid base of contacts and clients. Some twenty years back, event planning didn't even existed and making a living out of it was even laughable.

Now as the demand increases, the industry has become more advanced and sophisticated. Today it has grown so much it is even divided into two markets, corporate and social. Corporate events are product launching events, product training seminars, trade shows, conventions, company picnics and holidays. Non-profit organizations host receptions, fund-raisers, charity shows to raise money. Social events include birthday parties, weddings, anniversaries, reunions, get togethers, bar parties, theme-based parties, retirement parties and many others.

Catering services for corporate and social events is also a booming industry. Experts say that social market is going to see a steady growth in the next decade. The first task of an event planner is to see the market where his business can flourish. The trading limits or the area of your trading have to be determined. Studies show that a population of atleast 50,000 is good enough and if the income level of that population is high enough, there is good chance of increasing the client base. Research regarding the number of companies in your service area holding regular meetings and conventions, the size of the company, budget involved, and whose services they are using presently.

Once you know all this information, it will be easy to come up with an irresistible offer for the clients. Next step is meeting the clients and carefully listening to what they really need, how much is the chance that they are going to use your service. If you are an expert in social events, then ask women particularly since studies show that women do most of the social events planning. One has to be aware of all the information regarding the competitors, their reputation and goodwill, price quotes, contacts, specializations and methodology of managing an event. Do realize that you are special and you always have creative ideas and special plans up your sleeve at any time.

Though competition can be tough sometimes, it is always good to remember that there is always a place for new, tough and creative entrants in this event planning industry.

Cleo Turner author of this article on Event Planning Classifieds. Find more information about Party And Event Planners here.

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