On Starting a Corporate Events Management Business
Events management is an exciting business that can provide a lucrative income. This business is part of the events management industry, which has several specializations. Among these include organizing weddings, parties, concerts, conventions and corporate events; generally, they can be categorized into private and public events.
But before investing in this business, you must first make an honest inventory of your personal skills and capabilities. This venture demands a person with strong time management skills. You must be organized, hands-on and detail-oriented. Despite the seemingly glamorous nature of this business, it is extremely stressful and requires a lot of hard work.
To have a high chance of success, it is best if you specialize in one type of event when you start. Dealing with corporate events is one the most promising because it has the possibility to have repeat transactions. Corporate events management deals with programs organized for companies, including training, product launches and other promotional events.
Differentiating Your Business
Bear in mind that you are competing not only with other events management companies but you also have the option of the company organizing events by itself. Due to cost cuttings, there is a strong trend to economize by having the event organizing done in-house. It is up to the independent event organizer to show how it can be a more desirable alternative.
One of the most critical tasks is to have a wide network of suppliers. It is not sufficient to simply look up the yellow pages or surf the Internet. You must visit their place and know first-hand their capabilities. Getting the lowest price for an item is useless if the quality is unsatisfactory or if the supplier cannot deliver on time. You must also know the reputation of the supplier—is he reliable? Some of the critical suppliers are caterers, sound system providers, talents or talent managers, and venue providers.
You must also master the protocols and procedures of the event you plan to propose or bid on. However, you can only know so much through observation as so many things happen behind the scene. It is strongly suggested that you first partner with an experienced organizer to learn about the business.
For many types of events, the key factor is your ability to source sponsors. Since time is limited, you must have established contacts with as many corporate sponsors beforehand. You must have an idea of how to structure and price your offers to companies in order to make your proposal attractive. Here, both preparation and creativity is needed to maximize revenue.
A major concern that is often overlooked is the security measures that must be implemented. Plans must be prepared for all possible contingencies like medical emergencies, fires and natural disasters. Great care must be taken if there are large numbers of attendees. There must be proper notification and coordination with the local government authorities. Finally, it is advisable to get as much insurance as possible to cover potential risks.
With their personnel’s lack of time and the complexity of managing an event, many corporations now outsource their events management.
For those interested to know more about this business, BusinessCoach, Inc., a leading business seminar provider, conducts an excellent seminar on this entitled “Events Management Training”. You may contact them at (02) 727-5628, (02) 727-8860, (0915) 205-0133 or visit www.businesscoachphil.com for details.
Click here to view details of the seminar: Events Management Training »
*Originally published by the Manila Bulletin. C4, Sunday, July 15, 2012. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.