Event Planning Company Business Plan
Written by Dave Lavinsky
Event Planning Business Plan
You’ve come to the right place to create your event planning business plan.
We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event planning companies
Below is an event planning business plan sample to help you create each section of your Event Planning business plan.
Executive Summary
Business overview.
Special Occasions Event Planning is a startup event planning business located in Des Moines, Iowa. The Company is founded by Jennifer Brown, an experienced event planner who has been planning themed weddings and birthday parties as the manager of a local event venue for the past ten years. Now that Jennifer has gained valuable experience managing an event venue and planning special events of various sizes and styles, she is ready to start her own event planning company, Special Occasions Event Planning. Jennifer is confident that her event planning skills, combined with her understanding of business management, will enable her to run a profitable event planning company of her own. Jennifer is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running an event planning business – sales and marketing, supply sourcing and procurement, customer relationship management, budgeting, financial reporting, and vendor relationship management.
Special Occasions Event Planning will provide customized event planning services for special occasions big and small. Special Occasions will specialize in themed birthday parties, but will provide planning services for other types of events such as weddings, parties, and corporate gatherings upon request. The Company will be the ultimate choice for unique and memorable themed birthday parties for clients of all ages.
Product Offering
The following are the event planning products and services that Special Occasions Event Planning will provide:
- Venue Sourcing
- Tables & Chairs
- Dinnerware & Utensils
- Caterer Coordination
- Entertainment
- Party Favors
- Photography/Videography
- Lighting/Sound
- Bartending/Liquor
- Set-up/Clean up
Customer Focus
Special Occasions Event Planning will target individuals, families, and social groups in Des Moines, Iowa. The Company will target people looking to plan a one-of-a-kind birthday party for their child, significant other, friend, or other relative. No matter the customer, Special Occasions Event Planning will deliver the best communication, service, and attention to detail.
Management Team
Special Occasions Event Planning will be owned and operated by Jennifer Brown. Jennifer is a graduate of Iowa University with a degree in Business Management. She has over ten years of experience working as an event planner for another local venue. Jennifer will be the Company’s Chief Executive Officer and the Head Event Planner. She will lead the more complex events and oversee the event planning staff.
Jennifer has recruited an experienced administrative assistant, Patricia Smith, to help manage the day-to-day business operations. Patricia has been an administrative assistant in the event planning industry for more than 15 years. Jennifer relies on Patricia’s organization, attention to detail, and punctuality when organizing her schedule, managing clients, and maintaining her files.
Jennifer and Patricia have recruited an experienced marketing director, John Jones, to become a member of the Special Occasions Event Planning management team. John is a graduate of the University of Iowa with a Bachelor’s degree in Marketing. Jennifer and Patricia rely on John’s expertise to execute the Company’s marketing plan and advertising strategies.
Success Factors
Special Occasions Event Planning will be able to achieve success by offering the following competitive advantages:
- Skilled team of event planners who will ensure every client receives exceptional customer service and that all reasonable requests are met.
- Special Occasions Event Planning’s leadership team has established relationships with local venues, vendors, and entertainers, thus providing customers with a wide selection of options to choose from when planning their special event.
- The Company specializes in the themed birthday party niche and is well-versed in the latest trends in the industry.
Financial Highlights
Special Occasions Event Planning is seeking $200,000 in debt financing to launch its event planning business. The funding will be dedicated towards securing an office space and purchasing equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff and marketing expenses. The breakout of the funding is below:
- Office lease and renovation: $80,000
- Office equipment, supplies, and materials: $20,000
- Three months of overhead expenses (payroll, utilities): $90,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph below outlines the pro forma financial projections for Special Occasions Event Planning.
Company Overview
Who is special occasions event planning .
Special Occasions Event Planning is a newly established event planning company based in Des Moines, Iowa. Special Occasions will be the first choice for unique themed birthday parties for people of all ages in Des Moines and the surrounding communities. The company will provide customized event planning services for parties large and small.
Special Occasions Event Planning will be able to provide all the essentials for any special event from highly rated caterers to the hottest entertainment due to the Company’s existing relationships with industry professionals and vendors. The Company’s team of highly qualified event planning professionals will manage the entire planning process from ideation to execution. Special Occasions even provides clean-up services. Clients can opt for full-service event planning services or purchase specific aspects (such as decor or catering) a la carte.
Special Occasions Event Planning History
Special Occasions Event Planning is owned and operated by Jennifer Brown, an experienced event planner who has been planning themed weddings and birthday parties as the manager of a local event venue for the past ten years. Now that Jennifer has experienced managing an event venue and planning special events of various sizes and styles, she is ready to start her own event planning company. Jennifer is confident that her event planning skills, combined with her understanding of business management, will enable her to run a profitable event planning company of her own. Jennifer is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running an event planning business – sales and marketing, supply sourcing and procurement, customer relationship management, budgeting, financial reporting, and vendor relationship management.
Since incorporation, Special Occasions Event Planning has achieved the following milestones:
- Registered Special Occasions Event Planning, LLC to transact business in the state of Iowa.
- Has signed a contract to lease the office space.
- Reached out to numerous contacts to include local venues, catering companies, entertainers, and decor suppliers to spread the word about her new business opportunities.
- Began recruiting a staff of accountants, event planners, sales and marketing associates, and office staff to work at Special Occasions Event Planning Services.
Special Occasions Event Planning Services
Industry analysis.
The Party and Event Planning industry in the United States is valued at approximately $4B, with 70,000 businesses in operation, and over 82,000 employees. The market for event planning services is expected to grow over the next several years due to an aging baby boomer population, many of whom have children and grandchildren who will have weddings, birthday parties, graduations, anniversaries, and other special events in the coming years. Additionally, the corporate event planning segment is expected to grow due to more companies pursuing team building opportunities and hosting events that can serve as marketing for the business.
