The UK event market is worth billions. Are you passionate about organizing interesting events and want to work for yourself? Then this article is for you! You will find success as a self-employed event planner with a strong event business plan! We are here to guide you on how to write a strong events management business plan, otherwise known as a catering and events business plan that will be meaningful and catchy to your readers.
You can’t wait to see what we’ve got for you right?
Let’s dig in!
What Is an Events Business?
Numerous tasks are included in event planning to carry out large-scale events, such as conferences, conventions, concerts, trade fairs, festivals, and ceremonies. It involves managing the event’s overall logistics, collaborating with staff, and managing the project as a whole.
Managing the budget, the groups of individuals in charge of each task, and overseeing the event’s performance are possible additional responsibilities. Additionally, event coordinators oversee all outside contractors and experts.
How To Start an Events Business
Starting an events business might come with lots of confusion, but you don’t need to worry cos we are here to guide you through! Here are some steps to take when you’re about to start your event business:
#1. Make Sure You Have the Right Skills and Experience
There are no formal admission requirements to become an event planner. However, degrees and credentials can be really useful and may even increase your marketability. Also, you might gain expertise by working for an established event firm for a while. If you’re new to the field, this can help you develop the necessary abilities and possibly widen your network.
Furthermore, you’ll need a few essential transferable abilities to succeed as an event planner. The main ones are having outstanding organizational skills and having a keen eye for detail. You’ll also need to have a creative mind and the ability to comprehend what clients want and how to meet them swiftly.
Given that you’ll be dealing with finances on a regular basis, having strong math skills is essential. Additionally, you should be an adept negotiator who feels at ease interacting with both customers and suppliers.
#2. Services for Customers
An event planning business’s ability to succeed or fail entirely hinges on how well it serves its clients. To thrive in the current competitive environment, an event planning business needs to be very customer-focused and offer a wide range of services. Research what kinds of event management business strategies are currently in demand before starting your own event planning company.
#3. Learn the Industry Inside Out
In the UK, the billion-pound events sector is a complex one. If you lack prior event planning experience, you must ensure that you have a thorough understanding of the sector. Naturally, on-the-job training is quite helpful for this, but you should also consider reading the trade press to stay up to date on the most recent advances.
#4. Come Up With an Events Company Name
Choosing a name for your party planning company may sound like fun, but it’s not something to take lightly. The majority of clients will hear about you first through your name, so it’s critical that it appropriately describes the quality of your offerings. Additionally, you should be proud to proclaim it loud and clear.
#5. Develop Your Business Plan
An events management business plan walks the reader through every facet of a company, from how it will operate to how it will grow and future success projections. Banks and potential investors both require a catering and events business plan in place.
Every milestone can be broken down and planned with specific deliverable deadlines using an events management business plan. You can establish your pricing structure, business model, marketing plan, and financial projections. Writing one might seem confusing and stressful to you but you need not worry! We’re available to put you through it!
#6. Build Relationships With Suppliers and Vendors
Suppliers play a crucial role in the environment of events. Without caterers, venue designers, printers, and decorators, event-planning businesses across the UK would be unable to operate. Consequently, it is imperative to win their favor.
It could be challenging for you to build new partnerships as a startup company. But over time, if you establish trustworthy relationships, organizing a successful event will become second nature with excellent suppliers and effective providers.
#7. Define Your Events Planning Business
You must first choose the kinds of events services you wish to provide before launching an events business. Would you be interested in providing a full-service event planning solution, handling every part of an event from planning to execution? Or would you prefer to concentrate on one or two specific skill sets?
Based on their goals and purposes, events can be divided into four major categories:
- Personal occasions include weddings, birthday celebrations, and holidays with the family.
- Organisational events include conferences, product launches, and gatherings for business, politics, and charity.
- Events for fun: like sporting competitions and concerts
- Cultural events: ceremonial, religious, artistic, or heritage events
It’s best to choose a niche that you are knowledgeable about and have some expertise in.
#8. Complete the Legal Formalities
Starting an event planning company in the UK has its own set of legal procedures, just like starting any other type of business.
- Industry rules: You may want to apply for and acquire a license from your local government. The type will depend on the requirements of your county or state and the locations where you will hold your events.
- Business registration: The most typical way to get started in the UK is as a freelance event planner. However, you must register with the HMRC as a single trader if you wish to form a limited company.
- Getting insured: You must obtain professional indemnity insurance and public liability insurance as an event planner. You need employers’ liability insurance if you want to hire staff. You must have both building and contents insurance if you store pricey machinery. Vehicle insurance is a requirement for all transportation-related vehicles.
We advise you to work with a competent insurance broker to comprehend the nuances and specifics of your insurance documentation.
What Is an Events Business Plan?
As an event planner, an events management business plan for events can be a useful tool for organizing your efforts. It can also be used to develop a long-term strategy for moving forward with current events. However, it’s also a fantastic tool for pitching your event idea to potential funders.
