event venue rental business plan

Event Venue Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Event Venue Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Event Venue Plan Here

Event Venue Business Plan

You’ve come to the right place to create your business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event venues.

Event Venue Business Plan Sample & Template

Below are links to each section of a sample plan that can be used as a template for your own plan:

Next Section: Executive Summary >

Event Space Business Plan FAQs

What is an event venue business plan.

A business plan is used to start and/or grow your venue. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.

You can  easily complete your event venue business plan using our Event Venue Business Plan Template here .

What Are the Main Types of Event Venues?

There are many types of event venues. Some own one venue and rent it out for wedding receptions, corporate events, and other parties. Others have relationships with and rent out hotels, sports arenas, restaurants, and other venues which are desirable to their clientele.

What Are the Main Sources of Revenues and Expenses for an Event Space?

The primary source of revenue for event venues is booking fees paid by clients. Sometimes event spaces also generate revenue from catering events and providing entertainment at them.

The key expenses for event venues are the cost of leasing the venue(s) and staffing costs, particularly if they provide services during the events.

Read more about how to get funding: Seeking Funding from Angel Investors vs Venture Capitalists .

How Do You Get Funding for Your Event Venue Business Plan?

Event venues are most likely to receive funding from banks. Typically you will find a local bank and present your plan to them. Angel investors and credit card financing are other common funding sources.

What are the Steps To Start an Event Venue Business?

Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event venue business is in compliance with local laws.

3. Register Your Event Venue Business - Once you have chosen a legal structure, the next step is to register your event venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your event venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Event Venue Equipment & Supplies - In order to start your event venue business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful event venue business:

• How to Start an Event Venue Business

Where Can I Get an Event Venue Business Plan PDF?

You can download our free  event venue business plan template PDF here . This is a sample event venue business plan template you can use in PDF format.

Other Business Plan Templates

Catering Business Plan Template

Bakery Business Plan Template

Coffee Shop Business Plan Template

Food Truck Business Plan Template

We earn commissions if you shop through the links below.  Read more

Event Venue

Back to All Business Ideas

How to Start an Event Space Business in 13 Steps

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on April 6, 2022

Investment range

$50,000 - $135,000

Revenue potential

$195,000 - $325,000 p.a.

Time to build

1 – 3 months

Profit potential

$58,000 - $97,000 p.a.

Industry trend

Starting your event venue business? Here are the most vital considerations:

• Choose a location — Select a location with adequate space for hosting events, including main event areas, restrooms, storage, and parking. Ensure it is easily accessible for clients and guests.
• Define your niche — Decide on the types of events you will host, such as weddings, corporate events, parties, conferences, or concerts. 
• Special permits — Depending on your services, you may need additional permits, such as liquor licenses or entertainment permits .
• Event equipment — Invest in high-quality event equipment, such as tables, chairs, lighting, audio-visual equipment, and staging. Ensure you have a variety of options to cater to different event needs.
• Décor and amenities — Offer a range of décor and amenities, such as linens, centerpieces, and catering equipment, to enhance the appeal of your venue.
• Register your business — A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple. Form your business immediately using ZenBusiness LLC formation service or hire one of the best LLC services on the market.
• Legal business aspects — Register for taxes, open a business bank account, and get an EIN .
• Partnerships — Build relationships with local vendors, event planners, and service providers to generate referrals and collaborate on projects.

You May Also Wonder:

How profitable is an event venue?

An event venue can be very profitable, bringing in thousands per event. The key is to find a great location and make it comfortable and inviting for attendees.

What skills do I need to be a venue manager?

To be a successful venue manager, you should have strong organizational and communication skills, as well as the ability to multitask and prioritize competing demands. You should also have a solid understanding of event planning and operations, including logistics, catering, audiovisual equipment, and other event-related services. 

How can I attract clients and promote my event venue?

To attract clients and promote your event venue, you can focus on building a strong online presence through social media and a website, showcasing your venue’s unique features and amenities, and offering promotional packages and deals to attract new business. You can also network with other professionals in the event industry, such as event planners and caterers, to generate referrals and build relationships with potential clients. 

What kind of additional services can I offer for my event venue business?

Some popular options include providing catering and bar services, offering audiovisual and lighting equipment rentals, providing event planning and coordination services, and offering customized decor and theming options. 

What steps should I take to ensure the safety and security of guests at my venue?

To ensure the safety and security of guests at your venue, it is important to establish and implement clear protocols and procedures for emergency situations, such as fire, severe weather, or medical emergencies. You should also conduct regular inspections and maintenance of the facility to ensure that it meets safety standards and regulations. 

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting an event venue has pros and cons to consider before deciding if it’s right for you.

• People Pleasing – Meet and entertain people for a living
• Good Money – Make thousands per event
• High Demand – People love to celebrate
• High Startup Costs – Space and furnishings are pricey
• Location-Dependent – Finding the right location can be a challenge

Event venue industry trends

Industry size and growth.

• Industry size and past growth – The global events industry was worth $1.14 trillion in 2019.(( https://www.alliedmarketresearch.com/events-industry-market )) 
• Growth forecast – The global events industry is projected to expand by nearly 37% by 2028 to reach $1.55 trillion. 

Trends and challenges

Trends in the event venue industry include:

• In the wake of the pandemic, hybrid events in which some attend in-person and some attend virtually are popular, and seem to be a trend that will continue. This means that event venues need to have up-to-date technology.
• Corporate events are becoming smaller but more frequent, which is an opportunity for event venues to get repeat business.

Challenges in the event venue industry include:

• Wedding receptions are tending toward the smaller side, which means lower revenue for those events since venues often charge per person.
• Labor shortages are making it difficult for event venues to find and retain employees.

Demand hotspots

• Most popular states – The most popular states for event planners are New York, Massachusetts, and Connecticut . (( https://www.zippia.com/event-planner-jobs/best-states/ ))
• Least popular states – The least popular states for event planners are Montana, New Mexico, and Wyoming.

What kind of people work in event venues?

• Gender – 71.2% of event planners are female, while 23.3% are male . (( https://www.zippia.com/event-planner-jobs/demographics/ )) 
• Average level of education -The average event planner has a bachelor’s degree.
• Average age – The average event planner in the US is 37.6 years old.

How much does it cost to start an event venue business?

Startup costs for an event venue range from $50,000 to $135,000. The largest expense is for the down payment on the event space. 

You’ll need a handful of items to successfully launch your event venue business, including: 

• Tables and chairs
• Various décor items
• Tents for outdoor events

How much can you earn from an event venue business?

Prices for an event venue depend on the size of the event but average about $13,000. Your profit margin after labor and overhead should be about 30%.

In your first year or two, you might host 15 events per year, bringing in $195,000 in annual revenue. This would mean $58,000 in profit, assuming that 30% margin. As you ramp up your marketing and get repeat business, that number could grow to 25 events a year. With annual revenue of $325,000, you’d make a tidy profit of $97,000.

What barriers to entry are there?

There are a few barriers to entry for an event venue. Your biggest challenges will be:

• The cost of the venue and its preparation
• Finding an ideal location for your venue

Related Business Ideas

How to Start an Event Planning Business – Learn from Pros

Creating Unforgettable Moments: How to Open a Wedding Venue

How to Start a Wedding Planning Business in 13 Steps

Step 2: hone your idea.

Now that you know what’s involved in starting an event venue, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research event venues in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing an event venue that hosts networking events or corporate cocktail receptions. 

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as corporate events or family reunions.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine the type of events your business will host

You can host any number of types of events including:

• Networking events, such as for the local chamber of commerce
• Wedding receptions
• Corporate events
• Cocktail receptions
• Birthday parties

You could also offer your venue as a meeting space. For additional revenue, you could also provide event coordinator services. 

How much should you charge for event venue rentals?

Your prices will depend on the size of the event and the scope of preparations involved. Check other event venues in your area to make sure that your prices are competitive. 

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will depend on the type of events you host. If you want to specialize in corporate events, you can find business owners on LinkedIn. If you want to specialize in wedding receptions, you should spread out your marketing to include TikTok, Instagram, and Facebook. 

Where? Choose your event venue location

Choosing the right location for your event venue business is crucial to its success.

Look for a spot that’s accessible to your target market and has ample parking space. Consider the size of the venue and the number of guests it can accommodate, as well as any nearby amenities that can make your venue more attractive, such as hotels, restaurants, or shopping centers.

You’ll need to ensure that your business complies with any local rules and regulations, including those related to parking, noise levels, and building codes.

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Venue Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “event venue” or “event space”, boosts SEO
• Name should allow for expansion, for ex: “Sapphire Event Center” over “Rustic Barn Events” or “Rooftop Terrace Events”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create an Event Venue Business Plan

Here are the key components of a business plan:

• Executive Summary: Summarize your event venue business’s goal to provide an attractive, versatile space for a variety of events, from weddings and corporate gatherings to community events.
• Business Overview: Describe your venue’s focus on renting space for events, featuring amenities like a main hall, catering facilities, and audio-visual equipment.
• Product and Services: Detail the services offered, including venue rental for various events, additional services like setup and cleanup, and optional packages for decor and technology.
• Market Analysis: Assess the demand for event spaces in your area, considering factors like local event frequency, population demographics, and existing venue options.
• Competitive Analysis: Compare your venue to other local event spaces, focusing on your unique selling points like location, capacity, or special amenities.
• Sales and Marketing: Outline your strategy for attracting event planners and customers, including digital marketing, partnerships with event planners, and hosting open houses.
• Management Team: Highlight the experience and skills of your team, especially in areas like event management, hospitality, and customer service.
• Operations Plan: Describe the operational process, including event booking, venue preparation, client coordination, and maintenance.
• Financial Plan: Provide an overview of financial aspects, covering startup costs, pricing strategies, and revenue projections.
• Appendix: Include supplementary documents such as floor plans, customer testimonials, or detailed market research to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to event venues. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your event venue will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

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We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family : Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding : Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal : Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding an event venue business. You might also try crowdfunding if you have an innovative concept. 

Step 8: Apply for Event Venue Business Licenses and Permits

Starting an event venue business requires obtaining a number of licenses and permits from local, state, and federal governments. For starters, you’ll need a liquor license if you’re going to serve alcohol. 

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your event venue business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability : The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property : Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance : Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation : Provides compensation to employees injured on the job.
• Property : Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto : Protection for your company-owned vehicle.
• Professional liability : Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP) : This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as  Curate , HoneyBook , or bloom , to manage your planning, bookings, invoicing, and payments. 

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial. 

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.

Here are some powerful marketing strategies for your future business:

• Social Media Influencer Collaborations: Leverage the power of social media influencers in your locality to showcase your venue. Partner with influencers who align with your target audience, and have them create engaging content that highlights the uniqueness and versatility of your event space.
• Local SEO  — Regularly update your Google My Business and Yelp profiles to strengthen your local search presence.
• Themed Open House Events: Host themed open house events showcasing different setups and possibilities for events at your venue. Invite local businesses, event planners, and potential clients to experience the ambiance, fostering a personal connection with your space.
• Strategic Partnerships with Local Vendors: Forge partnerships with local catering companies, florists, and event planners. Offer package deals or discounts for clients who use both your venue and their services, creating a mutually beneficial network within the events industry.
• Referral Programs for Previous Clients: Implement a referral program that rewards previous clients who refer new business to your venue. Word-of-mouth recommendations carry significant weight in the events industry, and incentivizing referrals can boost your client base.
• Exclusive Membership Programs: Create an exclusive membership program for repeat clients or those who frequently host events. Offer perks such as discounted rates, priority booking, or additional services to encourage long-term relationships and repeat business.
• Online Reviews and Testimonials Campaign: Actively encourage satisfied clients to leave positive reviews on popular review platforms. Showcase these testimonials on your website and in marketing materials to build trust and credibility among potential clients researching event venues.
• Local Community Engagement: Participate in local community events, sponsor local sports teams, or collaborate with charitable organizations. This not only increases your brand visibility but also portrays your venue as an integral part of the community.
• Virtual Tours and 360-Degree Videos: Invest in high-quality virtual tours and 360-degree videos of your event space. Share these immersive experiences on your website and social media platforms to give potential clients a realistic preview of your venue, even if they can’t visit in person.
• Email Marketing Campaigns: Build an email list by offering promotions or exclusive content to those who subscribe. Regularly send out newsletters with updates, promotions, and success stories to keep your venue top-of-mind for potential clients.
• Host Industry-Specific Workshops and Seminars: Position your venue as an industry leader by hosting workshops or seminars relevant to event planning, design, or hospitality. This not only attracts professionals in the field but also establishes your venue as an expert resource in the events industry.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your event venue meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your event venue business could be: 

• Host your corporate events in a luxury space
• The perfect space for your networking events
• Event planning and hosting in a unique, rustic setting

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running an event venue, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in event venues for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in event venues. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for an event venue business include:

• Event Workers – coordinate, set up events
• Cleaners – clean up after events
• General Manager – scheduling, accounting
• Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run an Event Venue – Start Making Money!

Who isn’t ready to get back out there and enjoy some good times again? Events of all types are coming back strong, which is why the events industry is booming. With your own event venue, you can help people get back to having fun. It will take an investment to get started, but clearly, you can bring in good money and make a nice living.

You’ve honed your business skills, so now you’re ready to go find that perfect space and get your event venue started!

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Venue Name
• Create an Event Venue Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Event Venue Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run an Event Venue - Start Making Money!

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Event Venue Business Plan: How to Start and Grow Your Event Space Business

Are you looking for a way to turn your passion for hosting events into a profitable business? Do you want to know how to create a successful event venue business plan that will attract investors and customers? If so, you are in the right place.

In this article, we will show you how to start and grow your event space business with a comprehensive and professional business plan. We will also provide you with a free business plan template and examples that you can download and customize for your own needs.

What is an Event Venue Business?

An event venue business is a company that provides a space for hosting various types of events, such as weddings, corporate meetings, social gatherings, sports events, and more. An event venue business can offer different services and amenities, such as catering, entertainment, equipment rental, security, parking, and more.

An event venue business can be a lucrative and rewarding venture, as it can generate multiple streams of income from different clients and events. However, it also requires a lot of planning, investment, marketing, and management to succeed in a competitive market.

Why Do You Need an Event Venue Business Plan?

A business plan is a document that describes your business goals, strategies, market analysis, financial projections, and operational details. It is essential for any type of business, especially for an event venue business, because:

• It helps you clarify your vision and mission for your business
• It helps you identify your target market and competitive advantage
• It helps you plan your marketing and sales strategies
• It helps you estimate your startup and operational costs
• It helps you forecast your revenue and profit potential
• It helps you attract funding from investors or lenders
• It helps you monitor and evaluate your progress and performance

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How to Create an Event Venue Business Plan?

Creating an event venue business plan can be a daunting task, but it can be simplified by following these steps:

Executive Summary: This is a brief overview of your business plan that summarizes your business idea, goals, market opportunity, competitive edge, funding request, and financial highlights. It should be written last after you have completed the rest of the sections. Learn more on business plan executive summary .

Company Overview: This is where you introduce your company name legal structure (sole proprietorship, partnership, corporation, etc.), ownership (who owns the company), history (when and how it was founded), vision (what you want to achieve) and mission (how you want to achieve it). Check our detailed guide on business plan company overview .

Industry Analysis: This is where you analyze the current trends and outlook of the event venue industry in your area or country. You should include information such as the size, growth, demand, supply, segmentation and profitability of the industry. You should also identify the opportunities and threats that affect your business. Read more on business plan industry analysis .

Competitive Analysis: This is where you identify and evaluate your direct and indirect competitors in the event venue market. You should include information such as their names, locations, services, prices, strengths, and weaknesses. You should also explain how you plan to differentiate yourself from them and gain a competitive advantage. Learn more on business plan competitive analysis .

Customer Analysis: This is where you define and describe your target market segments and customers. You should include information such as their demographics (age, gender, income, etc.), psychographics (interests, preferences, etc.), behavior (how they search for and book event venues), needs (what they want from an event venue) and pain points (what problems they face with event venues). You should also explain how you plan to reach them and satisfy them with your services. 

Operations Plan: This is where you describe how you will run your event venue business on a daily basis. You should include information such as your location (where your event space is located), facilities (what features and amenities your event space offers), equipment (what tools and machines you need to operate), suppliers (who provides you with goods or services), staff (how many people you need to hire and what roles they perform), processes (how you deliver your services) and quality control (how you ensure customer satisfaction). Do you want to explore more, find how operations plan works in business plan .

Marketing Plan: This is where you outline how you will promote your event venue business to attract customers. You should include information such as your marketing objectives (what you want to achieve with your marketing efforts), marketing strategies (how you will use the 4Ps of marketing: product, price, place, and promotion), marketing channels (where you will advertise or communicate with your customers), marketing budget (how much money you will spend on marketing) and marketing metrics (how you will measure the effectiveness of your marketing).Find our guide on what to include in  marketing plan in business plan .

Funding Request: This is where you state how much money you need to start and run your event venue business, and how you plan to use it. You should include information such as your funding sources (where you will get the money from), your funding needs (how much money you need for each purpose), your funding terms (what interest rate, repayment period, and collateral you offer), and your funding projections (how the funding will affect your financial performance).

Financial Plan: This is where you provide the financial statements and forecasts for your event venue business. You should include information such as your income statement (showing your revenue, expenses, and profit), your balance sheet (showing your assets, liabilities, and equity), your cash flow statement (showing your cash inflows and outflows), and your break-even analysis (showing when you will start making a profit). You should also include some financial ratios (such as profitability, liquidity, and solvency) and assumptions (such as growth rate, inflation rate, and tax rate) that support your financial plan. Read more on what to include in  business plan financial plan .

Appendix: This is where you attach any additional documents or information that support your business plan, such as market research data, customer testimonials, legal documents, resumes of key personnel, contracts, licenses, permits, etc. Check more details on what to include in business plan appendix .

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Where can you get an event venue business plan template and example.

If you want to save time and effort in creating your event venue business plan, you can use a template or an example that has already been prepared for you. The following is a free event venue business plan template and an example that you can download.

• Event Venue Business Plan Template
• Event Venue Business Plan Example

These templates and examples are easy to use and customize for your own needs. They also include tips and guidance on how to write each section of your business plan.

Hire a professional who makes business plan!

Examples of event venue business plans that will assist you in writing yours.

I will give you an example with each section of Oren Co, which is an event venue business that specializes in hosting outdoor events. Here is an example:

Event Venue Business Plan: Oren Co

Executive summary.

Oren Co is a new event venue business that offers a unique and natural setting for hosting various types of outdoor events, such as weddings, corporate retreats, festivals, concerts, and more. Oren Co is located in Washington USA and operates on a 10-acre land that features a lush garden, a pond, a gazebo, a stage, a tent and other amenities. Oren Co aims to provide a memorable and enjoyable experience for its clients and guests, while also being environmentally friendly and socially responsible.

Oren Co has identified a growing demand for outdoor event venues in its area, as more people are looking for alternative and creative ways to celebrate their special occasions. Oren Co has also conducted thorough market research and competitive analysis and has found that it has a strong competitive edge over its rivals, as it offers a unique and natural setting, a variety of services and packages, affordable prices, and excellent customer service.

Oren Co is seeking $100,000 in funding to start and grow its business. The funding will be used for purchasing equipment, hiring staff, marketing and advertising, and working capital. Oren Co expects to generate $300,000 in revenue and $50,000 in profit in its first year of operation, and to break even in its second year. Oren Co also projects to increase its revenue and profit by 20% annually in the following years.

Company Overview

Oren Co is a sole proprietorship owned and operated by Mr. Oren Khan, who has over 10 years of experience in the event management industry. Mr. Khan has worked as an event planner, coordinator and manager for various companies and organizations, such as WiseBusinessPlans, Eventful Solutions and Washington USA Tourism Board. Mr. Khan has also organized and hosted several successful outdoor events for his own clients, such as weddings, corporate retreats, festivals and concerts.

Oren Co was founded in August 2023, after Mr. Khan acquired a 10-acre land in Washington USA that was previously used as a farm. Mr. Khan saw the potential of transforming the land into an event venue that could cater to the growing demand for outdoor events in his area. Mr. Khan invested $50,000 of his own savings to renovate the land and equip it with the necessary facilities and amenities for hosting events.

Oren Co’s vision is to become the leading provider of outdoor event venues in Washington USA and beyond. Oren Co’s mission is to offer a unique and natural setting for hosting various types of outdoor events, while providing high-quality services, affordable prices, and excellent customer service.

Industry Analysis

The event venue industry is a subset of the broader event management industry, which includes planning, organizing and hosting various types of events for different purposes and audiences. The event venue industry consists of companies that provide spaces for hosting events, such as hotels, resorts, convention centers, banquet halls, stadiums, theaters, etc.

According to IBISWorld, the global event management industry was worth $1.1 trillion in 2020 and is expected to grow at an annual rate of 3.6% from 2021 to 2026. The growth of the industry is driven by factors such as increasing disposable income, urbanization, globalization, technological innovation and social media. The industry is also influenced by trends such as personalization, sustainability, diversity and creativity.

The event venue industry in USA is a growing and profitable segment of the event management industry. According to Market Research Future, the event management market in USA was worth $1.2 billion in 2019, and is expected to grow at an annual rate of 8.2% from 2020 to 2025. The growth of the market is driven by factors such as increasing population, economic development, cultural diversity, tourism and entertainment.

The event venue industry in USA is also experiencing a shift in consumer preferences and behavior, as more people are looking for alternative and creative ways to celebrate their special occasions. According to a survey by Eventbrite, 78% of USA consumers prefer to spend money on experiences rather than things, and 72% of them are interested in attending outdoor events. Moreover, according to a report by Event Industry News, outdoor events are becoming more popular and profitable in USA, as they offer more flexibility, variety and affordability than indoor events.

Competitive Analysis

Oren Co faces competition from other event venue providers in its area, both direct and indirect. The direct competitors are those that offer similar services and cater to the same target market as Oren Co, such as outdoor event venues, parks, gardens etc. The indirect competitors are those that offer different services but cater to the same target market as Oren Co, such as indoor event venues, hotels, resorts etc.

Some of the main direct competitors of Oren Co are:

Green Valley: This is an outdoor event venue that offers a green and spacious setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co’s location. It has a capacity of up to 500 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $2,000 per event. Royal Garden: This is an outdoor event venue that offers a royal and elegant setting for hosting weddings, parties, corporate events and more. It is located in Islamabad, about 100 km from Oren Co’s location. It has a capacity of up to 1,000 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $3,000 per event. Dreamland: This is an outdoor event venue that offers a dreamy and romantic setting for hosting weddings, parties, corporate events and more. It is located in Faisalabad, about 150 km from Oren Co’s location. It has a capacity of up to 800 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $2,500 per event.

Some of the main indirect competitors of Oren Co are:

Pearl Hotel: This is an indoor event venue that offers a luxurious and modern setting for hosting weddings, parties, corporate events and more. It is located in Lahore, about 50 km from Oren Co’s location. It has a capacity of up to 500 guests, and offers services such as catering, accommodation, entertainment, photography etc. It charges an average of $4,000 per event. Grand Resort: This is an indoor event venue that offers a grand and elegant setting for hosting weddings, parties, corporate events and more. It is located in Islamabad, about 100 km from Oren Co’s location. It has a capacity of up to 1,000 guests, and offers services such as catering, accommodation, entertainment, photography etc. It charges an average of $5,000 per event. Paradise Hall: This is an indoor event venue that offers a simple and affordable setting for hosting weddings, parties, corporate events and more. It is located in Faisalabad, about 150 km from Oren Co’s location. It has a capacity of up to 800 guests, and offers services such as catering, decoration, entertainment, photography etc. It charges an average of $1,500 per event.

Oren Co has a strong competitive edge over its rivals, as it offers a unique and natural setting that appeals to the growing demand for outdoor events in its area. Oren Co also offers a variety of services and packages that suit different needs and budgets of its clients. Oren Co also offers affordable prices and excellent customer service that ensure customer satisfaction and loyalty.

Customer Analysis

Oren Co’s target market consists of individuals and organizations that are looking for an outdoor event venue for hosting various types of events, such as weddings, parties, corporate retreats, festivals, concerts etc. Oren Co’s target market can be segmented into two main groups: personal customers and business customers.

Personal customers are those who are looking for an outdoor event venue for hosting their personal or social events, such as weddings, parties, anniversaries etc. These customers are mainly motivated by factors such as personal preference, emotional value, social status and word-of-mouth. These customers are mainly located in Washington USA and nearby regions, and have an average income of $10,000 per year.

Business customers are those who are looking for an outdoor event venue for hosting their business or professional events, such as corporate retreats, team building activities such as corporate retreats, team-building activities, seminars, workshops etc. These customers are mainly motivated by factors such as business objectives, cost-effectiveness, convenience and reputation. These customers are mainly located in Washington USA and nearby regions and have an average income of $50,000 per year.

Oren Co’s target market is large and growing, as more people and organizations are looking for alternative and creative ways to celebrate their special occasions. According to a report by Event Industry News, the outdoor event market in USA is expected to grow at an annual rate of 10% from 2020 to 2025. Oren Co’s target market is also profitable, as the average spending per event is $2,500 for personal customers and $5,000 for business customers.

Oren Co’s target market is also accessible and reachable, as Oren Co can use various channels and methods to promote its services and attract its customers, such as online platforms, social media, referrals, partnerships etc. Oren Co can also leverage its location advantage, as it is situated in a strategic and convenient location that is easily accessible by road and public transportation.

Marketing Plan

Oren Co’s marketing plan consists of four main elements: product, price, place and promotion.

Product: Oren Co’s product is its outdoor event venue that offers a unique and natural setting for hosting various types of events. Oren Co’s product also includes its services and packages that provide catering, decoration, entertainment, photography and other amenities for its clients and guests. Oren Co’s product is designed to meet the needs and expectations of its target market, as it offers flexibility, variety and affordability.

Price: Oren Co’s price strategy is to offer competitive and reasonable prices that reflect the value and quality of its product. Oren Co’s price strategy also aims to attract and retain its customers, as well as to generate revenue and profit for its business. Oren Co’s price strategy is based on factors such as market demand, competitor prices, cost of production and profit margin. Oren Co’s average price per event is $2,500 for personal customers and $5,000 for business customers.

Place: Oren Co’s place strategy is to distribute its product through its own physical location that serves as its outdoor event venue. Oren Co’s place strategy also involves using online platforms such as its website and social media accounts to showcase its product and communicate with its customers. Oren Co’s place strategy is intended to make its product available and accessible to its target market, as well as to create a positive image and reputation for its business.

