How To Start a Party Planning Business

Starting a party planning business can be a very profitable venture. However, there are a few things you need to do in order to get started. In this article, we will outline the process of starting an event planning business and provide some tips to help you succeed.

Here are the 10 steps you can take to get started on building your very own party planning business.

 

10 Steps to Launching a New Party Planning Business

1. Choose Your Type of Party Planning Business

The first step in launching a party planning business is to identify the type of party planning business you want to launch. You might choose from the following types among others:

  • Birthday parties
  • Holiday parties
  • Wedding receptions
  • Anniversary celebrations

Learn more about the types of party planning businesses.

 

2. Name Your Party Planning Business

Give your party planning business an identity so people will think of it as a well-known and respected brand. You can take the name of your party planning business from your industry, focus on a geographical location, or use your own name among other options.

The main goal for naming your party planning business is to make it sound appealing and trustworthy so that potential clients will be more likely to use your services.

 

3. Determine Your Party Planning Business Model

There are several possible types of business models for a party planning business including:

Offering party planning services as an independent business owner

Working as a party planner for an established event planning company

Starting your own party planning business using a franchise model

No matter which model you choose, make sure that it aligns with your business goals and the services you offer.

 

4. Choose a Legal Form for Your Business

By incorporating your party planning business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.

The business structure you choose for your party planning business will determine the amount of taxes you pay and which state or federal tax forms you need to file.

Read our article comparing the most common party planning business structures.

 

5. Write a Party Planning Business Plan

All party planning business owners should develop a business plan. 

A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.

When developing your party planning business plan and strategy, you should think about the following questions your customers might have:

  1. What services does your party planning business offer?
  2. Do you have any pictures or examples of events you have planned?
  3. What is your pricing structure?
  4. How do I know that I can trust you to plan my event?
  5. What are your qualifications?
  6. How far in advance do I need to book your services?
  7. What is the cancellation policy?

Answering these questions will give you a good foundation on which to build your party planning business plan.

Read our article about how to write a party planning business plan.

 

6. Apply for the Necessary Permits and Licenses

There may be required licenses and permits you need to obtain before launching your party planning business.

For example, if you’re serving alcohol at any of the events you plan, you’ll need to obtain a liquor license from your state’s Alcohol Beverage Control Board. You might also need to obtain a business license from your city or county government.

You must also register your party planning business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.

Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.

Read our article about obtaining the proper party planning business licenses.

 

7. Determine Your Budget & Apply for Funding as Needed

In developing your party planning business plan, you will figure out how much funding you need to start and grow your business.

If you have your own funds to invest in your party planning business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your party planning business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.

Read our article about the costs associated with starting a party planning business to help you determine if funding is needed. 

Read our article about how to fund your party planning business

 

8. Get the Technology & Software Needed to Run Your Business Efficiently

When you start your party planning business, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues. 

You may also want to invest in customer relationship management (CRM) system to help keep track of your clients, as well as a project management software to help plan and execute events.

 

9. Market Your Party Planning Business to Potential Clients

Before you start selling your services, you have to let the world know you exist. The first step is to create a website so people can learn more about your services and how they benefit them.

After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the party planning industry through social media and blogs so they can help share your business. 

You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Party planning businesses should consider the following promotional strategies for which you should start getting prepared:

  1. Develop a strong social media presence.
  2. Collaborate with local businesses to cross-promote services.
  3. Create informative blog content and share it on social media.
  4. Give free party planning consultations to potential clients.
  5. Attend local business events and promote your services there.
  6. Make a list of the media outlets in your area and send them press releases.
  7. Distribute flyers and postcards in local businesses and neighborhoods.
  8. Sponsor a local event or charity to get your name out there.
  9. Give away party planning tips on your website or blog.
  10. Offer discounts to first-time clients.

Read our article about how to market your party planning business for more tips.

 

10. Get New Clients & Grow Your Business

When you promote your services, you’ll start to get interest from potential clients

Make sure you’re ready to serve these clients. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your party planning business.

Read our article about how to effectively grow your party planning business to learn more.

 

Starting a Party Planning Business FAQs

A party planning business can be profitable, while it provides you with the flexibility to work from home or an office. Party planners typically work with clients to plan and execute their events, which can range from birthday parties and weddings to corporate functions and holiday parties.

To start a successful party planning business, you need to have strong organizational and communication skills. You also need to be creative and have the ability to think on your feet. In addition, it’s helpful to have some experience working in the event planning industry.

You can start a party planning business from home by setting up a dedicated workspace and creating a professional website. You should also invest in the right technology and software to help run your business efficiently. In addition, you need to market your services to potential clients and get new clients to grow your business.

You can start a party planning business online by creating a professional website and promoting your services through social media and other online channels. You also need to invest in the right technology and software to help run your business efficiently. In addition, you need to market your services to potential clients and get new clients to grow your business.

Here are some tips for starting a party planning business:

  1. Define your target market.
  2. Create a professional website.
  3. Invest in the right technology and software.
  4. Develop a strong social media presence.
  5. Collaborate with local businesses to cross-promote services.
  6. Create informative blog content and share it on social media.
  7. Give free party planning consultations to potential clients.
  8. Attend local business events and promote your services there.
  9. Make a list of the media outlets in your area and send them press releases.
  10. Distribute flyers and postcards to local businesses and neighborhoods.

A simple checklist to use when starting a party planning business is as follows:

  1. Choose Your Type of Party Planning Firm: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
  2. Name Your Party Planning Business: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
  3. Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
  4. Determine Your Party Planning Business Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
  5. Write a Party Planning Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
  6. Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
  7. Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
  8. Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
  9. Market Your Party Planning Business to Potential Clients: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the services they truly need. 
  10. Get Clients & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your services

 

Summary

Starting a party planning business can be a great way to turn your passion for parties into a successful business. By following the tips we’ve outlined, you’ll be well on your way to launching and growing your own party planning business. Remember to invest in the necessary technology and software, create a professional website, and market your services aggressively.