ISB&M

SCHOOL OF COMMUNICATION

Assignment on Event Management

Faculty-Mr. Raja Nirajgaonkar

Submitted by-
Amit Patel
M10011
Media PG-1
Business plan To start my own Event agency
The following steps will be adopted by me to create a successful event agency.The following are
the key steps to develop a business plan to start aan event agency.the following steps are:

1. Gain Event Planning Skills and Experience.

The long term success of an event planning business will be based on the experience that the
planner brings to his or her clients. That means, if you’re thinking about starting an event
planning business, you should have a solid grasp as to what an event planner is, and make sure
you have some solid skills:

 Verbal and written communications

 Organization and time management
 Negotiation and budget management
 Creativity, marketing, public relations and more

It would also be helpful to obtain professional certification in the industry, including CMP
designation or involvement in MPI.

2. Determinination of Event Planning Market/Forte.

After gaining experience in the event world for about five years it makes me ready to create a
business. The first thing to realize thet wether my strengths are in the corporate arena. I will not
be doing any common error like many planners make is to say that they are willing to coordinate
all kinds of events, including corporate meetings, weddings, fundraising galas and more.

In the initial I ll be dealing with only wedding planning ,in course of time I may handle a full
range of events, but initially I will recognize that there are distinctive differences between
corporate, association, nonprofit and social events.I will Determine my market accordingly.
3. Designation of Which Business Entity Fits Best for my
Firm.
Now after realizeing that creating an event planning business should be viewed as a “work in
progress,” it’s very important to determine my business structure in the beginning. The most
fundamental step is to make sure i decide what type of business entity works best for my plan.
For this, it’s important to secure professional advice.

There are several options available to me, and it’s important to select the type of business
organization that best represents my interests.

4. Obtaining Business Insurance.

Business insurance is mandatory. Event planning businesses should secure general liability and
other forms of insurance to protect the business owner’s interests. Several forms of insurance
exist, so it’s best to speak with an insurance advisor to learn all of the requirements.

Whether i plan on starting as a home-based business or if i will have a small office elsewhere,I
will ask questions about these forms of insurance as follows:

 General liability
 Product liability
 Home-based insurance
 Worker’s compensation
 Criminal insurance
 Health and other benefits

5.To develop my Network of Suppliers and Staffing

Resources
Okay, it’s time to try to lighten the burden of business structure for a moment. Now it’s time to
consider who i want to include in my network of suppliers. Event planners work with a variety of
suppliers, including caterers, florists, photographers and more.

And although i may think that i can handle all tasks, ultimately I am going to need to establish an
infrastructure of resources to support my events and overall operations. This includes staffing
resources for administrative, sales, marketing, communications, legal, accounting and other
functions.
8. Defining my Event Planning Services.
“Legal” and “accounting.” they are very important friends and resouces. But now it is also a
time to think a little deeper, and continue pondering what types of event planning services I will
be offering.

. What’s my product? Who is my target market? Will i offer full service planning and execution
on behalf of my client for venues, catering, production, speakers, gifts, transportation, lodging
and more? Will i specialize in one particular aspect of the planning? What about communications
services for event communications and more?

9. Establishing an Event Planning Fee Structure.

With services in mind, it’s important to determine your fee structure. I should be conscious of the
various ways to cover my expenses and make a reasonable profit. After all, this will help keep
me in business five years from now. my charging will be based on the following:

 Flat fee
 Percentage of expenses
 Hourly rate
 Percentage of expenses plus hourly rate
 Commissionable rate

10. Securing Funding For my Business.

It’s important to be motivated by the work that my new firm will bring so that i don’t get
discouraged when considering the necessary realities. Most businesses require an operating
budget, and it will be important to have access to a comfortable base of cash while establishing
the firm. While it is possible to establish a business on limited funds, it is still important to have
enough money to start my business and cover any living expenses while waiting to become
profitable.

11. Focusing on Business Development and Marketing for

my Event Business.
With my business model in place, an understanding of myyour services, a sense of how i will
charge for my services, now it’s time to begin to develop important business and marketing
materials.

Well, now I am ready to choose the right name for my business and work my business
development plan. I will also be needing to create business cards, stationery, a web site, sales
collateral, proposals, client agreements and more.
12. Developing a Business Plan.
After I decide on my market, i may be thinking this is a good time to share the news about what
you can offer to the world,but not so fast. Starting my own business isn’t as glamorous as such
fantasies. Like everything else, starting an event planning business requires a business plan.

Company Summary
Founded originallyl on a part-time basis, Entity is a small business designed to
meet the needs of the ever changing social world. Mumbai is the current home with
plans to expand to branch offices within 10 years. Entity staff of two, with
numerous contract vendors, plans events, writes event-planning products, and
trains area students in the art of event planning

Entity is, the answer to demands of the social world, on the working family,
heavily-burdened office, out-of-town business, or special occasion in need of
special recognition. As a business, we understand the needs of public and private
organizations. As parents and family members, we understand the needs of setting
special time apart from other events in our lives.

Company Ownership

Entity is established as a sole proprietorship with the intention of selling the

business when it is established to one of the employees invested in the vision of
event planning. All aspects of the business will be documented to ensure clients
can count on the same results every time .
Start-up Summary

Through careful planning on the part of the founders, the start-up costs for Entity
are minimal. It began as a home-based business .The start-up cost investment funds
were assets saved from prior earnings by me when i did event planning on a part-
time basis before establishing a business.

It is a debt-free establishment. However, recognizing that in reality not all

variables are controllable, outside financing is a viable option.
 Start-up Requirements
Start-up Expenses

Legal 1,00,000

Stationery etc. 1,50,000

Brochures 75,000

Consultants 1,00,000

Insurance 70,000

Rent 50,000

Other 1,00,000

Total Start-up Expenses 6,45,000

Company Locations and Facilities

Entity will be located inside the city limits of Mumbai. It is a home-based

business. Most meetings with clients will be conducted in social settings, such as
restaurants, coffee houses, the client's home, facilities wishing to be used for the
event, or over the phone. Entity will eventually move from its home base into a
small office complex, also within the city limits of Mumbai.

The company will maintain a high degree of professionalism. All offices are
equipped with the latest in business technology, such as telephone systems,
computers, fax machines, email, duplicators, printers, and software. Each location
will have a secure storage area for supplies and equipment used in events, such as
walkie-talkies, cellular phones, portable fax machines, and laptops.

Products and Services

Entity also offer products to aid our customers in planning the event themselves. The following
products are tools used inside our operation for the best possible results:

1. Party Pack
The Party Pack is a complete kit for any party. It includes decorations, lighting effects guide,
disposable theme cameras, cutlery, plates, napkins, cups, punch mix (or recipe), snack supplies
(or recipe), tablecloths, theme music (where applicable), invitations, thank-you cards, and a
step-by-step guide to planning, putting together,and hosting the event.
2. Step-by-Step Guides
These booklets include a calendar to map out the event, a step-by-step guide on what is needed
for and how to put together a successful, worry-free event, resource information, popular
refreshments with recipes, games, and tips to put their event in the record books. The events