Promotion: Oren Co’s promotion strategy is to use various channels and methods to advertise and promote its product and business to its target market. Oren Co’s promotion strategy also aims to create awareness, interest and desire for its product, as well as to encourage action and loyalty from its customers. Oren Co’s promotion strategy includes the following activities:

Online marketing: Oren Co will use online platforms such as its website, social media accounts, email newsletters, blogs etc. to showcase its product, share its stories, testimonials and reviews, offer discounts and incentives, and interact with its customers and potential customers.

Offline marketing: Oren Co will use offline channels such as flyers, brochures, banners, posters etc. to display its product, highlight its features and benefits, and provide its contact details and location. Referral marketing: Oren Co will use word-of-mouth and referrals to spread the word about its product and business, and to generate positive feedback and recommendations from its customers and partners. Oren Co will also offer rewards and incentives for referrals, such as discounts, vouchers, freebies etc.

Partnership marketing: Oren Co will partner with other businesses and organizations that are related or complementary to its product and target market, such as event planners, caterers, decorators, entertainers, photographers etc. Oren Co will also partner with local media outlets, influencers, celebrities etc. to gain exposure and publicity for its product and business.

Financial Plan

Oren Co’s financial plan consists of three main components: startup costs, income statement and cash flow statement.

Startup costs: Oren Co’s startup costs are the expenses that are required to start and launch its business. Oren Co’s startup costs include the following items:

Equipment: This includes the purchase of equipment such as tables, chairs, tents, stage, sound system, etc. The total cost of equipment is $30,000.

Staff: This includes the hiring of staff such as event manager, event coordinator, event staff etc. The total cost of staff is $10,000.

Marketing: This includes the expenses for marketing activities such as online marketing, offline marketing, referral marketing and partnership marketing. The total cost of marketing is $5,000.

Legal: This includes the fees for legal services such as registration, licensing, permits etc. The total cost of legal is $2,000. Miscellaneous: This includes the costs for other items such as insurance, utilities, maintenance etc. The total cost of miscellaneous is $3,000. The total startup costs for Oren Co are $50,000.

Income statement: Oren Co’s income statement is a summary of its revenue and expenses for a given period of time. Oren Co’s income statement for the first year of operation is as follows:

Revenue: This is the amount of money that Oren Co earns from its product sales. Oren Co’s revenue is calculated by multiplying the number of events by the average price per event. Oren Co expects to host 100 events in the first year, with an average price of $3,500 per event. Therefore, Oren Co’s revenue for the first year is $350,000.

Expenses: This is the amount of money that Oren Co spends on its business operations. Oren Co’s expenses include the following items:

Cost of goods sold: This is the cost of producing and delivering its product. Oren Co’s cost of goods sold is calculated by multiplying the number of events by the average cost per event. Oren Co estimates that the average cost per event is $1,500, which includes the costs of catering, decoration, entertainment, photography and other amenities. Therefore, Oren Co’s cost of goods sold for the first year is $150,000.

Operating expenses: This is the cost of running and managing its business. Oren Co’s operating expenses include the following items:

Staff: This is the cost of paying salaries and wages to its staff. Oren Co estimates that it will have 10 staff members in the first year, with an average salary of $1,000 per month. Therefore, Oren Co’s staff expense for the first year is $120,000.

Marketing: This is the cost of conducting marketing activities to promote its product and business. Oren Co estimates that it will spend 10% of its revenue on marketing in the first year. Therefore, Oren Co’s marketing expense for the first year is $35,000.

Legal: This is the cost of paying fees for legal services such as registration, licensing, permits etc. Oren Co estimates that it will spend 5% of its startup costs on legal in the first year. Therefore, Oren Co’s legal expense for the first year is $2,500.

Miscellaneous: This is the cost of paying for other items such as insurance, utilities, maintenance etc. Oren Co estimates that it will spend 5% of its revenue on miscellaneous in the first year. Therefore, Oren Co’s miscellaneous expense for the first year is $17,500.

The total expenses for Oren Co are $325,000.

Profit: This is the amount of money that Oren Co earns after deducting its expenses from its revenue. Oren Co’s profit is calculated by subtracting its expenses from its revenue. Therefore, Oren Co’s profit for the first year is $25,000. Cash flow statement: Oren Co’s cash flow statement is a report of its cash inflows and outflows for a given period of time. Oren Co’s cash flow statement for the first year of operation is as follows:

Cash inflows: This is the amount of money that Oren Co receives from its product sales and other sources. Oren Co’s cash inflows include the following items:

Revenue: This is the same as the revenue in the income statement. Oren Co’s revenue for the first year is $350,000. Loans: This is the amount of money that Oren Co borrows from banks or other lenders to finance its startup costs and working capital. Oren Co plans to obtain a loan of $40,000 with an interest rate of 10% per annum and a repayment period of 5 years. Therefore, Oren Co’s loan inflow for the first year is $40,000. The total cash inflows for Oren Co are $390,000.

Cash outflows: This is the amount of money that Oren Co spends on its business operations and other purposes. Oren Co’s cash outflows include the following items:

Startup costs: This is the same as the startup costs in the financial plan. Oren Co’s startup costs are $50,000. Expenses: This is the same as the expenses in the income statement. Oren Co’s expenses for the first year are $325,000. Loan repayments: This is the amount of money that Oren Co pays back to its lenders for its loan principal and interest. Oren Co’s loan repayments are calculated by using an amortization table. According to the table, Oren Co’s loan repayments for the first year are $10,200.

The total cash outflows for Oren Co are $385,200.

Net cash flow: This is the amount of money that Oren Co has left over after subtracting its cash outflows from its cash inflows. Oren Co’s net cash flow is calculated by subtracting its cash outflows from its cash inflows. Therefore, Oren Co’s net cash flow for the first year is $4,800.

Oren Co is a new business that offers an outdoor event venue for hosting various types of events in Washington USA. Oren Co has a strong competitive edge over its rivals, as it offers a unique and natural setting that appeals to the growing demand for outdoor events in its area. Oren Co also has a large and profitable target market that consists of individuals and organizations that are looking for an alternative and creative way to celebrate their special occasions. Oren Co also has a comprehensive marketing plan that uses various channels and methods to advertise and promote its product and business to its target market. Oren Co also has a realistic financial plan that shows its revenue and expenses projections, as well as its cash flow analysis. Oren Co expects to generate a profit of $25,000 and a net cash flow of $4,800 in the first year of operation.

Oren Co is confident that it can achieve its goals and objectives, as it has a clear vision, mission and values that guide its business decisions and actions. Oren Co also has a dedicated and experienced team that works hard to deliver high-quality products and services to its customers and guests. Oren Co also has a positive and optimistic attitude that helps it overcome any challenges or difficulties that it may face along the way.

Oren Co hopes that this business plan will convince potential investors and partners to support its business venture and help it grow and succeed in the outdoor event industry.

Learn how to write business plan!

Event venue business plan faqs.

Permits and licenses vary by location, but generally, you’ll need a business license, zoning permits, health and safety permits, and possibly a liquor license.

Use online platforms like your website and social media, offer competitive pricing, exceptional customer service, and network with event planners and industry professionals.

Effective strategies include having a visually appealing website, utilizing social media, collaborating with local event vendors, hosting open houses, and offering discounts for initial bookings.

Clear communication with clients, comprehensive event contracts, detailed checklists, and assigning a dedicated event coordinator or team are essential for managing event logistics.

Typical costs include rent/mortgage payments, utilities, insurance, maintenance, marketing, staff salaries, and event-specific expenses like catering and audiovisual equipment.

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Home > Business > Business Startup

How to Start an Event Venue Business: A Comprehensive Guide

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From weddings and corporate events to reunions and birthday parties, event spaces are always in demand. 

But opening your own event venue is hard work. You’ll need to secure a location, obtain permits and licenses, buy equipment, hire staff and market your space - all before opening day. 

With so many factors to consider, it can be overwhelming to know where to start. 

Don't worry, though - we’re here to guide you through the process step by step.

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How to start an event venue

1. do your research.

Before you start scouting properties or buying equipment, sit down and do some research. 

Start by focusing on the type of event venue you want to create. Are you interested in weddings, corporate events, or something else? 

By specializing in a specific niche, you can tailor your business to meet the needs of your target audience.

For example, if you want to cater to corporate events, you may want to focus on offering services like audiovisual equipment and conference rooms.

Once you have a general idea of what you want to offer, research the market to see what’s already out there. 

Look at other event venues in your area and find out what they offer, how they market themselves, and what their prices look like. This will help you figure out what your event venue can provide that’s unique and competitive.

It can also be helpful to list out all the pros and cons of starting an event venue business. Consider factors such as the time, money, and resources it will take to get your space up and running.

2. Create a business plan

It's important to have a solid business plan in place before you start sinking money into your venue.

A business plan outlines your goals, target market, products, pricing, marketing strategy, and financial projections. You’ll need one if you plan to apply for any business loans . 

Here are the basic parts of a business plan.

• Executive summary: Provides a brief overview of the venue, including its name, location, and unique selling proposition.
• Market analysis: Look at your competitors' prices and target audience to identify gaps in the local market your event venue could fill. 
• Product and services: Will you offer catering? What other add-on services do you plan to offer?
• Marketing and sales plan: This section details how you plan to advertise your venue, grow your sales, and reach customers. 
• Financial plan and projections: Determine the startup costs, including equipment, leasing or buying the property, renovations, and any employee wages. You'll also need to consider ongoing expenses like insurance and maintenance. Then map out your projected sales for the next one to five years. This will help you determine how much funding you'll need to start your business and how long it will take to break even.

3. Find the perfect location

Location is everything when it comes to event venues. You want a spot that’s accessible with the right vibe for your niche. Look for areas with easy access to transportation, parking and nearby hotels.

You’ll also want to make sure the space is zoned for the type of events you want to host.

When it comes to the venue itself, you'll need to consider the size of the space, the layout and any necessary amenities. For example, if you're targeting weddings, you'll need space for a dance floor, a bridal suite, and a ceremony area.

Look for spaces with high ceilings, plenty of natural light and an easily customizable open floor plan.

Maybe you already own a location and are interested in turning it into an event venue. You’ll still need to assess the property and determine if it’s missing certain amenities or if it needs any renovations. 

4. Obtain the necessary permits and licenses

Before you can open your doors, you'll need to get the proper permits and licenses. 

Requirements will vary depending on your state and the type of events you plan to host, but in general, you'll need to get a business license and liability insurance. Additional permits and licenses may also be required if you plan to serve alcohol and food or play music at night. 

You may also need to hire contractors and inspectors to ensure that your space is up to code and ready to pass any safety and fire inspections. 

Check with your local government to find out what’s required in your area.

5. Take care of business

Certain elements of starting a business remain the same, whether you’re starting a bakery or opening an event venue. 

Here are the legal and financial steps to take before you can open. 

Pick a business structure

There are four major legal business entities you can register as: a sole proprietorship, a partnership, a limited liability company (LLC), or a corporation. 

An LLC is usually the best legal structure for a new event venue business because it offers liability protection for its owners. Sole proprietors and partnerships don't, which means If someone is injured on your property or if you're sued for another reason, you could be held personally responsible for any damages. 

Of course, it's important to consult with a legal and tax professional to determine the best legal structure for your business. 

Figure out your taxes

As a business owner, you’ll need to pay a host of new taxes, including federal taxes, sales taxes and payroll taxes .

Consulting with an accountant is a smart move. A tax professional can advise you on how to structure your business to minimize your tax bill and help you file your tax returns.

You’ll also need an employer identification number (EIN) , a unique identifier assigned by the Internal Revenue Service.

You can apply on the IRS website for free, and the EIN is usually issued immediately.

Best small business tax software

Taxes can be complicated. Here’s everything you need to know about how to file small business taxes .

Open a business bank account

You may be required by law to open a separate business bank account for tax purposes, depending on which state you live in. Either way, it’s a good idea to have dedicated accounts in your business’ name. Many banks and credit unions offer business checking and savings accounts .

You may want to consider opening a small business credit card , too. It can help you rack up points and cash back on business expenses, while keeping your personal and business finances separate.

Top banks for small businesses

Pro tip: Need to pay for start-up costs? Here are the best high-limit business credit cards .

6. Figure out your pricing

Pricing your venue may seem tricky, especially when you're just starting out. 

Researching your competitors’ rates is the best place to start. As a new business, you’ll want to offer a lower price initially to help get clients in the door. 

Something else to consider: Different types of events come with different budgets. You can usually charge more for a wedding than a corporate meeting, for example. Consider the type of events you plan to host and adjust your pricing accordingly.

Offering different packages or tiers can also help you appeal to a wider range of clients. You could offer a basic four-hour package that only includes the space rental for $800 and a premium six-hour wedding package that includes catering and linens for $5,000.

7. Secure funding

Starting an event venue business involves significant upfront costs. Unless you’re sitting on gobs of cash, you’ll likely need to obtain some kind of funding. 

Here are a few of your options. Keep in mind that a lending marketplace, like Nav , can offer access to more than one product.

Business line of credit

A business line of credit works similarly to a credit card, where the borrower is approved for a maximum amount of credit that they can draw upon as needed.

Interest rates for business lines of credit are usually higher than those for commercial loans, but they can be a good option for businesses that need quick access to cash.

Compare the best business lines of credit

Data as of 3/21/23. Offers and availability may vary by location and are subject to change.

Small business microloans

The Small Business Administration (SBA) offers microloans worth up to $50,000 to help small businesses start and expand. Big caveat: These loans cannot be used to purchase real estate.

Traditional commercial loans

To qualify for traditional commercial loans , which are available at banks and credit unions, you'll need to have a solid business plan and a good credit score. You’ll also need collateral, such as a home or car, and time in business or revenue thresholds for some loans. 

Be prepared to provide financial statements, tax returns, and other documents to support your loan application.

Pro tip: About 75% of small businesses get turned down for loans by big banks. Here’s a list of the best alternative business loans from online lenders.

8. Hire a sales manager - and the rest of your staff

As the owner, you’ll be busy managing the overall operations of your business. You’ll need someone to focus on attracting clients so your new event venue can turn a profit.

A good sales manager can help increase revenue by booking events, building relationships with clients and generating leads.

A sales manager should arguably be the first employee you hire. After all, you don’t need wait staff if your venue can’t land contracts.

Eventually, you’ll need to hire other staff, including:

• A venue coordinator
• Kitchen staff
• Set-up and clean-up crew

Hiring your own employees can be expensive and time-consuming. An employment agency or partnering with a caterer might be an alternative when you’re starting out. They can provide you with pre-screened and qualified candidates — without the administrative hassle of hiring your own full-time staff.

Creating a clear written communication plan for your staff is also key.

Jackie Espinosa is a small business owner in Kissimmee, Florida, who opened her venue, Chandeliers Ballroom and Event Center , several years ago. Her space fits up to 80 people and hosts everything from intimate weddings to bar mitzvahs and baby showers.

“Getting a reliable and happy team behind you will make it so much easier to create fun memories for families,” Espinosa said.

She added: “Checklists are a must. Detail is everything and will keep people coming back.”

9. Start buying stuff

An event venue is more than a big, open space. To host great parties, you’ll need lots of equipment and supplies, including tables, chairs, plates, silverware, audiovisual equipment, table linens, and glasses. 

“We knew our capacity was 80 people, so we purchased 100 of everything,” Espinosa said. “Just in case something breaks.”  

Buying all these items upfront can set you back thousands of dollars.

To keep costs low, consider renting or leasing some of your supplies from an outside vendor until you can afford to buy it outright. 

You can also look for second-hand tables, chairs and lighting equipment from other event venues, liquidation sales, or online marketplaces like Facebook Marketplace and Craigslist. 

However, don’t scrimp on quality just to save a few bucks. 

“My advice to new venue owners is to purchase high quality tables and chairs,” Espinosa said. “It’s a great investment because they get plenty of wear and tear. Also, good linens will save you time and energy.”   

Don’t forget about the decor either. You’ll need to create a stellar ambience, and that might require a sizable investment. 

“Decorating the venue was a large expense,” Espinosa said. “We spent a lot of money on collections of centerpieces and decided to bring on two decorators.”

10. Market your event venue

Once your event venue is up and running, it’s time to get the word out.

Here are a few ways to market your business without breaking the bank.

• Leverage social media: Use platforms like Instagram, TikTok, and Facebook to showcase your space, share photos of past events and connect with potential clients. You can also run targeted ads on these platforms to reach a larger audience.
• Feedback and referrals: Encourage satisfied clients to leave reviews on sites like Yelp or Google, and offer referral discounts to help pull in new clients.
• Attend networking events: Local networking events and trade shows are a great way to meet other business owners. Bring business cards and be prepared to talk about what sets your venue apart from others in the area.
• List your business on directories: Websites like WeddingWire and The Knot offer a database couples can use to search for wedding venues in their area. Make sure yours is listed and keep your profile up-to-date.
• Partner with local vendors: Building relationships with local vendors like caterers, florists, and photographers can be a win-win for both parties. Offer to feature their services on your website or social media and, in exchange, ask them to promote your venue to their clients.
• Make a website: A website is a must-have for any business. Make sure yours includes high-quality photos of your space, contact information, and pricing details.

Compare the top website builders for small businesses

How much does it cost to start an event venue business?

The cost of opening an event venue varies widely, but expect to spend anywhere from $50,000 to $1 million. 

Why such a huge range?

Your overall costs largely depend on the location you choose. If you already own the space, your startup costs will be significantly lower than someone who plans to purchase a historical concert hall near downtown Boston. 

You’ll also need to factor in the cost of renovations and all the equipment you’ll need to buy. The cost will vary depending on the size of your venue. For example, a small event venue may require around 100 chairs and tables, which may cost around $5,000, while a larger venue may require 1,000 chairs and tables, which could run upwards of $50,000.

At the end of the day, opening an event venue is a costly endeavor. But it can be extremely rewarding, too. 

“We get to help capture and create a moment in time for people,”  Espinosa said.  “It’s a fun and memorable experience.”

With the right funding sources and business plan in place, you can transform your hard work into steady profits. 

Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder. She focuses on small businesses, retirement, investing and taxes.

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Free Wedding Venue Business Plan PDF [2024 Template + Sample Plan]

Anthony St. Clair

10 min. read

Updated July 3, 2024

Free Download:  Sample Wedding Venue Business Plan Template

With couples nationwide ready to tie to knot after pandemic delays, the next few years could be a boom time for weddings . 2021 saw 1,934,982 weddings in the US alone , at an average cost of $27,063 per wedding. Whether you’ve been wanting to start a wedding venue as your primary business or a side hustle, writing a wedding venue business plan can help you say “I do” to your startup.

• How to write a wedding venue business plan

Like the perfect wedding speech, your business plan is just long enough to do what it needs to do, but short enough so you can get on with the good stuff. That’s why we recommend using the one-page plan format to cover all of the necessary information to build a wedding venue business.

As you plan your wedding venue business, here are a few things to keep in mind that can help you become a business newlywed on a path to success.

1. Outline the basics about your wedding venue’s location, proximity, and offerings

As a wedding venue, location is everything. Your goal is simple: Understand what will compel people to hold their special day at your special place, and what makes your location a good site logistically. 

Here are a few questions to help you nail down the value your site presents to customers:

• What sort of property is the venue? Is it urban, small town, or rural?
• Is space available for the ceremony only, or for the reception too?
• Is lodging available on-site or nearby?
• What sort of dining and refreshment options are offered in-house? Or, how easy is it for a third-party caterer to set up and run prep, service, and cleanup operations?
• Outdoor, indoor, or options for both?
• Are there other activities that can be part of the venue or your wedding package options, such as flower picking, wine tasting, or golf?
• How will people get there? What highways, airports, and/or train stations is your venue close to? How many vehicles can park on-site, and how many people can the venue legally hold?

Knowing what you don’t offer can be a strength

If you don’t offer something as part of your business, that also gives you opportunities to partner with other businesses, For example, if your services won’t include food service, form relationships with local caterers. Customers seeking wedding or other event planning may already have a caterer in mind, but many will also appreciate knowing that you have a list of partners you recommend and regularly work with.

Location informs everything about your plan and your marketing. A venue in a city might appeal to one type of wedding customer. Or, if your venue is outside a major urban area, it can be an opportunity for guests to come together while getting away from it all.

What you don’t offer can also help you hone in on your target customer (more on that in a bit). No venue can be everything to everyone. By knowing what your venue offers and what its features are, you can better craft messaging that appeals to the people most likely to want to hold their wedding at a place just like yours.

Above all, your wedding venue lean plan helps you understand what problems you solve for your customers, and how your venue will be an integral part of the memories they make on their special day. When you have a solid grasp of this in your lean plan, you can also find the right way to appeal to your customers.

• 2. Research your local wedding market and target wedding customer

An estimated 336,725 businesses operate in the $57 billion US wedding industry. Competition can be fierce. But since marriage is one of life’s major milestones for many adults, opportunity still abounds for new wedding venues and startups. You just need to identify and target the right customers.

In order to understand your target customer, you’ll need to get a sense of the broader population around you and wherever you are trying to market your venue. Here are a few questions to work through that can help you identify your ideal audience:

• Are you trying to find customers within a certain geographical radius of your venue, or are there cities or towns farther afield you want to market to as well?
• What are the demographics, business factors, and other aspects of your local area? Your target area?
• How many other wedding and event venues are in the area? Where do your services overlap, and where do they differ? How do they market and advertise their services? How can you innovate and stand out?
• Is your target customer brides and grooms themselves, or are you aiming to work more with wedding planners and consultants?
• What trends have been prevalent at weddings over the past few years? What trends are on the horizon that you need to account for in your planning?
• How do you need to reflect cultures, religions, and other preferences in your offerings?
• Who is the target customer you’d most like to work with? What problems are they trying to solve? What fears or concerns will they come to you with? What will they be looking for to have the most amazing wedding day possible?

Knowing your market and your target customer helps you understand your plan, your business, and your path to a profitable, sustainable wedding venue business. But if no one knows about your venue or why they’d want to have their wedding there, then no one will come.

• 3. Plan out promotional strategies for your wedding venue

Growing market awareness is the biggest leap in building a wedding venue business. Getting the word out through promotional, marketing, and advertising strategies educates people about your venue, discover why it’s a good fit, and how they can get started on planning their perfect day.

Word of mouth is often the best way to naturally build awareness and referrals for your venue. This doesn’t just include customers, but business partners as well. As you work toward starting operations, build relationships with other industry players, from florists to caterers, local DJs to formal wear shops. Treat your partners well when you collaborate on a wedding, and they can become your most avid promoters.

Depending on your market—online, TV, radio, and print advertising can also be important paid options to explore. Participating in wedding planning events or bridal shows is also a great option. Test different channels to see what sticks. More than likely, you’ll land on some sort of mix between traditional and digital advertising depending on your audience.

Aside from paid channels, your own in-house organic marketing efforts are also essential. Engaging on social media and/or posting to your own blog can show people what you do, why you’re an expert, how amazing your venue is, and build excitement. It also makes for great content to support your paid efforts.

• 4. Financials and pricing

Every business has startup costs, including your wedding venue. There will also be ongoing expenses to plan for, along with the ups and downs of cash flow in what can be a seasonal industry. When it comes to cash flow, how you price your wedding services, packages, and other events will be key to drawing in business and doing what you can to have a profitable venue. 

Here are financial and pricing considerations to keep in mind:

• What services and packages will you offer wedding and event customers?
• How do competitors price their weddings?
• In addition to weddings, are there other events you’ll want to develop, package, and market?
• How many full-time, part-time, and seasonal staff will you need to hire? What typical wages and benefits will you need to offer?
• Costs to renovate or build out your venue, such as design, construction, furnishings, HVAC, lighting, etc.
• Insurance for your business
• Legal expenses

Aim to forecast revenues and expenses for the first year. That way, even as you adjust along the way, you have some numbers to give you initial expectations. As you complete your first year of operations, try to plan out and broadly estimate your business finances over the next one to three years.

What this covers is the money you’ll be spending and what sort of revenue your venue will bring in. For example, how many weddings per year, at what price point, does your venue need to host in order to break even? How many to be profitable? Understanding how you’ll manage cash flow will also help you weather ups, downs, and seasonal boom times and slowdowns.

• 5. Vendors and partners

Connections with vendors, other industry players, customers, and more form the vital relationships that can help you launch a successful wedding venue.

A wedding venue is not a lone wolf operation. Understanding how many people your team will need will help build out cash needs for payroll and benefits. It can also give you insight into how you may want to structure the business legally. Whether you are opening this startup with you as the sole owner or with one or more business partners, examining entities such as limited liability companies (LLCs) or corporations can help you determine the entity that’s most beneficial to your business.

You should also build out relationships with other businesses, such as suppliers, caterers, photographers, and other complimentary businesses. A solid lineup of contacts not only can help spread the word about your venue but trusted contacts can be key to working through a last-minute problem. 

It may even be wise to partner with other wedding venues outside of your immediate area. If their bookings become maxed out, they may recommend you as a viable alternative. 

• Tips to run a successful wedding venue business

Running a successful wedding venue can take more than just setting up shop and spreading the word. Here are a few quick tips that can help you build out your plan more:

Consider offering other events and services, not just weddings

Venues suitable for weddings are usually suitable for other events or services. Diversifying your offerings can also help you weather seasonal ups and downs, and possibly provide more stable cash flow to your business. 

Are there other group events you can offer, such as holiday parties or company retreats? What other services can you add to weddings or other events? From accommodation to all-inclusive packages, the more you can diversify and expand the value and convenience of your venue, the better you can position your business for success.

Focus on personalization and care

Weddings can be stressful. While many adults get married at least once, they also want to feel like their wedding is personal and unique. When a couple feels like they are taken care of, they not only have a better wedding day but a more positive view of your venue. Look at how your business can talk up the personal touch. After the wedding, ask your customers for testimonials that can talk up how you and your staff went above and beyond to care for each and every guest.

Rent your venue for events other than weddings

Another option to diversity yet cut down your time and resource investment? Rent out the spacer weddings and other events. Your primary responsibility is to provide the venue. The people renting the space then make other arrangements for services, supplies, and more.

• Download your free sample business plan for a wedding venue

Downloading our free wedding venue business plan PDF can give you the template you need to start setting up the wedding venue business of your dreams. It’s just one of the hundreds of free sample plans that have been time-tested by our team and by thousands of entrepreneurs all over the world.

