Channel your organizational expertise and embrace your creative instincts as you explore how to start an event planning business. Whether you’re thinking of building your brand from the ground up or partnering with an established entity, the event planning industry has a niche that’s perfect for you.
As people continue to celebrate milestones, achievements, and special moments, the demand for event planners is strong. For instance, the wedding planning market alone is forecasted to climb to $414.5 billion over the next seven years. The event planning industry fosters creativity and design and offers the satisfaction of bringing someone’s vision to life. The flexibility inherent in event planning — whether you choose to specialize or offer broad-based services — means you can shape your business to fit your strengths and passions. With the right mix of dedication, networking, and trend awareness, an event planning business can potentially be both financially rewarding and personally fulfilling.
Are you wondering how to start an event planning business? Complete Weddings + Events has nearly 50 years of experience helping people make memories. Let’s explore five best practices you need to follow as you begin your entrepreneurial journey.
1. Market Research
Starting an event planning business requires a solid foundation. Begin by researching the market to understand the demand and competition. Demand for event planners is strong, according to the U.S. Department of Labor. The thriving market offers potential for new entrants.
2. Define Your Niche
The event industry offers a plethora of opportunities, from wedding planning to corporate events, photography, DJ services, and more. Here are a few niches to consider:
● Wedding planning: High demand but also high competition. Requires attention to detail and the ability to handle stress.
● Photography: Creative freedom with potential for high earnings, but equipment can be expensive.
● DJ services: Growing demand, especially for themed or destination weddings. Couples who tapped a DJ to emcee their wedding reception spent an average of $957 in 2022. Requires investment in music and equipment.
● Corporate event planning: Organizing business events can be a high-demand industry, but the size and scope of events fluctuate depending on the business climate.
● All-in-one wedding and event planning business: By offering a range of services, from photography to entertainment to coordination, business owners can tap into multiple revenue streams. Clients are likely to opt for bundled services, which can be priced attractively while still boosting overall revenue. Handling multiple facets of a client’s event allows for deeper engagement and understanding of their vision. It can help foster trust and lead to repeat business and referrals.
3. Decide on the Business Model
If you’re hesitant to start a business from the ground up, franchising offers a turnkey business model to get you started in the event planning business. When deciding whether to start an event business or own an event franchise, consider factors like startup costs, brand recognition, and support systems. Partnering with an established brand like Complete Weddings + Events can offer competitive advantages, including a proven business model, training, and marketing support.
4. Network and Build Relationships
Once you’ve chosen your path, focus on building a strong brand presence. Invest in a professional website, engage on social media, and network with vendors and venues. Continuous learning is key. Stay updated on industry trends, attend workshops, and consider certifications to enhance credibility.
5. Create a Portfolio
As you grow your business, create a portfolio of your work to showcase your success stories. Be sure to regularly update your portfolio as you complete new projects, ensuring it remains a true reflection of your capabilities and growth.
The Competitive Edge with Complete Weddings + Events
Partnering with a renowned brand like Complete Weddings + Events can catapult your business to new heights. With our extensive experience and industry insights, you’ll have access to a wealth of resources, training, and a supportive community. Not to mention, brand recognition can be a significant advantage in attracting clients.
In 2022, the average wedding cost in the U.S. increased by 7.3% to $29,195. As weddings become more lavish and personalized, the demand for professional event planners is on the rise. By aligning with a trusted brand, you position yourself to tap into this lucrative market effectively.
“If you’re smart with money and good with people, the profit margins with a Complete Weddings + Events franchise are hard to beat,” says Chase Lee, a franchisee in Baton Rouge, Louisiana.
Learn More
Say “I do” to a bright future. Get started to connect with someone from our team and learn more about owning an event planning franchise.
Contact Us Today!
"*" indicates required fields
