How to start an event management business (investment, profit)
Event management business is one of the many fast-growing businesses. The main objective of the event managers is successfully handling the event. They must prepare for a business without leaving any of the stone unturned. To do such a task successfully, the event manager can approach any organization or businessman. In this manner, the event managers could make money in planning for marriages, functions, and other gatherings. They will try to ensure any event becomes memorable and successful. In this manner, the event management team will reach a firm position in the market and earn recognition by its successful planning of various events.
Ideas on how to start an event management business in India
Go through the below blog about how to develop an event management company and how the event management team can execute its service.
Functions of the event management team
An event management team explains how they are going to execute like a story or that is properly planned by the team. When organizers feel to have any gatherings, they often approach to the event management team to get a successful event. The execution of the event from the beginning to the end must be undertaken by the event management team who will strive their best to provide a successful one.
How to start event management business in India
It has become a common tendency for people to devote more to social gatherings for example marriages, birthday functions, anniversaries, and few others. As they spend a lot of amounts they expect top-class arrangements as well. This is made fruitful by the event management team who are appointed. Different organizations diversely arrange the event. By taking assistance from the event management companies, it will be easy for the people to relish in their own gatherings. Approaching a reputed company will aid you to avail the best service without any risks of major mistakes during the event. The prospect and necessity of hiring such event management teams are growing in the urban region these days. This has developed into a good source of revenue for the event management employees.
Legal requirements for event management business
Below is the list of legal requirements for the event management business in India.
- First, you need to register the firm of your business.
- You need to register for Income tax, GST, Entertainment Tax, and TCS for paying taxes.
- You need to acquire a PAN card for your business.
- You need to acquire a license like “No objection certificate” for your business.
- You also need to acquire Aadhaar card for your business
- You also need to acquire a Rangbhoomi license.
- You need to get Indian Performance Rights Society Ltd license for event management business.
- You also need to acquire a liquor license if you plan for alcoholic beverages at the party.
Requirements for starting an event management business
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The person who initiates the event management business must be skilled enough to take care of several tasks simultaneously. The checklist for starting an event management business is stated in the following part of the blog.
- The head of the event management team should be available in the spot of the event and must communicate with the people they are dealing with. Moreover, the team should sustain a cordial relationship with the people who have given the service to them.
- Managing proper time imparts a significant role in the event management business. The team should be provided the service in time.
- The head of the event management team should aware of the consequences to solve any problem that may develop on the final day of the event.
- When any problem is seen, it is the accountability of the head of the event management team to be available with the best solution. Also, the team should be talented in picking the right solution that will aid to get rid of the problem quickly.
- In this way, the event management team must put forward all their advanced ideas before the customers to show their potentiality in completing the task.
- The head of the event management team must be careful regarding the details of cash inflow and particulars of all transactions and in this way, the head should be accountable for upholding transparency among the employees of the company.
- Leadership skills are essential for managing the team, and the person must know how to inspire each colleague of the team.
- The team also should be aware of the equipment needed for the event planning business.
Steps to start the event management business in India
Many steps are necessary for starting the event management business. The steps are thoroughly explained in the following part of the blog.
- Select the service – In the beginning stages of the business, the entrepreneur may not receive more services related to the event management team. But the individual should be careful while selecting the right service which matches his skills. It is recommended not to accept events about corporate events in the starting stages. It is better, to begin with, social gatherings for instance weddings, anniversaries, birthday parties, and others. This will aid the team to have better experience before undertaking big projects.
- Know about market competition – It is essential to study the market before starting any service to be aware of its requirements. In this relation, estimating the number of service providers and the presence of client’s must be properly checked that will aid to arrange your service prices and calculate the projected profit.
- Know how to manage finances effectively – This is a crucial segment that will aid in the smooth functioning of the business. In the starting stages, you must not appoint so many staff. Once the business develops and is on the verge to expand, you can appoint workers. One person is sufficient during the initial stage to deal with the subscribers and manage the event.
- Make a proper business plan – Making an appropriate event management business plan is essential. This will also aid in earning properly. While making the business plans, the entrepreneur must consider business objectives and the requirements of the business. If you know regarding the target market, and the capital will aid the entrepreneur to operate the business smoothly.
- Rent office place – Managing the investment is certainly important, and along with that you must select the right office region. You avail of the area on rent. Make sure that the place is situated in the center of the city for people who will get to know about your business easily.
- Choose a company name and logo – The entrepreneur must properly research to obtain an ideal name for the event management team. Try to place an ideal name so that it can stand out from the other competitors present already in the market and it is easily recognizable by the clients. After giving it with a proper name, you also have to choose a suitable logo for the business. It will contribute to the branding of the company.
- The company should be registered – After the logo and the company name is done, you must register the company. Registered companies will have prominent identification in the market.
- Appoint skilled staff – As the business starts to develop, the entrepreneur should get new staff. It is recommended that the staffs are skilled ones who can easily take the works with responsibility. Also, the entrepreneur must have the idea of how much full time and part-time employees are needed by the business.
- Make marketing strategies – Having proper marketing strategies will aid to increase the business. By this, they could bring in more clients in the business. You can check out various marketing strategies that will aid to strengthen the business well.
Getting clients for the event planning business
You need to promote your business by following different marketing strategies. You can promote your business by registering on B2B websites and B2C websites. You can promote by adding photos in the social media platform sharing them in public so that they will understand how the arrangements are made for the event. You need to plan for simple and elegant designs that attract all the people. You also need to attract children by conducting some games and distributing prizes. You need to acquire good presentation skills in this business. Provide some discounts, so that to increase the number of clients. Put a word to nearby areas and in neighbors so that to increase your circle.
Is event management business a profitable one?
The event management business is a very profitable one. You can expect good profits in the event management business. You need to arrange all the things based upon the tastes and requirements of the client. You can earn Rs. 20,000 to Rs. 30,000 of profits per event and if you increase your business circle and clients you can get more and more profits. So, yearly you can easily earn Rs. 5 lakhs to 6 lakhs per annum.
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