Look into other wedding planning businesses in your area along with the potential market size to decide if wedding planning could be right for you.
You have plenty of choices for starting a party or event planning business, and the best choice depends on your skills, network and existing competition in your local area.
We definitely recommend focusing on a specific niche rather than trying to become a general event planner.
When you specialize in one area, it’s easier to focus your marketing, networking, administration and other skills on delivering to the needs of that niche.
This is the biggest sector for private events, and there’s plenty of competition.
This can only come about through creating a watertight business plan.
It will help you get your thinking in order and show your commitment to your party or event planning business. How much money will you keep in the business to grow it? If you can, try to plan your revenue for the next month, three months, year and two years.
The second most in-demand service for private individuals is planning big birthday parties.
As with weddings, you’ll want to do a thorough analysis of competitors to understand if there’s a big enough market.
Of course, they’ll also want you to deliver the event or party to the budget you’ve agreed, and they’ll expect you to troubleshoot any issues so they don’t need to get involved.
Hiring an event planner is a way for clients to avoid doing the work themselves — so if you regularly communicate, provide reassurance and deal with everything on their behalf, they’ll be delighted.