Starting an events management business-A A +A
Sunday, October 21, 2012
EVENTS management is an exciting and very challenging business with a big profit potential. For those who are planning to start a business but have limited start-up capital, this business endeavor may be your passport to success. You can start from simple weddings, occasional party celebrations, seminars and workshops activities to multimillion concerts.
There are numerous work problems to encounter involved in this thriving business because of this, some people hire event managers because they do not want to go through this difficulty of organizing. Another thing,
Some people might have no capabilities to manage such activity.
Honestly, when I decided to quit my job as the Executive Director of one of the prestigious non-government organization in town, I already have in mind on what enterprising activity to start with ….consultancy services and events management business.
In starting this kind of business endeavor, you need to have the know-how and possess the traits of an entrepreneur. From this scenario, yours truly get the most out of the experiences and rudiments on program planning, formulation and implementation as my guide. Requirements in putting up an events management is just very basic and doesn’t need extraordinary conditions. It’s only your start-up capital that really matters.
For the information of those who are interested, here are some practical steps in starting this business:
1. First, you must know your passion, the activities you are knowledgeable. Remember, there are unlimited numbers of events and they can be divided into two broad types: Corporate and Private. Corporate events are those we call conventions, conferences, trade fairs, team buildings and stockholders’ meeting. For private events, the most common are debuts, weddings, birthdays and other family and friends’ related celebrations. After having one type of event, decide, plan to concentrate and give focus on to it.
2. Second, you have to think of a suitable name of your business. Register your business and your business name. If you will be putting up a sole proprietorship, you must go to the Department of Trade and Industry (DTI). For partnerships and corporations, you must register at the Securities and Exchange Commission (SEC). Then for your business license to operate, you must first go to the barangay where your business is located and get a clearance, proceed to the City of Municipal Hall and process some requirements imposed by the Local Government Unit. Upon obtaining all the required documents, go to the Bureau of Internal Revenue and register and get your Certificate of Registration (COR) and license to print receipts. Afterwards, register your business with the SSS, PhilHealth and HDMF.
3. If you only cater to private events, location is not a necessary factor; it may be best to just be home-based to minimize expenses. However, if you also cater to big or say corporate events, having your office at strategic areas is an advantage.
4. Look for the best venues and best suppliers. It is very important for you to scout and negotiate the best but lowest prices of venues for your ready listings for your prospective customers.
5. Have a pool of on-call talents and support staff. Avoid if possible hiring regular employees. You should consider the nature of your business…. The event is not every day but on occasional basis.
6. You have to market your business and the services involved. Strategize your marketing efforts and schemes. You have to reach out your clients.
7. Have a checklist of what must be done. Always put them all in writing, the people involved their parts in the program, things needed. Do not rely in your memory You have an advance planning in months or weeks of preparations and on the day itself, every bits…. everything are already well prepared.
Events Management is very rewarding and challenging business undertaking. However, there are also risks that you will encounter and you must know how to handle. As a neophyte of this kind of enterprise, it is best for you to enhance your knowledge by attending to seminars and trainings if there are offerings or partner first with somebody who is experts in this field and from there you will learn from them.
Published in the Sun.Star Baguio newspaper on October 22, 2012.