How to Start Event Management Business
What is Event Management? An Introduction
Event management, we all have heard this term more or less many times. Be it weddings, engagements, corporate events, shows, stage performing activities, award functions, press conferences, exhibitions, sports events, concerts, anything, any social gathering, event management companies are hired to organize and execute them perfectly, so that everything goes smoothly and you don’t have to take any tension. By the way, you must have attended such a social gathering where professionals are engaged everywhere, from welcoming the guests to the very end, so that the company, family or any individual who has received the invitation can relax and focus on other things.
The future of the event management industry
So today in this article of Quick Support, you will be shown a case study of how event management business is done. So first of all, the future of event management industry means that everyone wants that when they organize an event, it should be perfect so that people remember it forever. That is why in the last decade, the event management business has spread like wildfire in India. Talking about 2015 to 2016, its market size was Rs 5631 crore and with a growth rate of 16% every year, by 2020 to 2021 it reached almost ₹ 10000 crore. So from this you can guess how much profit there is in the event management business, it just needs to be done with full dedication and passion.
Types of Event Management
Talking about the types of event management, it is very important to understand the types of event management before starting the business. The better your understanding, the better you will be able to execute it. There are many categories like weddings, fashion shows, parties, meetings, conferences, exhibitions, music concerts, birthday parties and more from which you will have to choose which services you will provide. Accordingly, you will have to make your team which fulfills every need of the client so that everything is according to their expectations because the happier your client is with your service, the more your business will grow.
Preparation for starting an event management business
Talking about your preparation, if you have decided that you will do event management business, then you will have to do research on it. What kind of things happen, what kind of needs arise, how big a team is needed, what things you may have to arrange. If possible, read articles on the internet, watch documentaries, if any movie has been made like Band Baaja Baaraat, then watch them. If you can study, then you can also do a course on it. If not, then join any event management company and work with them for a year so that you understand its ABCs.
Event Management Course and Required Qualification
If we talk about the courses of event management, then the sector of event management has become so big that people’s interest in it has also increased a lot and many courses are also being taught. If you have 45% marks in 10+2, have good command over English and Hindi, then you can start your career in event management by studying it, but there are some qualities that you should have, like you should have the eye of an observer, eye for detail, general awareness, logical thinking, self-motivated, fluent in language, good communicator, confident, organized, alert personality and creative minded person. Event management course can be done in almost all the big cities and states across the country. Along with Delhi NCR, Hyderabad, Pune, Bangalore, Kolkata, Chennai, you can also do Diploma, Bachelor, Masters, BBA and MBA in Event Management in states like Karnataka, Uttar Pradesh, Andhra Pradesh, Maharashtra, Rajasthan.
If we talk about the curriculum, then in event management, things like overall event marketing and advertising, event production and catering, event planning and accounting, communication and public relations, event risk management are taught. After this, you can also do specialization or master on any one subject. If we talk about job or career, then after studies, you can work on many posts like event planner, event manager, wedding planner, logistics manager, PR and communication manager. How much salary you will get in the job will depend on your talent, knowledge and skills.
Team Building & Event Management
Talking about team building, together everyone achieves more. You must have read the full form of team on the internet. Teamwork is very important in event management as well because you will not be able to do anything alone. If you are starting this business on a small scale, then you yourself are its owner cum manager and the whole team reports to you, so the question is who will be in the team? Two-three anchors, helpers, caterers, drivers, florists, printers, decoration people, light people, tent people, in this way, whatever need comes to you according to the event, you will have to keep adding people with you. Event management is a job in which you have to deliver the output at all costs. If the client needs anything at the last moment, you have to get it. Therefore, there is a lot of pressure in this job. It is possible that you may not get time to eat or sleep or get less time for family. Therefore, until your project is completed, you spend every moment running around. So, the direct members of your team or the people partially connected to you should know how challenging and dynamic the work of event management is. They have to perform accordingly. It is important for everyone to have a sense of urgency and a quick service thought. The anchor should have a good command over his language, generally English, Hindi and regional languages, so that energy and enjoyment can be seen in the event. It is also important for you to have a backup so that if a team member falls ill or is unable to come suddenly, your work does not stop.
