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Jun 4 / Jitendra

Starting an Event Management House

Today, when the world is so dependent on promotion and marketing of various productive forces, grand events have become the part and parcel of human life. With the increasing number of such events the demand for the event managers are on the high rise in recent years. There, if you set up an event management house and offer quality management service there will likely be higher chances to earn more profit.

image However, starting such a business is not so easy; in fact, you will definitely have some exposure to such kind of management work prior to the establishment of your own business. Starting an event management business is no different than starting a relationship. In short, the business is all about building a cordial relationship with your client and acquiring good will, which in the long run helps in acquiring good returns from this business. To build up relation, you should possess appropriate skills and follow some important steps and doing this you can wipe out all hindrance in the path of your success.

1.Gain Event Management Skills and Experience

A successful event manager should have a solid grasp of the market, steady skills and experience in this business. Secondly, you should be proficient in verbal and written communications. A proper sense of organization and negotiation and skills in time and budget management help you to acquire niche success. In fact, you have to look after for marketing of your event management house right from its inception

2. Determine Your Event Management Market

Once you step into this industry, you have to make a thorough research about its market. From the very beginning, you have to determine your market, the area where you want to work. For example- you can work as an event planner of wedding or can organize corporate meetings, association, nonprofit and social events. Determine your market accordingly. To score success you have to concentrate on a certain domain and become a professional.

3. Develop a Business Plan

Unless you plan your business properly, you cannot be successful in your business plan. You will find a couple of resources that can help you. You can look for business plans in the internet or can talk to a professional event manager. Obtaining business insurance is very essential. Before your event management house starts operating in the market, get it insured from unforeseen disasters. Talk to a reputed insurance provider to know what kind of insurance plans are suitable for you.

5. Develop Network of Suppliers and Staffing Resources

You have to work with a wide range of suppliers – communications consultant, stationery designer, promotional products distributor, party rental supplier, caterer, florist, photographer and more. As a result, you have to get in touch with your network of supplier. Also, get the staffing resources ready for sales, marketing, accounting and administrative functions.

Finally get a structural plan for the fee or payment of your service. Check out which plan can give you reasonable profit. You can choose from the following:
· Flat fee
· Hourly rate
· Percentage of expenses
· Percentage of expenses plus hourly rate
· Commissionable rate