According to a 2021 survey from consulting firm Gartner, 65% of employees say the pandemic has made them rethink the place that work should have in their lives. And while the live event industry may be coming back with a vengeance, an estimated 77% of live event professionals in the United States lost their income at some point during the last couple years.
Many of those laid-off workers used the time to learn new skills, expand their bases of knowledge, and revaluate the way they choose to work. While many may be eager to return to an in-house role, other event professionals are likely using the opportunity to branch out on their own, eager to find the flexibility to choose their own clients and schedules.
We previously rounded up some tips for making it as a freelance event producer. But if you're looking to take it a step further and truly launch your own event-planning business, check out this practical step-by-step guide.
1. Think about your goals and the gap you want to will fill in the industry.
First things first: Think about your why. “It has to be more than just you planned your son’s birthday party and caught the [event planning] bug,” points out Shaun Gray, a Houston-based event planner and owner of Shaun Gray Events, LLC. “Your reason why should also serve as an example of what differentiates you from others who do similar work in your market. Educate your target client on how you work to satisfy their needs.”
Heidi Hiller, who launched the Maryland-based company Innovative Party Planners over 26 years ago, also advises starting by identifying your potential customers' pain points.
“What problem of theirs are you going to solve? Is it a service or a product, or a combo? How are you going to set yourself apart from the competition?” she asks. Use these questions to define exactly what your brand will be and what type of business you want to provide, and do research into the competition and how your fees and services may compare.
Also, carefully think through the types of clients you'd want to work with. “While it will be tempting to say ‘yes’ to everyone at first just to get the money rolling in, you can't be everything to everyone—and trying to do so could stretch your time, resources, and energy beyond your limits, causing you to not give your all to what you are really good at doing,” cautions Dave Green, founder of Los Angeles-based team-building company Mystery Trip.
Green also advises entrepreneurs to stay flexible—and to never stop doing their research. “Understand what you think the market needs are might not be the reality, and you need to be willing to shift as the market dictates,” he says.
2. Establish your business plan, branding, and mission statement.
Once you’ve outlined your goals, it's time to come up with a business plan—which includes the all-important company name. While launching an event business typically doesn't require an official certification or license, it's a good idea to either register your company name yourself (click here for U.S. Small Business Administration information) or hire an attorney to help file the paperwork. Note that the details of this registration will depend on where you live as well as the size and type of your business.
“Then, define your brand,” Hiller says. “You’ll need a logo, a tag line, and a mission statement. Make sure you also know your company colors, typefaces, and graphics standards. And if you don’t know what I’m talking about, then hire someone who does!”
Rosaline Raj, the San Francisco-based owner of marketing and events consultancy Creative Chaos Communications, advises creating a pitch deck. “It’s not just for investors,” she notes. “This will help your prospective clients understand your capabilities and business better to create long-term relationships.” And added bonus? “[A pitch deck] will also be helpful while you’re still building a website for your business, and it’s a fantastic way to showcase some of the great work you’ve done,” she points out.
3. Think through your accounting and financial needs.
Possibly the most crucial step before taking the leap is, of course, carefully thinking through your financials. Hiller advises asking yourself some key questions: “How are you financing your start-up costs? How are you determining them? How long can you afford to go without selling anything? How will you obtain clients?”
Be prepared to possibly pay more for things like health insurance, and be sure to understand the tax implications of self-employment. Consider opening separate bank accounts for your business, and be sure to track all expenses and income for tax purposes. Hiller recommends consulting with a good accountant early in the process.
“Talk to them about the types of businesses. Are you going to be an LLC, a corp, or an independent contractor?” she says. “Understand how to file and pay tax on your income. [For example,] if you are selling any products, you need to collect and pay sales tax.”
Not quite ready to hire an accountant or financial advisor? For certain businesses, Green advises starting with affordable online resources like QuickBooks that can help you manage your finances and taxes yourself. “The same goes for legal needs—e.g., LegalZoom—as well,” he says.
4. Determine your business’s home base.
Hiller adds that establishing a work address is also key, even if it's your home. Things to think about: “Are you working out of your home, or renting an office or warehouse? Do you need a separate phone number, email address, or post office box?” she asks. “Will [clients] meet you at this office, or will you meet them at the event venue or the corner coffee shop?”
5. Set up a web presence and make a marketing plan.
In the beginning, much of your budget likely needs to be devoted to marketing efforts. In today’s online world, having a web and social media presence is crucial. Green advises that having some sort of website—even if it’s just a landing page with your contact information—is important for establishing credibility. Then, lean into social media outlets like Instagram and LinkedIn, and ensure that your entire web presence has consistent branding, Hiller adds.
“Defining, communicating, and living your brand is vitally important, especially in today’s world,” explains Gray, who—along with traditional social media networks—also finds a lot of value in platforms like TikTok and Clubhouse. “The power of storytelling is necessary as an event planner and will prove to be an important tool in your marketing toolbox.”
6. Seek advice from your peers and mentors.
Don’t be afraid to ask for help, either from your peers or mentors. “A really important early step is to connect with people in your network who you respect and ask for a 20-minute coffee meeting or Zoom to share your plans,” Green suggests. “Most people are thrilled to help and give advice. These will also be the people who can potentially introduce you to clients or resources as you grow your business.”
7. Get out there and find some clients!
Green’s next advice? “Hustle, hustle, hustle,” he says. “Work your network, shamelessly post on social media. … After executing for a client, have them write a testimonial for you that you can share to establish credibility, and ask them for referrals.”
Gray also underlines the importance of putting yourself out there, and networking with industry peers via groups like ILEA, MPI, and NACE, among others.
“I found my first clients by striking up conversations with people who looked puzzled shopping in the wedding aisle at my local crafts stores,” he remembers. “Because of that, I learned that it was really important to craft a mission statement, vision statement, and company values. Becoming clear and well-versed in what I did, and why I did it, allowed me to ramp up those conversations with strangers really quickly—which then proved beneficial when I started networking with other event professionals in my market.”