Promotion of event management business and outreach to clients
If we talk about the beginning, after forming an event management company and hiring a team, you will first have to tell about your business to your friends circle, social media and local media through advertising, only then you can reach your clients. Apart from this, you can also reach your clients through caterers, tent house owners and other people involved in such work. Talking about website and social media promotion, if you feel that you need weddings, then you can also get it developed as a portfolio where your work can be seen. Along with this, there should also be YouTube and company social media pages. Along with making them, it is also important to manage them. With regular updates, you can attract more people. It is important to regularly post articles, pictures and updates of the events you organize. There should be complete details of your services on the website so that people get a clear idea about what you do and you can also offer your services by creating different packages there.
Efficient negotiation and financial management
Along with this, it is important for you to have good negotiation skills in the event management business because the better you negotiate, the better the profit you will get. This skill will help you in getting a business deal from the client. The more you can convince the client with your point of view, the more advantage you will get and for this, you must know the market rates of every thing whose service you will deliver. If you sound less knowledgeable and underconfident, then you will not be able to influence the client. In any client meeting, tell the client that this much budget will be there according to the service and at the end moment, if any new thing is included, then its budget will also be added. Always submit the original bills and if you feel that the client has asked to do or bring something which is out of the budget, then inform the client before delivering it and get approval. Also, understanding your client in any client meeting can make things easier for you. When you meet the client, listen to his needs carefully and try to understand what he wants. After that, take some time and make him understand his budget. Give quotation according to what will be the location, how many people will come, how will they be treated, what all will have to be arranged for them, transport, hotel, local travel, food, entertainment, you should have solution for everything. Sometimes the client may make a demand which you do not feel is right as per your business policy, so do not do it, do not make any false commitment to the client so that your image remains intact, always try to give your best, this will be good for your growth and you will also get business recommendations.
Company Registration and Legal Aspects
Now talking about company registration, we keep telling you about company registration that you can register a private limited company on a large scale and 1% company or partnership firm on individual level, apart from this you can get the paper work of trade license, agreement for GST office, vehicle for transport done. Before starting any work, it is necessary to do paper work before taking the project in your hands. By doing this you will have return proof that someone has given you his commitment. For this, get a mail ID in the name of the registered business and use it. Keep a separate phone number for business. If there is any matter, take return approval from the client and do your work with original documents and bills so that trust increases among the people and transparency comes.
Professional Standards and Responsibility
Apart from this, to maintain your business standard, use visiting cards, dress code, printed t-shirts, caps on ground work. Always mention in the paper work what responsibilities you have taken and always do the work by taking advance payment. Do not spend money from your pocket to deliver service to the client. On receiving the advance, the responsibility of the client also increases.
Customized Services
Now talking about customized services, while working in corporate offices or with clients, many times such occasions arise when you have to arrange customized gifts or goodies on behalf of the company, in such a case it can be anything like pen, bag, water bottle, dress, decorative or anything else, so you have to become a complete solution provider while providing hotel, cap services, caterer or any other service, the more you take care of the vendors associated with you, the more your business will benefit and if you are getting quality service at a lesser price, then your profit margin will increase.
Things to keep in mind in event management business
Some important things to keep in mind are:
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Event management is a profession which has a lot of challenges. Initially, you will face challenges in establishing your business, managing the team and delivering the service but this is how everyone learns and a day will come when you will share a better idea with your clients which your experience will teach you. It is very important to always keep doing something new and creative in this area so that different clients get different flavours. If something new is introduced then that too will have to be accepted.
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In this field, you have to be an expert in time management because perfect timing is event management. The very meaning of an event is that it has to happen on time. Your team members will also have to keep improving themselves from time to time or you will have to associate with such people who leave no stone unturned in their work.
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Before taking any client’s project, find out about the client, how is his financial condition, whether he will be able to pay you or not, only then take up the project and take a commitment from the client that he will release your payment on time because many times people get the work done and keep postponing it when the time for payment comes.
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It may also happen that your preparations were complete and at the last moment the event got cancelled due to some reason, then you will have to be prepared for such an unexpected situation.
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Also, always keep in mind the rules and regulations in event management and ask the client to obtain permission from the local authority police so that any kind of legal action can be avoided.
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Always monitor the work yourself and check your service to see if your team has done the work well or not so that if there is any scope for improvement, it can be done in time. This will save the client from getting angry and you will give your best and always move ahead.
So friends, we hope that your vision about event management business has become clear from this article. How did you like this information, this research, this article, how did you like the hard work of our team, you can share your love with us in the comment section, even after this, if you have any questions, please write to us.
