Events Planning
One of the unique opportunities that you have in becoming an owner of an Events Planning business is that if you follow some simple steps, you can remain financially in the black. Most other business take several years to become self-supporting, and require either outside financing, or sinking a considerable amount of your own capital into them for the first several years.
We have provided a few helpful tips that can work to your advantage and help you to fully establish this unique business. Follow these steps and you may find that you will be successful. It may not be too quick - but keep it up and you will see results.
1. When you initially meet with the client make sure that you fully understand what services they are requiring.
2. Make sure that you price all the food, equipment rentals, staff etc. that you will need to successfully pull off the event.
3. Add 5% for unaccounted for incidentals, and 10% for your professional fee.
For example: $10,000 Actual Cost - $500 Incidentals - $1,000 Your Fee
If you are careful in your bid you could see the full 15%.
4. Require a deposit of 10% at signing with the understanding that it is non-refundable in case of cancellation for any reason on their part.
5. Inform them at signing that One month prior to the event, the remaining amount equaling 1/2 the total amount will be required. Most of the materials will be covered by that deposit.
6. Let them know that the other 1/2 will be required the day before the event. And a word to the wise, make sure that their payment is valid.
There is much more to being an event planner, but there are just a few basic principles to help. The great thing is that you are just limited by your imagination and the budget of your client.