Event planning is a booming industry that thousands of people try to break into each year. But what is the most efficient way to start your own event planning service? According to Entrepreneur.com there are a number of things that you can do to succeed. In an industry that spends over 500 billion dollars yearly, finding your target market is crucial. In this industry events tend to break into two markets: the corporate market and the social market.
The term “corporate” includes a slue of things. Including all sorts of companies and non-profits. These businesses plan events to promote their business. They hold galas, fundraisers, receptions, competitions, all things that either raise money or build company image. For these services they tend to invest in an event company to see through the logistics of their event. Although big companies require that their event planners have vast experience. There are plenty of smaller corporations that will higher a new event planner to produce their event.
Social events include, but are not limited to, weddings, anniversaries, bar mitzvahs, parties, sweet 16 parties, reunions, and children’s parties. When starting out it is important to pick whether to specialize in one of these events or cover all. As the social generation (generation X and Y) grow they will continue to plan events like birthdays, weddings and anniversaries that will continue to boost this industry. The social events market is already booming but is expected to take off in the next 5 years.