How to Start an Event Management Business in 2023

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In today’s competitive environment, every business owner wants to stand out from the crowd. This means they want to offer their customers something unique and memorable. The same goes for events. They want to create experiences that will leave a lasting impression on their guests.

Event management companies are booming. According to the Bureau of Labor Statistics (BLS), employment opportunities for event managers are expected to increase by 19% between 2016 and 2026. That’s great news for those who want to get into the field. But before you jump in headfirst, you need to consider some important things.

In this article, I will share important steps on how to start event management business in 2023. These are the basic steps to follow to form your event management business. 

how to start event management business

What is Event Management

Event management is a wholesome process of creating and arranging events. Any type of event, such as corporate, personal, weddings, birthdays, meetings, seminars, and so on, can be managed by the event managers. The process starts with planning the event and arranging things that are needed to stage the event. It continues with the post-event strategies and follow-up with your clients. 

Event management is a growing industry that provides services to businesses and organizations looking to host events. With so much competition in the event management space, it’s important to understand how to stand out among the crowd.

What You Need to Start Event Management Business

Starting an event management business is not an easy task. There are many things to consider before and after you start your event management business. Here are some tips you need to know before you start your event management business, 

Know What You Want

Before you begin your event management journey, ensure you know exactly what type of events you want to manage. Do you want to plan weddings, corporate parties, or charity galas? Once you know what kind of events you want to focus on, you can narrow your search for clients.

Networking Is Key

Networking is key when starting a business. Whether you meet people face-to-face or via social media, networking is essential to getting ahead in the event management world. When meeting people, try to find common ground. Ask questions about their company and its goals.

Don’t Overlook Small Events

Small events aren’t just for small budgets. Many big corporations hold smaller events throughout the year that cost only a fraction of what a large event would. These events provide opportunities to network with executives and build relationships with employees.

Be Professional

You may think that being professional means wearing suits and ties all day, but that’s not necessarily true. Being professional doesn’t mean you have to go overboard in formal; however, it does mean that you dress appropriately for the occasion. Finally, while you shouldn’t let fun become your primary goal, having fun along the way is important. Enjoy yourself while managing events, and remember to enjoy life outside of work too. 

How to Start Event Management Business

To start your event management business, you must go through a few formal steps. These are the basic steps to establishing a business. Steps can be changed based on the nature of the business. Here are the essential steps to start your event management business, 

Step 1: Make a Business Plan

Before you start your event management business, create a solid business plan. Your business plan helps you to organize your tasks and keep everything in a single place. In general, a business plan includes the nature of the business, funding, potential clients, SWOT analysis, and future market analysis. These are the main things to consider while setting up your event management business. 

Step 2: Set Your Budget

The next step is to set your budget. Setting up an event management business is not a matter of joke. It takes some serious work and a handful of money to invest. You must get the funding before you register your business. There will be a registration fee, permits & licenses fee, office set up, website, salaries, taxes, etc. These are some of the costs that you must pay to start your event management business. 

Once your budget is ready, you must put your best foot forward to get the funding for your business. You can get options like bank loans, advances, and other private loans to fund your event management business.

Step 3: Register Your Business

Once you have decided on your event management business, you need to name it. To name your business, you must check the naming guidelines on the state’s official website. You must register/reserve your business name to secure it. You can register your business as a sole proprietorship, partnership (if you have a partner), corporation, or limited liability company. It is easy to start an LLC for your event management business as it is less complicated and has pass-through taxation. 

You have to pay a specific amount to register your business. This fee depends on the state you are starting your business. Also, what type of business structure you’re setting up changes the fee structure. For example, if you want to form an LLC in Texas for your event management business, you must pay higher state fees than LLC in Florida.

Step 4: Appoint a Team

Once your company is registered, it is time to hire additional hands to run your business. Appoint people and build a team. Event management has different departments, such as lights, decoration, sound, food counter, bar counter, cleaning, floor managers, hospitality, and more. You need people in all these segments to cater to your clients. 

Like any other business, in event management, you can work with third-party vendors instead of appointing your own team. However, that costs you more than having your in-house team. 

Step 5: Get Licenses & Permits

The next big thing is to get the licenses and permits wherever required. When you talk about event management business, you need a handful of permits and business licenses. If you operate in different states or cities to plan an event, you might need a different permit for the location. Check with the local authority/government for the permits and licenses to plan an event in any city or state. 

Step 6: Get Started

Finally, all your things are done. Now, you are ready to go on the field. You can start your event management business and cater to all your client. As soon as your company starts operating, you must file annual reports and tax returns, open business bank accounts, and get business credit cards. Also, you need to get insurance for your company and employees.

