Although planning parties sounds like fun, it is not easy to make a living as a party planner. You need to be able to communicate, sell, multitask, and most importantly, enjoy helping others. Parties planner engagements can be for anything from product launches and weddings to awards dinners and corporate seminars. You may need to rent a hall, send out engraved invites, come up with a theme and decide on the food.
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According to Salary, the median income of event planners is more than $61,000. The range is between $52,901 and $72,329 per annum.
Although there is no formal education or training needed to plan a party or an event, experience can help you to know what to do and what you should expect. It is important to have a network of caterers and entertainers in order to be able to provide the services your clients need for their event or party.
Pros
There are many benefits to starting a parting business, including:
- You can start with very little investment
- There is no formal training required
- Start from scratch, or invest in a franchise opportunity for an event business.
- Can be done from home
- People who enjoy being outgoing and working with others are ideal for this position
- To have fun doing business with people and businesses
- Variety of jobs
- Event attendees have the opportunity to meet potential new clients
- Six-figure income from the right clients
Cons
The planning business is not all about party balloons and confetti. There are some negative aspects to the business:
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It is possible to work long hours or irregularly. Parties planners must be available during the event, which can often run on weekends or evenings. Some events may last several days.
- Each event can be stressful because you are only as popular and good as the last one.
- It can be hard to find your first client.
- Clients can be unreasonable and difficult to please.
- Rely on subcontractors.
- You are under pressure to be your best when doing business.
- Always remember that the client comes first
How to get started
Although you don’t need any specific education or experience to become a party planner there are some skills that can be helpful, including:
Volunteer to organize an event or party if you’ve never done it before. This will show you that you are interested in starting a business by planning events.
Prepare a business plan that outlines your services, pricing and financial projections. This is where you decide if your business plan will be devoted to a particular type of event such as weddings and conferences.
While not mandatory, it is a good idea to obtain the Certified Meeting Planner certification. It can help increase your marketability. Clients will feel more at ease working with someone who has been thoroughly vetted. You can charge more if you do this.
Decide what and how much you will charge for your services. Be mindful of your clients and the event. Large corporate events and weddings have high expectations. Office parties usually require less work.
Make sure you have all the legal documents. To ensure you are covering all legal ramifications, you might consider hiring a lawyer.
Get the required business license and liability insurance.
Your marketing plan and promotional materials (such as brochures, business cards, and websites) should be created. Determine who your ideal market is and how you will reach them to gain clients. Include videos of successful people, with the permission of your clients.
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To create a portfolio that showcases your successes, gather images and testimonials from your events. Develop a strategy for generating referrals.
Establish a network with reliable suppliers and professionals to help you organize your events. This includes florists, caterers and photographers.
Actively get involved in your local community, particularly with the chamber of commerce or other business-tobusiness networking. These events can help you not only generate new business but also cultivate referrals.