The event planning market is split into two broad segments: corporate and social. Corporate events such as holiday parties, meetings, trade shows, conventions, fundraisers, and receptions are just some of the events included in this segment. Corporate customers include companies, non-profit organizations, and charities. The social segment includes a wide range of special occasions such as weddings, bridal showers, birthday parties, anniversary parties, reunions, and more. The largest and most lucrative category in the social event planning segment is wedding planning.
Industry operators can specialize in one or two niches such as wedding planners or corporate planners. Alternatively, industry operators can provide planning services for a wide range of events. Industry operators that specialize in a specific niche and even narrow their niche to a specific type of event, such as “kids’ parties” or “fashion shows” may have more success because they can become an expert in one area and target a highly specific customer segment. Industry operators who provide a broad range of services to a variety of customers can be successful if they provide high levels of organization, customer service, and unique or highly customized services.
Customer Analysis
Demographic profile of target market.
Special Occasions Event Planning will target individuals, families, and social groups in Des Moines, Iowa. The Company will target people looking to plan a one-of-a-kind birthday party for their child, significant other, friend, or other relative. Special Occasions Event Planning will also target young adults looking to plan a memorable, themed 21st birthday party. No matter the customer, Special Occasions Event Planning will deliver the best communication, service, and attention to detail.
The precise demographics for Des Moines, Iowa are:
Customer Segmentation
Special Occasions will primarily target the following customer profiles:
- Millennials
- Individuals with disposable income
- Families with children and disposable income
Competitive Analysis
Direct and indirect competitors.
Special Occasions Event Planning will face competition from other companies with similar business profiles. A description of each competitor company is below.
Emily’s Event Planning
Established in 2017, Emily’s Event Planning is now a well-known event planner in the Des Moines, Iowa area. The company provides event planning services for large corporate events, weddings, and birthday parties. Emily’s Event Planning is most well-known for its picturesque venue choices. The company has relationships with some of the most in-demand venues in the area. Emily’s Event Planning provides an all-inclusive event planning and management service with packages that include venue rental, decor, entertainment, food, and clean-up services.
While Emily’s Event Planning has an established reputation in the market for quality event planning services, it has a list of predefined event packages and does not customize its services or take unique requests from customers.
Fancy Event Planner
Fancy Event Planner has been operating in the state of Iowa since 1982. This company is a small business run by a husband and wife team that specializes in event planning and catering services for weddings, birthday parties, and other special occasions. Fancy Event Planner provides decor, venue coordination, and food service for events of up to 100 guests. The company specializes in providing gourmet dinners, desserts, and appetizers. Additionally, Fancy Event Planner provides hand crafted decor and floral arrangements for weddings and parties. Fancy Event Planner is for customers looking for an elegant presentation in a traditional setting.
Fancy Event Planner has a limited selection of services and does not offer entertainment, set-up/clean-up, lighting/sound, or liquor accommodations.
Wonderfully Perfect Event Planning Services
Wonderfully Perfect Event Planning Services is a new Des Moines, Iowa-based event planner that provides superior service to its customers. The company is managed by an experienced entrepreneur who has been working in the hospitality industry for over 20 years. She opened Wonderfully Perfect Event Planning Services in 2019 when she discovered a lack of options for themed party planning in the area. The company provides customized planning services for any event and will strive to ensure all customer requests are met to ensure a perfect event experience every time.
The company does not have established relationships with vendors, venues, or entertainment in the area and as such, trails behind Special Occasions Event Planning in this area.
Competitive Advantage
Special Occasions Event Planning will be able to offer the following advantages over the competition:
- Skilled team of experienced event planners who are able to provide customized planning services and fulfill any reasonable request.
- Special Occasions Event Planning’s management team has long-standing relationships with industry professionals and is able to provide customers with a wide selection of options when it comes to venues, entertainment, and catering.
- The Company specializes in themed birthday parties and keeps up on the latest trends in the industry.
Marketing Plan
Brand & value proposition.
Special Occasions Event Planning will offer the unique value proposition to its clientele:
- Special Occasions Event Planning provides full-services event planning from ideation to execution.
- The Company’s wide selection of options allows each customer to create their dream event.
Promotions Strategy
The promotions strategy for Special Occasions Event Planning is as follows:
Social Media Marketing
The Company’s marketing director will create accounts on social media platforms such as LinkedIn, Twitter, Instagram, Facebook, TikTok, and YouTube. He will ensure Special Occasions maintains an active social media presence with regular daily updates and fun content to get customers excited about using the Company’s event planning services.
Professional Associations and Networking
Special Occasions Event Planning will become a member of professional associations such as the Event Planners’ Association, American Party Planning Society, and the Iowa Special Event Association. The leadership team will focus their networking efforts on expanding the Company’s vendor and client network.
Print Advertising
Special Occasions Event Planning will invest in professionally designed print ads to display in programs or flyers at industry networking events. The Company will also send direct mailers to local businesses with employees who are in the target market.
Website/SEO Marketing
Special Occasions Event Planning will utilize its in-house marketing director that designed the print ads to also design the Company’s website. The website will be well organized, informative, and list all the services that Special Occasions is able to provide. The website will also list information on the Company’s events and promotions.
The marketing director will also manage the Company’s website presence with SEO marketing tactics so that when someone types in a search engine “Des Moines Event Planner” or “Event Planner near me”, Special Occasions Event Planning will be listed at the top of the search results.
The pricing of Special Occasions Event Planning will be premium due to the high level of customization and hands-on planning services involved. Customers will feel they receive great value when purchasing the Company’s services.
Operations Plan
The following will be the operations plan for Special Occasions Event Planning.
Operation Functions:
- Jennifer Brown will be the CEO and Head Event Planner. She will lead the more complex events and oversee the event planning staff. Jennifer has spent the past year recruiting the following staff:
- Patricia Smith – Administrative Assistant who will manage the budgeting, vendor relationships, and logistics.
- Sam Johnson – Accountant/Bookkeeper who will provide all accounting, tax payments, and monthly financial reporting.