After Starting Event Management Business 

After you set up your company, you need a few things. The first thing is a business website. You need an attractive and detailed website that includes what you do, how you do it, who to contact, and how to contact. You can share your product and service photos on your site to exhibit your work and expertise. Here are the things you need after you set up your event management business, 

  • Website
  • Business bank accounts
  • Insurance and coverage for employees

Cost of Starting Event Management Business

The event management business is not something you can start for free. You must be prepared with around $20,000 to set up your company. An event management company has the following costs, 

  • Office space (rent/purchase): You can rent an office space instead of buying it. It costs less. If you have any space in your home, like a garage or burn, and you want to set your office there, then it would be even less costly. It costs around $5000
  • Business registration fee and Tax: This depends on the state and structure of the business. If you wish to start an LLC in Wyoming, you must pay $100 for business registration. Based on the location, you get to pay your taxes. LLCs have tax benefits. So, if you start an LLC in California, you don’t have to pay any business taxes. However, you will have to pay Franchise Tax. 
  • Employees’ salary: Employees’ salary depends on the company’s volume. How many employees you hire on a permanent basis and how many you appoint on a freelance basis – decides the amount of money you spend on their salaries. It costs around $500 per employee per month (average)
  • Software cost: Software is an integral part of every business now. For an event management business, CRM can be used to track follow-ups. It costs around $300-$2000. 
  • Website cost: It includes domain name registration, hosting, content, and other website-related issues. It costs around $6000 (average)
  • Marketing cost: This is a dynamic cost. Depending on how vast your advertising game is, the cost varies. Marketing and advertising include newspaper ads, TV/Radio ads, merchandise such as coffee mugs, shirts, t-shirts, stationeries, etc., and business cards. This costs around $1000 (average)

Revenue From Event Management Business

Event management businesses are booming. Be it a corporate meeting or an intimate wedding, event managers are always required. Hence, you can always make a lot of money from your event management business. But you must know that it does not happen overnight. Before you start making a profit, you must increase your client base. Invest more in networking, and give time to go out and talk to people about your services. You can also get partnered with biggies (under contract) and host all their events in a year. Most corporate houses work like that. It will be secure for your business, especially in the initial days. Generally, you can charge $50-$100 an hour for any event. If the event is huge, it can go up to $500 an hour or more. 


How do I get started with event planning?

Event planning is one of the best ways to earn money from home. There are several different types of events, such as weddings, birthday parties, corporate events, etc. If you know how to plan these events, you can charge anywhere between $50-$100 per hour for your work. But before you make money, you need a proper business plan, a registered business, and a fancy website that exhibits your work.

How do I find clients?

Event planning is one of the best ways to earn money from home. There are several ways to find potential clients for event planning. One way is through networking. Another way is to use social media sites such as Facebook and Twitter. The third way is to search Google for “event planner” and then contact those who appear at the top of the list.

How do people know that I am an event planner?

People know that you are an event planner when they hear about your business from someone else who has hired you for events. If you want to be known as an event planner, then you need to start networking and getting referrals. Also, you can share your work on social media to gather more people.

How do you market yourself as an event planner?

Event planning is one of the best ways to market yourself as an event coordinator. If you want to be successful at event planning, you need to know how to plan events, create promotional materials, and execute them effectively. The key to event planning is to understand what makes each event unique and then use those elements to design an effective promotion for your client.

Why Start Event Management Business is So Important

Firstly, let’s acknowledge that organizing an event, no matter how big or small, is a daunting task. From conceptualizing the theme to organizing all the logistics, such as venues, decorations, catering, and entertainment, there is an immense amount of work involved. Event managers possess the expertise needed to handle all these intricate details, offering their clients peace of mind that everything will be executed flawlessly.

Additionally, in today’s society, time has become an increasingly precious commodity. People are busier than ever and often struggle to find the necessary time to plan and coordinate events. This is where an event management business proves invaluable. By outsourcing event planning, individuals and organizations can release themselves from the burden of navigating the complexities and dedicate their time to focus on other important aspects of their lives or businesses.

Moreover, event management businesses offer a unique skill set that ensures events are a resounding success. Creativity is at the core of event planning, with the ability to craft a compelling and cohesive experience for attendees. By leveraging the insight and expertise of event professionals, clients can benefit from innovative ideas, bringing their vision to life in ways they may not have thought possible.

Furthermore, event management businesses are equipped with extensive networks and resources that the general public often lacks. Establishing strong relationships with vendors, suppliers, and various service professionals is essential for efficiently executing an event. The expertise of event planners in negotiating contracts, securing the best deals, and coordinating with these contacts is unparalleled, resulting in substantial cost savings for their clients.

In addition, professional event planners are well-versed in managing unforeseen circumstances and emergencies, avoiding potential disruptions or setbacks. Their ability to adapt to changing circumstances and quickly troubleshoot issues ensures that events can continue smoothly, regardless of challenges that may arise.

Finally, event management businesses contribute significantly to the overall economic growth of a region. The industry garners direct revenue through fees earned for services provided, generating significant employment opportunities. From event planners to waitstaff, security personnel to AV technicians, event management businesses provide an extensive ecosystem of employment and entrepreneurial opportunities.

In conclusion, the importance of starting an event management business cannot be diminished. The demand for well-executed events and the expertise that event planners provide is on the rise as individuals and organizations recognize the complex nature of event organization and seek qualified professionals to deliver unforgettable experiences. Event management businesses save clients valuable time, ensure flawless execution, foster creativity, provide cost-saving benefits, and contribute to economic growth. With these compelling advantages, it’s clear that establishing an event management business is more important than ever before to meet the evolving demands and expectations of a diverse range of clientele.

In Conclusion

An event management company is profitable and not so easy to start. It needs a lot of homework before you make your investments. Networking and contacts are the keys here. In the event management business, referrals are the most desirable way to get more clients. This article explains basic information to start your event management business. If you have any questions, then comment below. 

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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