If you are interested in event management and want to create a company to help the people who don’t know that from where they can get the best caterer, florist, lightening setup etc. then this is the article for you. from where you can estimate everything from the nature of event planning business to the initial cost required for starting a business in the event planning industry.
Nature of Event Planning Business
Event planner or an event planning firm comes into action in managing a marriage ceremony, business seminar, meeting, birthday party etc. where client invests to save their time and getting all things done on time with the best possible setup in the budget provided.
Online Operation – No
This business can be operated from home but the online operation is not applicable in this case. you have to operate in the real world and you also have to manage people to get things done as soon as possible.
Franchise Available? – No
Event planning generally goes individually. and that’s why the franchise option is not available in this business model, giving out the franchise in this business will of no use because every franchise owner will create a different setup at the event organized and that will ruin the name of the main business.
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Startup Cost
The startup cost for the event planner firm should not go more than INR 1,00,000. because you don’t have to maintain an office and there is no requirement to hire permanent employees who will belong to the same city from where you are planning to start your business and hence you will outsource cheap.
In the beginning many individual event planner does startup in this industry by lending the items by pre-established business owners in the industry. only thing is required to do so they have to build relationship with them and for that they also do work with them for some time before starting their own business. grabbing their market share that depends on the promise and the actual setup at the event organized.