- John Jones – Marketing Director who will oversee all marketing strategies for the Company and manage the website, social media, and outreach.
- Michelle Garcia – Customer Success Officer who will oversee customer relationships.
Milestones:
Special Occasions Event Planning will have the following milestones complete in the next six months.
11/1/2022 – Finalize contract to lease the office space.
11/15/2022 – Finalize employment contracts for the Special Occasions Event Planning management team.
12/1/2022 – Begin renovations on the office and purchase office equipment and supplies.
12/15/2022 – Begin networking at industry events and implement the marketing plan.
1/15/2023 – Begin recruiting and training office staff and event planners.
2/15/2023 – Special Occasions Event Planning officially opens for business.
Financial Plan
Key revenue & costs.
The revenue drivers for Special Occasions Event Planning are the fees charged to customers in exchange for the Company’s event planning services. Customers will be able to purchase full-service, customizable packages or select specific aspects (such as entertainment or catering) a la carte.
The cost drivers will be the overhead costs required in order to staff an event planning business. The expenses will be the payroll cost, utilities, party supplies, and marketing materials.
Funding Requirements and Use of Funds
Key assumptions.
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Average number of events per month: 4
- Average fees per month: $20,000
- Overhead costs per year: $360,000
Financial Projections
Income statement, balance sheet, cash flow statement, event planning company business plan faqs, what is an event planning company business plan.
An e vent planning company business plan is a plan to start and/or grow your event planning company business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your event planning company business plan using our Event Planning Company Business Plan Template here .
What are the Main Types of Event Planning Companies?
There are a number of different kinds of event planning companies , some examples include: Corporate Events, Social Events, and Niche Events Planning.
How Do You Get Funding for Your Event Planning Company Business Plan?
Event planning companies are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. This is true for an event business plan or an event management business plan.
What are the Steps To Start an Event Planning Business?
Starting an event planning business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop An Event Planning Company Business Plan - The first step in starting a business is to create a detailed event planning company business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event planning business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event planning business is in compliance with local laws.
3. Register Your Event Planning Business - Once you have chosen a legal structure, the next step is to register your event planning business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your event planning business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Event Planning Company Equipment & Supplies - In order to start your event planning business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event planning business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
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How to Write an Event Planning Business Plan + Free Template
Planned a few events in the past?
And, if you feel that event planning is your forte, and you have ideas that are both creative and functional, event planning might be an exciting endeavor for you!
Although most people start out by working under someone, everyone dreams of starting their own event planning business.
Also, you are about to go ahead and start yours; wait a moment!
You might have sufficient knowledge for planning events, but navigating the complexities of the event planning industry needs a well-thought-out roadmap. And that roadmap is a comprehensive event management business plan.
Yes, you read it correctly. A business plan can be of great help while starting your own event planning company. It not only sets the foundation for your venture but also enhances your opportunities for success.
So, we have created a Sample Event Planning Business Plan for you to get a good idea about how a perfect event business plan should look like!
Now, without any further ado; let’s explore all the details you will need to write in your stunning business plan.
Key Takeaways
- Clearly define your goals, mission statement, service offerings, and management team in your business plan.
- Perform thorough market and industry analysis to identify target customers, and adapt to the latest trends.
- Present a realistic financial plan, including startup costs, revenue projections, and a break-even analysis to attract investors.
- Effectively draft your pricing strategy and unique selling propositions to meet the specific needs of your target customers.
- Provide a clear outline of your business operations to efficiently deliver your planning services and seize new opportunities.
- Craft your marketing techniques, sales tactics, and promotional activities to reach a wider audience.
- Recognize your key competitors, and develop strategies that make your event planning business stand out in the competitive landscape.
How to Write an Event Planning Business Plan?
- Get a Business Plan Template
- Write an Executive Summary
- Provide a Company Overview
- Conduct an Industry and Market Analysis
- Describe your Product and Service Offerings
- Outline a Sales and Marketing Plan
- Introduce Your Team
- Outline Business Operations
- Prepare a Financial Plan
1. Get a Business Plan Template
Before you start writing a business plan for your event planning business, it is recommended to get a business plan template first.
It’s like having a valuable resource for your business planning. It not only simplifies the business plan writing process but also helps you include all the essential elements in your plan.
However, you can effectively organize your thoughts and accurately draft a strategically sound business document according to your specific requirements and preferences.
Not only that, it sets the stage for a comprehensive, professional business plan that empowers you to highlight your vision, attract potential investors, and navigate the competitive event planning landscape.
If you are a budding entrepreneur or looking for a polished template, choose Upmetrics’ business plan template now and ensure that you won’t skip any important facts in your plan.
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2. Write an Executive Summary
An executive summary is the first and foremost section of your event planning business plan. It provides a brief introduction to the entire business plan.
Make sure that it is clear, concise, and engaging, as it will create your first impression and attract investors or readers to delve further into your plan.
Start this section by describing your idea behind an event planning and type of business; for example, are you a startup business, want to grow an existing one, or running a business chain?
Communicate your business objectives and emphasize how you will be different from other event-planning businesses. Here is an example of event planning objectives using Upmetrics:
Next, give an overview of each of the subsequent sections, including offered services, market opportunities, marketing strategies, and financial projections that will be explored in greater detail within the plan.
Not only that, you can end this summary with a compelling call to action, inviting potential investors or readers to the next meeting if they are interested in your event planning.
Generally, this section is written after the whole event business plan is ready. It is often the easiest way to do so as you have simply gone through and written all the key sections of your plan.
3. Provide a Company Overview
Now, provide detailed information about your event plan business. It contains ownership, legal structure, office location, business history, and other such business-related facts.
Begin with the intro of what type of events you are organizing. For instance, it will be corporate events (catering to businesses), social events/celebrations(wedding planning, birthday parties, etc), or niche events(specialized in just one type).
Discuss a little bit more about your business history, including when you started event planning and what milestones you have accomplished. Also, accentuate your mission statement.
