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Artificial Intelligence Authors: Jason Steinbach, Yeshim Deniz, Liz McMillan, Pat Romanski, Zakia Bouachraoui

Article

Running a Successful Event Business

The steps it takes to learn how to run a company that plans events

The event business is an extremely lucrative as well as up-and-coming enterprise. Running and planning events is no simple task, but it is a necessity for our society. Weddings, religious ceremonies, and corporate events cannot and do not run themselves, so it is essential for this business to exist. While event planning is not a new business by any means, in the 21st century it has truly taken off. With a rise in business comes a rise in the amount of corporate events that have occurred in the past 2 decades, making the event business an indispensable entity in our society. There are many challenges that come with running a successful event business, but they can be overcome with a few helpful tips. A few of these ways are listed below:

Buy Your Furniture

One of the age old questions in the event planning business is whether to buy or rent your event equipment. There is only one answer to this question: buy. While many will say that renting your tables, chairs, and other items is the way to go, it is a better investment to buy for the long term. As long as you make the decision to buy quality rental furniture, your business will be sure to thrive. There is a lot of question on when you should buy your furniture, such as If you are a fledgling company it is okay to rent your furniture, but as soon as you have the money to do so, you should buy your items immediately.

Network

As an event planning business, it is imperative for your company to have a vast network of professionals to help you run your business. Corporations do not want to hear about the nitty gritty of your planning process, they just want to see a finalized product. Whether or not your clients are aware, you will have to be sending some of the work to specialists, such as music booking, caterers, and more. There are many ways to network as an event planning company, such as attending networking events in your home city.

Hire the Best Staff

As an event planning business owner, much of your work is delegated to your staff. It is simply impossible to run a business with so many cogs in its machine without excellent help. Unfortunately, many people think that higher education or experience is not necessary for event planning. That is a total fallacy and you should not hire anyone without running a proper check on them, and making sure that they are qualified to help run your business.

Final Thoughts

 

Running an event planning business is an extreme challenge. However, if you understand common mistakes and know how to overcome them, it makes the entire situation of running a business much easier. While it is important to follow the above rules, you should also work from your own intuition. By buying your furniture, networking, and hiring the best staff, you are sure to be running a successful event planning business in no time at all.

More Stories By Eric Horowitz

Eric Horowitz is a professional eCommerce specialist. He had worked for major companies and graduated with an MBA from Harvard Business School.