Weddings are a competitive industry, but a solid lean plan can help you start a successful venue. You’ll also be able to examine your shop idea from different angles, identify potential challenges, and build a stronger business than you could otherwise.

Your wedding venue could be your perfect partner. Use your free wedding venue plan to help you tie the business knot today.

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Anthony St. Clair is a business copywriter, author of the Rucksack Universe travel fantasy series, and a craft beer writer specializing in Oregon. Learn more at anthonystclair.com.

Table of Contents

• 1. Outline the basics about your wedding venue’s location, proximity, and offerings

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Event Venue Business Plan Template

Used 4,872 times

Launch and grow your event venue with our customizable business plan template.

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Created by:

​ [Sender.FirstName] [Sender.LastName] ​

​ [Sender.Company] ​

Prepared for:

​ [Recipient.FirstName] [Recipient.LastName]

​ [Recipient.Company] ​

Company: [Sender.Company] ​

Address: [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] ​

Executive Summary

​ [Sender.Company] has a vision of (Vision.Statement) and our mission statement to achieve that vision is (Mission.Statement). Our company will focus on developing the event venue with the following details:

Service: (Service.Description)

Leadership: (Leadership.Description)

Industry: (industry.Description)

Competitors: (Competitors.Description)

Financial Status: (Financial.Description)

Our Future Plans: (FuturePlans.Description)

​ [Sender.Company] is uniquely qualified to deliver a successful event venue business due to the following reasons:

(Business.Strength)

Company Overview

​ [Sender.Company] is an event venue with (Number) halls and (Number) meeting spaces on the property. It is located near (Location), close to the city center, and strategically located to provide access to any other establishments clients require. Each venue is maintained to a high standard and contains the latest computer technology for meetings.

Clients can access a beautiful event venue ideal for special occasions such as weddings, birthday parties, anniversaries, and more. However, the meeting rooms are also adequately equipped to deliver an excellent venue for conferences, business meetings, and more.

Business Description

​ [Sender.Company] is a brand focused on (Company.Focus). Our event venue will reflect that focus with a modern and high-class design. On the property, there will be the following venues:

We will add an example of what you should list for the venues here, but be sure to swap it out with your particular venues.

Small party venue – Closed, inside space – Holds 40 to 50 people – $(Hire.Amount)

Three ballrooms – Inside room with outside doors – Holds a maximum of 300 people – $(Hire.Amount)

(Number) (Venue.Type) – (Short.Description) that can hold (Number) people – $(Hire.Amount)

Our Packages

​ [Sender.Company] will offer clients a mix of event packages besides the flat rate to rent each venue hall.

Industry Analysis

The event venue industry depends on the per capita income of households willing to spend money on events. However, it also links to the business market and conferences held in the area. As such, [Sender.Company] researched the current market and identified a niche we can fill: (Niche.Description).

Further, we found some statistics on the market that bode well for our event venue business plan:

Competitor Analysis

The primary competitor in the area is (Primary.Competitor), as this brand specializes in all event types and has a similarly sized property. Its strengths are (Strengths), while we have identified the following weaknesses:

Other competitors to consider are (Secondary.Competitor) and (Tertiary.Competitor). The market segments into (Market.Segment).

Further, the competitor pricing in the current industry is:

We have identified several ways in which [Sender.Company] gains an edge over these competitors:

Once you have shown the competition, you must show how you will approach your entry into the market. You have to show that you have the edge over the competitors and what sets your venue apart.

Customer Analysis

​ [Sender.Company] will serve the residents of (Location) but also market in surrounding areas of (Location), (Location), and (Location). This marketing will give us a vast customer base, especially as many travel for events and conferences. The demographics of the immediate area around the event are as follows:

This location also has several establishments of interest, which benefits the event venue. Clients of interest are:

Suppliers of interest are:

Client Segmentation

Marketing Strategy

​ [Sender.Company] has the following unique value propositions that make it the best choice in the area:

(BrandImage.Proposition)

​ [Sender.Company] will implement an encompassing market strategy to reach the target audience using the following methods:

Public Relations

Ongoing Customer Communications

Social Media

Phone Prospecting

Pre-Opening Events

Pricing Strategy

Operations Plan

The significant functions [Sender.Company] must fill to execute this business model:

Administrative and general tasks like legal, bookkeeping, marketing, and more

Sourcing and storing equipment

Hiring and training staff

Corporate sales to groups and individuals

Janitor and maintenance personnel to keep the venue in top shape

We will reach these milestones in the next (Period):

Management and Staff Hiring

(Owner.Name)

(Owner.Quote)

(Owner.Photo)

(EventsManager.Name)

(EventsManager.Quote)

(EventsManager.Photo)

(CEO.Quote)

(CEO.Photo)

(MarketingManager.Name)

(MarketingManager.Quote)

(MarketingManager.Photo)

​ [Sender.Company] will look into hiring employees for the following positions by the (Date):

(Number) Service Staff (If you provide your own catering)

(Number) Chefs (If you provide your own catering)

(Number) Sales staff

(Number) Managers

Financial Plan

Capital requirements.

​ [Sender.Company] requires an initial capital of $(Amount) to start this business venture, which we break down below:

Financial Forecast

The expected Annual Income: (5YearAnnualIncome.Statement)

The expected Profit and Loss Statement: (5YearProfitLoss.Statement)

The expected Annual Balance Sheet: (5YearAnnualBalance.Sheet)

The expected Annual Cash Flow: (5YearAnnual.CashFlow)

The Break-Even Analysis: (BreakEven.Analysis)

Both parties understand and agree that their signature below signifies their agreement to all the terms and information outlined in this event venue business plan.

​ [Recipient.FirstName] [Recipient.LastName] ​

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Here is a free business plan sample for an event venue establishment.

Have you been envisioning launching an event venue that becomes the go-to spot for celebrations and gatherings? Wondering where to start?

Look no further, as we're about to guide you through a comprehensive business plan tailored for an event venue.

Creating a robust business plan is a crucial step for any aspiring entrepreneur. It serves as a roadmap, outlining your vision, objectives, and the strategies you'll employ to turn your event space into a thriving enterprise.

To streamline your planning process, take advantage of our event venue business plan template. Our team of professionals is also on standby to review and refine your plan at no extra cost.

How to draft a great business plan for your event venue establishment?

A good business plan for an event venue must cater to the unique aspects of the event hosting industry.

Initially, it's crucial to provide a comprehensive overview of the event venue market. This should include current statistics and the identification of emerging trends within the industry, similar to what we've incorporated in our event venue business plan template .

Your business plan should articulate your vision clearly. Define your target market (corporate events, weddings, community gatherings, etc.), and establish the distinctive appeal of your venue (location, size, amenities, aesthetic, etc.).

Market analysis is the next critical component. This requires a thorough understanding of your competitors, market demands, and the preferences of event planners and attendees.

For an event venue, it is particularly important to detail the types of events you plan to host. Describe the versatility of your space, the range of services you offer (catering, audio-visual support, security, etc.), and how these services align with the expectations of your clientele.

The operational plan is vital. It should outline the location of your venue, the layout of event spaces, vendor partnerships for additional services, and the logistics of event management.

Emphasize the quality of your facilities, customer service excellence, and adherence to safety and accessibility standards.

Then, delve into your marketing and sales strategies. How will you attract event planners and secure bookings? Discuss promotional tactics, networking strategies, and client retention plans.

Incorporating digital marketing efforts, such as a professional website and active social media engagement, is indispensable in the modern marketplace.

The financial section is a cornerstone of your plan. It should encompass the initial investment, projected revenue from events, ongoing operational expenses, and the point at which you expect to break even.

Given that event venues can have variable income based on seasons and event types, it is critical to have a detailed financial plan. You can refer to our financial forecast for an event venue for guidance.

Compared to other business plans, an event venue's plan must pay special attention to booking and scheduling strategies, compliance with event-specific regulations, and the potential for high customization demanded by clients.

A well-crafted business plan will not only help you to define your operational and strategic vision but also to attract investors or secure loans.

Lenders and investors are interested in a robust market analysis, a realistic financial plan, and a clear operational strategy for managing events.

By presenting a thorough and substantiated business plan, you showcase your dedication to the success of your event venue.

To achieve these goals efficiently, consider using our event venue business plan template .

A free example of business plan for an event venue establishment

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for an event venue .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market data and figures.

The event venue industry is a dynamic sector with significant growth potential.

Recent estimates suggest that the global event industry is valued at over 1 trillion dollars, with expectations for continued expansion as social and corporate events rebound post-pandemic.

In the United States alone, there are thousands of event venues, contributing to a substantial annual revenue within the hospitality sector.

These statistics underscore the critical role event venues play in both the social and economic landscape, catering to a diverse array of events from weddings to corporate conferences.

The event industry is witnessing several key trends that are shaping the future of event planning and management.

There is a growing emphasis on unique and memorable experiences, with venues offering immersive and interactive elements to stand out.

Sustainability is becoming increasingly important, with clients seeking venues that implement green practices and reduce their environmental footprint.

Technology integration is on the rise, with virtual and hybrid events becoming more commonplace, necessitating venues to be equipped with advanced audio-visual capabilities.

Personalization is also a significant trend, with clients desiring customizable spaces that can reflect their event's theme and purpose.

Lastly, there is a heightened focus on health and safety protocols, ensuring that venues can host events while adhering to the latest guidelines and reassuring attendees.

These trends highlight the evolving nature of the event industry and the need for venues to adapt to the changing preferences of clients and attendees.

Success Factors

Several factors contribute to the success of an event venue.

Location is paramount, as a venue that is easily accessible and well-connected can attract a larger number of events.

The versatility of the space is also crucial; venues that can accommodate a wide range of event sizes and types are more likely to be in demand.

Modern amenities and state-of-the-art facilities can set a venue apart, providing the technological support needed for today's events.

Exceptional service is a must, with a dedicated team that can assist clients in planning and executing their events smoothly.

Finally, competitive pricing and packages, along with a strong marketing strategy, are essential for attracting and retaining clients in a competitive market.

By focusing on these key elements, an event venue can establish a strong market presence and build a reputation for excellence in the hospitality industry.

The Project

Project presentation.

Our event venue project is designed to cater to the diverse needs of the community by providing a versatile space for a variety of events, from weddings and corporate gatherings to community meetings and private celebrations. Strategically located in an accessible area with ample parking, our venue will offer a modern, customizable space equipped with state-of-the-art audiovisual technology, elegant decor, and adaptable layouts to accommodate events of all sizes.

We will ensure that each event is a memorable experience by providing exceptional service, attention to detail, and a range of amenities to meet the specific needs of our clients.

Our event venue aims to become the premier choice for event planners and individuals seeking a sophisticated and flexible space that can be tailored to create the perfect atmosphere for any occasion.

Value Proposition

The value proposition of our event venue lies in its adaptability, location, and commitment to providing a seamless event experience. We offer a unique blend of elegance and functionality, ensuring that every event is not only successful but also leaves a lasting impression on its attendees.

Our dedication to customer satisfaction is reflected in our personalized service, which includes event planning support, catering coordination, and technical assistance. We strive to exceed expectations by creating an environment that is both welcoming and impressive, making every event a standout occasion.

As a hub for social and professional gatherings, our venue is committed to fostering connections and enriching the community through the power of shared experiences.

Project Owner

The project owner is an experienced event planner with a passion for bringing people together. With a background in hospitality management and a keen eye for detail, they are well-equipped to create a venue that exceeds the expectations of clients and guests alike.

Having organized numerous successful events, the owner understands the importance of a reliable and flexible event space. They are committed to providing top-notch service and creating a venue that adapts to the evolving trends and needs of the event industry.

With a strong vision for creating memorable experiences and a dedication to excellence, the project owner is the driving force behind this venture, aiming to establish a leading event venue that serves as a cornerstone for celebrations and professional events in the community.

The Market Study

Market segments.

The market segments for our event venue are diverse and cater to a wide range of events and functions.

Firstly, we have corporate clients who require professional settings for conferences, meetings, and team-building events.

Secondly, we cater to individuals and families seeking a beautiful and accommodating space for personal celebrations such as weddings, anniversaries, and birthday parties.

Additionally, our venue attracts event planners and promoters who are in need of a versatile space for hosting concerts, exhibitions, and community events.

Lastly, we serve non-profit organizations and educational institutions looking for a venue for fundraisers, galas, and seminars.

SWOT Analysis

A SWOT analysis of our event venue business reveals several key factors.

Strengths include a prime location, versatile event spaces, state-of-the-art facilities, and a strong reputation for excellent customer service.

Weaknesses might involve limited parking space, high operational costs, and the challenge of maintaining a high occupancy rate throughout the year.

Opportunities can be found in the growing demand for unique event experiences, potential partnerships with local businesses, and the ability to host hybrid events that combine in-person and virtual attendance.

Threats could include the emergence of new competitors, economic downturns affecting event budgets, and changes in event trends that require constant adaptation.

Competitor Analysis

Competitor analysis in the event venue industry indicates a competitive landscape.

Direct competitors include other local event venues, hotels with conference facilities, and specialized function halls.

These competitors vie for a share of the market by offering unique selling points such as location, pricing, and additional services.

Our competitive advantages include our flexible space configurations, cutting-edge audiovisual technology, and exceptional in-house catering services.

Understanding the strengths and weaknesses of our competitors is crucial for crafting strategies that emphasize our unique offerings and superior customer experience.

Competitive Advantages

Our event venue stands out due to its strategic location, versatile spaces that can be customized for any event, and our commitment to providing a seamless event experience.

We offer comprehensive event management services, including planning assistance, on-site support, and access to a network of trusted vendors for decor, entertainment, and more.

Moreover, our dedication to customer satisfaction ensures that every client receives personalized attention and support to make their event memorable.

We are also committed to sustainability, implementing eco-friendly practices in our operations, which resonates with clients who value environmental responsibility.

You can also read our articles about: - how to establish an event venue establishment: a complete guide - the customer segments of an event venue establishment - the competition study for an event venue establishment

The Strategy

Development plan.

Our three-year development plan for the event venue is designed to establish us as a premier location for a variety of events.

In the first year, we will concentrate on building a strong reputation within the local community, focusing on exceptional service and versatile event offerings.

The second year will be geared towards enhancing our amenities and incorporating advanced technology to cater to a wider array of events, including corporate functions and tech conferences.

In the third year, we plan to expand our marketing reach to attract national and international events, while also exploring opportunities for partnerships with event planners and local businesses.

Throughout this period, we will remain dedicated to providing an outstanding customer experience, maintaining a state-of-the-art facility, and adapting to the evolving needs of our clients.

Business Model Canvas

The Business Model Canvas for our event venue focuses on diverse customer segments including wedding planners, corporate event coordinators, and local community groups.

Our value proposition lies in offering a customizable and sophisticated space with top-notch service for any event.

We market our venue through various channels, including our website, social media, and partnerships with event planning agencies, utilizing our key resources such as our versatile event spaces and dedicated staff.

Key activities include event hosting, space design, and client relationship management.

Our revenue streams are generated from venue rental fees, in-house catering services, and additional amenities like audio-visual equipment rentals.

Our costs are mainly associated with venue maintenance, staff salaries, and marketing efforts.

Access a detailed and editable version of our Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered around showcasing the versatility and elegance of our venue.

We aim to attract a diverse clientele by highlighting our ability to tailor events to their unique needs, from intimate gatherings to large-scale conferences.

Our approach includes virtual tours, targeted social media campaigns, and hosting showcase events to demonstrate our venue's potential.

We will also establish relationships with local businesses and event planners to foster referrals and repeat business.

Engaging with our community through sponsorships and partnerships will further enhance our visibility and reputation as a top-tier event space.

Risk Policy

The risk policy for our event venue is focused on mitigating risks associated with event hosting, client satisfaction, and facility management.

We adhere to strict safety protocols and regularly review our emergency and security procedures to ensure the well-being of our guests.

We conduct routine maintenance checks to uphold the quality and aesthetics of our venue, and we have a comprehensive cost management strategy to maintain financial stability.

Additionally, we carry comprehensive liability insurance to protect against potential claims related to property damage or personal injury.

Our priority is to provide a safe, reliable, and exceptional event experience for all our clients.

Why Our Project is Viable

We are committed to establishing an event venue that stands out for its quality, flexibility, and customer-focused approach.

Given the growing demand for specialized event spaces, we believe our venue will meet the needs of various clients looking for a memorable location for their events.

We are enthusiastic about the opportunity to become a cornerstone in the event hosting community and are prepared to adapt our strategies to ensure the success of our business.

We look forward to the bright future of our event venue and the lasting memories we will help create for our clients.

You can also read our articles about: - the Business Model Canvas of an event venue establishment - the marketing strategy for an event venue establishment

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for an event venue and our financial plan for an event venue .

Initial expenses for our event venue include the acquisition or lease of a suitable space, renovations to tailor the venue to various event types, obtaining necessary permits and licenses, investing in high-quality audio-visual equipment, furniture, and decor to create a versatile and attractive setting. Additionally, costs will be incurred for brand development and targeted marketing strategies to establish our presence in the event planning industry.

Our revenue assumptions are based on a comprehensive analysis of the local market demand for event spaces, taking into account the increasing need for venues that can accommodate a range of events from corporate gatherings to social celebrations.

We anticipate a gradual increase in bookings, starting conservatively and expanding as our venue becomes more recognized for its exceptional service and facilities.

The projected income statement outlines expected revenues from event bookings, service fees, and potential partnerships with vendors, alongside expenses such as maintenance, staffing, utilities, and promotional activities.

This results in a forecasted net profit that is essential for assessing the long-term viability of our event venue business.

The projected balance sheet will display assets including property, equipment, and any improvements made to the venue, as well as liabilities such as loans and operational expenses.

It will provide a snapshot of the financial standing of our event venue at the conclusion of each fiscal period.

Our projected cash flow statement will detail the inflows from event bookings and outflows for operational costs, enabling us to predict our financial requirements. This is crucial for maintaining a healthy cash balance and ensuring smooth operations.

The projected financing plan will enumerate the sources of funding we intend to tap into to cover our initial costs, such as bank loans, investor capital, or grants.

The working capital requirement for our event venue will be meticulously tracked to guarantee that we have sufficient funds to manage day-to-day expenses, including staff wages, inventory of event supplies, and maintenance costs.

The break-even analysis for our venture will calculate the number of events and the pricing structure required to cover all our costs, including the initial investment, and to begin generating profits.

It will signal the point at which our event venue becomes a profitable enterprise.

Key performance indicators we will monitor include the occupancy rate of our venue, the average revenue per event, customer satisfaction ratings, and the return on investment to gauge the efficiency of the capital deployed in our business.

These metrics will assist us in measuring the financial performance and overall success of our event venue.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for an event venue establishment .

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How To Write a Winning Event Venue Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for event venue businesses who want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every event venue business owner should include in their business plan.

Download the Ultimate Event Venue Business Plan Template

What is an event venue business plan.

An event venue business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write an Event Venue Business Plan?

An event venue business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Event Venue Business Plan

The following are the key components of a successful event venue business plan:

Executive Summary

The executive summary of an event venue business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your event venue company
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your event venue business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your event venue firm, mention this.

You will also include information about your chosen event venue business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of an event venue business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the event venue industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, an event venue business’ customers may include:

• Wedding planners looking for a unique venue to host their client’s wedding receptions
• Local businesses holding holiday parties or corporate events
• Private individuals hosting birthday parties, anniversaries, or other special occasions

You should also include information about your target market’s buying habits. For example, do they usually book event venues months in advance or do they wait until the last minute?

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or event venue services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your event venue business may have:

• Unique event venue spaces
• Strong industry reputation
• Experienced management team
• Focus on customer service
• Specializes in a particular type of event or customer

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or you may promote your event venue business via word-of-mouth marketing.

Operations Plan

This part of your event venue business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for an event venue business include reaching $X in sales. Other examples include booking X number of events or weddings or hiring a certain number of staff members.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific event venue industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Event Venue Business

Balance Sheet

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Event Venue Business

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup event venue business.

Sample Cash Flow Statement for a Startup Event Venue Business

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your event venue company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

By following these tips, you can write a winning event venue business plan that will help you launch and grow your company successfully.  

Finish Your Event Venue Business Plan in 1 Day!

Sample Business Plan For Event Venue Business Owners

Download our Ultimate Event Venue Business Plan Template here

It is important to keep in mind that this is a sample to be used as a guide to help you create your own custom business plan tailored specifically to your event space.

Event Venue Business Plan Example – Sunny Event Venue

Executive summary, business overview.

Sunny Event Venue is a full-service event venue located in the heart of the financial district of downtown Los Angeles. We offer our clients a unique and sophisticated setting for their events, complete with state-of-the-art audio/visual equipment and experienced event planners to ensure a successful event.

Products Served and Target Markets

Sunny Event Venue offers its clients a variety of event packages that can be customized to fit any budget or need. We specialize in weddings, corporate events, and social gatherings. Our target markets include the following:

• Weddings : couples getting married, wedding planners, event coordinators
• Corporate Events : small to medium-sized businesses, corporations, non-profit organizations
• Social Gatherings : private parties, fundraisers, holiday parties

Industry Analysis

The event venue industry is growing at a steady rate as more and more people are seeking unique and special venues for their events. The industry is expected to grow by 3% in the next five years. Sunny Event Venue is well positioned to take advantage of this growth with our centrally located venue and experienced event planning staff.

Customer Focus

Sunny Event Venue prides itself on providing its clients with a one-of-a-kind event experience. We take the time to get to know our clients and their needs in order to provide them with a personalized event that meets all of their expectations.

Management Team

Sunny Event Venue is owned and operated by husband and wife team, John and Sarah Jones. John has over 10 years of experience in the event planning industry, while Sarah has a background in marketing and sales. Together, they bring a wealth of knowledge and experience to the business.

Success Factors

The success of Sunny Event Venue will be driven by the following factors:

• Location : our venue is centrally located in downtown Los Angeles, making it easy for clients to get to
• Experience : our event planners have over 10 years of experience in the industry and are experts at executing successful events
• Customer Service : we pride ourselves on providing outstanding customer service and working closely with our clients to ensure their complete satisfaction

Financial Highlights

Sunny Event Venue is a profitable business that generated $1.2 million in revenue and $250,000 in net profit last year. We are projecting similar numbers for the next five years.

Company Overview

Who is sunny event venue.

Sunny Event Venue is a full-service event center business located in the heart of downtown Los Angeles. We offer a variety of services to our clients, including event planning, catering, and decorating. We strive to provide our clients with a one-of-a-kind experience that they will remember for years to come.

Company History

Sunny Event Venue was founded in 2009 by entrepreneurs Sarah Jones and John Jones. We saw a need in the market for a full-service event venue that could provide its clients with a truly unique and memorable experience. Since then, we have been dedicated to providing our clients with the best possible service and creating lasting memories.

Mission Statement

Our mission is simple: to provide our clients with the best possible event planning experience from start to finish. We are dedicated to making your event planning process as easy and stress-free as possible so that you can enjoy your special day.

Products / Services

At Sunny Event Venue, we offer a variety of services to our clients, including event planning, catering, and decorating. We also offer a wide range of event packages that can be customized to meet your specific needs. No matter what type of event you are planning, we will work with you to create a package that is perfect for you.

The event venue industry is growing at a steady rate as more and more people are seeking unique and special venues for their events including weddings, corporate functions, and private parties. The industry is expected to grow by 3% in the next five years.

Sunny Event Venue is well positioned to take advantage of this growth with our centrally located venue and experienced event planning staff. We can handle the local demand as well as the growing demand from out-of-town clients who are looking for a unique and special event venue.

Customer Analysis

Sunny Event Venue’s typical customer is a bride-to-be who is looking for a unique and special venue for her wedding. We also have a strong corporate and private party business. Our customers come from all over the Los Angeles area, as well as from out of town.

Demographics:

Local clients:.

• Location: Los Angeles, CA
• Income: $50,000-$100,000

Out of Town Clients:

• Location: all over the US

Service Segmentation:

• Weddings: 50%
• Corporate Events: 30%
• Private Parties: 20%

Competitive Analysis

Sunny Event Venue has several competitors in the Los Angeles area, but we are the only full-service event venue in downtown Los Angeles. We believe that our central location, experienced event planners, and outstanding customer service set us apart from our competitors and give us a competitive advantage.

Direct Competitors:

The wedding chapel.

The Wedding Chapel is a full-service event venue that offers a variety of services to its clients, including event planning, catering, and decorating. They strive to provide their clients with a unique and memorable experience that they will remember for years to come.

The Wedding Chapel is Sunny Event Venue’s biggest competitor. They are located in the Los Angeles area and offer a similar range of services. The Wedding Chapel has been in business for 10 years and has a strong reputation in the industry.

The Ritz Carlton

The Ritz Carlton is a luxury hotel that offers a variety of services to its guests, including event planning, catering, and decorating. They strive to provide their guests with a truly unique and memorable experience.

The Ritz Carlton is Sunny Event Venue’s most direct competitor. They are located in the Los Angeles area and offer a similar range of services. The Ritz Carlton has been in business for over 20 years and is a well-known and respected brand in the industry.

The Beverly Hills Hotel

The Beverly Hills Hotel is a luxury hotel that offers a variety of services to its guests, including event planning, catering, and decorating. They strive to provide their guests with a truly unique and memorable experience.

The Beverly Hills Hotel is another direct competitor of Sunny Event Venue. They are located in the Los Angeles area and offer a similar range of services. The Beverly Hills Hotel has been in business for over 30 years and is a well-known and respected brand in the industry.

Indirect Competitors:

Local venues:.

There are many local event venues in the Los Angeles area that offer a variety of services to their clients, including event planning, catering, and decorating. Some of these venues include:

• The Los Angeles Convention Center
• Staples Center
• Hollywood Bowl

There are many hotels in the Los Angeles area that offer a variety of services to their guests, including event planning, catering, and decorating. Some of these hotels include:

• The Beverly Hilton
• The Four Seasons
• The Peninsula

Restaurants:

There are many restaurants in the Los Angeles area that offer a variety of services to their clients, including event planning, catering, and decorating. Some of these restaurants include:

Marketing Plan

The sunny event venue brand.

Our brand is all about luxury, elegance, and creating unforgettable experiences. We want our clients to feel like they are the only ones that matter when they are working with us. We strive to provide our clients with top-notch customer service and attention to detail.

Our logo is a simple sunburst design that conveys the message of warmth, happiness, and positivity. Our brand colors are gold and white, which represent luxury and sophistication.

The Sunny Event Venue’s mission is to provide our clients with the most memorable event experience possible. We will work tirelessly to make sure that every detail is perfect and that your event is one that you and your guests will remember for years to come.