Take reference from the below example describing the mission of the event planning company:
In an ever-changing, fast-paced world, success is determined by good choices for lasting effects. Eventel strives to be the best choice for clients by helping to ease their event planning burden.
Through consistent, predictable professionalism, Eventel will ensure a worry-free and hassle-free event at a reasonable price.
Event also has internal clients to serve. The event will strive to provide the same predictable and professional working environment to its employees and contracted vendors, justly compensating them for their services.
It is also a priority to make a comfortable living wage for its owners, founders, full-time staff, and their families.
Keeping in tune with the needs of the market, utilizing the latest technology and trends, all while ensuring the client receives the individual attention they deserve, is the vision and daily mission of Eventel; The Event Planning Specialists.
In addition to that, you can mention your startup summary and future business goals, as this section gives an in-depth overview of your business.
4. Conduct an Industry and Market Analysis
Starting an event management business requires a strategic events industry and market analysis. So, take some time to go further and locate more accurate data.
Try to include certain key elements in this section:
Market size and growth potential
You need to study specific data about various markets in which you are trying to get into and ensure profitability. So, describe your market size & growth potential and whether you will target a niche or a much broader market.
For instance, the USA industry revenue for event planners has grown at a CAGR of 4.1% over the past five years and reached $5.6 billion in 2023. So, it is crucial to define the target market segment.
Target market segment
Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.
Do proper market research and try to create a buyer’s persona in terms of their demographic and psychographic profiles.
Take reference from the below example written using our innovative AI writing assistant :
Competitive analysis
Identify and analyze your direct and indirect competitors. Recognize their strengths & weaknesses, and describe what differentiates your business from other planners.
Direct competitors can be other event planning businesses, while wedding planners, local venues, caterers, or conference centers can be indirect competitors.
Point out how you have a competitive edge in the market, such as superior event management options, user-friendly methods/tools to book your services, and adequate pricing plans with better services.
Not only that, describe emerging market trends in the industry and explain how you will cope with all the directions. You can also list regulations and licensing requirements that may affect your company.
5. Describe your Product and Service Offerings
Next, specify the scope of your products and service offerings. As an event management business, you can describe the size and type of events you cater to, including a variety of event planning services.
This section must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors or readers understand the value of your business.
While drafting your event planning services and products, you can take reference from the below example:
Eventel provides event planning in a wide range of applications. We guarantee satisfaction in the areas of appearance, performance, and taste.
The following is a sampling of the types of events we plan every year:
- Corporate events or meetings, Training, and Retreats
- Conferences and Workshops
- Birthday parties, Anniversaries, Graduations, and Holidays
- Weddings, Receptions, and Showers
- Company picnics, banquets, and award ceremonies
- Caterer coordination and decor
- Trade shows and fashion shows
Effectively define your pricing plans for event planning services. Also, communicate your services to the customers by sharing a detailed description of the procedure you use while working with clients.
Mention if your event planning company offers any additional services. You may include services like lighting & sound, vendor negotiation, guest concierge services, etc.
6. Outline a Sales and Marketing Plan
Writing the sales and marketing strategy section means a list of tactics you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing strategies:
Social media marketing
Use social media platforms to present your company’s essence. Regularly post exquisite snapshots or videos of your planned social events, decor, and behind-the-scenes moments.
User-friendly website
Assure that your event management company has a user-friendly website that provides basic information about your services, pricing, and contact
details. Also, share informative blog post content or event videos.
Pricing strategy
Describe your pricing strategy—how you plan to price your services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers.
Collaborations
Build an extensive vendor network to expand your reach and draw their existing customers. This might do wonders for your business and enhance your brand image.
Offline advertising
Effectively reach your target audience using offline advertising methods like brochures, newspapers, social gatherings, or events. Also, try to offer a personalized approach or stress-free planning to retain existing clients.
7. Introduce Your Team
A powerful management team is paramount for demonstrating your business’s ability to thrive in the event planning industry.
Letting your readers or investors know about your business leadership or key managers will help them have a clear idea of who is running your event planning company.
So, start this section by introducing key team members and highlighting their event planning skills & previous experience.
Jot down their qualifications and specific responsibilities. You can also shed light on how your experienced event planners contribute to the success of your business.
Next, describe the compensation plan for the leadership team and event planners, including salaries, bonuses, and other benefits. This can help key stakeholders to ascertain how much percentage is allocated to salaries.
If you have a board of advisors for your event management business, then mention them along with their roles and experience.
8. Outline Business Operations
Now, it’s time to outline the processes and procedures involved in your day-to-day business operations. Detail how you will eventually plan to manage your business effectively.
Staffing & training
Highlight your staffing needs by mentioning the number of employees, planners, or coordinators. Also, include their qualifications, the training required, and the duties they will perform.
Operational process
Outline the processes and procedures you will use to run your event planning business. It may include initial client meetings, decor, party favors, caterer coordination, set up/clean up, etc.
Equipment and machinery
You can also include the list of equipment and machinery required for event planning, such as office supplies, camera & photography equipment, event planning software, etc.
Explain how these technologies will help you maintain quality standards and improve the efficiency of your business operations. Refer to the below example written using Upmetrics AI assistant:
9. Prepare a Financial Plan
For a successful event planning business, you need to prepare a well-structured and in-depth financial plan with a realistic financial projection. It comes last in the business plan but is the most important section for investors.
So, mention all the below key components in your financial plan:
- Profit and loss statement
- Sales forecast
- Cash flow statement
- Balance sheet
- Break-even analysis
- Financial needs
- Tax considerations
From the above, you can identify the funding needs and evaluate the funding resources for your event planning company, including bank loans, SBA-guaranteed loans, angel investors, and personal savings.
In this section, you need to make a few assumptions. It will greatly affect the financial forecasts of your business. Refer below table to make important assumptions:
Well, having a realistic financial plan in your hand not only helps you present your business’s fiscal health but also emphasizes its sustainability.
