Business Plan
Every planner needs a good business plan. Now that you’ve established what your niche will be, it’s time to start laying the foundation work for your business, which includes your EVENT MANAGEMENT business plan. When creating your plan, it’s essential that you do your market research. Every business plan should include:
- Cover page
- Executive summary
- Company overview
- Industry analysis
- Customer analysis
- Competitive analysis
- Marketing plan
- Operations plan
- Management team
- Financial plan
- Appendix
Finance
You must create a budget before you start pitching it to your investors. How much money will you need to start your event planning business? That will depend on the cost of living in the area your business serves, whether you work from home or rent office space, what services you will provide as well as if you plan on hiring employees right away or after a while. The budget will allow you to understand how much money you will need for your business. It is also a crucial part of your business plan.
With your business plan, you can approach investors and banks to fund your business. This way they will feel more comfortable to give you money. Though a bank loan might feel like a lot of challenges, as long as you have the necessary bank loan documents, it won’t feel as daunting. The funds don’t necessarily have to come from a bank loan either. Since your business will be more specific to your area, you can reach out to friends and family that are willing to invest in your business.