Vision Statement

The Sunny Event Venue vision is to be the premier event venue in the Los Angeles area. We will achieve this by providing our clients with the highest level of customer service and attention to detail.

Marketing Goals

The Sunny Event Venue marketing team has set the following goals for the upcoming year:

• Increase brand awareness by 20%
• Generate 30 new leads per month
• Convert 10% of leads into sales
• Increase website traffic by 25%
• Increase social media followers by 10%

Marketing Strategies

To reach our marketing goals, we will focus on the following strategies:

• Develop a strong online presence : We will create a strong online presence by developing a well-optimized website and active social media accounts. We will create informative and engaging content that will showcase our venue and what we have to offer.
• Advertise in local publications : We will place ads in local publications that target potential clients in the Los Angeles area.
• Participate in local events : We will participate in local events, such as bridal shows, that will allow us to meet potential clients and market our venue directly to them.
• Develop relationships with local vendors : We will develop relationships with local vendors, such as florists, caterers, and photographers. This will allow us to provide our clients with a one-stop shop for their event planning needs.
• Provide discounts and promotions : We will provide discounts and promotions on our services to encourage potential clients to book our venue.

Operations Plan

The Sunny Event Venue will be open for business 7 days a week, from 9 am to 5 pm. We will be closed on major holidays.

Our venue can accommodate up to 200 guests for seated events and up to 300 guests for standing events. We have a variety of event spaces that can be used for weddings, corporate events, holiday parties, and more.

We will have a team of 4 event planners on staff who will work with clients to plan their perfect event. Our event planners are experienced and knowledgeable about the industry and will work tirelessly to make sure that your event is everything you’ve ever dreamed of.

In addition to our event planners, we will have a team of 4 customer service representatives who will be available to answer any questions you may have about our venue or services. Our customer service team is friendly and efficient, and they will do everything they can to make sure that you are satisfied with our services.

We will have two event spaces available for rent:

• The Grand Ballroom : This 5,000-square-foot space can accommodate up to 500 guests and features a stage, a dance floor, and a built-in bar.
• The Garden : This 3,000-square-foot space can accommodate up to 300 guests and features a beautiful garden setting with a gazebo.

The Sunny Event Venue has set the following milestones for the next year:

• Book 10 events
• Generate $100,000 in revenue
• Hire 2 additional event planners
• Launch a new website

The Sunny Event Venue management team is comprised of experienced event professionals who are passionate about making your event a success.

Our team includes:

CEO – Sarah Jones

Sarah is the founder and owner of The Sunny Event Venue. She has over 10 years of experience in the event planning industry and has planned events for clients all over the world. Sarah is a certified event planner and has a bachelor’s degree in business administration.

CFO – John Doe

John is the chief financial officer of The Sunny Event Venue. He has over 15 years of experience in the finance industry and has a deep understanding of event planning finances. John is a certified public accountant and has a bachelor’s degree in accounting.

Director of Sales – Jane Smith

Jane is the director of sales for The Sunny Event Venue. She has over 8 years of experience in sales and marketing, and she has a deep understanding of the event industry. Jane is a certified event planner and has a bachelor’s degree in marketing.

Director of Operations – Tom Cruz

Tom is the director of operations for The Sunny Event Venue. He has over 20 years of experience in the hospitality industry and has a deep understanding of event planning and operations. Tom is a certified event planner and has a bachelor’s degree in hospitality management.

Financial Plan

The Sunny Event Venue is a for-profit company and our financial goal is to generate a profit of $50,000 in our first year of operation.

To achieve this goal, we will need to generate $500,000 in revenue. We expect that 50% of our revenue will come from event rental fees and the other 50% will come from food and beverage sales.

Our operating expenses for the first year of business are projected to be $450,000. This includes $200,000 for salaries and wages, $100,000 for rent, $50,000 for marketing and advertising, $50,000 for repairs and maintenance, and $50,000 for miscellaneous expenses.

We have secured $250,000 in funding from private investors and we will use this money to cover our start-up costs. We are confident that we will be able to generate the revenue needed to make a profit and pay back our investors within the first year of operation.

The appendix of our business plan includes our financial statements, resumes of our management team, and copies of our lease agreements.

With this event venue business plan example, you can see that there is a lot of work that goes into planning and launching a successful event venue business. However, if you have a clear plan and an experienced team in place, you will be able to achieve your goals and make your event venue a success.

Event Venue Business Plan Example PDF

Download our event venue business plan pdf here. This is a free event venue business plan example to help you get started on your own event venue plan.  

How to Finish Your Event Venue Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your event venue business plan?

With Growthink’s Ultimate Event Venue Business Plan Template you can finish your plan in just 8 hours or less!

Other Helpful Business Plan Articles & Templates

Event Venue Business Plan Template

Whether you are a seasoned event planner or just starting out, having a comprehensive business plan is essential to your success. Our free event venue business plan template is designed to guide you through the process of creating a detailed and effective plan for your event venue business. It includes all the necessary sections such as executive summary, market analysis, marketing strategy, financial projections, and more. With our free template, you will have a solid foundation to build your business on and increase your chances of success.

Get the free business plan template here!

Are you thinking about starting an event venue business? One of the most crucial steps to success is creating a comprehensive business plan. A well-written business plan not only helps you to stay focused on your goals but also attracts potential investors and partners.

Our free event venue business plan template that provides a detailed and structured approach to creating your business plan. Our template is designed to help you create a plan that is tailored to your business, outlining everything from market analysis and marketing strategy to financial projections.

With our free event venue business plan template, you will have a solid foundation to build your business on. Our template covers all the essential sections that are necessary for a successful business plan, including:

Event Venue Business Plan Executive Summary:

The executive summary is a brief introduction to your business plan that provides a snapshot of your event venue business. This section should highlight the key points of your business plan, including your business objectives, target market, and financial projections.

Market Analysis: The market analysis section provides an overview of the event venue industry, including the trends, competition, and potential customers. You should identify your target market, analyze your competition, and explain how your business will differentiate itself from others.

Marketing Strategy: In the marketing strategy section, you should describe how you plan to promote your event venue business to potential customers. This section should also include a budget for marketing expenses and a timeline for implementing your marketing plan.

Operations Plan: The operations plan provides an overview of how your event venue business will function on a day-to-day basis. This section should include information about the location, facilities, equipment, and staffing required for your business to operate.

Financial Projections: The financial projections section provides an overview of your business's expected financial performance. You should include your projected revenue and expenses, as well as your expected profits and cash flow.

By using our free event venue business plan template, you will have a clear and structured approach to creating your business plan. Our template is designed to help you develop a plan that is tailored to your specific business needs, allowing you to make informed decisions and stay focused on your goals.

Don't wait any longer, download our free event venue business plan template today and take the first step towards building a successful event venue business!

Event Venue Business Plan Frequently Asked Questions

Why do i need a business plan for my event venue business.

A business plan is essential for any business, including an event venue. It provides a roadmap for your business and helps you stay focused on your goals. It also serves as a tool to attract potential investors and partners.

What should I include in my event venue business plan?

Your event venue business plan should include an executive summary, market analysis, marketing strategy, operations plan, and financial projections. These sections provide a comprehensive overview of your business, including your target market, competition, marketing strategy, operations, and expected financial performance.

How do I determine my target market?

To determine your target market, you should conduct market research to identify your potential customers. Consider factors such as age, income, location, and interests. You should also analyze your competition and identify any gaps in the market that your business can fill.

How do I create a marketing strategy for my event venue business?

To create a marketing strategy for your event venue business, you should identify your target market and develop a plan to reach them. This may include advertising, social media, and networking events. You should also set a budget for marketing expenses and create a timeline for implementing your marketing plan.

How do I create financial projections for my event venue business plan?

To create financial projections for your event venue business plan, you should research your market and competition to determine your expected revenue and expenses. You should also consider factors such as location, staffing, and equipment costs. Your financial projections should include projected revenue, expenses, profits, and cash flow for at least the first three years of your business. You can use a financial projection template to make the process easy!

We Know a Good Business Plan When we See One

Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.

Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.

Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.

Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.

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How To Start An Event Rental Business

Posted by Vignesh Palanivel | Oct 11, 2023 | Ready-to-go Marketplace

Are you ready to embark on a thrilling entrepreneurial journey in the world of celebrations and events? Starting your very own event rental business could be your ticket to success. 

Whether you’re passionate about weddings, corporate gatherings, parties, or trade shows, the event rental industry offers a plethora of opportunities for those who plan meticulously, embrace innovation, and prioritize exceptional customer service.

In this comprehensive guide, we’ll walk you through the essential steps to launch your event rental business successfully. 

From crafting a niche to building a strong brand, handling legal and financial considerations, selecting inventory, and providing top-notch customer service, we’ll provide in-depth insights and practical tips to help you navigate each phase of your entrepreneurial venture. 

By the end of this guide, you’ll be well-equipped to turn your event party rental business dream into a thriving reality.

5 Steps To Start An Event Rental Business

Market research and business plan, identifying your niche.

Choosing the right niche is fundamental to the success of your event rental business. Your niche determines the types of events you’ll cater to and influences your marketing strategy, pricing, and inventory selection.

When selecting a niche, consider your personal interests and expertise. If you’re passionate about weddings, specializing in wedding rentals could be a rewarding choice. Alternatively, you might focus on corporate events, parties, trade shows, or a combination of these.

Pro Tip: Conduct thorough market research to identify unmet needs or gaps in your chosen niche. This will help you tailor your services to meet the demands of your target audience effectively.

Conducting a Competitive Analysis

Analyzing your competition is a critical step in understanding the landscape of your local event rental market. Take the time to study existing rental businesses in your area.

Pay attention to the following aspects:

• Pricing: Analyze the pricing structures of your competitors. Are they offering packages, hourly rates, or flat fees? Understanding their pricing strategies will help you set competitive rates.
• Inventory: Evaluate the types and quality of rental items your competitors offer. Note any gaps in their inventory that you could fill.
• Customer Base: Research your competitors’ customer base and their demographics. Identify potential areas where you can differentiate yourself, such as customer service or unique rental items.

Pro Tip: Consider conducting surveys or focus groups to gain insights into what potential customers are looking for in an event rental company. This data can inform your business strategy.

Creating An Event Rental Business Plan

A well-structured event rental business plan is your roadmap to success. It serves as a comprehensive document that outlines your business goals, strategies, financial projections, and marketing plan. Here are some key elements to include:

• Executive Summary: Provide a concise overview of your business, including your mission, vision, and key objectives.
• Market Analysis: Detail your niche, target market, and competitive analysis findings.
• Business Structure: Explain your chosen legal structure (e.g., sole proprietorship, LLC, partnership) and why it suits your business.
• Financial Projections: Create realistic financial projections, including startup costs, operating expenses, revenue forecasts, and cash flow statements.
• Marketing Strategy: Outline your marketing plan, including online and offline strategies, advertising, and branding efforts.
• Operational Plan: Describe your day-to-day operations, including inventory management, customer service, and logistics.

Pro Tip: Continuously revisit and update your business plan as your business evolves. It should be a dynamic document that adapts to changing market conditions and growth opportunities.

Legal and Financial Considerations

Choosing a legal structure.

Selecting the appropriate legal structure for your event rental business is a critical decision with implications for liability, taxation, and management. Here’s a closer look at the options:

• Sole Proprietorship: This is the simplest structure, where you are the sole owner and responsible for all business decisions and liabilities. Keep in mind that your personal assets may be at risk in case of business debts or legal issues.
• Limited Liability Company (LLC): An LLC offers a degree of personal asset protection while allowing for flexible management and tax benefits. It’s a popular choice for small businesses.
• Partnership: If you have a business partner, you can form a partnership. Partnerships can be general or limited, depending on the level of control and liability each partner wishes to have.
• Corporation: A corporation is a separate legal entity from its owners (shareholders). While it provides strong liability protection, it also involves more complex formalities and taxation.

Pro Tip: Consult with a legal professional or accountant to determine the most suitable legal structure for your event rental business based on your specific circumstances and long-term goals.

Registering Your Event Rental Business

Before you start a party rental business , you need to register it with the relevant local and state authorities. This includes obtaining any necessary permits or licenses. Failure to do so can result in legal penalties and complications.

The registration process typically involves:

• Business Name Registration: Choose a unique and memorable name for your business, ensuring it’s not already in use by another company. Register this name with your state’s business registration office.
• Permits and Licenses: Depending on your location and the nature of your business, you may need specific permits or licenses. Common ones include a business license, sales tax permit, and occupancy permit.
• EIN (Employer Identification Number): If you plan to hire employees or form a corporation, you’ll need an EIN, which is essentially a tax ID for your business.

Pro Tip: Research the registration requirements in your area thoroughly to ensure full compliance. Local Small Business Development Centers (SBDCs) can often provide guidance on this process.

Setting Up Finances

Efficient financial management is crucial for the success of your event rental business. To get started:

• Business Bank Account: Open a dedicated business bank account separate from your personal finances. This simplifies accounting, budgeting, and tax reporting.
• Accounting Software: Invest in reliable accounting software or hire an accountant to manage your financial records. Accurate bookkeeping is essential for tracking income, expenses, and profits.
• Budgeting: Create a budget that outlines your startup costs, monthly operating expenses, and projected revenue. Be realistic about your financial expectations, especially in the early stages of your business.
• Funding: Determine how you’ll finance your startup. Options include personal savings, loans, grants, or seeking investors. Each has its advantages and considerations.

Pro Tip: Keep meticulous financial records from day one. This not only simplifies tax preparation but also provides valuable insights into your business’s financial health.

Inventory and Suppliers

Inventory selection.

Choosing the right inventory is a pivotal aspect of your event rental business. Your inventory directly impacts your revenue potential, market competitiveness, and customer satisfaction. Here are some considerations when selecting rental items:

• Start Small: It’s tempting to amass a vast inventory from the beginning, but this can be costly and overwhelming. Start with a manageable selection of essential items and gradually expand based on demand.
• Quality Matters: Invest in high-quality rental items that can withstand frequent use and transportation. Durable items require less maintenance and replacement, saving you money in the long run.
• Versatility: Select items that can serve multiple purposes or themes. For example, chairs with neutral colors or styles can be used in various events, from weddings to corporate meetings.
• Trends and Seasons: Stay attuned to event design trends and seasonal variations in demand. Being proactive in updating your inventory can give you a competitive edge.

Pro Tip: Regularly survey your customers to gather feedback on your inventory. This will help you identify popular items, items in need of replacement, and potential new additions.

Supplier Relationships

Establishing strong relationships with suppliers or manufacturers is essential for a smooth operation. Here are some strategies for building and maintaining successful supplier relationships:

• Research and Due Diligence: Before partnering with a supplier, thoroughly research their reputation, reliability, and product quality. Ask for references and reviews from other businesses they work with.
• Negotiate Terms: Negotiate favorable terms with your suppliers, including pricing, payment terms, and delivery schedules. Consider establishing long-term partnerships to secure better deals.
• Communication: Maintain open and transparent communication with your suppliers. Promptly address any concerns or issues, and keep them informed about your business’s needs and growth.
• Diversification: Don’t rely on a single supplier for critical items. Diversify your sources to minimize the risk of supply disruptions.

Pro Tip: Attend industry trade shows and conferences to meet potential suppliers in person and build rapport. Face-to-face interactions can strengthen relationships.

Developing Event Rental Business Software

Decide whether you want to build custom software or use existing rental management software and customize it.

The choice between building custom software or customizing existing rental management software depends on various factors, including your budget, time constraints, and specific business needs. Let’s explore both options in more detail:

Building Custom Software:

Advantages :

• Tailored to Your Needs: You can design the software from scratch to perfectly match your business processes and requirements.
• Competitive Advantage: Custom software can provide a unique selling point, as it’s designed exclusively for your business.
• Future Scalability: You have full control over the codebase, making it easier to add new features and adapt to evolving business needs.
• Ownership and Control: You own the intellectual property and can make changes as needed without relying on third-party vendors.

Considerations:

• Development Time: Building custom party rental software can be time-consuming, especially if you’re starting from scratch.
• Cost: Custom software development is often more expensive upfront due to development and ongoing maintenance costs.
• Expertise: You may need to hire or consult with developers and designers who have the expertise to build your software.

Customizing Existing Rental Management Software:

• Faster Deployment: Existing software solutions can be quicker to implement, allowing you to get up and running faster.
• Cost Savings: Customizing existing event space rental software can be more cost-effective than building from scratch.
• Tested and Proven: Established software solutions are often tried and tested, with fewer bugs and issues.
• Limitations: Existing software may not perfectly align with your specific business processes, requiring compromises or workarounds.
• Licensing and Ownership: You may have limitations on what you can modify, and you might not own the software outright.
• Scalability: If the software can’t be easily adapted to changing needs, it may become a bottleneck as your business grows.
• Ongoing Costs: While initial costs may be lower, you might incur licensing or subscription fees and customization expenses.

When deciding between these approaches, consider the following steps:

• Assess Your Business Needs: Evaluate your business requirements and the extent to which an existing solution can meet them.
• Budget: Determine your budget for event rental marketplace software development, taking into account both upfront and ongoing costs.
• Timeframe: Consider how quickly you need the software up and running. Custom development usually takes longer.
• Scalability: Think about your business growth and whether the software can adapt to changing demands.
• Ownership and Control: Consider how important it is for you to have full control and ownership of the software.

In some cases, a hybrid approach may be viable. You can start with an existing solution and later transition to a custom-built one as your business scales and your requirements become more complex. 

Ultimately, the choice depends on your specific circumstances, so it’s essential to carefully weigh the advantages and limitations of each approach before making a decision.

Marketing and Branding Your Event Rental Business

Marketing and branding for an event rental business need to be consistent. So, make a long term rental marketing strategy that brings you success.

Building Your Brand

Your brand is the face of your event rental business, so it’s essential to create a strong and memorable brand identity. Consider the following elements:

• Business Name: Choose a unique and relevant name that conveys the essence of your business. Ensure that it’s easy to remember and spell.
• Logo and Visual Identity: Design a professional logo and establish a cohesive visual identity that reflects your brand’s personality. Consistency in branding builds recognition.
• Tagline: Craft a concise and meaningful tagline that encapsulates your business’s core values and promises.
• Mission and Values: Clearly define your business’s mission and values. These should guide your decisions and actions, demonstrating your commitment to customer satisfaction.

Pro Tip: If you’re not proficient in graphic design, consider hiring a professional designer to create your logo and branding materials. A well-designed brand can make a significant impact on your business’s perception.

Online Presence

In today’s digital age, an online presence is crucial for reaching and engaging with potential customers. Here’s how to establish and strengthen your online presence:

• Social Media: Utilize popular social media platforms like Facebook, Instagram, and Pinterest to showcase your rental items and engage with your target audience. Consistent posting and interactive content can help you gain followers and build brand loyalty.
• Email Marketing: Collect email addresses from interested customers and use email marketing campaigns to promote special offers, updates, and educational content related to event planning and rentals.
• Online Advertising: Consider investing in paid online advertising, such as Google Ads or Facebook Ads, to reach a broader audience. Target your ads based on location, demographics, and interests.

Pro Tip: Regularly update your website and social media profiles with high-quality images and informative content. Share real event photos and testimonials to build trust and credibility.

Building a strong network within the event planning industry can be a game-changer for your event rental business. Event planners, wedding coordinators, and other professionals can refer clients to you and provide valuable insights. Here’s how to network effectively:

• Attend Industry Events: Attend industry-related conferences, trade shows, and networking events. These gatherings provide opportunities to meet potential clients and industry peers.
• Local Business Associations: Join local business associations, chambers of commerce, or networking groups. These organizations often host events and offer resources for small business owners.
• Online Communities: Participate in online forums, groups, and communities related to event planning and rentals. Share your expertise, answer questions, and connect with fellow professionals.
• Partnerships: Collaborate with event planners, caterers, venues, and other businesses in the event industry. Consider forming partnerships to offer bundled services or discounts to clients.

Pro Tip: Networking is not just about receiving referrals; it’s also about giving back. Be willing to refer your network connections to other businesses when appropriate, as this builds goodwill and reciprocity.

Operations and Customer Service

Rental policies.

Establishing clear and comprehensive rental policies is essential for a smooth and transparent rental process. These policies should be outlined in your contracts and communicated to clients. Key considerations include:

• Terms and Conditions: Specify terms related to payment, cancellations, damages, and liability. Ensure that clients understand and agree to these terms before renting your items.
• Pricing Structure: Clearly detail your pricing structure, including rental rates, delivery fees, setup charges, and any additional costs. Provide a breakdown of costs so clients know what to expect.
• Reservation Process: Outline the process for reserving rental items, including reservation fees or deposits, contract signing, and delivery schedule.
• Delivery and Pickup: Clearly communicate your delivery and pickup procedures, including timing, access requirements, and responsibilities.

Pro Tip: Consider creating a Frequently Asked Questions (FAQ) section on your website or in your marketing materials to address common client inquiries and help them understand your policies.

Customer Service Excellence

Exceptional customer service is the foundation of a successful event rental business. It’s what sets you apart from competitors and earns you repeat business and referrals. Here are some tips for providing top-notch customer service:

• Responsive Communication: Respond promptly to inquiries, whether via phone, email, or social media. Be attentive to clients’ questions and needs throughout the rental process.
• Transparency: Be transparent about your inventory availability, pricing, and policies. Avoid surprises or hidden fees.
• Professionalism: Maintain a high level of professionalism in all interactions with clients and partners. Dress appropriately when meeting clients and provide well-maintained rental items.
• Quality Assurance: Regularly inspect, clean, and maintain your rental inventory to ensure it’s in excellent condition for each event. Promptly replace or repair damaged items.
• Problem Resolution: Address any issues or concerns professionally and promptly. Clients appreciate a proactive approach to problem-solving.

Pro Tip: After each event, consider requesting feedback from clients. This not only helps you identify areas for improvement but also provides an opportunity to request testimonials or reviews.

Scaling Your Business

As your event rental business grows, you may consider expanding your offerings, services, or geographic reach. Here are strategies for scaling your business:

• Diversify Your Inventory: Continuously evaluate your inventory to identify gaps or trends in customer demand. Gradually expand your offerings to meet diverse event needs.
• Add Services: Consider offering additional services, such as event planning or decor consulting, to increase your revenue streams.
• Hire Staff: As your business expands, you may need to hire staff to handle tasks like deliveries, setup, and customer service.
• Multiple Locations: If you’ve successfully established your business in one location, explore opportunities to expand to other cities or regions.
• Online Rental Platform: Consider creating an online rental platform that allows customers to browse and rent items conveniently. This can expand your reach beyond your local area.

Pro Tip: Scaling should be a strategic, well-planned process. Assess the financial implications, operational requirements, and market demand before making significant expansions.

Starting an event rental business is a rewarding endeavor that requires careful planning, dedication, and a commitment to delivering exceptional customer service. 

By following these comprehensive steps and continuously adapting to market dynamics and customer needs, you can build a successful and profitable event/ party rental business .

Remember that success may not come overnight, but with persistence and a customer-centric approach, your business can become a trusted resource in the event planning industry. 

Stay attuned to industry trends, maintain strong supplier relationships, and keep refining your strategies to stay competitive and achieve long-term success in the event rental business.

About The Author

Vignesh Palanivel

I am a passionate, proactive, and dynamic decision-maker. Aiming to explore more innovations and how to apply those in online business. Having expertise in business development operations I am willing to share my extensive knowledge with all startup seekers.

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How to Create a Wedding Venue Business Plan

Wedding Venue Essentials

Weddings are the cure for weekends full of empty hotel rooms , and they can turn a farm or turn-of-the-century farmhouse into a money-making event destination. In order to grab a piece of the wedding business for your hotel or event space , you’re going to need a business plan.

Read on to learn how to craft a wedding venue business plan that gets couples to choose your venue over the competition. 

How much can a wedding venue make?

According to ValuePenguin research,  the average cost of a wedding in the U.S. is approximately $25,000, give or take. The potential is there for a significant revenue stream. Be proactive in researching your local demand and competition to avoid surprises when starting a wedding venue business. Set realistic financial goals based on how your particular venue can generate money:

• Rent your facilities for weddings and receptions. Think about couples spending over $2,000 on ceremony venues, and more than $15,000 on reception spaces. Multiply this out based on how many weddings you can host each week/month/year for a baseline revenue.
• Give guests a place to stay. Weddings can vary in size, and many couples opt for destination weddings . Whether they’re inviting dozens of people or hundreds, those guests need a place to stay. Hoteliers are uniquely positioned to host these special events and provide rooms for an entire wedding party , all under one roof.
• Build all-inclusive packages. Couples may think they can handle an à la carte reception until they see the list of things they're expected to bring (and pick up). A well-priced deal where you provide everything — from tables and chairs to linens, décor and even centerpieces — will save your customers time and hassle.
• Add more revenue with food and beverage. Food at a wedding is extremely important. Whether in-house or through a vendor, consider rolling in catering to your all-inclusive packages . 
• Go the extra (revenue) mile with valet parking. Whether in crowded cities or bucolic remote locales, some couples will look to cover the cost of valet parking for their guests. At approximately $15 a person, this generates a decent amount of extra revenue while showcasing your desire to enhance the guest experience .
• Get listed on Wedding Spot .  Wedding Spot is the only directory exclusively showcasing venues, meaning no distractions or barriers to couples finding your venue. Wedding Spot processes 200,000 requests each year, offering a new way for special event venues and hotels to attract wedding business. 

Understand the elements of a successful wedding venue

What do couples want from a wedding venue? As you start to conceptualize your business plan, take a hard look at what you already have in place and what you may need to invest in to give your customers what they want.

• You’ll need a charming location with the right capacity.  If you're a hotelier with multiple ballrooms, you’re able to cast a wider net for different size weddings. If you run a unique wedding venue with less space, like a farm or barn, you need to target your marketing more narrowly. Investments in décor and furnishings may come into play as well.
• Experienced, friendly staff is key. One of the top priorities for couples is making sure their guests are well taken care of. Remember, you're offering more than just a physical venue — you’re offering a memorable experience. Emphasize customer service with your staff training, or choose outsourced event staffing agencies with a critical eye.
• Hook up couples with in-house services or a trusted vendor network.  Become a lifesaver for busy brides and grooms by coordinating the logistics (and costs) of a photographer, band or DJ, florist, bakery, and catering team. Strengthen your vendor partnerships by sending couples their way, or package everything together.
• Provide accommodations for friends and family.  Aside from offering convenience for on-site wedding guests, position your hotel as an option for couples using other venues for their special event. They will still need wedding guest accommodations, usually under 30 minutes away. If you're running an independent wedding venue , make an effort to build strategic partnerships with area hotels, bed and breakfasts, and vacation rental companies to minimize a pain point for your customers.

