How to Start an Event Management Business in India?

Wondering how to start an event management business? With the events and exhibitions market in India forecasted to grow at a CAGR of 12.91% during 2021 and 2026, this can be a lucrative business opportunity.

However, with a broad spectrum of services and clientele, the event management industry can seem overwhelming and demanding. This guide to starting an event management business simplifies it for you. It contains everything you need to know from the steps to start an event management company and what goes into an event management business plan to the required documents and financing options.

What Is an Event Management Business?

An event management business is a company that specialises in the planning, organisation and execution of events. This includes both personal events, such as birthday parties and weddings, and professional events, such as conferences and corporate gatherings. 

The key skill required for this business is the management of multiple aspects of event production. This includes conceptual design, venue selection, budgeting, logistics and client service. You must be prepared to handle multiple tasks such as negotiating contracts, coordinating with suppliers, problem-solving, and handling any crises that arise. 

To stand out as an event management business startup, aim to exceed the expectations of every client you work with. You can achieve this with extra attention to detail, innovative ideas, excellent interpersonal skills, and adaptability to various client needs.

How to Start an Event Management Business?

If you are wondering how to launch an event management business, we have simplified it for you below:

Work in Different Roles in the Industry

Event management is multi-faceted and requires you to acquire different skills for a good event management company strategy. Having prior experience working in various roles in the industry will give you a good headstart. 

Know Your Market

The better you know your market, the better your event planning business strategy. Knowing your market helps you with innovative ideas and efficient marketing strategies tailored to your potential clients. 

Business Plan

Determine your business goals, target market, financial plan, services offered, pricing strategy, and marketing methods. Document it as a comprehensive business plan.

Business Registration

Register your business and complete all required legal formalities. Make sure to get the necessary licences and permits.

Portfolio

An exceptional portfolio is a key strategy to grow an event planning business. In the beginning, you can consider volunteering your services to build one. 

Networking

For optimal pricing and services for your business, forge relationships with all types of vendors required for events. These vendors include caterers, photographers, florists and entertainers.

Marketing

Keeping your target market and financial plan in mind, create a marketing strategy. You can use traditional advertising, digital marketing and social media. 

Business Launch

A good networking opportunity and a marketing strategy is a business launch event. You can let your business be known among potential clients and vendors.

These tips are also helpful in scaling an event management company if you already own one. 

10-Step Guide to Start Your Event Management Business

Here’s a 10-step guide on how to start an event planning business:

1. Identify Your Niche

Event management has a broad market with different customer segments and skills. Identifying your niche early on would help immensely in your event management business plan. Target the right market for you and customise your services accordingly.

2. Market Research

Conduct thorough market research for an excellent event management startup plan. Learn about your competitors, prevailing price structures, and customer pain points. Determine how to stand out from your competitors and deliver better client experiences. 

3. Business Plan

One of the most important tips on how to grow an event management business is an immaculate business plan. A good event planning business plan includes your business goals, target market, financial projections and marketing strategies. Ensure that it can be adapted to various client needs and changing market dynamics.

4. Business Registration

After creating a business plan for event management, complete your legal formalities. Register your business, get a GST number, and obtain necessary licences and permits depending on local laws. 

5. Build a Network

One of the best tips for growing an event management business is to build a wide network of local vendors. Good relationships with vendors, venues, and suppliers will help you meet diverse client needs and run events hassle-free. Attend industry events and join forums to gain valuable collaborations.

6. Develop an Online Presence

Expanding an event management business these days almost necessitates a good online presence. The internet is a great place to advertise your services, showcase your portfolio, and have multiple channels to gain customers. You can do this with the help of a professional website and social media platforms.

7. Competitive Pricing

A good way to know how to increase event management business is to set realistic and competitive pricing. You can offer package deals for specific events or discounts for early bookings. Reflect on the value you bring to the table while setting pricing structures. 

8. Bootstrap Your Business

In the beginning, you may need to bootstrap your business. Create a strategic financial plan to cover your essential expenses and maximise their value. Determine sources of financing like personal savings and business loans.

9. Digital Marketing

Digital marketing in the right way can fast-track your business growth. Tap into the potential of social media, email marketing, and targeted ads. Engage with your audience and develop a consistent content marketing strategy.

10. Customer Experience

Exceptional client experiences are your greatest advertisement in this industry. Customers prefer word-of-mouth feedback over all other marketing campaigns. Ensure transparent communication, timely delivery of customer requirements and attention to detail. Going the extra mile and exceeding expectations will build a good reputation for your business.

Documents Required for an Event Management Business

You would require the following documents for an event management business in India:

• Business Registration: Proof of business registration and necessary trade licences.
• Insurance Policies: Liability and indemnity insurance to cover various aspects of events.
• Vendor Contracts: Legal agreements with vendors and service providers.
• Client Contracts: Clear contracts outlining the scope of services, payment terms and conditions.
• Financial Documents: Tax registration certificates, bank account details and financial management setup.
• Marketing Materials: Brochures, business cards, and digital marketing content.
• Operational Plans: Event planning templates and checklists to streamline operations.

Please note that this list is not exhaustive. Additional documents may be required depending on your individual business and local regulations.

Business Loans for an Event Management Business

If you’re looking at external sources to finance your event management business plan, consider a business loan. Here are some ways in which business loans can help:

• Depending on your eligibility, business loans generally offer ample amounts of funds.
• The funds can serve multiple purposes from starting a business, boosting working capital for smooth day-to-day operations, helping pay for labour costs, and so on.
• Several financial institutions offer unsecured business loans, up to a certain amount, so that you do not have to risk any valuable business or personal asset.
• Flexible repayment plans and EMIs make it easier to manage your business cash flow.

Conclusion

Starting an event management company becomes easier when you are well-informed and have a concrete business plan. An important part of this process is determining your sources of finance. 

A business loan can be a quick and convenient way to grow your event management business. SMFG India Credit provides customised, collateral-free business loans up to INR 75 lakhs*. Attractive interest rates and flexible repayment plans of up to 48 months are available. Check your business loan eligibility and apply online.