However, calculating all the financial statements from scratch can be an overwhelming task. But, not to worry; use Upmetrics’ financial forecasting tool to formulate all your financial projections.
All you need to do is provide the information you have, and let the tool estimate financial factors, and create visual reports for you. No manual data entry, recalling Excel formulas, or preparing graphs—nothing.
Here’s an example of a projected cash flow statement for an event planning business:
Download Free Event Planning Business Plan Template
Need help writing your event planning business plan from scratch? Well, here you go; download our free event planning business plan template now and start writing.
This modern, user-friendly event management business plan template is specifically designed for your event business.
With a step-by-step guide and example, it assists you in creating your own plan without missing any crucial details.
The Quickest Way to turn a Business Idea into a Business Plan
Fill-in-the-blanks and automatic financials make it easy.
Prepare Your Business Plan with Upmetrics AI
Finally! You know how to write an event planning business plan with the help of our free sample business plan template. So, you are one step closer to starting or growing your business confidently- pretty exciting, right?
But you know what else is exciting? Your business planning process can be even faster and easier than this. Yes, you heard it right; it’s possible with the power of the Upmetrics AI assistant tool .
So, take a sigh of relief and focus only on planning the most happening events in the town!
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Frequently Asked Questions
What are the key components of an event planning business plan.
Writing a professional event planning business plan involves the following key components:
- Executive summary
- Company overview
- Industry and market analysis
- Product and service offerings
- Sales and marketing plan
- Management team
- Business operations
- Financial plan
How often should I update my Event Planning Business Plan?
Your event planning business plan should be reviewed and updated at least once in a year or more often if there are significant changes in your business environment or services.
What are some tips for writing an Event Planning Business Plan?
Consider the following factors before writing an Event Planning Business Plan:
- Define your niche and business objectives
- Clearly mention unique selling points
- Be realistic in the financial statement
- Understand your target customer
- Stay agile in a dynamic industry
How much does it cost to start an event planning business?
A fair estimation for an event planning business can range from a few thousand to tens of thousands of dollars. It can vary widely depending on office space, equipment, and initial inventory.
About the Author
Vinay Kevadiya
Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more
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If you do weddings or events, you already know how important planning is. The same applies to your business. Check out these sample business plans for event planning, wedding consultants, special event planners, and other event management businesses. Then use what you learn to write the plan for your own business.
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Event Planning Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Entertainment Industry » Event Planning
Are you about starting an event management business ? If YES, here is a complete sample event planning business plan template & feasibility report you can use for FREE .
One good thing about event planning is that most often than not, events are done during weekends and if you are lucky not to be working during weekends, you can successfully test run an event planning business. The truth is that, most of the basic skills needed to effectively run an event planning business are some of the soft skills you are likely going to acquire in your workplace.
On the average, it is the practice for most standard event planning companies to handle all aspect of event planning that ranges from wedding planning, to annual general meetings (AGM), to corporate events, to end of year parties et al. This is so because there are little or no difference with the planning and execution of events. However, you can decide to build your event planning company around an area of specialization in the industry.
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What It Takes to Start an Event Management Business?
As a professional event planner, you would have been trained on how to engage your clients in such a way that they should be able to answer any question you may ask them regarding the event or any related topic that will help you deliver a fantastic event.
Over and above, the service delivery for an event planner covers budgeting, scheduling, venue selection, acquiring necessary permits, coordinating transportation and parking, arranging for keynote speakers, motivational speakers, master of ceremony (MC) or entertainers, arranging decor, event security, catering and emergency plans .
The hallmark of an event is when the success benchmarks are meet or even surpassed. So part of what you need to ask your client as a professional event planner is to know key measurable areas where they would want the event to be assessed.
It could be the numbers of participants that attended the event, the feedbacks they got from the event and it could be any success indicator as agreed by the organizers of the event.
A Sample Event Planning Business Plan Template
1. industry overview.
Event planning is all about helping corporate organizations, government, groups and individual plan and execute their events from start to finish. An event planner ensures that they work with the stipulated budget of the organization or individual and ensure that they deliver a successful event as agreed.
In some cases, it is the responsibility of the event planner to draw – up a budget for the organizer of the event once they get a brief of the nature of the event. Events planning require that you take off the burden of planning an event from the shoulders of your clients. This is whether it is a corporate or informal event.
Therefore, you would need an eye for details in addition to the eye you have got. Confused? Do not be, that was on a lighter note. Now, the truth is that you would need to be extremely detailed. You do not want to come across your clients as one who leaves some kills important details out. If you do not possess this skill now, you may consider building it up.
The key to a successful event is to ensure that all that is listed in your event planning checklists is ticked. As a matter of fact, if you undergo event planning training, you are going to be taught how to draft event planning checklists for various events and key components that must be listed in your checklists.
The event planning is such an industry that needs you to be vast and well informed about news about the industry. What does this mean?
This means that you have got to be alert about everything as it concerns events planning all around the globe. You may consider reading up a whole lot- do not be far away from information. You can successfully pull off being a researcher off by reading books on this business, as using the internet.
According to Inside Business, the event planning industry is expected to grow to 20% with the median income of an event planning being $42,180 a year.
This industry is expected to grow to over 60,000 jobs. Statistics has it that the top 5 highest paying location in the united states for event planners and their average annual earnings are; Virginia – $54,770, New York – $57,300, New Jersey – $57,730, Massachusetts – $58,860, Washington DC – $67,120.
So also the top 5 states in the United States with the highest numbers of employment for event planners are; California with 7,730 event planners are employed, New York – 7, 250, event planners are employed, Texas – 6,320,event planners are employed, Florida – 3,560, event planners are employed, Virginia – 3,500 event planners are employed.
No doubt the event planning / management industry cannot be said to be over saturated despite the fact that the entry bar for starting an event planning business is pretty low. As an event planner, if you are creative and hardworking, you can successfully create your own steady market. It is safe to say the industry is still growing especially with the advent of new social media platforms.
