The special events industry has grown enormously in the past years. According to research, profits in this industry continue to rise. Just a few years ago, the average profit margin for an event planning entrepreneur was around 15 percent. Recent studies, however, show profit margins anywhere from 30 to 40 percent. This is attributed the industry’s good health to several factors, including the economy and the trend to outsource their meeting-planning functions.
So, What Is Event Planning? This question actually breaks down into two questions: What kinds of events are we talking about? And, what is event planning?
First things first. Generally speaking, special events occur for the following purposes:
- Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries)
- Education (conferences, meetings, graduations)
- Promotions (product launches, political rallies, fashion shows)
- Commemorations (memorials, civic events)
This list isn’t an exhaustive one, but as the examples illustrate, special events may be business related, purely social or somewhere in between.
Now we move to the second question: What is event planning? Planners of an event may handle any or all of the following tasks related to that event:
- Conducting research
- Creating an event design
- Finding a site
- Arranging for food, decor and entertainment
- Planning transportation to and from the event
- Sending invitations to attendees
- Arranging any necessary accommodations for attendees
- Coordinating the activities of event personnel
- Supervising at the site
- Conducting evaluations of the event
How many of these activities your business engages in will depend on the size and type of a particular event, which will, in turn, depend on the specialization you choose.
Why Do People Hire Event Planners?
This question has a simple answer: Individuals often find they lack the expertise and time to plan events themselves. Independent planners can step in and give these special events the attention they deserve.
Who Becomes An Event Planner?
Planners are often people who got their start in one particular aspect of special events. Business owner Martin V.K. had a successful catering company before he decided to plan entire events. Many other planners have similar stories. This explains why planners often not only coordinate entire events but may, in addition, provide one or more services for those events. Event planners may also have started out planning events for other companies before deciding to go into business for themselves.