Parties are always great fun, but organising them can be a lot of stress and hassle. For a lot of people, they wouldn’t even know where to begin. However, some people have years of experience planning everything from kid’s birthdays to wedding receptions and even parties filled with celebrities. If you’ve always enjoyed the art of throwing an exciting party, why not turn it into a business?
The party industry is growing with an estimated compound annual growth rate (CAGR) of 11.8% between 2023 and 2032. Planning an event isn’t easy by any means, but it can be an extremely rewarding business, both in terms of the happiness you’ll bring to your clients and the profits you can make if you’re successful. While not a truly comprehensive guide, this article will give you some pointers on how to get started as a party planner.
Consider Typical Party Expenses
Parties don’t have to be expensive, but they can easily become very expensive if you’re not careful. Before you get started, it’s a good idea to think of everything that a party needs and consider the total costs of each. To start with, you’ll need a venue, and this will often be the largest expense of the night. Party venues London are easy to find online, and there are many different options available for any budget.
Aside from the venue, your party will also need food, drink and entertainment. As a business, you should also consider insurance and the cost of any employees that you might need to hire. In some areas, a licence may be required to hold professional events, so this is something to be aware of too.
Once you’re aware of the costs of planning out a party, you can start thinking about how much you would charge and realistic revenue projections. This will help you create a business plan, which should include the aims and objectives of your business as well as details on how it will be profitable.
Think of how your events will generate revenue. Will you be charging clients, selling tickets or making free events that profit from merch and other sales? Ideally, you should have multiple sources of revenue within your business, but before all that, you should look at what the competition is doing.
Market Research
Before your business can get off the ground, you need to look at what other party planners are doing and the overall event planning industry. Market research is a crucial stage in the development of your new business, and it’s important to have a realistic picture of the industry and your competition. Take a look at local events and the people who are planning them.
Your research should help you identify the target market for your business, as well as a potential niche that you can inhabit. Maybe you’ve noticed that while there are lots of kids party planners, there’s a lack of adult party organisers. Remember though, that there still has to be a demand for the service that you’re offering.
When analysing your competition, you want to check out what they’re doing right and what they could improve on. Maybe you’ve noticed they’re well known within the local area, but they don’t have much of an online presence. This offers an opportunity for you to capitalise on.
Define Your Business Idea
After conducting market research, the ideas you have for your own business should start to crystallise. Maybe you’ve identified a potential niche and you have a good idea of your target customers.
It’s a good idea to focus on a small area as you grow your business, and you can always expand later as you gain new clients and learn new things. Use what you’ve learned so far to finalise your business plan, creating a realistic outline of what you hope to achieve and how.