How To Write An Event Business Plan
The following steps would help you in writing an effective events management business plan:
#1. Executive Summary
An extensive synopsis of the occasion should be included in the executive summary of your events management business plan. In essence, it’s an elevator pitch that you’ve had time to master. It serves as an introduction to you and your event and explains why the reader should continue reading the text (if your document is solely for internal use, then it can, of course, be less formal).
Your executive summary should be one page at the very least, but no longer than 10% of the entire strategy, and should serve as your summary. It should also be written last so that, while being at the start of the plan, it can effectively summarise the other content.
It ought to include:
- Begin with the essential details, such as the nature of the event, its timing, and its location.
- Describe the motivation for the event’s creation and the target audience.
- What is the goal of the event? What are the goals of this? How will it help the community, sector, and/or stakeholders?
- Describe yourself (the event creator) and anyone else participating. Indicate who created the business plan as well as its goal.
- Give an estimate of the event’s revenue and expenses. A comprehensive breakdown is not required here, but you may use a bar chart to highlight the key points, such as predicted growth over the next three years.
Lastly, specific strategies for evaluating progress (events management business plan reviews).
#2. Marketing Plan
How will the public be made aware of your event? What messaging and channels should you employ to communicate with your audience? You should respond to these inquiries in this section of your catering and events business plan. If you want to let the audience know what to expect when they attend the event, you might write letters to them using succinct and understandable language, such as easy compare and contrast essay ideas.
You need to market the event to more people than just investors. However, it needs to be known to your target audience. Your investors will then inquire about the marketing plan of your catering and events business plan.
When creating your marketing plan, you should take the following factors into account:
- Define your USPs and how you’ll position your event in comparison to the competition when it comes to positioning.
- Ticketing: Specify the price of your tickets and the manner in which you intend to distribute them.
- Promotion: Specify the channels you’ll use to advertise the event and reach your target audiences, such as email, direct mail, SEM, and social media.
- Public relations: decide which media outlets to contact and how to convince them to cover your event.
- Budget: Determine the estimated cost of the overall event promotion.
#3. Event Overview
Describe the main objective of the event in this section of your catering and events business plan, as well as the objectives you hope to accomplish in the allotted time. Include the main goals you hope to attain, along with the methods you plan to employ to achieve them. One strategy could be to hire temporary employees to assist you with the event.
#4. Financial Plan
Anyone investing in your event will want to know if you can manage the money, as it requires money to earn money. Make a plan for your financial management of the event budget in writing.
It is imperative to show that your event is both financially feasible and attainable. Include any potential sources of revenue, such as grants, sponsorships, ticket sales, etc. Create a thorough budget for the event as well as a cash flow forecast.
#5. Event Description
The main body of your catering and events business plan is the event description. Here, you make a sincere effort to persuade possible investors to invest in the idea. Be very careful to provide as many specifics as you can. Describe the event’s general goal and the outcomes you hope to achieve before, during, and after it.
Describe the tasks that must be completed, when they must be completed, who will complete them, and how they plan to complete them in order to meet the event’s overall goal. Give a thorough description of the event’s schedule and a summary of the type of information you want to offer event participants.
Give investors details on the target market you’re aiming for (including your buyer profiles), why they should attend your event, and your marketing strategy. Include any significant stakeholders in the event, their level of involvement, and how the event will benefit them in the stakeholder section. If you’ve previously organized an event with a similar theme, you can also add a brief history of the occasion. Include all successful outcomes as well as your future expansion strategies.
#6. Management Plan
Make a schedule that covers every facet of the event’s execution. List the administrative and management procedures and methods that will be used to make sure the event goes smoothly. Also, describe how you will keep track of your efforts and evaluate the results of your plan.
You may also give solutions to manage and reduce these risks, along with a risk assessment for each important component of the catering and events business plan. These include money, plans, the law, reputation, health, and safety, among other things.
#7. Event Requirements
Include the event’s requirements for the venue, catering, lodging, and technological requirements on your list. List the personnel, security, traffic management, and medical services that are necessary for the event’s success, along with who will be providing each of these services. List the tools used for production, including power, lighting, sound, etc. Additionally, make sure to mention any licenses, insurance, or legal requirements for the event in this section.
#8. Appendices
List any supporting documentation that will be provided with the event business plan, such as site and venue maps, research reports, codes of conduct, and policies.
Final Thoughts
The easiest way to verify your theories and assure your team and stakeholders that your event will be a success is to create a strong event business plan. Use this guide to create a great business strategy! Are you thinking of going into event planning? Which parts of the event business plan are the most difficult for you? You don’t need to worry; we’ve got one compiled for you!
FAQs
What is an event planning business plan?
A business plan for event planning highlights the key facets of your enterprise. It defines the company’s identity, purpose, methods of operation, organizational structure, and other crucial aspects.
How much do event planners charge in the UK?
Event planners often bill on a percentage basis. The standard for the sector is between 10 and 15 percent of your whole event expenditure. However, the most skilled event organizers frequently demand minimal payment. Standard minimum fees for top brands in the wedding planning business are between £5,000 and £10,000
Is an event planning business profitable?
The event planning industry may be highly lucrative. The top event organizers will become well-known and be able to command premium fees for their ideas, originality, efficiency, and outcomes.
