Understanding The Events Management Business

To know how huge the market for events management is, you must first know what it covers. It can be as small as handling a children’s party of a few dozen people to as big as managing an international convention with a multimillion peso budget. Events management companies can be a one-man operation or a multinational colossus.

It is easy to see that this business has plenty of potential even if the capital needed to start is comparatively small. For those who are planning to enter this industry, here are some tips:

Learn planning and time management techniques. Although everyone could benefit from better time management, the need for this is more critical in the events management business where so many things will be happening at almost the same time. Here, too, the ability to plan for the smallest details is a vital skill needed to pull off a successful event.

Know the different sources of profit. Besides the fees the client will pay, there are many other possible sources of revenue. You can also tap sponsors or be a supplier of some items or services.

Have templates for drafting contracts. As in most industries, there are standards contracts that are specifically written for event organizers. Learn from the experience of others and do not try to reinvent the wheel. It is most likely that the contract has provisions that will protect you from a lot of problems.

Prepare detailed checklists. Do not rely on memory. Everything that needs to be checked should be written to ensure that it is not forgotten.

Be aware of the safety needs and legal aspects concerning events. The safety of attendees is your responsibility. You need to know the necessary safety procedures and safeguards. Also, be familiar and compliant with the laws regarding the conduct of events. This is more critical for big events where the potential for accidents is greater. Nevertheless, even the smallest events must have the proper safety and legal precautions.

Have multiple back-ups. Although they are an added expense, not having back-up equipment is like an accident waiting to happen. Two of the items that must have back-ups are the power supply and sound system.

Learn how to estimate the needed budget for an event. One of the first things a potential client would ask is what would be the budget for the event. It is also very possible that you would be given a budget to work with. Know how to cost and price everything so that you would end up with a reasonable profit.

To know more about this business, BusinessCoach, Inc., a leading business seminar provider, conducts seminars on Events Management Training. Contact (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. C-6, Sunday, April 21, 2013. 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.