Build a wedding venue business plan that makes sense for you

When writing your plan, think of your wedding venue business as a separate, independent entity , even if it’s part of an existing business.

This is an organic document, meaning it's meant to be updated on a regular basis as you experience ups and downs. In crafting your business plan, be sure to focus on these key sections:

Whatever your value proposition is, this is where to spotlight it. Go ahead and list your mission statement as well as a condensed version of every other business plan section listed below.

2. Company overview

Think of this as a high-level view of your business, explaining what you’re all about and what customers can expect out of you. Focus on your background, facilities, key resources and offerings, and your strengths and weaknesses.

3. Market analysis

Summarize all your research here so you can update it as you experience ebbs and flows in your local wedding marketplace. Be sure to include information and data on: 

• Customers.  Segment your target customers, such as couples and event planners . Use this to personalize marketing messages to maximize your R.O.I.
• Competitors.  Evaluate the businesses that are going to give you a run for your money. What do you do better than the competition ? In what areas do you need to play catch-up?
• Potential growth.  Project what the wedding marketplace will be like for the next year, three years, and five years.

4. Sales and marketing

In order to enter your local wedding market successfully, you’re going to need to position your business the right way to attract customers. To do this, detail a sales and marketing strategy that includes: 

• Goals.  Determine how many weddings per week/month/year you're looking to host. Also include how you plan to turn wedding guests into future customers.
• Lead generation tools.  List all your online and offline marketing resources. This includes your wedding venue sourcing software , email marketing packages, websites and social media, direct marketing, advertising, sponsorships, partnerships, wedding industry memberships, and public relations efforts.

5. Organizational structure

Pay attention to your behind-the-scenes and public-facing management and staffing teams, which are essential to your operational success. List names, titles, and responsibilities to keep tabs on who's doing what. This is also the place to include the legal status of your business (sole proprietorship, limited liability company, corporation, S corporation, partnership, nonprofit, etc.).

6. Finances

As the old saying goes, you need to spend money to make money. Focus on what you need to spend on launching your endeavor, along with what you'll generate in cash flow and income.

• Funding.  Clarify whether you own your building or will need to pay rental or lease space. Include details on any lines of credit or loans needed to purchase property, kitchen equipment, and other fixed assets. Do the same thing if you need cash to cover startup operational costs. 
• Revenue projections.  Include your forecasted income statements, cash flow statements, and balance sheets if and when you have them.
• Expense projections.  Cover any capital expenditures you'll need to purchase items such as your building, land, and equipment. Incorporate any operational expenses you’ll be incurring on a regular basis like staff salaries and climate control.

Clearly define your critical milestones and timeline to launch your wedding event venue business. Challenge yourself with these, but be sensible and balance your enthusiasm with realistic expectations based on research.

Make your wedding venue stand out from the competition!

Example: Barn wedding venue business plan summary

Check out this fictitious example of a wedding venue business plan for the Azalea Gardens Farm. Even though this is focused on barn weddings , you can adapt it easily to your own outstanding event space . Remember to flesh out each section in your complete business plan, adding numerous details as appropriate.

1. Mission statement

The vibrant colors of azalea blooms bring joy and hope. Our mission at the Azalea Gardens Farm is to bring that same feeling to your special day.  

Owners Stacy and David Dean bring their three decades-plus of service industry experience to bear on creating memorable wedding ceremonies and receptions. The Azalea Gardens Farm centerpiece, our 75-year-old refurbished barn, accommodates up to 150 wedding guests. Couples have use of our historic main house for rehearsal dinners as well as wedding-day prep for the bride and groom and their wedding parties. Photographers love our country setting, in addition to our convenient location just 15 minutes from the beautiful beaches of Topsail Island, North Carolina.

We provide several options for couples:

• Rehearsal dinner: $500 - $1,200 (depending on size)
• Wednesday-Thursday à la carte wedding rental: $1,000
• Weekend à la carte wedding rental: $1,500
• Weekday wedding package: $2,500
• Weekend wedding package: $3,000

The wedding services industry is experiencing increasing per capita disposable income from couples, enabling them to spend more on weddings. Industry revenue is expected to expand to $78 billion in the U.S. Locally, the growing population and vacation popularity of the southeastern North Carolina coast is leading to an increase in 25- to 55-year-olds visiting and moving here. This provides us a market for traditional and non-traditional weddings.

Our main competitors are vacation rental agencies in North Topsail Beach, Surf City, and Topsail Beach who leverage their properties as destination wedding locations. Secondary competitors are event venues in Wilmington, North Carolina, including historic mansions, craft breweries, and a handful of boutique hotels. Third, we compete locally with Belvedere Plantation for indoor/outdoor combo weddings. There are no other farm-oriented wedding venues in a 50-mile radius.

We are looking to host five to seven weddings a week during the peak wedding season of May through November, and one to three per week throughout the rest of the year. 

Leveraging our unique, picture-perfect venue and customer service-focused guest services, we will appeal to unmarried wedding guests who want a similar experience. We also plan to use visual-oriented social media channels like Pinterest, Instagram, Facebook, and Twitter to grow our presence organically. In combination with a vigorous content marketing effort via our popular blog , we plan to drive website traffic with online PPC advertising on Google and YouTube; banner advertising on regional travel websites; and geofencing for area beachgoers and other tourists.

Owners Stacy and David Dean are co-founders, with David serving as CEO and Stacy as COO. General manager Heidi Kipp will coordinate all events as well as wedding planner and vendor partnerships, working with event coordinator Steve Antonsen, who will run wedding day operations.

The Deans own their facilities outright and have appropriated a $50,000 SBA loan to begin operations in the spring of 2021. Azalea Gardens Farm is uniquely positioned, with its fixed costs and low overhead, to reach $300,000 in revenue by Year 3 with a 75% gross margin.

The leadership team is currently cementing partnerships with vendors and wedding planners. Facility upgrades are complete, with plans for purchasing tables, chairs, linens, and other equipment in summer 2021. A photographer has been hired to shoot the facilities in June 2021 with actors for use in marketing efforts which will begin July 2021. We will book our first weddings in the fall of 2021, with positive cash flow realized the following summer. 

Use this wedding venue business plan information to get started!

Managing your event venue and tracking sales are as important as building your business and generating the sales themselves. Software solutions from Cvent save you time and money while freeing you up to follow through on pre-qualified leads to grow your wedding venue business.

Up next, check out how to come up with wedding venue name ideas in five simple steps

Don't let your wedding venue get left behind!

Cvent Guest

Cvent is a market-leading meetings, events, and hospitality technology provider with more than 4,000 employees, ~21,000 customers, and 200,000 users worldwide.

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Fresh insights and best practices for event professionals.

• Starting an event planning business: Your guide to turning a passion for planning into profit

by Hannah Barnes | Aug 20, 2024 | Business , Business Management , Event Planning , Event Planning for Wedding Planners

Are you a born organizer with an eye for detail? Do you find yourself dreaming up the intricacies of perfectly executed events? If so, starting an event planning business might be the career for you.

Let’s be honest…the event industry is a passionate but sometimes anxiety-filled one. Crafting once-in-a-lifetime experiences while dealing with unpredictable challenges (weather disruptions, equipment malfunctions, and unreliable vendors) often equals intense pressure for event coordinators and wedding planners.

But never fear! This comprehensive guide on how to start an event planning business is built to help you think ahead and stay prepared so you can become profitable without panic.

Planning Pod is your ultimate event management toolkit. Designed with wedding and event planners in mind, it offers a comprehensive suite of features to streamline your operations. And it helps you create and define the processes for your new business! Join the countless professionals who trust Planning Pod to make their events unforgettable. Get started today!

Business fundamentals

Before diving into the world of event planning face-first, it’s crucial to establish a solid foundation for your business. Here’s an insider hint: before you learn how to become an event planner, it’s critical that you know how to run a business in order to be successful.

Your niche in the event industry 

Understanding your market is key to success, so take the time to identify the types of events most in demand in your area. Are you in a city bustling with extravagant weddings? Or a charming town with intimate ceremonies? Pinpoint your target clientele to take it a step further – are you catering to luxury weddings and receptions, or budget-conscious banquets? 

You can also consider specializing in a niche, such as elopements, cultural weddings, or eco-friendly events. Though it might be tempting to provide services for a wider variety of clientele, niching down can really help you stand out in a competitive market.

Choosing the right business structure

Selecting the appropriate business structure for your business is a critical decision. It significantly impacts your personal liability, tax obligations, and the overall management of the business. The structure you choose will determine the legal separation between you and the business itself, which has far-reaching consequences. Factors such as the size of your business, whether or not you are the sole owner, and the level of risk tolerance need to be carefully considered when weighing your options. Ultimately, the right structure can provide essential protection for your personal assets, optimize tax benefits, and facilitate growth for your event business.

A sole proprietorship is the simplest business structure to establish. It requires minimal paperwork and gives you, the owner, complete control over the business. However, this simplicity comes with a significant drawback: unlimited personal liability. This means that your  personal assets (house, car, bank accounts, etc.) are at risk if the business incurs debts or faces legal issues.

An LLC, or Limited Liability Company, offers a middle ground between sole proprietorships and corporations. Like a corporation, an LLC provides limited liability protection, shielding your personal assets from business debts and liabilities. It is generally easier and less costly to form and manage than a corporation. And LLCs offer flexibility in terms of taxation, allowing you some choice in how the business is taxed.

A corporation provides the strongest level of liability protection for business owners. As a separate legal entity, a corporation is responsible for its own debts and obligations, shielding you and any other shareholders from personal liability. While this level of protection is advantageous, corporations are more complex and expensive to set up and maintain. They also come with additional regulatory requirements and tax obligations compared to sole proprietorships and LLCs.

It’s important to research the legal requirements and tax implications of each structure to make an informed choice for your event business. And don’t forget to obtain necessary licenses and permits to operate your business and events legally.

Budgeting for success 

It goes without saying that starting an event or wedding planning business requires careful financial planning. You will need to determine the initial capital needed to cover startup costs, including office or event space, equipment, marketing, and insurance. 

Budgeting is crucial for financial success in the event industry. A detailed budget outlines all anticipated expenses, from space rental and utilities to marketing costs and employee salaries. It also includes projected income from various event services. By carefully tracking both income and expenses, you can gain a clear picture of your financial standing, setting up your future self for success and the ability to make informed decisions.

Competitive pricing is also essential for attracting clients and generating revenue. Researching event industry standards will help you understand the market value of your services and adjust your pricing accordingly. It’s important to consider factors such as your experience, location, and the level of service you provide when determining your rates. Remember, striking the right balance between affordability and profitability is key to long-term event business success.

Finally, financial projections provide a roadmap for your event planning business. By creating comprehensive forecasts, you can anticipate future income, expenses, and cash flow. These projections help you identify potential financial challenges, set realistic goals, and make strategic decisions. Regularly reviewing and updating your financial projections ensures that your business stays on track and adapts to changing market conditions.

NOTE: Tools like QuickBooks, Xero, and FreshBooks are designed to manage financial records. While primarily intended for day-to-day bookkeeping, many also offer forecasting and budgeting features.

The heart of your business: Event planning and management

Once your business foundation is in place, it’s time to focus on the real reason you started it up in the first place: your passion for event planning and management.

Defining your expertise

It’s time to determine the specific services you will offer in your event business. Will you handle full-service planning, including vendor selection and coordination, or focus on day-of coordination? 

To stand out in a competitive market, consider specializing in specific areas of event planning. Focusing on particular aspects, such as event design, floral arrangements, or wedding invitations, allows you to develop in-depth expertise and cater to clients with specific needs. This specialization can help you position yourself as a go-to expert in your chosen area and attract clients seeking those specific services.

Clearly defining your service packages is also crucial for attracting the right clients. It’s important to outline the specific services included in each package, such as event planning, coordination, design, production and vendor management. Clearly communicate the scope of your services, pricing, and any additional fees or options.

By providing transparent and detailed information, you can help clients understand the value you offer and make informed decisions about choosing your services.

Building a strong network 

Cultivating strong relationships with reliable vendors is essential for delivering exceptional events. Take the time to build a network of reliable caterers, venues, florists, photographers, and other wedding professionals with whom you can collaborate. You can attend industry events, join professional organizations, and leverage online platforms to connect with these potential partners. In your approach, be sure to prioritize building trust and open communication with your vendors to ensure smooth collaboration.

When it comes to working with vendors, protecting your business and clients requires clear and comprehensive contracts. With the help of a legal professional, you will need to outline the terms, conditions, and responsibilities of both parties in written agreements. Be sure to specify services provided, payment terms, cancellation policies, and any liabilities. And always review and update contracts regularly to reflect current industry standards and legal requirements.

By having well-defined contracts in place, you can mitigate risks, protect your interests, and build trust with clients.

Mastering the details 

Efficiently managing event timelines and schedules is crucial for a successful event planner. And thankfully, in this day and age there is a multitude of digital options for this very purpose.

Utilizing digital project management tools and software is essential for maintaining organization and ensuring seamless event execution. These digital platforms offer a range of features, from task management and scheduling to resource allocation and communication. By leveraging technology, you can streamline your business workflows, improve efficiency, and minimize the risk of errors.

And it goes without saying that creating detailed checklists and timelines is fundamental to successful event planning. These documents outline every aspect of the event, from initial consultations to the final cleanup. Checklists help ensure that no detail is overlooked, while timelines provide a clear roadmap for both the planner and the client. By clearly defining tasks and deadlines, event planners can effectively manage expectations and reduce stress.

NOTE: Planning Pod’s end-to-end digital event management solutions include a full suite of event planning tools and pre-built templates for checklists, itineraries, task management, and CRM (Customer Relationship Management) activities.

Protecting your business 

Unforeseen circumstances often arise during events of any kind. From getting rained out to a catering van breaking down on the highway, unexpected challenges can pop up seemingly out of nowhere. 

Protecting your event planning business with adequate insurance coverage is essential for mitigating financial risk. General liability insurance safeguards your business against claims of bodily injury or property damage, while professional liability insurance (also known as errors and omissions or E&O insurance) protects against claims of negligence or mistakes in your professional services.  

Click here to read more about different types of event insurance for your business.

Developing a comprehensive crisis management plan is also crucial for handling unexpected challenges with composure and efficiency. This plan should outline potential emergencies, such as venue issues, vendor cancellations, or severe weather, and establish clear procedures for responding to each scenario. By having a well-defined crisis management plan in place, you can minimize disruptions and maintain client satisfaction.

Personal development and growth: Nurturing your business

Balancing work and life .

Event planning is a notoriously time-consuming role, not to mention running an entire business centered around it. With countless details to manage, deadlines to meet, and client expectations to exceed, it’s easy to find yourself overwhelmed. Balancing the demands of the job with personal life can be a constant challenge, especially when you are first starting a wedding planning business or event planning firm.

Effective time management is crucial for maintaining a healthy work-life balance in the event planning industry. By implementing time management tools and strategies, event planners and business owners can reduce stress, increase productivity, and prevent burnout. Prioritizing tasks, delegating responsibilities when possible, and setting clear boundaries between work and personal life are truly essential for long-term success and job satisfaction.

Building a strong team

As your event planning business grows, you may find the need to expand your team to handle increased workload and client demands. This decision involves careful consideration of your business goals, financial resources, and the specific skills required.

Deciding whether to hire employees or contractors depends on several factors, including the nature of the work, budget constraints, and desired level of control. Employees offer stability and consistency, while contractors provide flexibility and specialized expertise. Carefully evaluate the pros and cons of each option to determine the best approach for your business.

Fostering a positive and collaborative work environment is essential for building a strong and successful team. Create a culture of open communication, mutual respect, and shared goals. Empower your team members, provide opportunities for professional growth, and recognize their contributions. By investing in your team, you can create a strong foundation for your event planning business.

Staying ahead of the curve 

The event planning industry is constantly evolving, with new trends and best practices emerging regularly. To stay ahead of the curve and maintain a competitive edge, it’s essential to attend industry conferences, workshops, and webinars. These events provide valuable opportunities to learn from experienced professionals, network with peers, and discover innovative ideas.

Obtaining relevant certifications can also significantly enhance your credibility and expertise as an event planner and business owner. These credentials demonstrate your commitment to professional development and your knowledge of industry standards. By showcasing your certifications, you can differentiate yourself from competitors and build trust with potential clients.

And it goes without saying that such workshops, certifications and training will prove invaluable prior to opening your event or wedding planning business.

Remember that continuous learning and skill development are essential for elevating your event planning business. Seek out opportunities to expand your knowledge in areas such as design, technology, and marketing. By staying curious and open to new ideas, you can enhance your ability to create exceptional events and exceed client expectations.

Simplify your event planning with Planning Pod. Our all-in-one platform is designed to handle every aspect of your events, from conception to completion. Join the growing community of professionals who rely on Planning Pod to deliver exceptional experiences. Get started today!

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Great guide for aspiring event planners! Turning a passion into a profitable business is all about strategic planning, and this post covers the essentials to get started.

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How To Start an Event Planning Business: Step-by-Step Guide

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Want to learn how to start an event planning business? It’s not as difficult as it may seem. You will, however, need to stay organized and be willing to keep working until everything is running smoothly.

In this article, we discuss some of the basic steps that can help you bring your dream of starting an event planning business to fruition.

Table of contents

How to start an event planning business: stage 1, how to start an event planning business: stage 2, how to start an event planning business: stage 3.

1) Define your niche

Event planning can take on many forms, so it’s important to figure out what type of events excite you.

Just a few of the options include:

• Corporate events
• Conferences

While you may be interested in all of those, it’s often better to choose one type of event when you’re first starting out so you can focus your energy on perfecting your process. As your business grows, you can always expand into other types of events.

If you’re brand new to the event planning industry, a great way to gain hands-on experience is to work for another company before going out on your own. This can give you insight into what it takes to run such an operation and help you identify the types of events that appeal to you.

2) Create a business plan

While you’re looking around at the different types of events you might want to organize and defining your niche, create a business plan to guide you through the process.

Think of a business plan as the framework for everything you do once your operation gets going and a set of guidelines to help you deal with the everyday activities that will make your business run smoothly.

To that end, be sure to address topics such as:

• Mission statement
• Advertising
• Price structure
• Employee concerns
• Accounting practices
• Equipment needs

Keep in mind that your business plan is a living document. As you accumulate experience in the industry, take the time to revisit, review, and refine your business plan to make it as relevant to your operation as possible.

For more help on putting together this important document, check out these articles from the Sling blog:

• How To Start a Bakery: Steps and a Sample Business Plan
• How To Write a Coffee Shop Business Plan: Step by Step
• Food Truck Business Plan: The Beginner’s Guide For Success
• Restaurant Business Plan: What To Include Plus 8 Examples

While these articles focus on specific types of operations, the principles and guidelines can be applied to any industry — including event planning.

3) Build a brand

As you progress through the steps of starting an event planning business, give some thought to building a brand. This often starts with choosing a name that reflects your business’s identity.

If you know that you want to focus exclusively on weddings, include that in your business name (e.g., Weddings Are Us). If, on the other hand, you want to eventually expand to all types of events, you may choose to go with a more general business name (e.g., Spectacular Event Planning).

Other variables that contribute to your brand include:

• Social media presence
• Color scheme (for use on marketing materials, vehicles, uniforms, etc.)

As you develop your brand, highlight what makes you different from the other businesses in your niche — whatever that may be — so that you stand out from the crowd.

4) Apply for licenses and permits

Every event planning business, no matter the size, needs the correct licenses, permits, registration, and insurance to operate legally in the United States.

The process of obtaining and maintaining all of this paperwork can take time, so get started early once you are committed to bringing your business to life.

Because you’ll likely have to complete forms for federal, state, and local offices, it’s important to research what’s required to obtain:

• Federal employee identification number (EIN)
• State business registration
• Local vendors license

This latter item is especially important to have before you plan your first event because, if something should go wrong, the costs to your business (and to you personally) could be devastating.

Networking is a great way to develop relationships within your niche and lay the foundation for your future work in the event planning industry. If the process seems daunting, divide it into three categories and tackle them individually.

Start by talking to other businesses you might work with along the way, including:

• Equipment rentals

Then, talk to complementary businesses that you might partner with to make your operation better.

Finally, build relationships with past, current, and future clients through referrals, networking events, and other customer-facing activities.

6) Organize your money management

Another important step in starting an event planning business is to organize your money management. Consider details such as:

• How you’ll process payments
• The types of payments you’ll accept
• Pricing strategy
• Financial tracking
• Bank accounts you’ll need

In regard to this last point, it’s a good idea to open a separate bank account for your event planning business. Doing so will not only make recordkeeping and payroll much easier, but it will also simplify the process of paying business and personal taxes at the end of the year.

7) Hire a crew

When you’re first starting out, you may be able to run your event planning business on your own. Eventually, though, you’re probably going to need to hire employees to help out.

Hiring is an entirely different animal from running a business, so take some time to research the best ways to go about finding employees.

General steps include:

• Writing a job description
• Posting the job description online (and in other places)
• Spreading the word that you’re looking for a new employee
• Interviewing potential new hires
• Checking references
• Hiring them into your business

For more information on how to find great employees and perfect your hiring process, check out these articles from the Sling blog:

• 25 Important Employee Qualities to Hire For
• New Hire Checklist: How To Onboard Employees For The Best Result
• 10 Recruitment Strategies To Improve Hiring And Attract Top Talent
• Talent Management 101: How To Hire And Retain High-Performing Employees

8) Implement a marketing plan

You can start marketing for your event planning business as soon as you have all your licenses, permits, and insurance. Getting the word out early can help you find clients sooner rather than later and provide much-needed income to keep your business going.

As you consider exactly how to implement your marketing plan, don’t limit yourself to the obvious channels like TV, radio, and local print media. While those are still great options, they can be prohibitively expensive for a small business.

Instead, try these alternative channels to get the word out:

• Ask your friends and family to talk up your business
• Post flyers on local bulletin boards
• Put together a Facebook page
• Build a website

9) Provide an exceptional experience

The final step in getting your event planning business off the ground is to provide an exceptional experience for your clients.

While you may have the broad strokes of the event down pat, think of little ways you can improve the experience for those who hired you and for the guests they’re entertaining. Going this extra mile can help set your event planning business apart from all the rest.

Manage your events and staff with Sling

Incorporating scheduling and workforce management software into your workflow from day one can give your event planning business the tools it needs to succeed. And, when it comes to organizing, managing , and optimizing your workforce, there’s no better app than Sling .

Sling offers a host of features, including:

• Powerful employee scheduling
• Labor cost controls
• Built-in time clock
• Task management
• Communication
• Integrations with other common business software

To get started or find out more about how Sling’s powerful features and tools can streamline your organization, your workflow, and your event planning business, visit GetSling.com today.

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This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice. Please contact an attorney or other professional for specific advice.

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How to Start an Event Planning Business from Home?

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When I set up my Event Management company over a decade ago I started working from home. It seemed like a natural choice and it meant that instead of worrying about paying expensive office rent in the early stages I could focus on building my business. It worked for me and I worked from home for over a year before outgrowing my home office and renting an office.

Many other Event Planners, Wedding Planning, and Freelance Event Managers report the same and find it a workable solution for them – either for the short or the long term.

Others just don’t seem able to imagine the realities of working from a home base. And, I have been quizzed and insulted in equal measure by people trying to understand the intricacies of working from home!

This post is the ultimate event planning startup kit, for anyone wanting to start their own event management company. These are the chapters you will explore:

• 8 Compelling Reasons You Should Start an Event Planning Business from Home
• A Quick Guide to Setting Up Your Event Planning Company: Follow These Easy Steps

Start NOW: Get Your Free Event Planning Business Plan Template

• 9 Secrets to Nail Your Business Name without Delay
• The No $%^& Guide to Startup Costs for an Event Planning Business
• How To Create a Cash Rich Event Business in 2020

Carve Out Your Niche: Proven Strategy to Increase Your Business Earnings

• 6 Steps to Boost Your Event Business’ Sales on a Tight Budget

100 Effective Ways to Attract More Clients and Grow Your Event Planning Business (when time and money are in short supply)

• Important Final Advice for All New Event Business Owners

8 Reasons You Should Start an Event Planning Business from Home

Perhaps you are currently employed but want to test the water by starting to develop your own client base and run your own events for people?

You may be part of the rise of 5 to 9 entrepreneurs – those who work evenings and weekends to get their own business off the ground.

Or you may have decided that you want to be your own boss and are simply itching to go it alone?

Are you worried that you will struggle or that it will be too big a leap?

Here are eight things to consider if you are looking to start your own Event Planning Business from home.

An Event Planner can work from almost anywhere if you have a laptop, internet and mobile phone. Most important are your personality and event management skills.

Starting out by working from home keeps costs lower as renting office space can be a huge outgoing for a fledgling business. And, you may not wish to be tied into a long-term rental contract from the outset.

Starting from home gives a new business the best possible start during those important early months.

Au Revoir Work Commute!

Commuting to work every day can be time-consuming and stressful in terms of both time and travel expenses and is a part of the day that fills many with dread.

By working from home you are not only potentially saving on your monthly travel outlay but you are probably removing the big city temptations that are so easy to fritter away money on (coffee, cake, and other high street temptations). Most important though you become more time rich.

If your daily rush hour commute was an hour each way this gives you the chance to extend the productivity of your working day by a whole two hours (if you want to) in the blink of an eye!

Personalized Workspace

Set up a specific workspace which can be your dedicated work area. Ideally have a room that you can close the door on at the end of the day, rather than being reminded about the mounds of paperwork on your desk and hearing the phone ring after hours!

You can design the space based on your work preferences. Perhaps you want to use a room with a view or perhaps staring at a brick wall would be better for your concentration. Think about what furniture you will need to work – desk, chair, phone, answer machine, shelves/filing cabinet, etc.

Just because you are working from home doesn’t mean you should be any less disciplined. As well as working set office hours some people still choose to dress as if they were still going to an office job every day.

In a creative industry such as the event industry, I don’t necessarily agree with this – it makes sense for me to dress more casually on non-client-facing days at the office – but do whatever works for you.

When working from home the most frequent questions I get are “How do you concentrate on working from home with the lure of daytime television?” and “Do you work in your pajamas?”

