If you are searching for the perfect summer business to start this year, search no further. An event planning business has the potential to make money fairly quickly with very little overhead cost. Here’s a look at what it takes to start an event planning business, including tips for a fast launch and getting to profitability quickly.
Event planning can be a year-round business, but with so many things to celebrate during the summer months (graduations, Memorial Day, Labor Day, 4th of July, weddings, and more), it’s an especially good business to start in the summer—and for many more reasons:
You can start the business on a part-time basis, even while working another job
You don’t need training or certification to start the business
You can grow the business through word of mouth marketing, giving potential clients a taste of what you provide at every party you plan
There are virtually no start-up costs (other than marketing)
You can build on relationships with other key party service providers, such as DJs, entertainers, bakeries, and party rental services
If you’re ready to start an event planning business to take advantage of the remaining summer months, the last thing you want is to get bogged down in an endless start-up loop that prevents the business from launching. Here is a quick list of tasks to get your business up and running very quickly:
Research the Local Event Planning Competition
The first thing you want to do is explore who else in your local area is offering event planning services. How are they reaching customers? What do they do well, and not so well? What areas are lacking that you can maximize?
Create a Streamlined Plan
You don’t have to create a comprehensive business plan, but jot down some of the basics: What is your timeline, how much do you expect to make, what are your anticipated expenses, who is your target audience, what makes your business better than the competition.
Contact Local Complementary Businesses
The quickest way to get your business out there is by teaming up. Reach out to other businesses that offer party-related services and create referral programs or package deals that streamline the process for customers.
Start Word of Mouth Right Away
The best way to promote a local business quickly and cost-effectively is by word of mouth marketing. The more people who know about your business, the more likely you are to receive referrals, so don’t wait to start spreading the word.
Once you begin working with clients, make it a habit to strive to make every client thrilled with your service, then ask each one to provide you with a testimonial. The more customers you have singing your praises, the faster your business will grow. This is especially true with online review sites, so encourage your clients to leave their testimonials on Facebook, Yelp, and others.
An event planning business is a great business for organized, fun-loving, and creative personalities. If this sounds like you, there is still time to make some extra money as an event planner this summer, so get started today.