Event Management is an industry that has greatly evolved over the years. Events are no longer just a few hours of food, drinks and fun. They are a major part of an organizations brand and even simple events like birthdays and baby showers have become a big deal and people want them to be as memorable as possible by enlisting the help of event planners.
This makes event management a potential field to venture into if you get a few basics right.
STEP 1: GETTING STARTED
Running an events company may seem fun and glamorous but in the background, there is a lot of work and high attention to detail. As the founder of an events company, you need to always be on top of things, establish great networks and ensure your business is sustainable.
That said, before starting, it is important to learn the ins and outs of this industry by actually working in an events company or working in a department that allows you to plan events. This will give you firsthand experience, help you learn more about industry standards and most importantly, gather networks that will help you in future.
Networks are particularly important since you cannot work alone especially when starting out. You need contacts with suppliers, caterers, florists, sound guys etc. from the business side. You also need to have clients who have seen your work and are willing to hire you. Finally, you need capital. In this case, to start off you’ll need approximately Ksh 100,000 – Ksh. 120,000 that will be further broken down below.
STEP 2: Identify your target market
In the initial days of managing an events company, you may be more open minded and take up various events. However, in the long term, you have to settle down on a target market and establish your niche. Event planners generally serve two market segments;
- Private Market – These are more personal family oriented events such as weddings, baby showers, birthdays, reunions, etc.
- Corporate Market – These events are focused on organizations e.g trade shows, galas, awards, team buildings, launches etc.
STEP 3: Work on your skills
Everyone whether individual or organization wants their event to be the best and reflect their personal taste. As an event planner, you need to have certain skills that set you apart so that you establish a reputable brand for yourself;
- Time Management – When you promise a client that you’ll deliver something at a certain time, make sure you do it. You should also be able to meet tight deadlines and work under pressure.
- Attention to detail – Small things such as flower arrangement, cutlery should be perfect at all times.
- Negotiation – You should be able to negotiate with various suppliers to get a good price.
- People skills – Events are generally stressful situations and you need to be able to deal with tough personalities.
- Multi-tasking- You should be able to handle multiple tasks at a time since you will be dealing with different groups of people
STEP 4: Get Licenced
Once you are ready to go, register your business either as a sole proprietorship or limited company.
Sole proprietorship – Ksh. 5000 for name search and business registration certificate.
Limited Company – Ksh. 20,000 for name search, certificate of incorporation, memorandum and article of association
Also register your event planning company KRA pin online.
As a startup, you can comfortably run the company from home and save on office rent.
Lastly, get a business permit from your county. Cost may vary in different counties but it ranges from Ksh. 5000 – Ksh. 15,000 per year.
STEP 5: Investment vs Profit
Here are some basic expenses you’ll incur;
Computer/Laptop – Ksh. 40,000
Office Supplies – Ksh.5000
Licences –Ksh. 25,000
Marketing – Ksh. 5000
Rent – Ksh. 40,000
Total – Ksh. 115,000
Different events are priced differently. You can charge hourly rates or have a fixed fee that covers all your time and costs. However, even if you charge Ksh. 20,000 per event and you hustle for an event a week, you can make up to Ksh. 60,000 per month.
Is event management a business venture you would consider?