I think people who asked these questions completely missed the whole point that you are WORKING from home. If you are working for yourself it means that if you don’t work, you don’t get paid! It is up to you but no one else is going to pay your salary for you. Furthermore, in my experience running your own business keeps you busy, busy, busy. Organizing events is a time-consuming operation and organizing events and running your own business doesn’t give any time for slacking!

I actually found the opposite in terms of discipline. It is actually hard to switch off and working from home can fudge your work-life balance as the lines are blurred between the two. Whether you struggle to focus or struggle to switch off though discipline has to be key!

One of the things we struggled with as our business grew was storage space. We invested in bigger and better printers, event equipment, marketing materials, banners, and so forth, but this investment also takes up space.

Furthermore, our regular clients increasingly wanted us to hold some of their materials and branded items between events which put a further strain on storage space.

When event boxes of literature started taking over the lounge every time we had delegate folders to collate ahead of an event we realized it was time to move to a more purpose-built office solution.

Perhaps this is less of a problem today when less information is printed and more is presented digitally for events, but nevertheless, it can add up.

Client Meetings

I find that many of our clients prefer us to travel to their offices to meet but if you ever need a space to meet and your home office isn’t large enough/suitable enough there are plenty of coffee shops, hotels, and meeting places which offer a convenient place to meet face to face – so this need never be a concern.

Flexibility

One of the biggest perks of working from home is the productivity element. As event deadlines get close hours are often long for an event planner and it is great to feel safe in your own home and able to carry on working for as long as you need to. Likewise, if you have international conference calls across time zones it is convenient to be able to do this from the luxury of your home office.

Perks of Work-From-Home

Don’t forget to take out the relevant insurance policies as you should with any business working from a home or office base.

There are however many other perks to working at home too – for example paying no or reduced business rates, tax relief, and off-setting a percentage of your household running expenditure through the business.

These elements will, of course, vary from country to country so do look into the realities of this before you take the plunge.

22 Easy Steps to Start Your Event Planning Business from Home

There are a million and one things to think about if you are considering starting your own event-planning business. Whether it is a distant dream or almost a reality, here are 22 steps to set up a successful event management company.

Starting up an event planning business is not a decision to take lightly. It is a major decision which impacts not only on your life but also on your family and others around you. At the same time, if you are passionate and determined that this is the right direction to take you shouldn’t take no for an answer – go for it!

Although 80% of businesses survive the first year, almost half no longer exist after five years and only one-third make it past their tenth anniversary (source: Bureau of Labor Statistics ). Interestingly, major economic downturns don’t seem to impact the survival rates for new businesses and these stats have remained remarkably consistent over the last two decades.

As one of the one-third of businesses that have survived past the ten-year mark (my event management company was established in 2004), we wanted to create the ultimate useful reference guide to help others take those important first steps to being their own boss.

Starting a new business is definitely not an easy option or a ‘get rich quick’ scheme. It is a high-risk, but potentially high-reward strategy over the long term.

1. Gain Varied Event Planning Experience

The more event planning experience you have the better the service you are going to be able to offer your clients. This isn’t just limited to event planning skills either, any business skills and experience will make you a more rounded business owner.

Jump at any opportunity to get paid or unpaid work experience. Use this to learn the things that work and the things you would do differently.

If necessary teach yourself how to use tools that will benefit you as a small business. Today, many of these programs are available online and there is a wealth of video tutorials and written content to help you learn how to use them.

Be confident in what you have to offer:

• Before taking the plunge, make sure you have gained lots of event and administration experience and are confident with planning events independently.
• Identify any gaps in your skill set and work hard to strengthen these areas through paid work or volunteering.
• If you need to keep costs down, teach yourself core skills that you will need, such as email marketing platforms, survey tools, accounting programs, design systems and website building.

2. Undertake Market and Competitor Research

The first thing you need to establish is if there is a definite requirement for the services that you want to offer. Instead of just believing it is a good idea you need to do some actual research to confirm this.

This information can be difficult to find. So, you will need to refer to lots of different sources to get a reliable picture.

Look into public data, reports and analysis on the web, talk to people and try to undertake a focus group and individual phone calls with those that you are looking to develop relationships with, to determine evidence of a need.

Scope out the market through researching:

• Log the number of competitors there are in your area.
• Note the similarities and differences in the services they offer, compared to your business idea.
• Analyze and monitor the number of tenders and opportunities issued for event planning services over a certain time period.
• Speak to companies who issue these types of opportunities to determine what their frustrations are with the current offering and what is lacking?
• Calculate how many businesses operate within your target geographical area and business sector.
• If you can track it down, find national and local figures in terms of expenditure on events. Your local university is often the best opportunity to find out such data if it is not available online.

3. Identify Your Strengths (and Weaknesses)

Consider whether you are looking to offer a broad, full-service event management company or focus specifically on producing a specific type of event or a specific target market.

Although it is tempting to try to offer everything to everyone in order to secure the maximum amount of business it may be that this is actually reducing the amount of business you secure by appearing like a “jack of all trades, master of none.”

If you can, focus on your strengths so you can tailor your marketing and all efforts to attract the right type of business from the start. For example, you may decide to specialize in conferences or exhibitions or party planning. Each of these areas is likely to require a different brand and language to attract the right clientele.

The key is not to position yourself in too small a niche it is limiting but not trying to do so much that it detracts you from your real passion and focus and puts you outside of your comfort zone.

Work out your passion and superpowers:

• List the core areas where you know you have an edge. This should include the types of events you are most confident and passionate about planning or expert knowledge of an industry or subject.
• Analyze whether your specialty is broad enough to make a living from or whether you need to go wider.
• Also, be honest and consider what your weaknesses are. If you have gaps in your skill set and are not confident managing large-scale events in specific areas, be honest with yourself. It is important to consider what you won’t do. Running a music festival requires very different knowledge, contacts and skills than organizing a trade show. If there is a specific genre or size of event that would push you outside of your comfort zone or take you too far away from your true passion you are best to set your limits now.

4. Understand the Realities of Starting a Business

Think about how you are going to survive as it may take some time before money starts coming into the business and you still need to be able to pay your bills during this period.

Many people start their business “on the side” during their free time, evening and weekends, whilst working for somebody else. This will obviously depend on the role you have currently to ensure that you are not in breach of contract – make sure you act ethically and fairly to your current employer.

Discuss your aims with your partner and family to try to prepare everyone for the change of lifestyle and circumstances. Working for yourself isn’t the same as working for an employer. The buck stops with you.

You are likely to work the longest hours of your life, working 80-plus hours a week is not unheard of for business owners. Also, no work = no pay. Your salary is directly linked to the amount of profit you can generate.

Take decisive steps to work out a plan:

• Calculate how much you really need to survive each month and pay your bills.
• Save as much as possible to sustain you for the short term after you launch your business.
• Look into alternative income options, such as a part-time job, support from your partner/family or a loan.

5. What Type of Business is Right for You?

There are many types of organizations and you need to learn about the different entities to determine the right one for you.

You might want to be a freelance event planner or to set up a company. The legalities will vary depending on the country you will be operating in too. We recommend that you take advice from experts if you are unsure.

Work out which business entity is right for you:

• Know your personal liability in terms of different business options in case the business fails
• Find out the setup costs, process, ongoing administrative commitments, and growth potential of different business entities
• Compare and contrast the tax implications of being a freelancer, compared to running a company

6. Decide on the Business Name

Think carefully and research your business name as this isn’t something you would want to change after launching. Look for any conflicts, which prevents you from using names already in use. Also, think about abbreviations to avoid any unfortunate shortenings.

Pick a captivating name for your event planning business from home

• Brainstorm ideas
• Share the best ideas with people you respect, including family and potential clients to see their reaction
• Check whether the website and social media profiles are available for your shortlisted names

Within this post, there is a section dedicated to choosing event planning business names and offering further guidance on this.

7. Create a Business Plan

Creating a business plan is highly recommended to crystallize your aims and intentions for your company. It is a document describing your business objectives, financial forecasts and strategies for sales and marketing.

Opinions on business plans differ in terms of how detailed this should be. Whether you create a lengthy document of 60 pages, a couple of A4 sheets or write it on the back of a beer mat, it will be a good use of your time and enable you to speak more confidently about your plans and identify problems.

Certain banks and investors would also need to see this document. It includes financial and marketing planning information, as well as the vision and mission statements for the company.

Information you should include in your business plan:

• Your Vision for the Company
• Mission Statement
• SWOT Analysis
• Financial Plan
• Marketing Plan

Keep reading this post as we have a free business plan template for you to download and complete.

8. Think Seriously About Investment and Funding

Is any funding available to you? Certain geographical locations may offer incentives or grants for new businesses, to help them start out. Or, your college or university may be able to offer support.

 The traditional route for business investment was always through banks or through an angel or investor, although there are many more opportunities and non-conventional routes available today, such as crowdfunding.

 You may even be eligible for competitions looking for the best startup idea to secure investment and TV programs such as Shark Tank and Dragon’s Den which give you the chance to pitch your business idea, or at least get some great marketing coverage to tell the world about your product.

Steps to take:

• If you can start your business without financial help this is always recommended as loan repayments are one less thing to worry about. Create a cash flow forecast to identify when the shortfalls may occur and if there are alternative ways of handling it, rather than a loan (overdraft, different payment terms with clients, negotiating credit terms, etc).
• If you do need investment, make a list of all of the options open to you, the interest rates, repayment terms, set-up time, and the pros and cons of each. Include less conventional options, such as crowd-funding and pitching your idea on TV
• Calculate exactly how much you need, what you need it for and when.

9. Incorporate/Register Your Business

Find out the process for formally registering your company and what information and format are required. This varies from country to country.

In the UK, for instance, the government is keen to encourage people to go into business and so they make the process easy to reduce the barriers to starting up. You can complete a simple online form to create a company in less than 20 minutes.

Be prepared to formally start your business:

• Complete, sign, and return the necessary forms .
• Partners, Directors, and the Company Secretary will also need to sign and complete the forms, if relevant to the type of business entity you are creating.

10. Design Your Logo and Develop Your Company Brand Identity

When your company name is decided and registered you can start creating your company logo and branding. You might have to live with this for a long time, so make sure you are happy with your corporate identity.

Tools and design packages are available if you have the skills to create this yourself, otherwise, a graphic designer should be able to create your company identity for you for a reasonable price. They can also design your stationery and business cards, which can be printed for a small outlay.

Develop your corporate identity:

• Brand guidelines should be created, detailing the correct use of your logo, font, colors, placement, and so forth.
• Consider how your logo will reproduce in different situations, such as reversed and on social media, badges, business cards, and websites.
• You will need your logo in different formats such as .eps, .jpeg, and .png.

11. Set Up Your Website and Social Media Accounts

Check your website domain is available and purchase it when your company name is agreed. It is also worth reserving the handles on social media channels, even if you don’t yet want to start completing your profile details and actively posting from the accounts. Aim for the same handles across all networks for consistency.

Sort out the online presence of your business:

• Populate your web page and social media channels as soon as you can. Even if it is just a holding page and ’coming soon’ message it lets people know plans are afoot
• Get friends and family to follow you initially to boost your follower numbers on social
• Start sharing useful content to start building more organic followers

12. Protect Your Business Intellectual Property

Protect your brand via trademarks, patents, copyrights, whichever route is relevant to your product or service. Take specialist advice on these matters to ensure that you are protected against theft and plagiarism. Don’t think that it can’t happen to you.

Don’t get caught out:

• Take legal advice to protect your IP
• Don’t be afraid of asking people to sign a non-disclosure to protect your IP whenever sharing information and ideas
• Trust no one

13. Set Up a Company Bank Account

When your company is registered you will be able to apply for your company bank account. Choose a bank account that matches your needs, for instance, do you need to deposit cash or take payments by card? If so they will be able to advise the best solutions available to you.

Choose a bank to support your vision:

• Shortlist banks by thinking about your needs now and in the future. For instance, if you have ambitious growth plans you may want to choose a bank that approves a lot of business loans.
• If you need to visit your bank in person to pay in cash and checks, look at the location and opening times.
• Check out the online banking process and if an app is available.
• Ask if you are allocated to a local bank manager or if all contact needs to be via a call center

14. Confirm Your Pricing Strategy and Fee Structure

Thought needs to be given to your pricing and fees so you know how to answer questions about your costs.

Although you need to know the specific details of an event project to quote accurately you still need to know your hourly and daily rates and to share them confidently.

Consider whether you will quote on a fee basis or a time-charge basis. Other pricing methods you might consider are taking a fee as a percentage of the total event budget and taking a commission on any items booked related to the event.

You may also want to offer set packages or have an introductory offer to entice people.

Get your price right:

• Research your competitors to find out how they charge and an idea of pricing. It can be very difficult to gain this information but if you can get an understanding of how your closest rivals price their services it will be very revealing indeed
• When you get an inquiry, make sure you ask lots of questions and get all the details you need to understand the project before quoting. Every event is different
• Create a list of questions to prompt you to ask anyone interested in your services. Take down all the details to enable you to calculate and create a proposal to share with them

15. Market Your Business Like Crazy to Secure Clients

Try to work on securing some clients and projects before officially launching the business. Having one client already signed up was a great confidence boost when I launched my company and definitely a deciding factor to take the plunge.

Tell as many people as you can about your intentions, including friends and family. Although they may not directly need your services they may know someone else who does.

Perfect Your Elevator Speech

If you answer the question of what you do with “I’m an event planner,” you’re hitting a line drive to first when you could be going for home. Instead answer with something like, “I help medium-sized businesses make indelible impressions on clients and increase revenue through user’s conferences.” Now, I’m listening.

People Buy People

It is easy, in business, to overlook the fact that we deal with real human beings. Real people can get lost between numbers, projections, ROI, and profit margins, when really they are the most important thing keeping all of us afloat.

The importance of retaining a human connection externally with customers and clients and internally with staff and stakeholders, cannot be overstated. Successful connection is all about conversation, mutual understanding, and appreciation.

If you don’t connect with the potential customer you are less likely to win the bid. We need to get personal, get real, and start an authentic dialogue to gain genuine trust.

That’s precisely what makes events so important. Events create the emotional energy behind the sale, the human experience element. And no one at all, including those in procurement, really choose a logical sales choice. They make emotional ones – buying ideas.

People don’t buy what you do, they buy why you do it, and the only way to truly engage people with that why, is to offer them a direct, human experience of your brand in real life.

Arguably, the value of connection has decreased. Online, no real thought or effort has to go into communicating anymore, and it’s the same with the way brands operate online.

With an increase in the ease of communication, there’s a decrease in what it actually means – making the individual feel important.

Keep this in mind whenever you are creating a proposal, networking, or pitching for new business, and work hard to develop genuine relationships with your client.

Win favor and get clients before you launch:

• Start networking, online and offline, and talking to people about your plans ahead of time to see their reaction
• Create business cards even before it is “official” and connect with useful contacts via LinkedIn
• Keep a list of potential prospects and be sure to let them know when you have officially launched
• Perfect and practice your elevator pitch
• Keep in touch and follow up with warm leads often; share an interesting article, or send them a Christmas card. Don’t let them forget that you are ready and waiting

16. Take Out Relevant Insurance

Make sure that you are covered by the relevant insurance as soon as you start out in business. In the UK, for example, this may include public liability, employer’s liability, and business insurance such as professional indemnity, and business and contents insurance.

You may also need specific event insurance for different event projects. An insurance broker will be able to advise the specifics you need to consider within the country you operate in.

Protect yourself:

• Take professional advice on the type of cover that you need
• Get several quotes
• Know the estimated costs and process for additional event-specific insurances you/your client may need

17. Decide on Your Home Office Location

Think about where you will work from. Do you really need the overheads of an office? Can you start out working from home? As we have already mentioned, there are a lot of benefits to starting out using a home office.

Often meetings can take place at the client’s office or in a local coffee shop or hotel anyway so having a plush office is not essential. If you feel that it is really important to have an office consider hot-desking, a shared workspace, or an incubator unit where you will get to meet other business owners too.

Give it some thought:

• If you can keep costs down and work from home then this is a wise decision, at least at first
• If you think you will feel isolated or struggle to focus when working from a home office, look at flexible options for hot-desking and shared spaces which keep costs and contracts to a minimum
• Compile a list of potential places to meet so you can always suggest a suitable location to a client

18. Purchase the Business Equipment and Tools You Need

Starting an event management company has low barriers to entry as generally, it is a service-based role, which relies primarily on your skills as an individual. As long as you have access to a phone, computer, and WiFi you should be ready to begin!

Notice will be required to install a phone line and WiFi to your chosen location though, so plan ahead for this before your launch date if you need any changes to your home set up.

Make a list of must-haves for your event planning business from home:

• List the essentials you need to start out. Cross off things you would like to have and focus on what you actually need.
• Identify milestones and rewards, such as, when we are paid by our tenth client we will open a bottle of champagne. Little incentives help you to be more aware of your achievements.

Later in the post, we talk in more detail about what to do if you are looking to start a business with no money. For an industry like event planning, having little money is not necessarily a roadblock to starting your own business.

19. Identify People That Can Help You

For the foreseeable future, you will probably be working alone, or perhaps working with freelancers on a project-by-project basis. You won’t have a large team around you, which you may have had in previous employment.

Grow your support network:

• Keep lean while you can – paying other people’s salaries is a big responsibility, especially when you are first starting out.
• Sites like Upwork are great as they allow you to find temporary staff that have the skills you need and agree upon a set fee on a project-by-project basis.
• You can outsource legal contracts, copywriting, web design, video editing, and any task you can think of.
• You can even hire a virtual assistant to help with administration or handle phone calls.
• Locally, try to develop a network of suppliers that you know and trust so you know where to turn to for quotes whenever opportunities arise. Let them know that you are going solo and they may also be able to recommend you for projects they hear about.

Think about ways you could work with others for mutual satisfaction and benefit. For instance, a nutritionist might partner with a gym to give her clients a discount, and the gym might have a reciprocal agreement for referrals with the nutritionist. Together they’re getting more clients by offering their clients more value.

Identify ways you can work with others to offer your clients more value.

20. Officially Launch Your Business

When all these elements are in place the time has come to officially launch your home business. Plan well ahead for this day and try to have clients on board even before your official launch.

The hardest step is getting your first client. With every client that you work with you are building a portfolio of achievements that can help you to gain further business.

Launch with a bang:

• Re-contact everyone and anyone that you have spoken to during this process and let people know you are now officially open for business.
• Get on Facebook, target your geographic area, and start an ad campaign with $20.
• Plan the best launch party you will ever plan and invite along potential clients. Show them what they are going to get if they work with you.

21. Stay on Top of Paperwork and Accounting

Any business creates a number of administrative duties, such as tax, accounting and legal reporting and requirements. There are a lot of things that need your attention when running a small business, which takes you away from doing what you actually love and are good at – event planning.

Take care to stay on top of all paperwork and declarations relevant to your business and the country you operate in. Submit paperwork and accounts in a timely manner before deadlines otherwise you could be subject to fines.

Always cover yourself by having written contracts with all suppliers, vendors, and freelancers so that there can be no misunderstandings or liabilities.

Get systems in place:

• Note key deadlines
• Create sample contracts
• Find a simple accounting package to record all financial transactions – and a good accountant
• Create invoice templates

22. Develop Your Business Opportunities

Be sure to dedicate plenty of time to developing and growing your business, otherwise, you will find that you complete your first projects and then have no more work on the horizon. Managing cash flow and the peaks and troughs can be difficult as you get to grips with being your own boss.

Think about the next steps for your event planning business:

• Set up alerts or systematically check websites for relevant opportunities and tenders and get out there to network and meet people.
• Develop template marketing content and wording for proposals so you are ready to respond quickly as you find out about opportunities.
• Refine your pricing structure, fees, and charges as you go along.
• It can be very lonely starting out in business so make sure that you have the opportunity to talk to other business owners, compare notes, solve problems, and share inspiration.
• Get a business mentor to help guide you through this tricky beginning period.

When I was considering starting my own event management company I enrolled in a night class which helped me to create my own business plan.

The tutors shared a business plan sample layout, as well as general advice and support about taking that important first step into being your own boss.

I know how much this helped to focus my efforts on starting up the company and my aims for the future, and so I wanted to share with you my own event planning business plan sample.

What Makes a Good Business Plan?

There are no right or wrong answers for your business plan, it is unique. You can adapt the layout specific to your requirements. There may be additional information that you want to add or questions that are not relevant to your business model.

Regardless of the specifics you include and how many pages the completed document is, your business plan is what turns your idea into reality.

The most important questions that your business plan needs to address is:

• What will make my event management company stand out?
• How will my event planning business succeed when so many others fail?

The strongest business plans:

– Sell a Solution, Not just a Service

If you don’t have a problem you are solving, you are a minnow in a very large sea. As an event planner, you could be rallying against “ho-hum events” or ensure “more revenue, less hassle” for annual conferences.

People hire planners because they don’t want to deal with the details. They want the headache to be someone else’s. Demonstrate through your business plan how you will demonstrate this and take those things on so they can get back to business.

– Explain What Makes You Different

What is your value? What do you do differently from other event planners? Know your unique value to a specific type of client and explain it at every chance you get.

– Get to the Point

Communicate what you want to achieve so that any potential investors can see at a glance what your business idea is, without using any complicated jargon.

Your plan doesn’t have to be long but it should establish the vision for your idea, your objectives, how you will deliver the plan, and how it will make money.

– Know Their Market and Do Market Research

If you understand your market and the competition, you have a better chance of understanding the business needs out there and how your business can position itself. Be clear about your target market Who will you be selling to? Why are you different from your competitors?

– Are Realistic with Figures

It is difficult to be accurate and the numbers in the finance section can be scary but it is important to try to be realistic. If your business isn’t going to make money it is best to know now so you can refine your ideas into a viable business proposition.

Likewise, you need to identify how you will make a profit and the anticipated timescales for this. A strong financial business plan will be essential if you need to secure loans and investments, as well as a tool to keep you focused.

– Revisit the Business Plan and Goals Regularly

Your business plan should be a working document, particularly in the important first stages of starting out in business. The process of thinking about and creating your plan is what will give you a competitive edge. Check back and revisit your plan regularly. Let the plan grow with you and your business to keep you on the right path.

Download the event management business plan  PDF and create your own bespoke action plan for your startup.

Do you want to add this PDF business plan template to your own website? If so email [email protected] .

BONUS SECTION

9 Secrets to Nail Your Event Business Name Quickly

Picking a name for your new business venture is highly important, as you want to get it right and select an epic company name that encapsulates your vision for the business.

Deciding on event planning business names may be one of the final decisions you make, as working through your business plan will help you to define the vision of your new entity and therefore impact on the name.

Choose the right company name and ensure that your message and ethos are successfully catchy and well marketed and memorable for the right reasons.

1. Demand Attention

It’s ok to be different. Look at what your competitors are called and make sure that you don’t come up with a variation that could be confusing.

Being outlandish or weird can actually benefit you when choosing a company name because they are more memorable, attendees will start talking about it and they will want to know the story behind it!

On the other hand, don’t push the boundaries too far if you want people to get your name right. I have lost count of the number of times we get referred to as Northern Events, as Events Northern is not the natural way of saying it.

2. Not Only Snappy

Not only is a short and snappy name easier to remember and recall but it can make branding, marketing and signage a lot easier to accommodate as well. Shorter names that stick in people’s head are some of the best options that you can choose. Shorter names pack more of a punch.

3. Be Laser Focused

Are there gaps in your current event niche that aren’t being catered for that you can get across with your company name? Do some market research just for naming, as this can help you with marketing and focusing your demographic further down the line.

4. Embody Your Ethos

Know and understand what you want to get across to potential clients before you start and try to embody that in the name. Also, remember that it is your message and style that makes your business unique, and that will help to put a creative spin on your business name.

5. Think Big

Although it is hard, try to think long-term in terms of your name as you never know where your company will take you. This is something I have learned from experience as, at the start, Events Northern was always focused on events in the North of the UK, so the business name was ideal for our core focus.

Over the years though, our business opportunities have become more varied and we do more national and international work, which isn’t just focused on the geographical North.

Although this hasn’t held us back, it is also difficult to quantify the number of clients that have not picked up the phone and contacted us because of our name.

5. Seek the Truth

It can be very easy to be blinkered when you are deciding on something you are so passionate and invested in so asking for other’s opinions can be an asset, especially if you can’t narrow down your options to confirm the definitive name.

Crowdsourcing allows you to get a view from real people; whether it is your family and friends or a focus group you can pick up on things you wouldn’t have even thought of and get a different viewpoint.

Gathering impartial data and suggestions can also give you inspiration to evolve your ideas further. It is also a way to check for abbreviations or potential initial errors in the name that you can fix now rather than not noticing until further down the line.

6. Free Write

The name is important, but telling yourself that over and over again will usually only lead to one thing, writer’s block and then you aren’t getting anywhere. For many people, it is not easy to come up with something creative and original within 5 minutes so these things take time, and most often you will have an “ah ha” moment when you least expect it.

If you are struggling to get any ideas out, get a piece of paper and a pen (old school style) and free write for 5 minutes, write whatever comes into your head, literally everything; chicken, ghost, house, rain, whatever pops into your head and it can help to free up your creativity to get through writer’s block.

7. Expand Your Vocab

Creating a play on words is effective but you need the knowledge to do this, so pick up a dictionary or thesaurus and help to expand your vocabulary. You can use it to find synonyms of other words or expand your adjectives.

8. Triple Check Availability

This is the techy bit, check that the URLs and legal rights are available, nothing worse than coming up with the best name ever to find it is actually an obscure blog or failing company that you can’t use the domain name for. In some countries, there will also be restrictions on using certain names together which could lead to infringing copyright or naming patents.

If you are dead set on a name but have found someone else has the domain that you want, you can always contact them and ask them to sell it to you because while big brands and names won’t, there could be older websites or retired bloggers that would be happy to sell up and make a little money on the website they had 10 years ago, plus it can’t hurt to ask.

When you are set on a name also check the social media platforms to aim for consistency across the board.

9. Think Performance

Google can be a useful marketing tool to spread the word about your business but it is much harder to use if you have a lot of competition.

Choose names that aren’t as popular, that don’t have common words in them or that make them specific to certain locations such as; Bonnaroo or The Kentucky Derby as these are more unique and you’ll find yourself higher on the search engine pages from the get-go.

Startup Costs for Your Event Planning Business from Home

A common question that we get asked is “How much money do you need to start an event management company?” The good news is that the answer in most cases is not much!

