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I’ve narrowed down five key aspects of your business plan that you will have to hammer home in order to make the most effective case.The first step to any business plan is to develop a definitive statement that lays out what your event planning business stands for and hopes to accomplish.This is where a prospective client list will come in handy because it shows that others are willing to pay for your services.
If you prefer working alone in a non-collaborative, yet organized environment, then you may want to reconsider this career move.
Finally, if on-the-spot creative thinking is not your strong suit, then your ambitions might be a better fit elsewhere.
And in order to secure funding, you need to make the case that your event management business has all the right parts in place so that once you receive funding, your business can take off.
A business plan makes that case for you by giving potential funders all of the information they need to make a decision on whether or not you are worth their time and money.
This assures potential funders that your event planning business is ready to take off and all they need to do is provide the funds that will make it a reality.
Your structure description should include: Not every event planning business is the same.Some cater to large corporate events, while others plan small local events such as weddings and reunions.There are many event types, big and small, such as conferences, seminars, meetings, team building events, trade shows, business dinners, networking events, product launches, and award ceremonies.Here is a five step guide on building your business budget from Freshbooks and a few business budget templates to help you get started: What has been the most difficult step in starting your own event planning business? We often have those moments where we realize what we are doing currently is not what we want to do with the rest of our lives.Do you want your event planning business to remain local or would you like to see it grow and expand to other areas and states?Your business plan can only take shape once you have the structure of your company laid out and have identified the key job roles that will serve your business.After conducting some demographic research, it’s time to put that information to use by drawing up a marketing plan for your event planning business. How will your message be delivered (blog posts, videos, email lists, etc.)?Marketing strategies: Finally, your business plan should cover how you plan on financing your event planning business and what kind of revenue you expect once business starts rolling in.Also include all planned expenditures so that potential funders will know what costs to expect for putting on events, and what you will need to hire staff, buy event equipment, lease venues or maintain your own, and market your business and your events.The best way to do this is by including a budget proposal which lists all expenses and forecasted incomes. If you’ve drafted your business plan but are not sure what the next steps are to take, be sure to check out my guide on starting event planning businesses: The Ultimate Guide on How to Start Your Event Planning Business.