How to start your own event management company

Recently I decided to start my own event management company. I’ve worked in events for more than ten years and I thought, hey why not starting my own business! Well after that, things became a bit difficult because I did not know how to start an event management company.

So I decided to have a look around. Bought few books, saw few websites of famous planning agencies and tried to put few ideas down. After that I thought that my blog could have been of great use to help me in organizing my thoughts and maybe share some tips.

Therefore here are the thirst thoughts I had about running an event management company:

> I need to find my specialty. I’ve organized disco nights and congresses with up to 300 delegates. These are my specialties. Nonetheless, I am really interested in wedding planning as I see big potential in the sector. Plus the region where I live in Italy would really fit for this kind of business.


I read somewhere during my MBA that small business need to focus on few specific core competencies and in this case my core competency would be conferences.

> I need people around me able to do what I am not. I am a marketing person and an advanced control freak. In an hypothetic event management business I’d need to cover:

Creativity skills. For Event Design

Accounting skills. For Budgeting

Control skills. For logistics

Risk Management skills. For security purposes.

Computer Skills. For ad materials (eg. Brochures, Flyers) and online production (websites)

Marketing Skills. For pricing, promotion and event delivery

Selling Skills. To find new clients.

I am positive I could manage few aspects of the above, but what happen to the rest of them. I decided that while I’ll have some time I’d look for quick education with short focused courses. If the areas are particularly delicate, such as accounting, I’ll outsource the function or hire a part time, or better I’ll look at local universities for some student willing to help out.


INTRODUCTION
Every time when you saw a programme like 'Filmfare' awards or those pop concerts and beauty pageants you would have wondered how people managed to set up such brilliant shows. Every tiny detail from your entering the venue to your going out is a result of rigorous planning. Well…that's event management for you.

One of the fastest and the most glamorous upcoming professions today, it means rubbing shoulders with who's who of the crème-de-la crème layer of the city.

It does mean big money, but it also involves lots of discipline and meticulous planning to be in this profession. So if you are think you are that type then go ahead and take the plunge. Planning an event is an event in itself. Your job as far as organising an even begins with the very basics. The client comes to the event manager with a vague idea in mind…it is entirely upto the event manager to work on the idea and turn it into a reality. Events could be anything from concerts, product launches, conferences, promotions, press conferences, jubilee celebrations and farewells to television based events, fashion shows, wedding or parties… it could be just anything.

In a nutshell : An event manager has to first design the basic framework,j after which he prepares the marketing plans, hunts for sponsors, works on the logistics, locates the site/destination, contacts vendors, hires performers, prints/mails invitation cards, creates menus, looks after the stage/lights, books the artistes, arranges for transport for different people, and on the D' Day co-ordinates, plans and finalises every aspect of the event. Event managers usually start working months before the event. Sometimes, inorder to make the work easier, large event management companies hire the services of smaller companies on a contract basis.

Remuneration : An excellent field to make money…in fact once you start getting the feel of the field, it will never be a problem. Even freelancers today earn anywhere between Rs.30, 000 and above today. It is a very lucrative profession. Money again depends on the kind of events you handle. If you prefer to deal with weddings and parties it may easily come around Rs. 50,000 or even more. Event co-ordinators with a good deal of experience could earn even in seven figures.

Joining an event management company…. A person who enters into this field has to first join as a trainee. This person becomes the promotion co-ordinator. Event management companies nowadays hire lots of young people for this post. Very basic jobs in promoting the event is given to them. One could do this on a freelance basis also. The next job in this field is event co-ordination. The main job of an event co-ordinator is to supervise the various stages of planning in event management.

Skills Needed… In terms of educational qualifications, a graduation should be ideal though not much stress is laid on education. But there are a host of other qualities, which are essential for a person to be well-equipped in this field. These include:
Analytical/Critical thinking and problem solving - Analytical thinking, critical thinking and problem solving are abilities that are a must in this field. You should be able to acknowledge a problem, recognize that it has to be solved then and there, and always think on how the situation could be avoided in future. An event manage
Client/Customer service orientation - Client/customer service orientation is the ability to be client focused and committed to meeting the needs of your customer. An event manager has to be client focused, he must attempt to know the client's needs, he must be able to put them at ease while interacting with them, build trust and respect with customers and clients
Good negotiation skills - It is a general opinion that negotiating means underestimating the seller. On the contrary it is a skill in business which, when developed, makes you an astute minded businessman.
Ability to work under pressure and meet deadlines - An event manager should be able to handle pressures and deadlines at ease. Inspite of meticulous planning and arrangement, a small error or miscalculation can wreak havoc and disrupt the entire schedule. At such testing times, you should be able to remain calm and cool and perform your role as though everything is under control, so that others are not adversely affected.
Teamwork, facilitation and co-operation - Needless to say, one of the most important things here, is the ability to work as a team. You should not only know how to lead a team but also work with everyone and get the job done. You should be able to build efficient teams of people and facilitate their effectiveness. Always remember, "There is no 'I' in Team".
Planning, co-ordination and organisation - This involves the ability to effectively coordinate and organize oneself, others, information and/or situations at a personal and/or organizational level.
Good networking skills - An event manager needs to build up his own network and the more number of contacts he has the more successful he will be. Any kind of business can be only expanded through contacts and you must therefore have the skill and aptitude to go out and talk to people.

Event Management is considered to be a sunrise industry today. The industry is growing dynamically due to the sudden gush in Live Entertainment Shows, corporate events, exhibitions, carnivals, festivals, seminars and conferences.

The industry started with the multinationals poured into the global market in the late 80s. Today, industry segments like music, sports, culture, fashion shows, award ceremonies and cultural gatherings have become the fundamental growth drivers in the event management sector.
Events are considered to be a power tool for marketing, advertising, promotion and communications mix for all companies. It has become the most significant part of any marketing strategy. A large number of companies are looking forward to good event management companies as a means of building a brand image for them.

This calls for a demand of event management companies in the business sector. These companies require specialization in planning, visualization, creativity and venue management. Personnel of these companies should be skillful, talented and creative to organize and execute any kind of private or public event.

If you are really willing to earn big and live big, then event management career is the right option for you. Don't sit in a corner of your room and ask yourself, 'how to start and event Management Company', rather ask yourself, 'when should I start learning and practicing'?

Learning and practicing simply involves learning and understanding the basic concept, fundamentals and benefits of starting this company. You can get into event management by joining a firm that will help you gain experience and learn client specific requirements. After a year or tow, when you feel, you have gained enough of understanding and experience of the industry, you can go ahead and open the veil of your own future for name and fame.

Starting the right business you need business resources, equipments and a laborious workforce. So, the day when you finally decide to start off with your own business, first hunt for few personnel who can be a part of your organization and help you in promoting your business. Keep one thing in mind while hunting for the workforce, education cannot open doors to creativity and imaginations. These qualities are inbuilt.

There may be cases where you might get highly qualified personnel, who may lack analytical thinking, creativity, good communication skills and other skills and abilities essential for the business. At the other end, there are people who are just a graduate but have good analytical skills, wild imaginations and a strong networking as well.

The fundamental qualities required for starting any event management business or hiring personnel for your business are good analytical thinking, client service orientation, good negotiation skills, ability to work under pressure, teamwork, planning and good networking.

Analytical or critical thinking is essential to acknowledge and solve any problem obstructing the business potential. Client or customer service orientation helps in meeting and fulfilling the needs of the clients as well as customers.

If you want to become an astute minded businessman, then it is needless to say that teamwork, good negotiation skills and good networking skills are the basic requirements for any business to start off.