HOW TO START AN EVENT PLANNING BUSINESS IN NIGERIA
The event planning business is not really a new business in the country as it has been practiced for quite a while now. Events are always coming up every now and then and the need for experts to adequately organize events are increasing as well. These experts can typically be anyone who has a good idea of how the business is run and have also learnt how the business works. The business is a lucrative one and one that will definitely get business owners who practice the business with high amounts of profits. The need for event planners have increased over the years and its definitely a good business option for entrepreneurs.
An event planner is simply an individual who helps organizers to adequately plan, prepare and organize their events or parties without any stress at all. These individuals are the ones that ensure that everything is put in place accordingly and there will only be little or no problems at all during the course of the event. They are in charge of everything concerning the event from start to finish and and they make sure that the event is successful. Event planners are always paid pretty well especially when the job done on the event organised is really good. This could potentially help them grow and get more customers through referrals.
Like I’ve mentioned earlier, events are organised every now and then in different parts of the country and some are even well known for it. A city like Lagos is well recognized for this and is pretty well known for parties organized during weekends. But while this is like the main part of the business, there are also options of organizing other corporate events, dinner, meetings, launching events and many other events like that. This variety of options leaves entrepreneurs with several opportunities to try to make money from the business. And if one doesn’t work, you can try others.
A major reason why many entrepreneurs can look to this business is the demand for event planners. Over the years, event planners have really become popular as people either need professionals to handle their events or they don’t just have the time to organize it themselves. Event planners solely take the responsibility of making sure everything is ready and there are no issues at all in handling the event. Everything from getting decorators to getting the caterers or chefs, the MCs and DJs and getting every other important thing needed to make sure an event is successful and well organized.
The high demand translates to a large market for the services of an event planner and then high amounts of profits. Another thing is that it can be started by almost anyone as long as they know what they’re doing and they can dedicate time to learn and study the business. There’s no specific or special training for event planners and it’s almost fairly easy to start especially when you’re well aware of what you’re doing. The business is also easy to grow over time. You can start small and then after a while look to start taking up really big events to organize. Even from working for small events, you can make connections and eventually get more jobs through word of mouth referrals.
Starting the business is not an entirely difficult thing to do. It doesn’t really require much in terms of work and capital. Most of everything to be gotten and whatever cost comes during the course of the event will be fully taken care of by the owners or organizers of the events. It’s a lucrative business and one you’ll surely get customers as its almost so sure that you’ll have to do it every weekend provided you’re good at what you do and you market your business pretty well. In the next sub heads, I’ll be discussing some of the steps involved in starting up an event planning business and some of neccesary things or factors that might prove useful to ensure that you’re going to get customers and you’ll also be able to make profits and be successful at what you do with ease.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
- WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
- SELECT A SPECIALTY
Like I’ve mentioned, there are different kinds of events available today and all have their different reasons. The way you’ll plan for a corporate event or a product launch is going to be quite different from when you’ll be planning for a wedding. You can decide to pick a category of events in which you’ll be planning for. There’s also the possibility of doing more than one especially if you know what you’re doing. You can always start from small events too and after a while and you’ve gained experience, you can then move to taking up bigger events.
- GETTING READY
At this point, you’re ready to take up your first gig and you must’ve acquired the neccesary skills needed for the business. Capital is very little in this case as you don’t really need to get any equipment or machine for the start of the business. The event planning business involves you getting vendors for several things. You’ll need people who will cook, take photographs, serve meals, decorate the event center, and many others. You can start building up a team or you can just get people for each role and maintain a good relationship with them so that you can get their services when there’s an event to plan and they’ll be needed. You can also register your business at this stage.
Word of mouth referrals is a very useful method of advertising in the business. Tell people and make connections at events you attend. Also make sure you do a good job so that your customers can refer you and even guests at such events can also look to patronize you. There’s is also the option of using social media for advertising. Create the social media account or use your personal accounts and advertise your business through the platform.