The special events world has grown dramatically in the past years. According to recent studies conducted by several CSEP or Certified Special Events Professionals, more or less $500 billion has been spent on special occasions all over the world.
It is enough to say that the marketplace is big enough to sustain and support every party-organizing business. If you are working in one of these special events companies, there are a lot of directions in which you grow and expand. If you are just entering in this industry, there is a lucrative market waiting to be discovered on all sides.
According to studies, the profit margin in this industry will continue to rise in the next few years, even decades. Just a few years ago, the average profit for an event planning business was around 15%, but according to the latest studies, profit margins can go as high as 40%.
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The rise in profit is because of the industry’s excellent health in various factors like the improved global economy, as well as the trend of corporate Australia to outsource their occasion planning functions. Since you are not a tech startup company, bidding for quality programmers, you can get started even with little to no budget at all.
What is event organizing?
This question breaks down into two parts:
What is function organizing or planning?
What types of functions are we talking about?
First, we need to understand that special functions happen for the following purposes:
Celebrations like parades, fairs, reunions, weddings, anniversaries and birthdays.
Education events like meetings, conferences and graduations.
Promotional functions like political rallies, product launches and fashion shows.
Commemorations like civic functions and memorials.
This list is not a comprehensive one, but as the example shows, special events can handle almost all or all of the following tasks that are related to the said function:
Creating designs
Conducting different researches
Finding the site
Arranging for decor, entertainment and food
Planning for the guests’ transportation to and from the site
Sending invites to all the attendees
Arranging the necessary accommodations for all the people attending the gathering
Coordinating the activities of all the personnel
Making sure the site is adequately supervised
Conducting evaluations or assessments of the function
How many of these tasks your company engages in will depend on the type and size of a particular gathering, which in turn, depends on the specialization your business chooses.
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Why do people or companies hire a planner?
The question has a straightforward answer: People usually find out that they lack the expertise and time to plan the gathering by themselves. Organizers can give these gatherings the necessary attention that they deserve.
Want to become a planner?
Usually, organizers are people who started in one specific aspect of planning. Planning companies often started as a company that offers catering services before they decided to plan functions. Most of these planners have the same stories about how they started these businesses.
It explains why they usually don’t only coordinate the whole activities but may also provide one or more services for these gatherings. These organizers may also have started their careers or business as a planner for other companies before they decided that it is very lucrative just to start their own company.
Getting certified
Consider getting a certificate or a degree from your local university in events management or planning. You can check out MPI or Meeting Professionals International for a comprehensive list of universities and colleges that offers educational opportunities in planning or management.
It would be best if you also considered getting an organizer certification. You can get them from the International Special Events Society or Certified Meeting Professionals, respectively. A lot of corporations or individuals look for these certifications when looking for a planner to hire. Because of the study and research, it takes to become a certified planner or organizer; clients know that professionals handle their gatherings.
Target market
Corporate market
Generally speaking, there are two markets for individuals or companies that offer planning services: social and corporate. The term “corporate: includes non-profit organizations and charities, not only firms or companies. Non-profit organizations and charities host receptions, athletic competitions or gala fundraisers, to help them expand the public support base, and most importantly, raise money for their activities.
A lot of these events happen each year. Although the more significant events require a specialized organizing experience, you can find smaller local gatherings that you can start with. Most companies host conventions, holiday parties, company picnics, and trade shows, as well as meetings of their board members, stockholders or staff members.
There’s a massive market for these kinds of corporate functions. According to the CIC or the Convention Industry Council’s Economic Significance Study conducted in 2012, more or less one million business or corporate meetings, conventions and trade shows happen in Australia alone.
Social market
Social events like weddings, anniversary parties, birthdays, Bat and Bar Mitzvahs, children’s parties, sweet 16 or reunion are some of the most common social functions handled by organizers like Murder Mystery Party, Brisbane. You may decide to handle these gatherings or you can specialize in at least one of them.
Startup costs
One of the biggest questions you need to answer when starting this type of business is how much money it needs to start your own organizing company. It depends on the cost of living in the place where you are planning to operate and whether you are planning to work from the comfort of your home or rent an office space.
It will also depend on your lifestyle choices and taste. It would be best if you remembered that while you are working from the comfort of your home to keep the operational costs low, you cannot start a large planning business with little to no money.
Operations
Some event organizers have nine-to-five jobs. By its nature, this job tends to involve weekends, holidays, evenings and even specific seasons. The number of hours you need to commit to this job will depend on the specialization you choose.
