Do you want to start a party planning business but want to go niche and be unique? If YES, here are 10 best party planning related business ideas / opportunities for 2020.
A party planning business can be a fulfilling and profitable opportunity for someone who is social, organized, detail-oriented, and has a flair for entertaining and coordinating events. Unlike other startups, a party planning business does not require much capital or dedicated space.
The party planning industry has grown enormously in the past decade. According to recent research conducted by the CSEP (Certified Special Events Professional), spending for special events worldwide has been put at $500 billion annually. That is to say that the marketplace is large enough to support and sustain your endeavor. If you are working in one party planning area, there are many directions you can expand to.
The profits that can be made from the party planning industry has continued to rise. Just a few years ago, research showed that the average profit margin for a party planning entrepreneur was around 25 percent. However, in recent times, the profit margin has increased to about 40 percent.
This can be attributed to certain factors such as the improved state of the economy and the trend of corporate America to outsource their meeting or party planning functions. Here are a few profitable party planning business ideas in the United States of America.
10 Best Party Planning Business ideas & Opportunities for 2020
1. Party Planning
A memorable party doesn’t just happen. Organizing and holding a party takes planning. Whether it’s a wedding ceremony, birthday party or an anniversary, and whether you have three weeks to plan or an entire year, your event’s success is in the details.
Like it was already stated before, the party planning industry has been growing steadily for the past five years, and it is expected to grow even further. With new business opportunities, you can also expect an increase in competition.
So, it is always important to stay on top of your game and adapt to the changing environment to make the most of new opportunities and still stay relevant in the marketplace. When you decide to be a party planner, you might have just wanted to focus on weddings, birthdays and anniversaries. Although this might have been successful over the years, the party planning business doesn’t have to stop there.
You can add other elements to your business while being a leader in the wedding planning niche to remain competitive. In addition, the people you meet at other events can also be a great resource to keep generating new business for your particular niche in event management.
2. Party Planning coaching
There are tips, tricks and technicalities that are behind a successful party planning business. Without the proper knowledge and information, a lot of entrepreneurs who want to go into party planning may not know where to start, and if they start without the requisite knowledge, the business could end up failing. If you are skilled at party planning, with concrete understanding of the skills and technicalities involved in it, you can offer to coach amateurs for a fee.
3. Party Planning blogging
A blog is an individual website that is updated on a regular basis. You can start a blog that is based on party planning where you can share your personal experiences, the intricacies of the business, tips and tricks of the trade, technicalities involved therein, challenges and ways to overcome them, how to source clients et al.
There are many different ways you can monetize the blog so don’t just stick to one. You can make money through blogging by putting up adverts on your blog, selling your own courses and books about party planning, affiliate marketing and of course Google AdSense. You can even use to blog as an avenue to promote your services as a party planner.
4. Party Planning podcast
A podcast is like a personal radio show where you talk about specific topics. With your podcast, you can talk extensively on party planning and how to become a successful party planner. Before you think about monetizing your podcast, you have to make sure that it is filled with rich and engaging content. You can monetize your podcast through sponsorship, affiliate marketing or even sale of your own product.
Do you love watching reality shows on television? Have these captivated your mind since you first saw them? If so, you can create a reality show of your own that is based around your life and activities as a party planner. However, you should note that getting a producer to green light your reality show will not be easy so you have to be unique and bring something new and fresh new to the table.
If you are knowledgeable and experienced in the field of party planning, then you should consider creating an online tutorial course where you can teach aspiring party planners the skills they need to survive in the party planning industry.
7. Party planning Ebook
EBooks have become incredibly popular in recent years. Again if you are well versed in the party planning industry, you can put down your thoughts in a book about your life and activities as a party planner and inspire others. You can write your own and go through a publisher or self-publish on platforms like Amazon.
This popularity in e-readers has opened up a whole new range of opportunities to writers who thought their dreams of getting a book published would never come to fruition. The emergence of electronic self-publishing has enabled anyone to publish an eBook to a potential audience of millions all over the world. There are now an estimated 700,000 authors e-publishing worldwide.
If you are a party planner, you must be good at juggling multiple tasks under time pressure. This is because to create a smooth and successful event, you have to make sure everything is in place, which is not a simple process when doing it manually yourself. Every day thousands of applications are developed. If you are skilled in programming, you can make a lot of money from developing applications that have the capacity to make party planning easier.
If you fail to plan then you have already planned to fail. Without a business plan, you may find yourself struggling in the beginning. The fact still remains that a written business plan will allow you to work out all aspects of getting your new party planning business off the ground including your to promote your services.
However, some people are not skilled at writing a business plan. This is where a party planning business plan service comes in. You can help these individuals write a business plan for their party planning business and get paid doing so.
10. Write a book on party planning
If you have gathered experience in party planning, why not write about it to enlighten others and make some money along the way? There are a lot of people who would like to break into the party planning industry but they do not know where to start. You book can be an inspiration to them.
You have several choices when selling your books. You can go the traditional route, seeking an agent or pitching publishers directly through a proposal (non-fiction) or synopsis (fiction) and a query. Or you can self-publish your book through many of the free and affordable e- and print book services.
A final option is to work with a hybrid publishing company, which offers a little of both. While you pay for hybrid services as a self-publisher, hybrid companies vet authors as traditional publishers do, and give access to their editors, cover designers and marketing experts.
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