Are you interested in starting a party planning business? Do you need a sample party planning business plan template or feasibility study report? If YES, then I advice you read on.
If you are someone who is social, organized and has a flair for coordinating events, then you can turn your capabilities and passion into cool cash by starting a party planning business. Since parties are held every day in all parts of the world, your services will be in huge demand; regardless of your location and provided you offer high quality services.
Now for those who don’t know, party planning is just a branch of event planning. The procedures and protocols is exactly the same with wedding planning. The only difference is that wedding planning has more fashion inclination than party planning.
As of present, the profit margin for a party planning entrepreneur falls anywhere between 30-50 percent. The huge profit potential and worth of the party planning industry can be attributed to the fact that people lack the expertise and time to plan their parties themselves, and so they hire independent party planning services to help them paint their events in the best colors possible.
This article discusses all a beginner needs to know about the party planning business as well as the basics of starting a party planning business.
What does party planning entail?
As a party planner, you will be required to handle all or some of the following:
- Conduct research
- Create an event design
- Find a suitable party venue
- Arrange for food, refreshments, decoration, and entertainment.
- Send invitations to attendees
- Plan transportation to and from the party
- Coordinate the activities of event personnel
- Supervise the party while it lasts
- Evaluate the party at the end
Which of these activities your business will engage in for any given party will depend on your chosen specialization, the size of the party, and the requirements of the client. For a start, it is highly recommended that you stick to only few tasks that you can handle perfectly; while outsourcing the rest to reliable experts.
What are the requirements for becoming a party planner?
One awesome aspect of the party planning business is that no formal qualifications or certifications are required for anyone to start. In addition, starting the business requires little startup capital, especially if you are starting with only few tasks such as arranging for food, decorating the event venue, or creating an event design and arranging for entertainment.
Who are your target customers?
As a party planner, you will be catering to corporate and social customers. Corporate customers include companies, non-profit organizations, and charities. Companies organize annual anniversaries, end-of-the-year parties, award ceremonies, and so on, while charities and non-profit organizations organize receptions, fundraising ceremonies, among other events.
Social events include weddings, birthdays, child naming ceremonies, anniversary parties, children’s parties, reunions, traditional ceremonies, and so on. You can choose to handle all of these or only specialize in a selected few. Whether you choose to be a generalist or a specialist, you will always have a large market to cater to, and there’s no limit to the profit you can make from the business.
Starting a Party Planning Company – Sample Business Plan Template
Now, let’s look at the steps involved in starting a party planning business.
Would you specialize only in corporate or social parties? Or would you stick with only birthdays and wedding parties? Would you arrange for only food and other entertainment? Or would you handle all the tasks involved in organizing a party? Answer these questions to know how you can structure your business.
2. Enroll in a certification program for party planners if you think that will be of advantage, especially if you will be facing the challenge of stiff competition.
3. Gather more information on the core aspects of the business. And find out what it costs to set up the business and what party planners are charging for their various services. Also you should strive to find relevant contacts, such as those of food product suppliers, sellers of decoration materials, and so on.
4. Choose a suitable name for your business and write a comprehensive business plan that will guide you through the processes of setting up your business and growing it. You will find more than enough tutorials and guides online on how to write a business plan that rocks.
5. Set up your office space. For a start, you can make do with a vacant room in your house. Really, you don’t need much office space.
6. Meet experienced party planners to learn more about the business from them. You might want to learn on-site experience by assisting and working with them on few parties. Also, you can find free online resources that discuss various details about the business.
7. Learn more about your competitors, and find ways by which you can beat them. Remember, it’s always difficult for new businesses to grow amidst competition; so, you will need to develop strong unique selling points.
8. Register your business, especially if this is compulsory in your state or country.
9. Market your business to potential clients using a wide range of marketing methods, such as printing business cards and flyers, cold calling, online marketing, and so on.