South Africa Event Planning

Starting your own event planning company is not simply a matter of throwing parties for other people. It is a professional endeavour that requires preparation, insight and forethought. The following 10 steps are an important guide to starting your own event planning company:

1.    Experience and Training
It is imperative that you work hard to get solid experience in the event planning field before trying to start your own company. This goes beyond the organising of a few office parties and helping with your sister’s wedding. Rather, you need a portfolio of events that you have played an integral role in organising. There are very specific skills that you require to own an events planning company. These are:

1. excellent verbal and written communication skills
2. time management
3. negotiation skills
4. organisational skills
5. budget management
6. creativity
7. problem-solving skills
8. marketing abilities

Of course, formal qualifications (such as an Events Management Diploma) are optimal too.

2.    Target Market
It is crucial that you decide on what sorts of events you will handle for what sector of the market, and then stick to it. This will be based on your particular skills, strengths and areas of expertise. Do not think that you can handle any type of event (whether corporate, bridal or informal) with the same level of enthusiasm and efficiency. This is particularly relevant at the beginning of your event planning career. Stick to what you know and love (e.g. just wedding planning) and you can consider expanding your services at a later stage.

3.    The Business Plan
A formal business plan absolutely cannot be underestimated. This puts things into perspective for you, gives you clear direction and assists others to see what you and your new company are all about.

4.    Business Type
Decide at this stage whether you want a Close Corporation, Partnership, Sole Proprietary, etc… It is advisable that you seek professional help with deciding on this element of your new business so that you are as informed as possible.

5.    Get Insured
Venturing into the events coordination field with no insurance is very dangerous. Speak with your insurance broker to receive the most appropriate form of insurance available to you.  Enquire about general liability, workers’ compensation, product liability and health benefits.

6.    Start Networking
You will need a rich base of reliable suppliers to make your event coordination company a success. These will include, amongst many others:

• Caterers
• Décor specialists
• Venues
• Florists
• Dress designers
• Graphic designers
• Printers
• Photographers
• Videographers
• Car hire outlets
• Professional speakers (in a variety of topics)
• Legal professionals

7.    Define Your Services
Set parameters for your services so that you and your clients are completely comfortable with what you will be providing for them. You will need to decide what kinds of events you will handle, the maximum number of guests or delegates that you can manage, whether you can arrange guest speakers and entertainment, and so on. This is simply the process of deciding how far you can reasonably go in your professional capacity.

8.    Get the Right Price
Deciding on your fee structure can be very tricky. You want your fees to be low enough to undercut competitors and crack the market, but high enough that you can actually make a profit. First, you need to ascertain your running costs and decide what you will need every month, just to cover these. Then, you can choose between a 1) flat fee, 2) percentage of expenses, 3) hourly rate, 4) commissionable rate or 5) combination of these.

9.    Find the Money
You need to start your company with a small lump sum of cash on which to fall. Opening and operating the business will cost money before you have started to make any. Bear in mind that you may not make any cash for the first few months, so you will also need enough savings to cover your living expenses during this time.

10.    Get New Business
Once you have decided on these other factors, put your attention into getting new business and marketing your event management company. This can be done in a variety of ways. Use word-of-mouth and social networking websites to your advantage as these are free and easy. Then, create a company identity (logo, stationery, and so on), proposals and portfolios, where possible. Ensure that, when that first job comes in, you have everything necessary to blow them away with a one-of-a-kind event.