How to Save Money When Starting an Event Planning Business

how to start up your own event planning business

Things are finally returning to normal. Summer is coming up and that means there are more events being planned. The holidays and special occasions are popping up over the summer. Sure, there is still some social distancing involved, but people will still get outside to celebrate. Some might even look for a planner to help them out. This is where you come in. This is your event rental company‘s time to shine. As a newbie company, you have been looking for work since last year, which brought everything to a close. But first, you have to get it off the ground. In order to do that, you are going to need some cash. But what if you don’t have that much money to start with? Do you even know how to start up your own event planning business? This doesn’t have to be a problem. Here are some ways to help you save money when you are starting your event planning business.

Pay Attention to the Details

Even the smallest detail can change everything. If you are not careful, the smallest thing can cause everything to become derailed. Making sure that everything is perfect is how to start up your own event planning business. You have to look at everything from planning to even the trash services. One way to do that is to listen to your clients closely. Listen and write down everything that they say. The saying ‘read the fine print’ applies to everything in life. Take this to heart with your business. Look over everything with the business contract before going forward. Sometimes, you might need a second pair of eyes to read over the details. When everything is read through, you can move forward with your business. Looking at the details is really important when you are starting any business.

Don’t know where to start? Sit and ask yourself questions when you are starting your business. What is the goal that you are going for? What kind of events do you wish to plan out? What exactly do you need to make this happen? Is it a priority? What can you go without for the time being? Can you get it with no problems? How long will it take you to get the supplies and services that you need? Will it be within your budget? What are you setting your budget for? Some of these questions will not be so easy to answer the first time. You might even change your mind a few times. You will have to sit down and plan out everything. Make a couple of lists and really look over them. Once you have answered your questions, you can work something out from there. One more thing to keep in mind is to watch the budget. You don’t want to end up going over without knowing it. It will be a nightmare to make up the money if you are not careful. You have to look at how much money you have and work from there. Keep track of everything that you spend to keep from going over budget. It may be a bit of a headache, but it will be well worth it in the long run. Setting a budget is a good tip for the right way of how to start up your own event planning business.

Always Get Insurance

Insurance is a huge topic that is both needed and hated. Either way, you need it. There are so many things that could go wrong while planning an event. The last thing you want is to end up spending more money than what you need to all because of something ending up getting damaged. It is best to put down some money for insurance.

What kind of insurance is out there? There is so much to choose from when you are starting a business. First off, there is event insurance. This is exactly how it sounds. This would be good if something happened. There are plenty of places to look around for event insurance. The internet has made getting insurance that much easier to get these days.

Once you secure event insurance if you can, there is still more to look at. It’s never a bad idea to have more than one type of insurance. After all, there are so many things that can go wrong during an event. Every business is going to have to get contractors insurance. Think of it as a safety net to help you get off the ground. You are going to need all of the help you can get if you want your event planning business to succeed. Looking for contractors insurance online is just as easy as looking for everything else. It won’t even take that long to apply.

Let’s see, what else are you going to need? Why not look for a lawyer as well? Believe it or not, you might have to invest in a personal injury attorney. Now, this might sound extreme, but you never know what could happen. There are so many injuries that can happen everywhere. Planning an event is no different. You don’t want to end up paying more than you need to for one mistake. Insurance is a sound setting stone for how to start up your own event planning business. Another thing to keep in mind is to read through everything before you sign anything. The last thing you want to do is to agree on a deal that is less than savory. Having a clean record and reputation are also good keys to how to start up your own event planning business.

Research How to Run a Business and Everything That You Need

As the saying goes, knowledge is power. It helps to make better decisions. When you are running an event planning business, you are going to have to know some rather important things. This goes double if this is your first time running a business. You might need a little bit of guidance. Knowing the basics can help with learning how to start up your own event planning business. Some people turn to a business coach for help. They can help you figure out what to do and how to do it. What if you can’t afford one? You don’t have to worry about that either. The best thing you can do in that situation is to go and do simple research. It doesn’t take long to get onto Google and look up how to run a business. YouTube has plenty of videos to show you what you need to do. You can look up what services you are going to need to work with you. The internet can show you what trends are in and what is most popular. It doesn’t take much to do the research, but it can help take your business a long way.

However, there is another thing that you have to keep in mind when doing the research. There is good and bad information out there. It is up to you to know which is which. The last thing you want is to come across unreliable information that could cause your business to fail. Take the time to look through all of the research out there and sort out what will work for you. Once you have the research that you need, you will be ready to work from there.

Take Advantage of Deals and Free Things

Bargains and freebies can help your business when you are working on a budget. You are going to run into other businesses that will be willing to help you out if you help them in return. Do you need party buses for your clients? You can look and ask around for an excellent deal. Some of them will even come with new tires for said buses. If money is tight, looking around for a deal is your strongest weapon. You can even look for a deal on getting an ice cube distributor for your clients.

But how will you know that you are not getting scammed? As mentioned in the previous topic, you have to do your research. What are previous clients saying about the service you are looking for? Are they positive or negative? Another way to protect yourself is to get everything in writing. Verbal agreements will not always hold up. It will be your word versus theirs. They could turn it around without warning. This is why you have to get all the agreements down in writing. (This little tip can help with insurance as well.) Keeping an eye out for deals and free things will send you on your way to how to start up your own event planning business.

Marketing is Key

You have your event planning business set up and ready to work. You have the insurance, did the research, planned through all of the details to help you run the business smoothly, and you are working with the deals and freebies out there. What comes next? You have to get your business out there.

Getting your name out there is a good way to how to start up your own event planning business. Time to start running an advertising campaign. You don’t have to spend big bucks on advertising when you are first starting out. There are ways to get your name out there and save money at the same time. Social media is a good way to advertise your event planning business. All you would have to do is set up a page for your business on your platform of choice. You can either do it yourself or have someone who is tech-savvy that you are comfortable with doing it for you.

Now that you have your page set up, what should you post on it? A good start would be to make posts that are relevant to your business. Why not show off some pictures of your work on your page? The trick is to make your business look good. Think of your event planning business as the product. You have to show potential clients that you are worth their time and money to use you to help plan their events.

With this in mind, your social media page has to leave a positive first impression. Speaking of social media, connections are also a good way to market yourself. Try to associate yourself with reputable businesses on social media and build your network through them. You will be helping each other out in the long run.

Another way to get your name out there is to hand out business cards. They don’t have to cost too much, but you have to make sure that your cards leave a good impression. There are plenty of programs out there that will help with making cards. You can do this yourself or get a professional to do it. First, plan out what you want your cards to look like. Once you have that down, you can work from there.

Next up, you have to get your cards out there. Go out to public events that are related to business. (Don’t worry, things are opening up again.) Don’t go all the way in showing off your car. Introduce yourself and hand out your card. Engage in small chat if you have to. The trick is the approach. Don’t come off as too pushy or too laid back. You have to find the right balance.

More people are coming out to enjoy socializing normally again. They are going to want to get together after spending so long far apart. You have to be the event planning business that they turn to. But you have to take that first step. Follow all of the tips above and you will be on your way to a successful business. And that is how to start up your own event planning business.

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