Firming your own Event Company- the Do's and Don'ts
When forming your own event company, there are certain do’s and don’ts to keep in mind to increase your chances of success.
Do’s
1. Research and Planning: Conduct thorough market research to understand the demand for event services in your target market. Develop a comprehensive business plan that outlines your goals, target audience, services offered, marketing strategies, and financial projections.
2. Build a Strong Team: Surround yourself with a team of skilled and dedicated professionals who can contribute to the success of your event company. Hire individuals with experience and expertise in event planning, marketing, finance, and customer service.
3. Develop a Niche: Identify a specific niche or industry segment in which you can specialize. This will help you stand out from competitors and target a more focused audience. It could be corporate events, weddings, conferences, or any other area that aligns with your skills and interests.
4. Network and Collaborate: Attend industry events, join professional associations, and network with potential clients, vendors, and partners. Collaborating with other event professionals can expand your reach and provide
valuable opportunities for growth.
5. Provide Excellent Customer Service: Deliver exceptional customer service to build long-lasting relationships with clients. Take the time to understand their needs, communicate effectively, and go the extra mile to exceed their expectations. Positive word-of-mouth referrals can significantly contribute to your company’s success.
Don’ts
1. Neglect Financial Planning: Avoid underestimating the financial requirements of starting and running an event company. Develop a realistic budget and consider expenses such as office space, equipment, marketing, insurance, and employee salaries. Plan for both short-term and long-term financial stability.
2. Over-promise and Under-deliver: Be realistic about what you can deliver to clients. Avoid making promises that you cannot fulfill. It is better to exceed expectations rather than disappoint clients by failing to meet their
requirements.
3. Ignore Marketing and Branding: Invest in marketing and branding efforts to create awareness and attract clients. Develop a professional website, establish a strong online presence, and leverage social media platforms to showcase your expertise and previous successful events.
4. Overlook Contracts and Legal Considerations: Ensure you have proper contracts in place with clients, vendors, and suppliers. Seek legal advice to understand the legal obligations and liabilities associated with running an event company. Protecting your business legally is crucial for long-term success.
5. Neglect Continuous Learning and Adaptation: The event industry is constantly evolving, so it is important to stay updated with the latest trends, technologies, and best practices. Attend industry conferences, workshops, and training programs to enhance your skills and knowledge.
By following these do’s and avoiding the don’ts, you can increase your chances of building a successful event company and establishing a strong reputation in the industry.