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Jun 5 / Pratham

Working as a Corporate Meeting Planner

Do you work in the events and meetings industry for several years? But, did you think that it’s a good time to put some thought in starting a business of your own? If you have not, then we can help you to start planning. In fact, before you contemplate starting an event planning house, it’s time to tell you some important steps required for running an event planning house successfully.

Working as a corporate meeting planner 1. Gain Event Planning Skills and Experience.

Before everything you should decide on your niche. If you want to work as a corporate meeting planner, polish your event planning skills and experience. The key to success in this business is the experience that the planner brings to his or her clients. Before stepping into this business, get a solid grasp of what an event planner is and gain excellent skills in Verbal and written communications, Organization and time management, Negotiation and budget management and in Creativity, marketing, public relations etc. A professional certification or degree course in this business helps a lot to find opportunities.

2. Determine Your Event Planning Market or Forte.

To reap quick success in this business, you have to realize your strengths and the corporate arena. Do not focus on coordinating all kinds of events, including corporate meetings, weddings, fundraising galas and more; rather consider any one niche as your key area. It will help you to perform professionally and effectively.

3. Develop a Business Plan

Develop a business plan regarding how to operate the business and other necessary details. You can take help from the resources available online on can talk to the expert event planner. Check out the local bookstore if there is any such published book on event planning business plan.

4. Designate Which Business Entity Fits Best for Your Firm.

You should select a business entity to start your business. Generally, there are six forms- Sole proprietor, C-Corporation, S-Corporation, Partnership, Trust and Non-profit organization. It is up to you to decide, which one will best represent you.

5. Obtain Business Insurance

Getting a business insurance is mandatory. The insurance plan you are purchasing should include general liability and other forms of coverage to protect the business owner’s interests. Several forms of insurance exist, so it is best to go for a consultation with a veteran financial advisor.

If you are planning to start a home-based business or having a small office elsewhere, ask the insurance providers, whether the insurance plan will provide you the coverage for general liability, product liability, home-based insurance, worker’s compensation, criminal insurance, health and other benefits

6. Develop Your Network of Suppliers and Staffing Resources.

Once you frame the business plan, it’s time to decide your network of suppliers. Event planners work with a variety of suppliers, including caterers, florists, photographers and more. Remember planning an event does not mean that you will work alone. You need to build up a completely new infrastructure for working, which should include staffing resources for administrative, sales, marketing, communications, legal, accounting and other functions.

8. Establish an Event Planning Fee Structure.

You need to provide a realistic fee structure, which should include, Flat fee , Percentage of expenses, Hourly rate , Commissionable rate.