For example in recent times, a world class event planning / management company in city in the United States of America can successfully organize an event with active participants from all over the globe participating in the event without living their country. This is possible with the aid of teleconference, and Skype et al.
Some of the factors that encourages entrepreneurs to start their own event planning business could be that the business is easy to set up, the start – capital is indeed affordable and the running cost can be put at the minimum level; you can actually start your own event planning business from the comfort of your home. All you need to do is to create an office somewhere in your house.
Lastly, event planning / management business is not restricted to just organizing conferences, corporate events or parties, but also organizing big international events such as Olympic and United Nations Events.
2. Executive Summary
Tony & Tammy House of Events LLC is an all – round event planning company that will be based in Las Vegas – Nevada.
The company will handle all aspect of event planning such as wedding planning, children’s party, sports tournaments / competitions, annual general meetings (AGM), to corporate events, trade fairs and exhibitions, end of year party, party rental services, event planning trainings and event planning consulting and advisory services et al.
We are aware that to run an all – round event planning outfit can be demanding which is why we are well trained and equipped to perform excellently well. Tony & Tammy House of Events, LLC is a client-focused and result driven event planning outfit that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will offer a standard and professional event planning services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they contract their events to our organization.
At Tony & Tammy House of Events, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in a wide variety of event planning et al.
Tony & Tammy House of Events, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position the business to become the leading brand in the event planning line of business in the whole of Nevada, and also to be amongst the top 20 event planning outfits in the United States of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our event planning business before spreading to other parts of The United States.
Tony & Tammy House of Events, LLC is founded by Mr. Tony Angelo and his wife Tammy Angelo. The organization will be managed by both of them since they both have tangible experience working at various capacities within the entertainment and event planning industry in the United States.
As a matter of fact, Mr. Tony Angelo who is the Chief Executive Officer of the organization was part of the team that organized Atlanta 96® Olympics and the wife in time past has worked with the team responsible for organizing Grammy Awards.
Mr. Tony Angelo graduated from both University of California – Berkley (First Degree), and University of Harvard (MSc.).
3. Our Products and Services
Tony & Tammy House of Events, LLC is going to offer varieties of services within the scope of the event planning and entertainment industry in the United States of America. Our intention of starting our event planning outfit is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.
Our business offering is listed below;
- Wedding Planning
- Corporate Event Planning
- Outdoor Party Planning
- Annual General Meetings
- Sports Tournaments / Competitions Planning
- Children’s Party and Birthdays Party Planning
- Party Rental Services
- Event Planning Trainings (Training School)
- Event Planning Consulting and Advisory Services
4. Our Mission and Vision Statement
- Our vision is to build an event planning brand that will become the number one choice for both individual clients and corporate clients in the whole of Las Vegas – Nevada.
- Our vision reflects our values: integrity, service, excellence and teamwork.
- Our mission is to provide professional and trusted event planning services that assist individuals, businesses and non-profit organizations in organizing all of their events.
- We are to position the business to become the leading brand in the event planning line of business in the whole of Nevada, and also to be amongst the top 20 event planning outfits in the United States of America within the first 10 years of operations.
Our Business Structure
Tony & Tammy House of Events, LLC will build a solid business structure that can support the growth of our business. We will ensure that we hire competent hands to help us build the business of our dream. The fact that we want to become one of the leading event planning outfits in the United States makes it highly necessary to deliberately build a well – structured business from the onset.
Below is the business structure that we will build Tony & Tammy House of Events, LLC on;
- Chief Executive Officer
Event Planning Consultant
Event Planning Training and Development Consultant
- Wedding Planning Consultant
Admin and HR Manager
- Business Developer
Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Responsible for providing direction for the firm
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for handling high profile clients and deals
- Responsible for fixing prices and signing business deals
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Responsible for interviewing and hiring vendors, selecting and ordering materials, negotiating rates, coordinating the sequence of events, following up with guests and vendors and producing full-scale events.
- Plans, designs and produces events while managing all project delivery elements within time limits
- Liaises with clients to identify their needs and to ensure customer satisfaction
- Conducts market research, gather information and negotiate contracts prior to closing any deals
- Provides feedback and periodic reports to stakeholders
- Proposes ideas to improve provided services and event quality
- Organizes facilities and manage all event’s details such as decor, catering, entertainment, transportation, location, invitee list, special guests, equipment, promotional material etc
- Ensures compliance with insurance, legal, health and safety obligations
- Specifies staff requirements and coordinate their activities
- Cooperates with marketing and PR to promote and publicize event
- Proactively handle any arising issues and troubleshoot any emerging problems on the event day
- Conducts pre- and post – event evaluations and report on outcomes
- Researches market, identify event opportunities and generate interest
- Manages the organization’s event planning training school
- Coordinates training programs facilitated by Tony & Tammy House of Events, LLC
- Writs winning proposal documents, negotiate fees and rates in line with company policy
- Identifies training and development needs for staff through job analysis, appraisals and consultation
- Facilitates and coordinate strategic sessions.
- Works directly with clients in a non-advising capacity, such as answering questions, scheduling appointments and making sure all training concerns are properly taken care off
- Responsible for handling all trainings both internal and external trainings
Wedding Planner / Consultant
- Assists the bride and groom with everything from a timeline and budget to the choice of flowers, wedding location, musicians, caterers, and the choice of the groom’s tuxedo.
- Responsible for making sure that all the details of the big day play out smoothly as planned
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Design job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily office activities.
Marketing Executive
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
- Handles any other duties as assigned my the line manager
6. SWOT Analysis
Tony & Tammy House of Events, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured event planning outfit that can favorably compete in the highly competitive event planning and entertainment industry.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Tony & Tammy House of Events, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Tony & Tammy House of Events, LLC;
Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new event planning outfit, it might take some time for our organization to break into the market and gain acceptance in the already saturated event planning and entertainment industry; that is perhaps our major weakness.