Starting an event management company generally has low set-up costs compared to many other types of business. The essential equipment/elements you will need are:

• A computer or laptop
• WiFi access
• Desk (or table) and chair

Things that will help but are not essential include:

• Website (recommended)
• Access to a printer
• Answerphone/answer service
• A vehicle (it is difficult to use public transport when you have event equipment to transport and need to be on-site at 5.30 am)
• Business cards

You may already even own/have access to these items. If not, all of these things should be easily within reach.

How to Start an Event Management Company with Little or No Money? (Yes, it is possible!)

When you are starting out in business (and even when you are established!) you should do everything you can to minimize expenditure. When you work for yourself it is true that every penny counts.

Absolute Essentials (Things you Can’t Skimp on) When Starting an Event Planning Business

If you have no money you can still start an event planning business, so long as you can start making money fast. Let’s talk through how you can start your business if you really have zero money, in terms of the essentials and the nice-to-haves we just identified.

• A computer or laptop – more than ever before people own laptops and computers. Although it would be nice to have the latest PC or Mac, as long as you can access the internet, emails and basic programs, that is all you need. If you don’t have your own machine you will need to beg, borrow or steal one somehow. Consider a second-hand device or refurbished model if need be.
• Phone – whether it is a cell phone, landline or VOIP phone system you need some way of calling out and ensuring that people can get hold of you. You probably already have some method of communication but consider increasing your inclusive call, text and data allowance if you find you are using it a lot more than before.
• WiFi access – if you don’t have WiFi at home there are plenty of coffee shops and public spaces that offer it for free. And they can provide you with a table) and chair too if you need one.
• Insurance – this is important and not something you can skimp on, but make sure that you get multiple quotes so you can choose the most cost-effective options. Be honest with your broker. Don’t exaggerate your business activities and turnover as it only means that you will pay more for your policy. Provide the facts and know that if and when your circumstances change you can alter your insurance cover. Request monthly payment plans, rather than annual policies.

How To Access Things You Need for Starting an Event Planning Business (Even When You Have No Money)

• Website –  most domain names can be purchased for a few dollars unless they are in high demand, but through your research, you can avoid those. There are lots of free and low-cost website builders out there too, allowing you to create a simple website or holding page, without any web building skills. Alternatively set up a company page on LinkedIn or Facebook and refer people to there instead.
• Printer – if you have fully embraced the digital age this one will not worry you but being able to print things you need can be useful to prepare for important meetings and live events alike. Of course, local libraries and print shops can print things for you, for next to nothing, without having to buy a printer.
• A vehicle – being able to drive and having access to a reliable vehicle are things every self-sufficient event planner will need. If you don’t own your own vehicle consider hiring a car or a van specifically for event periods/
• Business cards – business cards cost next to nothing nowadays and you can even design and proof them yourself online and have them delivered to you. Alternatively, create a digital business card or connect with people via LinkedIn instead.

5 Genius Ways To Quickly Inject Money Into Your New Business

If you are starting out and desperately need to bring some money in, there can be four ways to access funds quickly:

• Have clients ready and waiting – this is the preferable and most organic and least scary way of starting out as a solopreneur. If you can have clients and projects ready and waiting for you as soon as you launch your event planning business it makes the transition from paid employment to business owner much less traumatic. This is the best way to avoid sleepless nights.
• Register on virtual work sites – register your event planning, business admin and other skills onto freelance sites, such as Upwork. This allows you to bid and accept work around your other commitments.
• Register with an agency and let contacts know you are available – registering for event work through an agency and letting event agency colleagues know you are on the market for event work can be a useful way to be in an event environment, following instructions from someone else and getting paid for it. Just because you are the boss, don’t think that working the registration desks at someone else’s event is below you.
• Take paid work in a different field – consider taking on a part-time job where the hours and convenience can work around your new business. It might be in an unrelated field but at least having some income coming in can be one less thing to worry about.
• Loan – it might be that you need to investigate a short-term loan, either from the bank or borrowed from friends and family.

How To Create a Cash Rich Event Business?

Owning your own event freelancing or small business can feel like feast or famine when it comes to work, which means that managing cash flow can be a big challenge.

Some days you’re turning it away because you don’t have the bandwidth and other times you’re worrying about having no projects lined up and how you are going to pay the bills.

Operating your own event planning business is wonderfully fulfilling but it also means you’re on the hook to market yourself while busy performing event services. You need to keep the flow of clients coming in.

For so many freelancers and sole proprietors, it can feel like boom or bust. If that’s the case, one of the most important things you can do for your business is evening out that cash flow.

Balancing out your cash flow is one of the best things you can do for your long-term success as an event freelancer or small business professional.

It’s a challenge but can be done if you look for the right kind of client and nurture that person and relationship. Here are a few ideas on how you can even out your cash flow problems and work peaks and troughs.

Startup Problem #1: Too Much Work and Too Many Clients

We get it. The last thing you want to do as an event professional who has feast or famine times is to turn away work. It feels almost painful when you know a few weeks or months from now, you’ll really need the income.

But you also likely know that you can’t run yourself ragged forever. It affects your health and means you could be pulled in so many different directions that all of your clients feel the lack of attention. This will make it next to impossible to get good referrals from them so you certainly don’t want to do this.

Instead, here’s what you can do –

Create an Event Co-op

Until you build a roster of recurring clients who keep you busy year-round, you will have hills and valleys, dearth and surfeit. In order to level that out, one of the things you can do is work with other event planners in a referral group.

Just as a physician will provide a patient with a referral to another physician, you can do this with a group of event managers. Select a group of professionals you believe in and can trust.

Remember, you’re telling clients and potential clients that these event profs are as good as you are. Make sure you’re not giving a bad referral.

You also want to ensure that this sort of relationship works for you too. If you’re referring clients to them, you’re hoping they will do the same for you when the opportunity presents itself. Make this clear.

You can also use the group to help increase your staff. If you’re afraid of losing the client altogether, take the client on and then work with your group to cover some of the other functions you don’t have time for. Pay them accordingly.

Let Them Go (for a fee)

This is a similar idea to the one above. If you don’t have time to take on the client, refer them to someone else but request a finder’s fee.

While this is not customary in event planning, it’s not uncommon in other industries and a hungry event planner may be willing to give you a small fee for the referral.

If you find yourself doing this often and there’s a market for this type of service in your network, you may discover that you have a new business.

Set Up a Referral Plan

If you have several happy clients, now is the time to create a formal referral program. Ask happy clients to refer you to others in their network or tell your clients that you are accepting new clients for events in a stipulated time frame (like Spring of 2018).

This helps you book up your calendar in advance, rewards your clients for the referrals, and creates scarcity when they see how far in advance you are booked. This drives people to book you early or ask for other suggestions, which can help you work your referral group as mentioned above.

Startup Problem #2: Balancing Out Cash Flow When You Have Too Little Coming In

Even the best event profs can have problems with a steady flow of clients. Whether it’s due to a cyclical economy or being new in town, you’ll likely face a lack of clients at some point. When you do, here are a few things that can help make up for it.

Hire a Virtual Assistant

With feast or famine, you can’t exactly hire someone. What would happen during the famine? But you also can’t grow your business without hiring someone. What should you do?

In this case of plenty, consider hiring a virtual assistant to allow you to bring in more work. You can hire them on a contingency system where they work on projects when you have the work.

When you don’t they go back to serving other clients. There’s no long-term contract and you needn’t worry about paying them when you don’t have projects.

A virtual assistant is a safe way to take on additional work that will help you grow without taking the risk of another full-time, permanent employee. You can task them with researching potential new clients too, to hopefully help even out your flow of work.

If you want to get your name out there in an area where you don’t have much of a reputation, consider volunteering on an event or in an activity that would give you exposure to your ideal client.

Work hard and make an impression and your new network of people met through volunteering may just hire you. Don’t push your business on them. Simply look for ways in which to be helpful.

Get Clients with Recurring Events to Book Early

While it may not help you get paid any earlier, this tip can help you get your calendar booked early so you can worry less. And if you require a downpayment to hold the spot, you can get a little revenue coming in before the event.

If you have clients with recurring events, give them an incentive to book you early. You’ll have peace of mind and you can pass along a small discount or financial incentive for them to get on your books for next year’s event this year.

Ask Your Network

If your event business is new or struggling, the easiest and least expensive way to grow it is through referral marketing. You never know who you know.

Don’t assume your friends and family have no use for your services. Ask them if they need any help. Sometimes, someone has taken on more than they can handle and they need someone to finish the project. Other times, they have someone in their network who needs help with an event.

Effectiveness of Word-of-Mouth Marketing

Most people would be willing to hire an event planner that a good friend referred them to, so get happy clients and attendees to talk about you. Our friends know us and know what we like. They wouldn’t steer us in the wrong direction.

But it may surprise you to know that people will even make hiring and buying decisions based on reviews by people they don’t know.

• According to a study from Ogilvy, Google, and TNS, 74% of consumers identify word-of-mouth as a key influence in their purchasing decisions.
• According to the Word of Mouth Marketing Association, one offline word-of-mouth impression drives sales at least 5x more than a paid mention does.

Paid advertising may not be in your budget anyway if you’re just starting out but it’s reassuring to know it’s not the most effective way to reach your audience anyway.

Give those referring you all the information they need to make sharing it with their network easy. Make sure to thank them when they do and offer them a referral fee, thank you card, or gift for their assistance if work materializes as a result. You can even offer a friends and family discount or free consultation.

Join a Group

Join a group and get to know other people. In-person networking groups like your local chamber of commerce and others as well as virtual groups on LinkedIn and Facebook allow you to make connections with your ideal clients and other professionals who can help expand your network.

When you join a group, don’t hit them immediately with how desperate you are for a new client. Instead, look for opportunities to be of assistance and connect them to the people they want to meet or need help with.

If you become a resource for others, they are likely to become a resource for you as well because they will begin to know, like, and trust you.

Become a Subject Matter Expert

As mentioned above, becoming a resource for people is a good way to get hired. That’s why becoming a subject matter expert is paramount to getting clients year-round.

Get known for your insights by –

• becoming the noted expert in your area
• leveraging book speaking engagements
• publishing about topics of interest to your ideal audience
• writing a book (or an ebook)
• posting on websites to offer your assistance or answer questions
• connecting with others on social media
• joining in on chats and other discussions.

When you do, people will approach you to work for them. This means less time spent needing to market your services.

Know one more benefit to becoming a subject matter expert? You can increase your pricing, which is another good way to improve cash flow.

Sell Something

Going off of the subject matter expert advice, look for ways you can expand your offerings and sell something. As an event professional, you are exchanging your time for money.

You can make a very good career doing so but you can also exhaust yourself chasing the money and working the hours because you want more of it (to make up for times when clients are few and far between).

An ideal way to balance out cash flow is to produce something that can earn you money without you being involved.

For instance, a book, product, or even a course can bring in revenue without an additional investment of your time. You invest initially in its creation because you do so on spec.

Most likely you will not be paid to create it. But once it’s created, the revenue possibilities aren’t limited by the hours of the day. People can buy it (and pay you) even while you’re sleeping.

Offer a Smaller Service

You likely serve a particular audience and you’ve decided what they will pay. By setting your prices you have chosen to work with a client of a specified means or revenue. That leaves others out and that’s okay when it comes to booking events.

But a way to get more clients is by going into another market. This could mean taking on another niche or dropping your price. If you’re not interested in doing either of these things, try offering smaller consulting services. This would entail shorter stints, less work on your part, and a wider audience base.

For instance, you can offer “day-of” event manager work on events. Some corporate people plan the events and then realize they don’t have time to manage them or need additional support.

Or some people just want a plan they can follow. Their limited budgets may prevent them from hiring a full-time planner. You can fill that need.

Improve Your Existing Cash Flow

To improve cash flow, either get more clients, raise prices on your services, or change how you collect the money.

For instance, adding a payment plan for large events that would bring in a smaller amount each month preceding the event would help, as would requiring a down payment to hold the date and another partial payment when they see your first plan or some other accepted milestone.

Your final payment may be diminished but spreading out the payments would bring some stability to the cash flow.

Put on Your Own Events

Instead of waiting for clients to come to you, think about opportunities you can make a start on right away. You probably have event ideas that could be financially viable, so why not do them yourself?

Of course, there is risk involved and investment needs to be secured but it can also potentially give you the biggest returns. You can start small and build the event year-on-year.

Consider options such as crowdfunding to test the viability of the idea and reduce your financial risk. Look for in-kind sponsorship, partners, funding opportunities, and ticketing to balance the budget.

Winning Out-of-Town Business

If business is really slow, think about if you need to widen your catchment area to look for clients a little further afield.

Of course, the convenience factor drops, and the travel time and expense increase when you are working out-of-town but if the demand for services is high elsewhere new contracts can be negotiated to cover these factors.

Setting travel budgets and fees can feel a little overwhelming in the beginning, but they can still profitable course of action.

Know your worth. It’s non-negotiable. The only exception to that is if you have a potential client who will open up doors for you. In that sense being flexible in your pricing may just be the cost of doing business.

Getting Contracts Approved Faster

Winning a new contract should be a cause for celebration but it can soon turn to frustration when your client’s board or legal team is causing unnecessary hold-ups to the progress of the project (and the first invoice being issued).

Of course, people get busy. Email inboxes become overwhelmingly full. Forgetting to sign your contract isn’t a personal slight but it simply may have fallen off of their to-do list.

Politely remind them every few days. Make sure the reminder that you set for the day before the deadline has a much more urgent tone.

If you’re worried about sounding pushy with these reminders, word each differently. But start with something along the lines of, “Just checking in to see if you had any questions about the contract. I’m eager to get started.” or “ Wanted to see if you needed anything further from me in order to get the finalized signatures. Please let me know.” Then as the deadline approaches, add more urgency and personalize the subject line.

Businesses need to know who they serve and what problems they solve. Building your event business is critical to paying the bills but if you’re selecting the wrong clients, numbers won’t matter. Attract the right clients and you’ll create a business you love. Attract the wrong ones and you might not be in business much longer.

A successful event business is about more than just numbers. Yes, numbers make the difference between a red balance sheet and one that’s in the black but there’s more to building an event business than just getting people who will pay you money. If getting bookings for events was all that mattered, everyone would be in business for themselves.

However, having the right type of client is as important as having projects that pay the bills because, without good clients, you’re more likely to return to working for someone else. The wrong kind of client can be one heck of a headache so you want to make sure you attract the kind that you enjoy working with.

Don’t Try to Be Everything to Everyone

You cannot please everyone, and trying to offer event planning services to everyone, no matter what their brief is, means that you are missing out on specializing in your strengths and developing your specific area of expertise.

Newbie event professionals who want to eat often take anything that comes their way, whether it’s the kind of work they want or not. They also try to be all things to all people because they worry that if they segment their marketing or target a particular niche, they’ll miss out on work. The opposite is true.

You can’t market to everyone without weakening your message. Most people think choosing a niche is limiting. It’s not. It’s called specializing and specialists are worth a lot more than generalists. Ask a neurosurgeon. Selecting a niche to focus on can be the wisest move you make.

As personalization increases, niching will become an expectation much in the same way physicians select a specialty. Yes, some people will still be in general practice but those in high demand will specialize.

In a niche, you will be expected to:

• Know your niche and keep up with its needs
• Understand the specific needs and requirements of your clients
• Participate in the social media platforms of the niche
• Expand your niche as interests expand
• Market to your niche
• Cultivate a referral culture in your event planning business

Refine Your Marketing Messaging

Determine who you want to work with and speak only to them. Once you know what you want and who you work well with, cast narrow not wide. Focus on your ideal and turn away those who don’t fit it. Everyone will be happier in the long run.

When you personalize your marketing to a specified group of people, they will feel you are speaking just to them and will appreciate the personalized attention.

You’ll then get to work with the type of client you want in the area you want. By doing so you begin to make a name for yourself among your ideal client type and they’ll share your information with their like-minded friends and peers, attracting even more of your ideal client.

Saying Yes to the Wrong Client, Means Saying No to the Right One

You only have so many hours in your day. Every project and client you choose takes your time. If you say yes to one that isn’t your ideal, you’re taking the spot away from someone who is, and that someone could be the next email you receive.

Pass on clients who aren’t your ideal. When you get your marketing refined to target your ideal client, you won’t need to worry about the others. You’ll receive a better referral and review if they’re in your ideal category because your services will shine.

But still, many businesses hesitate to narrow down prospects because they worry that means fewer potential clients. It does from a numbers perspective but it doesn’t matter.

Let’s take a look at keywords to understand this concept.

You can take a keyword and by using analytics tools see just how often someone searched for that term. In pay-per-click, some terms are more expensive than others to place for because they are popular searches. But that doesn’t speak to their value.

In order to decide whether that’s something you want to pay for or not, you want to look at the conversion rate. If there are only 1,200 searches of that term per year, but a large percentage convert, then you would be wise to buy for that term.

The same is true for niches. There may not be as many people looking for them but if those who are looking, are serious clients, that’s all you care about.

You don’t want thousands of inquiries who want RFPs only to vanish in the night. You want people to self-select before they ask you to give up your most precious commodity – time.

Fire the Mr. and Ms. Wrong Client

If you’ve already taken on clients who were not your ideal, finish up those events and walk away. It’s easy to agree to do another job for your less-than-ideal clients instead of worrying about where your next client will come from.

If you feel that pressure, resist and understand that taking on the wrong clients means that you’re going to end up with more of the wrong clients as they refer you to their peers.

Think of the referral business like high school cliques. Jocks are generally friends with jocks and nerds with nerds. If you want to do business with nerds, don’t ask the jocks for referrals.

Be Brave and Get Known for Your Event Planning Niche:

• Say no and walk away from clients you know are not a good fit. It may sound like suicide but you need to focus on getting to the right people.
• Trust your gut instinct more often.
• At the end of each project determine whether you should work for the client again. If it isn’t right, be brave and walk away.

Most Effective Strategies Used by Event Planners to Get More Clients

In January 2018 we conducted one of the largest pieces of event planning research ever completed. With 2,400 contacts and over 1,000 respondents.

If you would like a copy of this research, you can request it here:  State of the Event Industry Research 2018 .

45% of the event planners we surveyed told us that they had more clients than 12 months ago. 43% have the same amount and 12% have fewer clients.

We asked event planners their most effective strategies to find new clients and the top strategy was networking face-to-face (66%), followed by social media (45%).

How to Boost Your Event Business’ Sales on a Tight Budget?

Since you can’t get a refund on precious time, you’re hurting your business if you waste time on the wrong people.

One of the most critical things you can do for the success of your event planning business, outside of pricing, is to understand the lead process.

If you’re unfamiliar with lead screening and prioritizing, it’s time you learn all about it. Here are the basics you need to know.

The Basics of Lead Prioritization for Eventprofs

Prioritizing leads will not only help you spend time with the most worthwhile prospects, but it will also increase your revenue because more of your time will be spent with those who are able to make a difference to your checking account.

1. Know Your Ideal Client

There is no way to prioritize a lead effectively if you don’t know who you want to work with. As we have already covered, you should identify your ideal client, otherwise, it makes it next to impossible to be effective in your lead generation. Select a niche to serve, or at least identify your ideal demographic.

Do you want to work only at high-end events or do you love family-oriented get-togethers? Or maybe there’s an industry you know well. Whatever it is, sketch out who your ideal client is and what they struggle with.

2. Know Your Strength

Another way of narrowing down who it is you want to work with is knowing what you’re good at. If you are a whiz at last-minute soirees or you host amazing destination events, decide whether that’s something you want to specialize in.

Now that you know who you want to serve, you can go into prioritizing how to work the leads.

3. Attend to Inbound Leads First

While this is common sense, some event planners still forget this basic advice. Always work inbound leads first. These are people who have reached out to you.

Most event planners understand the priority behind a contact form but fail to see that there are other inbound lead types. These could be people who stopped by your booth at a show, asked you a question via social media, or downloaded material from your website.

No matter how they approached you, the follow-up is critical. Check-in with them periodically to see if you can be of service. Use drip marketing or a newsletter to stay in touch and remain top of mind so that when they need an event planner, they think of you.

4. Prioritize the Clicks

If you send out any sort of cold messaging via email or a newsletter, follow up with those who have clicked on any of these materials. If the person is someone who started as an inbound lead where they contacted you and were then added to a list, they take priority.

Otherwise, anyone who clicks on your email or newsletter content deserves a polite, how can I help you? or would you like additional information/content? contact.

No one clicks out of kindness. If they click, they have some interest in you, your services, or your content. Ideally, you would have technology in place that could keep track of their activity history and you could analyze it for patterns.

For instance, do they seem to click on a particular topic like corporate events? Then consider touching base and offering them your corporate events guide.

This will position you as an industry expert, understanding of their needs, helpful, and a resource to turn to for assistance. All of these things will bring them back when it is time for them to make a decision about their event.

5. Stalk Your Website Visitors

Assuming they have downloaded content from you in the past or are on your email list, you can track every time they visit your site (if you’ve invested in the technology to do so). Pay particular interest in what they’re downloading and the pages they’re visiting.

When you contact them to see if you can be of service, offer them a piece of content that is in line with their interests. Just make sure it’s not something they’ve already downloaded.

6. Pick up the Phone

If you have absolutely no potential clients reaching out to you, it’s time to do some research and find events that may be a good fit for your services. You can contact businesses directly (for corporate events), inquire with other vendors about potential partnerships, or market yourself on social media, to name a few.

However, if you decide to do your own cold calling (or approaching), make sure you have your ideal client information at your fingertips. You do not want to approach someone just for the sake of getting more contacts in. Make sure they are good contacts and would make good clients and a good fit. Otherwise, you are wasting your time and theirs.

But what if you don’t have any of the technology set up? What if you just want to know how to prioritize leads that are all coming in the same way such as through a contact form? Keep reading.

Prioritizing Same-Type Leads

Let’s assume all of your contacts are coming in the same way and you’re wondering how to prioritize and screen them so you’re not wasting your time with leads that won’t convert. The first way to help you prioritize is to create a contact form that tells you what you need to know before contacting them. These things include:

• The nature of the contact such as question, availability, pricing, etc.
• If it’s a question, allow them to type it in a notes section. If it’s availability, prompt them to add a desired date and size of the event. If it’s a pricing inquiry, ask them for all the details that go into your pricing analysis. That way you don’t have to contact them to get the basic information to answer their question. You already have it and can skip right to providing a response.
• Their name and contact information such as company name, phone number, email address, etc.
• Their budget. If you only work on events with a budget in a specified range, make this a must-answer question. It’s better to know ahead of time, even if it means some people drop off, than it is to spend your time with a person who isn’t your ideal client.
• Type of event.

Remember that ideal client list you made and the demographics you laid out? Use that to prioritize incoming leads or contact forms.

Ask yourself the following questions:

• Is this person in my ideal demographic?
• Is the type of event they’re interested in something I like to do?
• Does their budget match my ideal event?
• Will I gain exposure or networking benefits from being involved with this event? In some instances, you may decide to override your ideal client, budget, or event specifications because of the people you’ll meet or the exposure you’ll receive. This may be true of a philanthropic benefit, for instance.
• Is there the potential for repeat business? Maybe they’re not your ideal budget but the repeat business involved in a recurring event may bring them closer to your ideal in the long run.

Content, Conversion, and the Sales Funnel

It’s important to talk about conversion, the sales funnel, and lead nurturing. Selecting an event planner is not the same thing as going into a store and buying a loaf of bread. When you want bread, you walk into the store and buy it. There’s very little comparison shopping done. A quick scan of the shelves and that’s it.

On the other hand, there could be a very long sales cycle in selecting the perfect person to plan an event. The client could also be mid-cycle, meaning they don’t need a planner now but anticipate the need for one in the future.

This process of selection is often depicted as a funnel. A funnel starts with a wide mouth. If you’re marketing your services, you’re likely casting a wide net. (Although, hopefully not an immense one. You should be personalizing your campaigns based on your ideal client.)

Entice with Content

At this stage, people don’t know you or your business very well so you provide them with introductory materials based on their needs.

After digesting these materials, some people will decide you are not a good fit for their event. This decision is usually based on preliminary qualifications like budget and industry specialization. This elimination is okay because you don’t want to work with just anyone.

Is This The Start of Something Special?

Next, people now know a little bit about you and have decided you can handle their event but do they want you to? This part of the process is all about personalization and making connections. They have options when it comes to event planners. At this stage, they’re ensuring you are someone they want to work with.

Again, some people will decide you are not a good fit for them now that they’ve gotten to know you better. Maybe your personality and theirs don’t jive. Maybe they’ve found someone who knows a little more about their industry. Whatever the reason, don’t worry about it. This works both ways as you may decide you have no interest in working with them either.

It’s a Match! – The Final Stage of the Sales Funnel

The last part of the sales funnel is the narrowest. The potential client knows you can do their event, they like you well enough to give you the opportunity, and now they’re just narrowing it down to a decision.

Remember, that decision could mean your competition or it could just as easily mean forgoing an event planner altogether and doing it on their own.

At this stage addressing their needs is more important than ever. If you can provide a much deeper connection and understanding of their goals, they are more likely to select you.

So what moves people down the funnel? It’s not gravity. It’s a thing called nurturing.

You Can Do It

This is why prioritizing potential clients and leads is so important. The sales process requires a natural sloughing off of potential clients. Because of this, you don’t want to spend any extra time with prospects that won’t become clients. You want to recognize the potential of becoming a client as early as possible and spend your time with those people. If you spend your time with tire kickers who never convert to sales, you’re losing money.

Identify your ideal client so you can recognize them when they fill out a contact form or call you. Know the right questions to ask to identify them as such and don’t be afraid to say goodbye to those who aren’t an ideal fit. For those who are a good fit but aren’t ready to make a decision, nurture them until they are. Be a resource and you become a valuable ally.

Be a Client Magnet

• Use the tools detailed earlier to recognize your ideal client early in the sales cycle.
• Provide them with helpful information to assist them in making a decision.
• Stay in contact with them, acting as a resource.
• Pay attention to how they are interacting with you.
• Reach out to them on social media and share content that you believe they will find helpful. Share their content as well.
• Have many resources on your website that are suited to all stages of the sales funnel so they can self-identify and continue their desire to find an event planner with your help.
• Use a drip campaign or a newsletter to stay in contact with them as they make a decision.
• Solve a problem for them.

One of the most common questions we get asked is how to get more clients. Whether you are a self-employed event planner or an ambitious CEO, clients are the lifeblood of the business. It seems to be a lot harder nowadays too since people are tuning out advertising. But it’s not hopeless.

