4 Important Steps To Consider Before Starting A Party Planning BusinessOctober 9, 2017October 9, 2017Habid Paredes

A party planning business is a lucrative business if you are someone who is social, has a flair for coordinating and entertaining events and very detail oriented. Apart from these personal attributes that one must ideally possess, when it comes to other factors such as large capital and working spaces, a party planning business does not require much. You can use the following guideline below to get started. 

Figure out your target market 
While many event planners dabble in a lot of multiple target markets and types of events, it is best to find your niche market by specializing in a specific area. Do your homework on the industry and the needs of the customers and you should be able to identify what is necessary. There are two types of markets you can cater to: corporate and social events. For example; doing social events and checking on wedding venues Adelaide will be part of one target market. Whereas conferences, trade shows and various corporate events will be part of the corporate event category. Whatever you pick, make sure that you pick a niche that you will fun doing it. 

Educational background 
While it is not mandatory to have a college degree in order to start an event or party planning business, many do hold a bachelors degree or a diploma in a related field. This would make you stand out from the rest of the planners and open doors for more opportunities. You will also be able to interact with people in the industry for example: finding out local accommodation and supplier information. 

Talk to attorney or professional for setting up the business 
Party planners don’t necessarily need a license however there are some state and local governments that may need special licensing. This is mainly to avoid any liability during large events with possibly unruly crowds. It is important to invest in trusted liability insurance for your business as it will protect you from any injuries or damages at the venue. 

Research about the industry 
Like with any business, it is vital to do some research on the types of parties or events in your locality. Get to know other planners and ask them a few questions that might be helpful in starting your own. This is a great way of getting to know the local suppliers, caterers and other professionals in the industry. Get to know their different styles and services being offered and make notes on how you can stand out from the rest and offer a service and experience that is unique and exciting.