• Event Planning Business Plan

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Event Planning Business Plan

Event Planning business is a process of planning and coordinating an event, usually includes budgeting, scheduling, site selection, arranging for speakers or entertainer, arranging a d├ęcor, event security, catering, coordinating with third party vendors and emergency plan. The event venue may be onsite or offsite location. This Business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business are evaluated and appropriate decisions are made.

There are various purpose of conducting an event such as Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries), Education (conferences, meetings, graduations), Promotions (product launches, political rallies, fashion shows), Commemorations (memorials, civic events). Now, Event planners can target two major market such as Corporate / Organization market and social market. In the corporate the company host trade show, conventions, meeting for staff members, board members or stockholders and companies party. The corporate includes Charities and non-profit organizations. The social market includes Birthday parties, anniversary parties, reunion, wedding and so on.

Indian Event Planning industry has witnessed a growth of 12.6% in 2012 and 11.8 % in 2013. The industry was estimated to be INR 728 Billion in 2011 and INR 821 Billion in 2012 and INR 912 Billion in 2013. According to the CAGR, the growth is projected to reach INR 1,661 by 2017 at 15.2 % rate. Finally, the most important part of being successful event planner in the market one should need to maintain composure regarding of the things can go wrong and often do like speaker may not show up, the caterer may not have prepared enough food etc. You should have the capacity to deal with each accident smoothly and placidly and think of arrangements. A profession in occasion arranging can be testing, yet it can be a lucrative occupation with solid development potential later on.

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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a event planning business plan are given below:

People

The CEO is the owner of the business followed by Event Manager, Programme coordinator, venue coordinator ( Site Agent / Site Operation Director ), Equipment coordinator, Promotion coordinator, Merchandising coordinator, photographers/Videographers and Vendors Coordinator.

Process

Planning, Cost Management, Quality management, Materials, Equipment service, Logistics Management, Risk Management, Reporting and Relationship Management, vendor Management and Accounting management (Income and Billing).

Systems

Invitations, Event Registration form, Event Venue Facilities and Equipment includes Printed Program Agenda, Decorations, lighting effects guide, Table arrangement, Podium, Theme music, Overhead Projector, Marquee Sign and signage. Event food and beverages arrangement includes menu selection, caterer, beverages, disposable theme cameras, cutlery, plates, napkins, cups, punch mix (or recipe), snack supplies (or recipe), tablecloths, Event Photography and Thank-you cards.

Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:

The Canadian Society of Professional Event Planners
292, Ashley St Foxboro, ON K0K 2B0

The Exhibition and Event Association of Australasia
Suite 206, Level 2 7 Railway Street Chatswood NSW 2067

Event Planners Association
4390 Piedmont Ave., Oakland CA 946111

The Event and Entertainment Management Association
C-126,Okhla Industrial Area, Phase-1, New Delhi- 110020

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