The good news is that many of the ways you can reach new clients are free (or inexpensive) to you, outside of the time it costs to perform them. Whether you are an introvert or extrovert, there are plenty of ways to land new clients. Knowing your ideal client will help you recognize them when you see them. It will also help you understand which tips on this list will help you the most.

Here is the biggest list of tips to attract more event-planning clients and grow your event-planning business from home.

The event industry is a service industry and event planning is a service which means:

no clients = no business.

Create Happy Clients and then Ask for Referrals The primary thing you need to do, is to create happy clients and attendees. Without them, there won’t be any referrals even if you beg and plead – at least not the kind you want to be published. Find ways to delight and excite your attendees and clients as the basis for creating a referral plan. Once you have people who think you’re amazing, you can begin creating opportunities for them to share their love of your work.

Gain More Reviews of Your Services You want to make it as easy as possible for people to review your services so when you ask them to review your work, either refer them directly to the website that you’d like them to post the review on (such as LinkedIn or Facebook) or tell them you plan on posting it to your website and then get it up there as soon as they give it to you. This will make them feel proud to see their review on a site and will also give them something to refer people to in order to learn more about what you do and how you do it.

Get Reviews and Testimonials from the Right People Event planners can benefit from reviews from clients and attendees. But you can also receive persuasive reviews from vendors and people in the industry you’ve worked with. Anyone who has worked with you and benefited from your level of professionalism is a good ask. If you volunteered your services for an event, you can use them too.

There’s no easier way to get that review than to ask for it. Help them understand that you depend on word-of-mouth as a small business and it means a lot to you. There are very few people who will say no to an impassioned, yet humble, request. Just make sure you don’t ask when you’re delivering the bill. No one is in the mood for that.

Ask for Introductions and Pass it Forward This is one of the most awkward things for most event planners. It feels forced, but if you are confident in your services you should feel like you are giving each one of your clients an opportunity to help one of their acquaintances out by referring them to you.

Unless you ask you won’t receive. Always ensure that you “pass it forward” yourself too. If you bring business to your clients they will be eager to return the goodwill.

Be Yourself Be yourself, unless that self is standoffish and shy. In that case, be the opposite. But seriously, let the clients get to know you and open up to them. Don’t be just an event planner. Be THEIR event planner by connecting with them and caring about their lives as well. Someone who does more than just the service you hire them for is someone you want to refer to others.

People want to be helpful and refer others, but they won’t do it for just a mediocre experience. They want to shine in front of their friends and peers. If they have a great experience with you, they’ll gladly share, knowing they’re doing a service for their friends as well by introducing you.

Referral Incentives If you are struggling with natural referrals from busy previous clients then it may be beneficial to add a little more incentive. Offer your existing clients money off or discounts if they refer a friend and they are more likely to recommend you if they are getting something in return. For long-term clients or contracts, you could also offer discounted rates to their new referral as part of a loyalty scheme. The options for this are quite broad because you could base the incentives on the amount of work that they bring in and you may find that you need to do little else once this gets the ball rolling.

Know Your Demographic It is important to fully understand who you are trying to attract, what their preferences are and the best way to contact them. You will be looking to market your services in completely different ways if your demographic is 18-24 year olds compared to 50-60 year olds. Think about technology and social media, as well as more traditional marketing channels such as newspapers, leaflets and business networking.

Online Q&A Create a YouTube video or Facebook Live session where you answer frequent questions about your services so that people can put a face to the brand and make a more informed choice about picking you. You could simply sit and discuss topics that you have been asked (low/no budget) or you could invest in creating something which really shows off your brand and image if you have a little budget to play with.

Make a Package Bundling together various services can help to create a bigger sense of value to your client. Think about offering a simple package to entice more customers. Think carefully about what is and isn’t included though to ensure there is no misunderstanding. What opportunities are there to upsell the package?

Creative Sponsorship Sponsorship can help you increase your brand awareness and improve interaction with potential clients if done correctly. Sometimes you need to speculate to accumulate. Make sure you choose opportunities that are relevant to your audience and get creative so that you stand out from the crowd by showing why clients should pick you! As an event planner you might want to offer in-kind sponsorship – where you offer your services pro bono to run an event or a specific element such as the VIP lounge (instead of giving a financial payment). In return, you are listed and promoted as the sponsor and gain the perks that that brings.

Video Adverts Fewer people are watching live TV now and many are recording and skipping past the adverts. Not that TV adverts were probably ever within your budget anyway! Instead, make a video advert and share it via your social media accounts to your followers and potential clients. You could also use the video as a welcome or explanation of services when you get an inquiry. This is an effective way of showing off some of your projects and is much more engaging than an introductory email. Give it a go to see the difference in your client conversion rate.

Become a Guest Speaker As an eventprof you have a lot of expertise and experience that others want to hear. Some of the best ways of showing what you do is to discuss it and show them exactly how competent you are. Attend events as a guest speaker and you can discuss the problems that your services fix and deal with! The key here is to offer value within the talk itself, give good advice on the day and encourage potential clients to come to talk to you afterwards. Your professional knowledge is that carrot enticing people to come and strike up a conversation with you.

Host a Giveaway Everybody loves free stuff, and hosting quality and interesting giveaways is a quick way to get people involved and aware of your brand. It goes without saying that the more valuable and desirable the prize the more awareness and potential leads you will get but it is important that when using giveaways to attract clients, that you make the prize relevant to the services you’re offering. For example, you could offer taster sessions, event workshops or some of your services for free so clients know what they are getting and you know those that are entering are the “right” people.

Make Use of Trade Shows If you have the budget to participate, a trade show can be great for networking success, brand positioning and sales. Exhibitions bring buyers and sellers from your industry, or local area, together which means you have a good chance to meet long-term potential clients. Try to be innovative, stand out from the crowd and draw attendees to your exhibition stand to better your chances. Most importantly though make sure that you follow up on any promising leads promptly after the event, otherwise, your investment will be worthless.

Create Your Own Leads Sometimes clients are not always forthcoming and you need to proactively go out there and find them yourself. One of the ways to do this is to use platforms that have a lot of business information about people, for example, LinkedIn. You can see the company’s that you want to appeal to and their HR, PR or management department representatives and contact them directly for a more personal and innovative approach. This also helps to connect you to similar people that may help your business too, for example, new suppliers.

Hashtags There is a plethora of information on social media and it can be hard to get noticed without having to pay for adverts or to get your message out. Using popular and relevant hashtags on social media can be an easy way to get in front of potential new clients. Twitter chats can be a great opportunity and some chats are based on geographical location while others are based on different expert topic areas and interests. Keep your content and hashtags relevant and you might find that a retweet or share turns into a bigger opportunity. Resist the urge to do the hard sell on social media though. Focus on being genuine and striking up real conversations and relationships.

Business Cards Whether you still favor traditional paper business cards or have gone digital make sure you always have your details to hand for easy sharing. With more and more people storing their cards on their phone they are less likely to take and keep a business card, so have both options available if you can. Include social media details as well as traditional methods of contact.

Creative Partnerships Do you have a non-competing business that would work well with your own? Approach them to create great package rates that help you both. You can offer to refer to one another with paid incentives for referrals or even special rates of advertising in their shop or website. Clients want to know that they can get everything fairly easily and joining forces with other businesses helps to add value that can benefit everyone.

Talk About Your Business Every day let people know about your business and services. You would be surprised how little other people pay attention to your life, do your friends and family know and understand what you do? Would they recommend you? Getting clients can sometimes start at home by building your network outwards. There is a lot of event and client potential there, so make sure that you are the first person who pops into their mind in the circles they move in.

Business Deals Promotional offers and deals can get new clients in the door to show off your products or services and get them hooked. Some of the more successful deals prompt new clients into action straight away such as “limited time only” or deal limits such as “free consultation to the first 5 people to call/email”. This gives them more incentive to act and creates more of a buzz for new potential clients.

Long-term Pricing A lot of your business may be one-off or short-term event projects but include a long-term incentive into your pricing structure to encourage your clients to think ahead and keep them coming back. This could be an improvement on rates for next time as a loyalty bonus, or offering a long term service such as managing and updating their event social media channels for their event for 12 months when the next project is confirmed. It is easier to keep a client than recruit new ones each time so this could be a winning strategy.

Online Help Increase awareness for event consultancy and management services by helping others online to answer questions. Using sites such as Quora or Clarity can allow you to create a profile to showcase to potential leads that you know what you are talking about. You can offer your services to provide consultations or resolve questions for users which increases brand awareness and proves you know what you are talking about. You can also improve your profile with portfolio elements and add reviews from previous users you have helped to improve your status and make you more reputable. If you fill out your complete profile with all of your services and previous history it will make users more likely to come to you.

Get Personal On a daily basis, people have their inboxes and phones flooded with ads, cold calls, spam and junk and they can spot it a mile away. If you are working on a client lead then do your research, treat every client like a VIP and you are less likely to be added to the SPAM folder. Know your audience and it will foster a long-term relationship rather than seeing you as “just another brand”.

Press Releases Get some press.

With the increase of technology, eventprofs often overlook sending out press releases but this is a missed opportunity to secure local or national media coverage. If you have something newsworthy create a press release and send it out to the right channels.

It’s important to know, the press won’t think you landing a big client is newsworthy, but if you can, share the story in a frame that interests them (like event planner gives back to cancer patients through hosting events they missed due to illness), they might just cover it.

Press Opportunities Follow the #journorequest and #PRrequest hashtags on Twitter for opportunities to share your expertise with journalists writing specific features.

Help a Reporter Out Register on specialist sites such as HARO (Help a Reporter Out) to enable you to provide insight and put yourself forward as a reliable source to secure yourself media coverage. Getting a quote in a major newspaper goes a long way to establishing yourself as an expert in your industry. It is important to remember not to underestimate the power of traditional press and the kudos and reach they bring when looking for new clients.

Brand Ambassadors Another opportunity for event planners to consider is blogs and websites that are read and respected by your target audience. Perhaps you could submit a guest post offering some top tips or be featured with an interview. High traffic blogs may offer sponsored posts, reviews, banner ads and other opportunities.

Associations Join an association and get to know other event planners.

Join a chamber of commerce or networking organization In-person networking groups allow you to make connections with your ideal clients and other professionals who can help expand your network. You never know who you might meet.

Create relationships with business organizations Volunteer for your local chamber. They throw a lot of events. They could just end up hiring you or if not, giving you a great referral.

Volunteer for a non-profit Volunteering allows you to give back, gain more experience and potentially find opportunities for paid work in the future.

Partner with other event vendors Can you offer a package with an AV company, event stylist or other vendor that compliments your event planning services? By working together you can add value and involve partners that can market the package to their own networks.

Follow-up with past clients Check in regularly with past clients. You never know what ideas it could spark or how often it leads someone to say “I was thinking about contacting you about an idea I have…”

Ask if they are in need of your services, could refer you to a friend, or write/record a testimonial for you on your services.

Work with Venues Contact local venues and get on their preferred partners list.

Plan an Event to Show off your Skills If you want to attract more corporate clients set up a free business networking event to show off what you can do and bring together people who may want to talk to you.

Be a Mentor Just because someone is on the lower rung of the career ladder does not mean they are lacking in connections. Just don’t make your business the only reason you’re mentoring.

Partner with large event planning firms Large players in the industry will often pass on projects that are too small or don’t fit their ideal client spec. Ask them if they might refer them to you instead.

Make Proactive Approaches Contact companies with user conferences and ask them if they’ve thought of outsourcing the work. Be ready to break down the costs of doing so.

Industry events Go to trade shows or conferences that your ideal customer would attend then network like crazy.

Co-working Opportunities Contact your local co-working space. A lot of budding entrepreneurs have a need for event planners on a freelance basis. The co-working space itself may need one.

Free Consultations Offer a free consultation or a 15-minute planning walk-through of suggestions. Sometimes people just need to be pointed in the right direction and realizing the enormity of planning an event and their lack of experience might just get you the job.

Meet Small Business Owners Network with other event planners. Independent business can be filled with ups and downs when it comes to clients. Sometimes you have so many you need to turn them away, other times you wish you had some. Partnering with other event planners allows for recommendations in the case of overflow situations and vacations. Be prepared to do the same for them – pass on extra business when you get to that point.

Create a Course Create a course on UDEMY to showcase your planning skills.

Affiliate Marketing and Incentives Offer a referral bonus for past clients who refer you to new ones. Create an affiliate program with other vendors, software providers, or venues. Give free new client consultations to existing clients to give out to friends and colleagues.

Become an Official Event Partner If you have a large corporate client, inquire about how other departments in that company handle their events. Ask to be introduced to people who might benefit from your services. Look for ways to save the company money by becoming their “official” event planner.

One-stop-shop Connect with technology providers in the event planning space. This may seem like a far stretch but as companies are trying to differentiate themselves from others, they may want to become a one-stop shop for their customers. If a customer approaches them about software and also finds they need event planning, that company may be in a position to give them your name.

Get Known Contact companies with internal event planners and see if they are ever in need of short-term, consultant solutions. For instance, their event planner may be out on maternity leave and you could fill in. They may not think they need that sort of assistance but then a surgery or other temporary work issue comes up and guess who they’re calling?

Go Live Go live on Facebook. This video creation option expands your reach and you’re able to connect with people who may not usually see your content.

Speak at Business Events Speak at the chamber or other organizations whose audience could be comprised of people who would be interested in hiring an event planner. You most likely won’t be able to pitch your own services but the exposure presents you as an expert. They will likely mention your business in the intro or at the end. Ideally, your contact info would be provided so that people can follow up with questions.

Create a Follow Up List Don’t give up on leads. If someone contacts you for more information but doesn’t respond when you give it to them, reach out periodically with help and resources. They may still need you but have been too busy to respond.

Identify Ideal Clients Search connections of your past clients on LinkedIn that would fit your ideal client profile. Either ask your client for an introduction or reach out directly and mention you’ve worked with X in the past.

Build your LinkedIn Profile Rework your LinkedIn profile to detail the types of events you specialize in. If you turn up in searches more often, you’ll get more leads.

Thought Leadership Post industry thought leadership pieces that attract attention. Be controversial.

The Business Story Rewrite your website to include your story.

Email Signature Invite people to book their event with you on your email signature.

LinkedIn Groups Participate in LinkedIn groups for your industry niche. Do not sell your services, just ask questions, comment and be helpful to get noticed.

Get Social Create social media profiles on sites that cater to your ideal client. Post actively on these sites with helpful information and not sales messaging.

Paid Social Media Ads Run a social media paid ad campaign.

Retargeting Use Google retargeting to bring visitors back to your website.

Website Redesign Redesign your website with a fresher look.

Blogging Create a blog and post to it on a regular basis.

LinkedIn Pulse Post to LinkedIn Pulse.

Ebook Write an ebook, downloadable checklist, and/or a playbook for a successful event. Make it available on your website as a free download.

FAQs Create a FAQs page on your website using valuable keywords.

Tracking Get technology that helps you understand who has visited your website and where they went. Then create a content strategy based on what you see them doing.

Checklist Create an interactive checklist to help people plan different types of events and host it on your website.

Online Community Start an online community that fits your niche. For instance, companies that host events may need resources to help them do it. Be helpful and when they decide there’s no value in doing it in-house anymore, they’ll think of you.

Guest Blog Guest blog on a site that will be read by your ideal demographic.

Local Search Results Improve your SEO organically or through paid options. Just make sure that you are concentrating on local search if that’s who you work with.

Email Marketing Create a cold email campaign of people who employ event planners in your niche.

Social Search Search on social media sites like Twitter, Facebook, and LinkedIn to see who is asking about hiring an event planner.

Google Alerts Create a Google alert or use Mention to find people talking about keywords that matter to you.

Pinterest Create Pinterest boards as portfolios for your work or to capture your event visions. When people contact you, they have an easy way to see your past events.

Reviews Check out your reviews on review sites. If you have an office, you may have reviews. Make sure you know what’s out there. Respond to everyone who leaves you a review, even if the review is less than stellar.

Facebook Reviews Ask former clients to leave you a star rating on your business Facebook page.

Use Your Personal Network Share your business content with your friends and family on Facebook. Often people don’t realize what we do. When they know, they may bless you with referrals.

Different Service Levels Create multiple levels of service for potential clients. In economic downturns, people may not host as many parties or events. You need to safeguard yourself against these economic ups and downs by creating something even those with small budgets could use. This could be a product like an ebook on how to plan an event on a budget or offering a consultation-only service where you tell them how to do it in a consultative role but are not involved in the actual planning. These low-end budget clients may eventually convert to full-cost paying clients when the economy picks back up. But if they don’t you have found a source of revenue that requires very little effort on your part.

Drip Marketing Launch a drip marketing campaign to nurture leads until they are ready to make a decision.

Handwritten Note Take up the art of the handwritten note. Use them for thank you’s, introductions, referrals, and more. Your communication is bound to stand out.

Industry Article Write an article for an industry magazine, one that will be in the hands of your ideal customer.

SlideShare Create a SlideShare deck. SlideShare has a wide audience. Sharing your content there is another way to position yourself as a thought leader and expert in event planning.

Case Studies Create a case study of work you’ve done with past clients. Don’t just share how you made them feel but what you did for them from a number’s perspective. Use stats and revenue whenever possible but ensure your client is okay with airing those stats.

Gain Respect from Peers Share others content. When someone shares your content, you get notified of it. The next thing you do is visit that person’s page or profile. It’s a good way to get them to pay attention to you, if only for a minute.

Comment Along those same lines, comment on their content. This will help you build a relationship with them.

Round-up Posts Create a round-up post and include the content from someone you want to build a better relationship with. They’ll appreciate the share.

Opinion Piece Give your opinion on a blog post someone else wrote. Don’t be contrary but giving your view (or supporting theirs by adding to it) can help create a relationship between you and the author. When selecting the blog post, it’s best to choose a post written by someone who you would love to have as a client.

Creative Business Cards Have a business card that stands out. Whether you design it to stand out or it serves another purpose like a USB card or a business card that contains flowers seeds, find a way to stand out from the competition. This is a good idea because potential clients want to know an event planner is creative. A creative card will get their attention and make them believe that you can create a memorable event for them.

Work on Your Ideal Client Personas Work on your ideal client personas and then rework your marketing message to better appeal to your ideal client.

Network Online and Off Join a networking group, in person or virtual, preferably both. Be helpful, don’t sell.

Increase Your Digital Marketing You must have a professional website, social media presence (don’t forget the visual sites like Pinterest and Instagram), and a blog. These are no longer optional. They act as a front desk/receptionist even when you’re not “in” the office.

Provide Resources Create downloadable resources for clients and potential clients. If you’re worried people will use the resource instead of your services, you’re not providing enough value. Make these resources free for the cost of an email.

Build Your List Using the step above as well as subscribers to your blog and visitors to your site, give people the opportunity to stay connected with you through a newsletter. This will keep you top of mind and build your reputation in the industry.

Do Guest Posts or Podcast Interviews There are plenty of fledgling blogs and podcasts. People are always looking for content and guests. You won’t get paid but it will help get your name out there. Just make sure that you agree to do these things only for blogs and podcasts that appeal to your ideal client.

Participate on Social Media “Participate” does not mean drip (only) your content. Participation means active conversation. Yes, content is good but interactions are what will bring new clients to your virtual doorstep. Try participating in Twitter chats and reading other people’s blogs and commenting meaningfully on them. Remember that ideal client? Find them on social media and get to know them.

Always Follow Up Most people fall flat in this area so it’s easy to stand out. Follow up on referrals, comments, events, compliments, suggestions, contact forms, and any form of communication.

Client Feedback Surveys

Use post-event surveys not only as a way to improve but also as a way of engaging clients and creating a source for testimonials.

Educational Content

Create content that helps your client whilst presenting yourself as an expert in the field. Become your clients’ go-to for anything related to events.

Competitor Analysis

Use competitor whitespace analysis to work out what makes you different from your clients and focus on selling the things you can do that they can’t.

Highlight Innovation

Look for opportunities to highlight where you’ve used innovation to the benefit of clients. This shows that your finger is on the pulse and you have the necessary experience to put new ideas to work.

Send a Thoughtful Gift If you really want to make an impression with someone you want to work with send them a small gift. It doesn’t have to be anything flash, but ideally something thoughtful that they will appreciate. Of course, it doesn’t guarantee they will award you a contract but it guarantees that you are memorable to them.

Important Final Advice for All New Business Owners

One of the best things about being a business owner is that you don’t have to answer to anyone. Unfortunately, one of the worst things about owning your own event company is, also, that you don’t have to answer to anyone. Why? Because there is no one to stop you from getting in your own way.

When you work for a boss, and she sees you spending too much time on floor plans, which she can have her assistant do, and not enough time on meeting new clients, which is your top priority, she can haul you into her office and set you straight. “I don’t care how much you like doing floor plans,” she says, “the company needs you out in front of clients.”

But when you’re the boss, there’s no one to call you out and deliver the tough love message. And so, without any oversight, you spend even more time on floor plans than you would with a boss looking over your shoulder. When you wonder at the end of the year why your business didn’t make more money, despite all the successful events and happy clients, there’s a decent chance this is the reason.

Companies that have been successful at breaking into higher and higher levels of growth tend to be very good at policing how they allocate their time, particularly the time of the senior people. Too often, however, business owners gravitate to their comfort zone, which is usually not where your company needs you to be.

That’s the Entrepreneur’s Dilemma: the freedom from having a boss which is so enticing can also be the roadblock to your company’s growth.

How Do You Get Around This?

The first step is understanding where your company needs you the most. A good rule of thumb is listing the various tasks that need to be done, and assigning an hourly rate for what you’d have to pay someone on the outside to do that work. You as the owner should be spending the bulk of your time at the highest level tasks, whether it’s sales or design or managing your team. The lower items should be delegated to someone who can do them at a much lower rate.

Be Accountable

The next step is acknowledging that many people find it quite hard to police themselves, so you need an outside force. A mentor or consultant can help with this, but an often overlooked resource is your own staff. Whether it’s your partner (if you have one) or your assistant (or virtual assistant), enlist them in your efforts. Tell them, “I need to be focusing on the following areas to best grow the company. If you see me spending time on another area, and you’ve got it under control, let me know, as a polite reminder.”

Sounds goofy?

Maybe, but I’ve done it and it works.

In the beginning, people were hesitant to say anything, but I would catch them fidgeting and ask them what was going on. They’d respond, “Um, you remember when you told us to tell you when you were involved in one of those things that are not on your top priority list, and we should tell you when we have it under control? Well, um, we’ve kind of got this under control.”

There are only so many hours in the day, and before you think about borrowing or raising money to expand, make sure that your time is allocated to the highest possible uses that benefit the company. As strategies for growth go, this is the low-hanging fruit.

Ready to Set Up Your Event Planning Business at Home?

Starting an event planning business from home can be daunting and overwhelming as there are a lot of things to think about and decisions to make. If after reading this post you are just as passionate and determined as before then we encourage you to follow your dream and don’t look back.

We hope that you are feeling inspired now you have 100 new ways to get more clients but the trick is, of course, keeping them and making sure they stay loyal. Ultimately, focus on doing a good job, and offering a great service and experience to your clients. And they will come back again and again and recommend you to others too.

Now onto you:

• Do you have a tip to make this page better? Or an idea to add to the idea engine for how to attract more business? Send an email to [email protected] .
• Do you have a colleague who may benefit from reading this page? Share it with them.

Photo Credit: Photo by Annie Spratt/Unsplash  Unsplash / Annie Spratt

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Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their Event Venue businesses. How to Start an Event Venue Business: Two Experts ... Building out your processes and internal operations ahead of time is critical to generating revenue as you prepare to open your new venue. Planning Pod's all-in-one platform gives new event facilities 20+ easy-to-use tools to set up systems for managing booking calendars, sales, client communications, contracts, billing, payments and more. Event Venue Business Plan Sample (Free) A free example of business plan for an event venue establishment. Here, we will provide a concise and illustrative example of a business plan for a specific project. This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. How To Write A Winning Event Venue Business Plan + Template The executive summary of an event venue business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan. Start with a one-line description of your event venue company. Provide a short summary of the key points in each section of your ... Sample Event Venue Business Plan This article will provide a sample business plan for an event venue business following our proven event. A well-developed business plan is essential for any business owner looking to start or expand their venture. ... We expect that 50% of our revenue will come from event rental fees and the other 50% will come from food and beverage sales. Free Event Venue Business Plan Template Our free event venue business plan template is designed to guide you through the process of creating a detailed and effective plan for your event venue business. It includes all the necessary sections such as executive summary, market analysis, marketing strategy, financial projections, and more. With our free template, you will have a solid ... PDF Event Venue Business Plan Example Information provided in this business plan is unique to this business and confidential; therefore, anyone reading this plan agrees not to disclose any of the information in this business plan without prior written permission of the Company. Prepared By 10200 Bolsa Ave, Westminster, CA, 92683. John Doe [email protected]. . (650) 359-3153. . How To Start An Event Rental Business Creating An Event Rental Business Plan. A well-structured event rental business plan is your roadmap to success. It serves as a comprehensive document that outlines your business goals, strategies, financial projections, and marketing plan. ... Partnerships: Collaborate with event planners, caterers, venues, and other businesses in the event ... How to Create a Wedding Venue Business Plan Focus on your background, facilities, key resources and offerings, and your strengths and weaknesses. 3. Market analysis. Summarize all your research here so you can update it as you experience ebbs and flows in your local wedding marketplace. Be sure to include information and data on: Customers. How to Write Event Venue Business Plan? Guide & Template Venue Rental: Year 1: $150,000 Year 2: $200,000 Year 3: $250,000. ... In conclusion, crafting a compelling Event Venue Business Plan is a strategic investment in the success of your venture. With ... Your guide to starting an event planning business The heart of your business: Event planning and management. Once your business foundation is in place, it's time to focus on the real reason you started it up in the first place: your passion for event planning and management. Defining your expertise. It's time to determine the specific services you will offer in your event business. How To Start an Event Planning Business: Step-by-Step Guide In regard to this last point, it's a good idea to open a separate bank account for your event planning business. Doing so will not only make recordkeeping and payroll much easier, but it will also simplify the process of paying business and personal taxes at the end of the year. How to start an event planning business: Stage 3 7) Hire a crew How to Start an Event Planning Business from Home There are a million and one things to think about if you are considering starting your own event planning business. Whether it is a distant dream or almost a reality, here are 22 steps you need to take to set up a successful event management company. Starting up an event planning business is not a decision to take lightly. 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