Whether you’re the life of the party or prefer the planning that goes on behind the scenes, becoming an event planner might be the perfect opportunity for you. Party or event planners often coordinate wedding receptions, birthday parties, bar mitzvahs, and many other events. As someone in this business, you might work with other professionals, such as photographers or local bands. Or you might work alone, providing your own services in agreed-upon areas. However you decide to model your business, you will need to know a few crucial tips to keep it profitable.
Pick your niche
You don’t necessarily have to pick a niche, but narrowing your focus will help you establish yourself as an expert in that type of event. But finding the most profitable ones in your area is important. For example, if you live in a city with several wedding venues, you might find wedding receptions and rehearsal dinners to be quite lucrative. Or if you have school-aged children, kids’ parties might be the best niche for you because you have daily access to your target audience. But profit alone should not determine your business. Parties are supposed to be fun and if you have trouble relating to your clientele, it will show in your work. In other words, take profitability into consideration, but also choose something you’ll enjoy.
Start with someone else’s inventory
You don’t need to spend a fortune on equipment and supplies in the beginning. You can borrow or rent many of the things you need. For example, if you’re planning a large gathering in New York, a quick search for table and chair rentals NYC will turn up places you can rent larger party items, such as seating. For these types of events, you will probably be asking for deposits to cover such expenses. Just make sure you ask for enough upfront to pay for larger items you might need.
Stock your inventory slowly
You can rent items every time you have a party. But you will probably save money in the long run if you can buy some of them to keep in stock. It’s a good idea to reinvest in your business rather than taking a draw the first year if you can afford it. This gives you time and money to shop for discounted items you can use, like tables, chairs, serving dishes, and decorations, make sure to look for discounts and going-out-of-business sales for the best deals.
Build a website
To present yourself in the most professional way possible, it’s important for your business to have a website. Your site should be attractive and informative. A potential client should be able to visit it and find out everything you have to offer and how to contact you. A website gives you a place to lead people to on business cards, social media posts, and fliers.
Market yourself
Marketing in the age of social media is much cheaper and easier than it should be. But you can waste a lot of time if you don’t know how to do it correctly. The first step in your social media strategy should be to find out where your particular audience hangs out. Are you specializing in parties for kids? Then your marketing efforts might be best served on Facebook in your local Mommy and Me or school groups. Or are you planning to coordinate corporate events for local businesses? Then you might have the most success marketing your business on LinkedIn where these types of professionals hang out. You don’t have to stick with just one social media platform, but it’s definitely best not to scatter your efforts too broadly.