- Opportunities:
The opportunities in the event planning and entertainment industry is massive considering the number of weddings, parties and other events that takes places on a daily basis in the United States. As an all – round event planning outfit, we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as an event planning outfit operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power. There is hardly anything we can do as regards this threat other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
The event planning and entertainment industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.
The trend also extends to increased attention, paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning events, and of course increase in demands from event sponsors.
As a matter of fact, social media has now become one of the most important tools event planners leverage on to disseminate information about their events, interact with attendees, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for event and wedding planners to gather all the needed data and information that will help them plan and project for the future.
In recent time, mobile event apps are becoming more popular; event planner can now successfully host events via social media platforms / online platforms. In the United States for example, there several vendors providing mobile apps with more event planners patronizing the apps.
Over and above, with the invention of event apps, it is now compulsory for event planners and venue owners to offer Wi-Fi throughout the event, in all meeting rooms. The truth is that it will no longer be acceptable to not have Wi-Fi accessible at events; people will hardly rent halls without Wi-Fi facility.
8. Our Target Market
Although Tony & Tammy House of Events, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading event planning and management companies in the United States.
As an all – round event planning / management outfits, Tony & Tammy House of Events, LLC offers a wide range of services hence we are well trained and equipped to services a wide range of clientele base. Our target market cuts across people of different class and people from all walks of life, local and international organizations as well.
We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses. Below is a list of the people and organizations that we have specifically design our products and services for;
- Potential Couples / Young Adults
- Blue Chips Companies
- Corporate Organizations
- Religious Organizations
- Political Parties / Politicians
- Households / Families
- The Government (Public Sector)
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Start – Ups
Our competitive advantage
We are quite aware that to be highly competitive in the event planning and entertainment industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference cum improvement and you should be able to meet the expectations of both participants and organizers of events.
Tony & Tammy House of Events, LLC might be a new entrant into the event planning and entertainment industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified event planners / managers and wedding planners in the United States. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups event planning and event management companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Tony & Tammy House of Events, LLC is established with the aim of maximizing profits in the event planning and entertainment industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.
Tony & Tammy House of Events, LLC will generate income by offering the following event planning / management services for individuals and for corporate organizations;
10. Sales Forecast
One thing is certain, there would always be parties and events in the United States of America and as such the services of event planning / event management companies will always be needed.
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.
We have been able to critically examine the event planning and entertainment market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.
Below is the sales projection for Tony & Tammy House of Events, LLC, it is based on the location of our business consulting firm and the wide range of consulting services that we will be offering;
- First Year-: $150,000
- Second Year-: $650,000
- Third Year-: $1,000,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there is stiffer competition amongst event planning companies in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing. Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard event planning business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow our event planning company to become one of the top 20 event planning companies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.
Tony & Tammy House of Events, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
- Promptness in bidding for event planning / event management contracts from the government and other cooperate organizations
- Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver quality event planning services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the event planning and entertainment industry by storm which is why we have made provisions for effective publicity and advertisement of our event planning outfit.
Below are the platforms we intend to leverage on to promote and advertise Tony & Tammy House of Events, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
12. Our Pricing Strategy
Just like in consulting business, hourly billing for event planning / event management services is also a long – time tradition in the industry. However, for some types of event planning / management services, flat fees make more sense because they allow clients to better predict the overall service charges. As a result of this, Tony & Tammy House of Events, LLC will charge our clients both flat fee and hourly billing as long as it favors both parties.
At Tony & Tammy House of Events, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.
We are aware that there are some clients that would need regular access to event planning consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
At Tony & Tammy House of Events, LLC, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
13. Startup Expenditure (Budget)
Starting an event planning business can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.
Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
When it comes to starting a small scale event planning / event management company, the following expenditure should guide you;
- The Total Fee for incorporating the Business – $750.
- The budget for basic insurance policy covers, permits and business license – $2,500
- The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
- The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
- The Cost of Launching your official Website – $600
- Budget for paying at least one employees for 3 months plus utility bills – $10,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous: $1,000
Going by the report from the market research and feasibility studies conducted, we will need over two hundred and fifty thousand (250,000) U.S. dollars to successfully set – up a medium scale but standard event planning business firm in the United States of America.
Generating Funding / Startup Capital for Tony & Tammy House of Events, LLC
Tony & Tammy House of Events, LLC is a family business that will be owned by Mr. Tony Angelo and his wife Tammy Angelo. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of event planning and other related services to both individual and corporate clients.
We know that if we continue to deliver excellent event planning services, there will be steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.
In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Las Vegas – Nevada to other major cities in the United States of America. We know that if we implement our business strategies, we will achieve our business goals and objectives in record time, as well as become a household name .
Check List / Milestone
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry: In Progress
Event Planning Business Plan Template
Written by Dave Lavinsky
Event Planning Business Plan
Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their event planning businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through an event planning business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What is an Event Planning Business Plan?
A business plan provides a snapshot of your own event planning business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes research to support your plans.
Why You Need a Business Plan for Your Event Planning Company
If you’re looking to start an event planner business or grow your existing one you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your event planning business to improve your chances of success. Your event planning business plan is a living document that should be updated annually as your company grows and changes.
Source of Funding for Event Planning Businesses
With regards to funding, the main sources of secure funding for an event planning business are bank loans, personal funding, credit cards, and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
Another common form of secure funding for an event planning business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Venture capitalists will not fund an event planning business.
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How To Write a Business Plan For Event Planning
When you write a business plan, you should include the following 10 key aspects:
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each important component of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of event planning business you are operating and the status; for example, are you a startup, do you have an event planning business that you would like to grow, or are you operating a chain of businesses.
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the event planning business industry. Discuss the type of business you are operating. Detail your direct competitors. Give an overview of your target audience. Provide a snapshot of your marketing strategy and plan. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of business you are operating.
For example, you might operate one of the following types:
- Corporate Events : this type of event planning business caters to businesses, charities, nonprofit organizations, and the like to plan fundraisers, receptions, conventions, trade shows, competitions, award ceremonies, product launches, and other types of meetings.
