How to Write an Event Planning Business Plan
As event planners, we know how important our organizational skills are in planning and executing a successful event. But as an event planning business, you may be overlooking the importance of having a business plan to keep you organized and on track in the big picture operation of your business. Writing an event planning business plan is easier than you think. Follow the steps below to get you started.
What Is an Event Planning Business Plan?
An event planning business plan is a document that outlines the major aspects of your business. It articulates what the business is, its objective, how it operates, the structure and other important elements.
Do You Need a Business Plan?
Perhaps you are just starting your event planning business and, because it is so new, you then wonder if you should devote time to developing a plan. Or, you may have been operating your solo operation from your dining room table for the past several months, and everything seems to be running along just fine. Either way, a business plan is an important component of your business. Just as you have an event planning checklist to spell out the goal of an event, the budget, the target audience and the like, a business plan will put your objectives in writing and keep you focused on the long-term goals of your event planning business.
What Should You Include in Your Event Planning Business Plan?
- Description: The first aspect of your business plan is a description of who you are or what you want your business to be. This can be as simple as just a few sentences. For example, “ABC Event Planning is a full-service event planning business…” or “ABC Event Planning specializes in planning weddings…”. You get the idea.
- Objective: What is your business objective? What are the goals of your business? Are you aiming to be the top event planner in your town or do you have your sights on a loftier goal?
- Structure: How is your business structured? Are you the sole operator or do you have partners or support staff? If you have employees, outline their job responsibilities.
- Products and Services: What products and services do your business offer? Include everything from negotiating hotel contracts to hiring vendors and providing on-site staffing.
- Target Market: Who are your potential clients? What segment does your event planning business want to attract? Identify the people who would be interested in your services.
- Marketing: How will you market your business to attract customers? Do you have plans for a website? Will you utilize social media? Attend local business events?
- Finances: How will you handle any upfront costs of conducting your business? How will billing and payment be processed?
Don’t Tuck Your Business Plan in a Drawer
Don’t write out a business plan, check it off your to-do list and tuck it into a drawer. This business plan is the roadmap for your event planning business. Keep it front and center so that you never lose sight of why you started this business, what it is about, where you want to go and how you plan to get there. As with anything in life, it is easy to get sidetracked from your intended mission when obstacles or tangential opportunities present themselves. Use your event planning business plan to keep you on track.
Reevaluate your business plan every three months and determine if you need to modify anything to reflect changes in your event planning business.