Event management is a highly creative, personalised business idea that turns your clients’ dream function into reality. The industry includes various sizes and types of event planners, including event coordinators and independent entrepreneurs who know how to run an event planning business from home. Understanding the best route to enter this industry determines whether this career option is right for you.
In the following sections, we will define an event management business and describe how to start a small event planning business.
What is the Event Management Business?
An event management business is a company that supports people in planning and executing events. It can be a personal event like a birthday party or wedding or a professional event like an annual conference or graduation ceremony. Some specific responsibilities of an event manager include venue, budget, legal compliance, guest registrations, seating arrangements, food menu, catering, decorations, photography, advertising, ticket selling, invitations, etc.
Read Also: 10 Best Profitable Business Ideas In Delhi
Steps to Start an Event Management Business
If you want to know how to start an event management business, here is a stepwise guide to follow:
Step 1: Research and Planning
Research is a crucial step in setting up an event management business. It involves evaluating the demand for various types of events, including social, corporate, cultural, and leisure. Surveys will give insights into customer preferences according to seasonality and location.
Step 2: Legal Formalities
Once you know how to start an event planning business, remember that business registration establishes legitimacy and credibility. Choose a unique business name and logo that resonates with your target clients and differentiates your business from competitors. Moreover, select a legal structure among a sole proprietorship, private limited company, or partnership that impacts your legal and tax obligations. Obtain a GST and PAN to comply with government rules and ensure smooth operations.
Step 3: Financial Management
Expansion after setting up an event management business requires financing. Research various funding options and determine the best approach for your business needs. Business Loans, equipment financing, lines of credit, etc., are the most popular. Evaluate their interest rates, repayment terms, fees, and other terms and conditions to make an informed decision.
Step 4: Services and Pricing
Offering the best quality services at competitive pricing is the best quality that attracts clients and spreads the word. See what your competitors offer and at what price, and try to provide better than them to get a firm footing in the industry. Offers packages for clients with different budgets to diversify your offerings.
Read Also: Home-based Business Ideas for Women Entrepreneurs
Step 5: Client Acquisition and Retention
After establishing your business, it’s time to consider how to attract customers and retain them. Appropriate marketing ensures people know about you and hire you for upcoming events. Use different marketing tools to spread the word, including websites, online ads, business cards, social media, etc. Once a client hires you, deliver the best quality service to make them your loyal customers and gain more clients through word-of-mouth marketing.
Step 6: Continuous Improvement
Keep your business from becoming obsolete by not offering the same plans and services for every event. Use innovative ideas and keep upgrading your equipment to bring something new to every function. Keeping up with the trends, acquiring the latest equipment, and using creative ideas will continuously improve your business.
Estimation Costing to Start an Event Management Business
Want to know how to start an event planning business on a budget? Usually, an allocation of Rs 3-5 Lakh is sufficient. Here is a list of the estimated costs involved:
| Requirement | Estimated Cost |
| Travel & Accommodation | Rs 20,000 – Rs 30,000* |
| Food | Rs 30,000 – Rs 60,000* |
| Staff Compensation | Rs 10,000 – Rs 25,000* |
| Facility Expenses, like venue, security, heating, and lighting | Rs 1,00,000 – Rs 1,30,000* |
| Logistics, like permits, contracts, and insurance | Rs 20,000 – Rs 30,000* |
| Marketing & PR | Rs 30,000 – Rs 40,000* |
How a Business Loan Can Help you Expand an Event Management Business?
A Business Loan from Hero FinCorp can help you expand an event management business in India in the following ways:
- Ample loan amount of up to Rs 40 Lakh
- Easy online application process
- Quick access to the required funding
- Easy repayment terms, up to 60 months
- Flexible EMIs suitable to your budget
- No collateral requirement
- No usage restrictions
Read Also: 5 Reasons Your Business Needs a Loan
Steps to Apply for a Business Loan for Event Management Business
Follow these steps to apply for a Business Loan from Hero FinCorp online:
Step 1: Visit the Business Loan page on the Hero FinCorp website.
Step 2: Calculate EMIs by entering the loan amount, interest rate and repayment tenure using the EMI Calculator.
Step 3: Click Apply Now, complete the application form and submit the necessary documents.
Step 4: A representative will get in touch for more information if needed.
Step 5: Get a loan offer after approval - review and accept it to get disbursal directly into your bank account.
Conclusion
Setting up an event planning business is a challenging yet rewarding experience. By following this guide, you can establish a solid foundation for your company and set it up for success. When you need financial support to expand your business operations, apply for an unsecured Business Loan from Hero FinCorp. Our Business Loan interest rate is reasonable, repayment terms are flexible, and there are no end-use restrictions to use the loan amount. With dedication and hard work, you can turn your passion for planning events into a thriving business.
Frequently Asked Questions
1. Is event management a profitable business?
Event management is a service-based business that delivers services rather than products. So, most of the fee you receive from the client is your profit. However, take expenses and commissions into account when calculating your profit.
2. Is event management in demand?
These days, event managers are necessary for all types of events, including parties, corporate events, exhibitions, concerts, weddings, etc. So, the business is heavily in demand.
3. Do event managers get paid well?
The payment you receive depends on your fee structure, packages offered, services demanded, quality of services, event size, reputation, etc. Event managers may charge a few thousand to several lakhs per event.
4. Can I take out a loan and start a business?
You may not be eligible for a Business Loan as a beginner. However, you can always take a Business Loan to expand or build working capital once you have a profit-making business in operation for more than 5 years.
5. What are the four types of event management?
The four types of event management include social, corporate, cultural, and leisure events.
Disclaimer: The content provided in this document is for informational purposes only. It offers insights into the process of starting an event management business, potential benefits, and various aspects related to this field. The information is based on general knowledge and industry research. The costs provided are only an approximation, and the actual expenses may vary depending on the scale of your business.
