How to start your own event management company
10 comments so farRecently I decided to start my own event management company. I’ve worked in events for more than ten years and I thought, hey why not starting my own business! Well after that, things became a bit difficult because I did not know how to start an event management company.
So I decided to have a look around. Bought few books, saw few websites of famous planning agencies and tried to put few ideas down. After that I thought that my blog could have been of great use to help me in organizing my thoughts and maybe share some tips.
Therefore here are the thirst thoughts I had about running an event management company:
> I need to find my specialty. I’ve organized disco nights and congresses with up to 300 delegates. These are my specialties. Nonetheless, I am really interested in wedding planning as I see big potential in the sector. Plus the region where I live in Italy would really fit for this kind of business.
I read somewhere during my MBA that small business need to focus on few specific core competencies and in this case my core competency would be conferences.
> I need people around me able to do what I am not. I am a marketing person and an advanced control freak. In an hypothetic event management business I’d need to cover:
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Creativity skills. For Event Design
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Accounting skills. For Budgeting
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Control skills. For logistics
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Risk Management skills. For security purposes.
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Computer Skills. For ad materials (eg. Brochures, Flyers) and online production (websites)
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Marketing Skills. For pricing, promotion and event delivery
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Selling Skills. To find new clients.
I am positive I could manage few aspects of the above, but what happen to the rest of them. I decided that while I’ll have some time I’d look for quick education with short focused courses. If the areas are particularly delicate, such as accounting, I’ll outsource the function or hire a part time, or better I’ll look at local universities for some student willing to help out.
Well these are my starting thoughts. Any other suggestion?
Friday, September 7th, 2007 at 2:40 pm and is filed under event management, marketing, start event business, tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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I wish you the best of success with your venture. You are on the right track when you talk about outsourcing. You need to be putting your time selling conferences, networking and doing the sales and organizational end of things. Don’t waste that valuable time struggling with tasks like accounting and brochure design, etc. You can get an accountant to set up an accounting system on your computer, then you do the bookkeeping aspect, which is easy enough to learn and the accountant does the taxes, year end and other related issues. You can find good people to do your graphics and so on at web sites like (Elance. You post a project and people bid on it.
Again, good luck.
Thanks June for the support. I think that what you are saying is crucial. Which is focus on generating business and do the things you are able to do. I’ll keep you guys posted on how it develops and try to share my thoughts as much as possible
i’m sure that by now,you must have started off your events management company.getting someone from the local university is a very good idea because you would have started developing an employee-base/background that you can trust.
all the best and I hope to set up my own events management company here in Nigeria very soon.
Hi Muyiwa,
I started but it is always time for good insights.
Thanks and Good luck
Julius
hi,
hopefully by now u must have coped up with the teething difficulities which are a part of every business intiative. I am an MBA myself and am aspired to have my own event management company in India. could you guide me , how exactly am i suppose to start, since i dont have much experience at hand
Hi Pallavi,
this week I will extensively post about the subject. I invite you to subscribe for free at the RSS feed and get updates about the subject
Thank you
Julius
What kind of events do you specialise in?Corporate or individual?I am a marketing person myself and think that you might need to narrow your perspective at first and then expand your base.this will also give you the chance to focus your marketing efforts.
Hi, your site has helped me alot. This is something i have been thinking of getting into and not having done this at all unlike you with your 10 years experience, am doing research to see where to begin and if it is something i can tackle. I do believe i can, but lack the crucial guidelines in runnign a business such as this. So i decided to look online to see if there are any, and vwallah your site has already assisted me. So while you are wanting others to share i have also learned a few things. Thank you and all the best. Sonja
hi,
hopefully by now u must have overcome the difficulities which are a part of every business intiative. I am an MBA myself and am aspired to have my own event management company in Bangalore, India. could you guide me , how exactly am i suppose to start, since i dont have much experience at hand. I am presently working as a business development manger in a software company. I would consider your experience and guidance as a
lead way to my entrepreneurship.
Hi shiv,
the best suggestion I can give you at the moment is to read this post http://www.eventmanagerblog.com/2008/05/top-5-your-own-business.html
you’ll find the best guide from the top professionals. I wish you luck