- Social Events : this type of event planning business targets middle- to upper-income individuals and families to plan events such as weddings, birthdays, reunions, and other types of celebrations.
- Niche Events : some event planners specialize in just one of the above event types.
In addition to explaining the type of event planning business you operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new contracts, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your business structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the event planning business.
While this may seem unnecessary, it serves multiple purposes.
First, researching the industry educates you. It helps you understand the target market in which you are operating.
Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards events that adhere to social distancing guidelines, it would be helpful to ensure your plan details what approach you would take (suggested venues, creative solutions for inclusion, etc.).
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section:
- How big is the event planning industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section must detail the clientele you serve and/or expect to serve.
The following are examples of customer segments: private and corporate clients, high-income households, medium-income households, engaged couples, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of event planning company you operate and the event services you offer. Clearly, businesses would want a different atmosphere, pricing, and product options, and would respond to different marketing promotions than engaged couples.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the age groups, genders, locations, and income levels of the customers you seek to serve. Because most event planning companies primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.
Psychographic profiles explain the wants and needs of your target market. The more you can understand and define these needs, the better you will do to attract customers and retain your existing customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other planners and businesses that offer event planning services.
Indirect competitors are other options that customers have to purchase from you that aren’t direct competitors. This includes caterers, venues, and customers planning events on their own. You need to mention such competition to show you understand that not everyone who throws a party hires an event planner each time.
With regards to direct competition, you want to detail the other businesses with which you compete. Most likely, your direct competitors will be other businesses that offer event planning services very close to your site.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of customers do they serve?
- What planning services do they offer (wedding planning, baby showers, birthday parties, social events, etc.)?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide superior event management options (e.g., more cuisine types, better venue options, etc.)?
- Will you provide event options that your competitors don’t offer?
- Will you make it easier or faster for customers to book your services (e.g., utilizing event planning software, etc.)?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For an event management business plan, your marketing strategy should include the following:
In the product section, you should reiterate the type of business that you documented in your Company Analysis. Then, detail the specific products/services you will be offering. For example, in addition to designing the event, locating the venue, arranging vendors, coordinating personnel, and supervising the event, will you offer services such as catering, decor, and entertainment?
In this section, document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections, you are presenting the services you offer and their prices.
Place refers to the location of your event management business, conference centers, and/or venues in which you own and/or have a relationship. Document your location and mention how the location will impact your success.
The final part of your event planning business marketing plan is the promotions section. Here you will document how you will drive customers to your site. The following are some promotional methods you might consider:
- Social media marketing
- Advertising in local papers and magazines
- Reaching out to local bloggers and websites
- Partnerships with local organizations (e.g., getting on the list of recommended vendors with local venues)
- Local radio advertising
- Banner ads at local venues
Operations Plan
While the earlier sections of your event planner business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your event planning business such as interviewing clients, making arrangements, keeping the store/studio clean, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 100th customer, or when you hope to reach $X in total sales. It could also be when you expect to hire your Xth employee or launch in a new market.
Management Team
To demonstrate your own event planning business’ ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience as event planners or in the industry. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in event planning and/or successfully running small businesses.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you plan one event per week or several events? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your business, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a company approached you with a massive $100,000 event contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for supplies, equipment rentals, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During those 180 days, you could run out of money.
In developing your Income Statement and Balance Sheets be sure to include several of the key startup costs needed in starting or growing your business:
- Location build-out including design fees, construction, etc.
- The total cost of equipment and furnishings like decor, sound systems, etc.
- Cost of maintaining an adequate amount of supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.
Event Planning Summary
Putting together your own event planner business plan is a worthwhile endeavor. If you follow the event planning sample template above, by the time you are done, you will truly be an expert. You will really understand the business, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful event planning business.
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Other Helpful Business Plan Articles & Templates
COMMENTS
Develop An Event Planning Company Business Plan - The first step in starting a business is to create a detailed event planning company business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
The Basic Business Information • Business Name • Business Owner • Business Address • Email • Phone Number • Mobile Number • Website Address • Social Media Details 2.The Executive Summary This is a concise summary (generally a page) and quick reference guide illustrating the key points from the business and financial plan. 3 ...
You might have sufficient knowledge for planning events, but navigating the complexities of the event planning industry needs a well-thought-out roadmap. And that roadmap is a comprehensive event management business plan. Yes, you read it correctly. A business plan can be of great help while starting your own event planning company.
This section addresses common questions about creating a business plan for an event management company. These answers provide insights to help you navigate the planning process effectively. 1. What are the key components of an event management business plan? A comprehensive event management business plan includes several essential elements.
If you do weddings or events, you already know how important planning is. The same applies to your business. Check out these sample business plans for event planning, wedding consultants, special event planners, and other event management businesses. Then use what you learn to write the plan for your own business.
Elements of an Event Management Business Plan. An effective event management business plan has several essential elements. The first element is the executive summary. This section gives a brief overview of your business, including its mission, vision, and key objectives. Next, focus on the market analysis.
Download a detailed Event management business plan PDF for effective management strategies. BizPlanner.AI. ... How this event planning business plan sample was created. ... Our sophisticated AI technology will analyze your responses to develop a business plan that aligns perfectly with your event management company's objectives and requirements ...
If YES, here is a complete sample event planning business plan template & feasibility report you can use for FREE. ... When it comes to starting a small scale event planning / event management company, the following expenditure should guide you; The Total Fee for incorporating the Business - $750.
Because most event planning companies primarily serve customers living in the same city or town, such demographic information is easy to find on government websites. ... Product, Price, Place, and Promotion. For an event management business plan, your marketing strategy should include the following: ... If you follow the event planning sample ...
An event planning business plan is crucial as it helps you stay organized and on track in the big picture of your event management company's operations. A business plan can help you write down your goals and keep you focused on your event planning company's long-term aims. Aside from the variety of free templates provided above for you to ...