How To Run A Successful Event Planning Business

In this article, we’ll start by discussing the key day-to-day operational tasks you must perform to run a successful event planning business. Then, we will go through ways to make your business run more efficiently.

Day-to-Day Operational Tasks for an Event Planning Firm

No matter the type of event planning business you have, there are some basic operational tasks that you will need to complete on a regular basis. These tasks include:

Meeting with clients to discuss their event needs
Conducting site visits to potential venues
Coordinating with vendors to secure contracts
Managing the budget for each event
Creating timelines and schedules
Overseeing the execution of the event on-site
Handling post-event follow-up

Receiving and Processing Payments

Another important aspect of running your business is getting paid on time and in full. There are a few different ways to receive and process payments, but the most common are invoicing and credit cards.

For an event planning company, you will likely invoice your clients for the total cost of the event, minus any deposits that have been paid. You can do this manually or through an online invoicing system. Be sure to include all of the relevant event details on the invoice so the client knows the specifics of each charge.

If you plan on accepting credit or debit cards, you will need to set up a merchant account with a bank or other financial institution. There are a few different ways to process credit or debit cards, but the most common is through a physical terminal, an online gateway, or a mobile app.

Managing Client Relationships

The key to any successful business is good client relationships. Managing client relationships is especially important as you want to make sure that they are happy and satisfied with your offerings. This will make them more likely to refer your company to others and to come back to you in the future. There are a few different ways to manage client relationships, but the most common is to keep in touch with them regularly and send them updates via their preferred communication method.

Improve Your Event Planning Company Inefficiencies

Use the following tips and strategies to make your event planning business more efficient:

Invest in event planning software: Software can help manage your calendars, contacts, and to-do lists. It can also help keep track of payments and invoices.
Outsource some of your tasks: You don’t have to do everything yourself! Consider outsourcing some of the tasks that you don’t have time for or that you don’t enjoy doing.
Hire an assistant: If you find that you’re constantly being pulled in different directions, it might be time to hire an assistant. This will free up your time so that you can focus on the tasks that are most important to your business.
Create standard operating procedures: Having standard operating procedures in place will help to ensure that all of your employees are on the same page and that tasks are completed in a timely and efficient manner.

Systems & Processes

One of the best ways to make your event planning business more efficient is to develop and/or automate as many systems and processes as possible. By doing this, you can save time and money.

The following event planning business processes can be systematized:

Client relationship management
Billing and invoicing
Vendor management
Event marketing
Event planning
Event execution
Post-event follow-up

By automating these processes, you can free up time to focus on other aspects of your business. In addition, you can also avoid making mistakes that can cost money.

Delegate & Outsource

Another way to make your event planning business more efficient is to delegate and/or outsource tasks.

There are a number of different tasks you can delegate or outsource, including:

Administrative tasks
Marketing and advertising
Customer service
Bookkeeping and accounting
Web development

By delegating and outsourcing these tasks, you will free up time to focus on driving sales, which is key to growing your event planning company.

You can find professionals to perform these tasks and more on websites like Upwork and Fiverr. Test workers on those sites with small projects before hiring them for bigger ones.

Time Management

When it comes to running a successful event planning business, one of the most important things is time management.

There are a number of different ways to manage your time effectively, including:

Create task lists/to-do list
Time blocking (blocking out time of your schedule to focus on critical tasks)
Prioritization (prioritizing business building projects over day-to-day operational tasks)

In order to be successful, you need to learn how to balance the important tasks with the less important ones. You also need to learn how to say no to certain tasks in order to focus on the ones that are most important.

The key to time management in the event planning business is to be organized and focused. By using the techniques mentioned above, you can effectively manage your time and grow your business.

Tools, Technology & Resources

There are a number of different tools, technologies, and resources that can help event planning businesses improve their efficiencies, including:

Marketing automation tools (email marketing, etc.)
Accounting software/automated billing and invoicing
Customer Relationship Management (CRM) software

Consider using these tools if they can help your business. Also, creating custom software could possibly allow you to perform even better and give you competitive advantage. If a customized piece of software could benefit your event planning business, consult with an IT professional or software developer.

Set & Track Goals

One of the best ways to make your event planning business more successful is to set and track goals. Without business goals, it’s difficult to measure your progress or know what you need to do to improve your business.

There are a number of different ways to set and track goals, including:

SMART goals (SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound)
Progress tracking charts (creating graphs that show your progress made towards specific goals)
Creating a business plan

By using one or more of these methods, you can set and track realistic goals for your business. This will help you stay on track and achieve your desired results.

Networking

In order to maximize your success, consider networking with other professionals both inside and outside the event planning business. By doing this, you can learn from their experiences, get advice, and make connections that can help your business.

There are a number of different ways to network with other professionals, including:

Attending industry events
Networking events
Online networking
Professional associations
Trade shows

Pricing Your Offerings

One of the most important things to consider when pricing your event planning company offerings is how much you need to charge in order to make a profit. You also need to consider how much your competitors are charging for similar offerings.

Another thing to consider when pricing your services is how much value your offerings provide. By understanding the value of your offerings, you can justify charging more for them.

Finally, you need to find the right balance between price and demand. If you charge too much, you may lose potential clients. However, if you charge too little, you may not be able to cover the costs of running your business.

Targeting the Right Clients

In order to be successful in the event planning business, you need to target the right clients. By targeting the right clients, you can increase your chances of making a sale and ideally serve clients who value your offerings more and/or are easier to serve.

There are a number of different ways to target the right clients, including:

Segmenting your market
Understanding your ideal client
Developing a positioning statement
Creating a buyer persona

Summary

To run a successful event planning business, you need to be well-organized and focused, use the right tools and technologies, and set and track realistic goals. Additionally, it’s important to network with other professionals, price your offerings appropriately, and target the right clients.

With the right tools, processes, resources, and incoming clients, you can successfully run an event planning business. By following the tips in this article, you can set your business up for success.

How To Run a Successful Event Planning Business