Starting an Events Management Business
Events management is an exciting business with a huge income potential. It is a large and growing industry with many niches, from multimillion peso concerts and glitzy corporate product launches, to simple weddings. For those looking for a business to start but have limited capital, this venture may be your passport to success.
People hire event managers because they do not want to go through the numerous problems of organizing an event. It may also be that the size of the event makes its management too difficult for their capabilities.
There are no extraordinary requirements in putting up an events management company. Here are the steps in starting this business:
1. Decide what type of events to focus on. In order to be proficient and also to make your image clear to your market, you should decide on what type of events you plan to concentrate on. A prospect planning a trade show will be looking for event managers that specialize in trade shows. In this business, being a jack of all trades may actually reduce your sales. There are unlimited numbers of events, but they can be divided into two broad categories: corporate and private. Examples of corporate events are conventions, trade fairs, team buildings and stockholders’ meetings. For private events, the most common are weddings and debuts, and parties usually attended by family and friends.
2. Register your business. Think first of a suitable name. If you will be setting up a sole proprietorship, you must go to the Department and Trade Industry (DTI). For partnerships and corporations, you must register at the Securities and Exchange Commission (SEC). After getting a clearance from the barangay in the location of your business, proceed to the City or Municipal hall for the business permit. Upon obtaining this, visit the Bureau of Internal Revenue (BIR) to get your Certificate of Registration (COR) and license to print receipts. Afterwards, register with the SSS, Philhealth and HMDF.
3. Get a suitable location. If you will cater to private events, location is not an important factor, and it may be best to just be home-based to reduce expenses. However, if you will target corporate events, there are advantages in locating in a business district, but this is not critical.
4. Scout for the best suppliers and venues. It is vital that you negotiate the best prices and to have the appropriate venues so that you have ready offerings for your prospects.
5. Have a pool of on-call talents and laborers. You should try to avoid taking on regular employees as much as possible because you will not be having an event every day.
6. Always be marketing your business. Unlike retail stores, customers will not be coming to your place so you must seek them out either personally or through your marketing efforts.
7. Have checklists of what must be done. Both in the weeks or months of preparation, and especially on the day of the event itself, there are hundreds of things that must not be forgotten. Relying on your memory to remember everything is impossible.
The events management business is very lucrative, but there are also many risks that you must know how to handle. It is best to try to learn all you can and to partner first with veteran organizers before doing it alone.
BusinessCoach, Inc., a leading business seminar provider, conducts Events Management Training. You may contact them at 727-5628/727-8860, or visit their website www.businesscoachphil.com for details.
Click here to view details of the seminar: Events Management Training »
*Originally published by the Manila Bulletin. 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.