Why event management business is a good one to start?

We all have taken part in events at some point, large or small scale, personal or professional. While the participation is amusing and pleasant, organizing one needs a lot of effort. Venue searching, inviting guests, arranging logistics, food, etc. takes a lot of effort. This need has created huge business opportunity in the event management sector in India. Also created the competition to be the best event planning company in India 2020.

According to Event and Entertainment Management Association, the Indian events and activation industry is anticipated to cross INR 10,000 crore mark by 2020-21. The report shown that the industry was at INR 5,631 crore in 2016-17 and has been growing at a 16% CAGR.

Businesses share a significant bond with the events management sector as holding large scale conferences, workshop, and pitches take a huge amount of work. If you have the skill for putting together an event, connecting with people and arranging talks and pitches, then you might want to consider starting an event management business.

How to Get Started

CEO of a well-known company explained that it is very essential to understand that events are extremely important for the organizing brand. Events put together connections and partnerships on the table, it is also a big source of marketing for the brand. So if you are thinking to start up their business in this sector, you need to sincerely identify a problem existing in the sector and retrofit a methodology to solve the problem.

According to a well-known company’s Managing Director these are some crucial things to keep in mind before you start:

  • create a robust business plan with a strong vision
  • understand your niche and define your core competencies,
  • have a marketing and PR Plan
  • Make sure to have different proposals or pitches for your prospective clients and vendors.
  • Initiate networking and meet institutions, friends who can give you some business
  • hire good managers who has the same vision like yours.
  • Always keep in mind that, you need to start small and then go big.

Investments

If you are concerned about investments, then rest assured because you can begin your events management business with low capital money. All you need to start is a laptop, which can be cost up to INR 30,000. Major investment will be a good team consisting of 5-6 skilled workers, which will be your recurring monthly cost of INR 1-1.2 lakh. According to CEO and co-founder of a well-known company, you will also need a working capital of around INR 1–3 lakh per month to take care of running costs. However, the costings may differ depending based on the types of event services you are offering.

There is a company named EventTow, they are soon to be India’s biggest event planning & wedding planning solution consisting of premium wedding vendors like makeup artists, photographers and wedding venues. They started small and now they know exactly how to organize a vendor event.