How to Start an Event Management Company: Business Plan Template

Mia Simpson

October 16, 2023

2 min read

Every new business start-up needs a business plan. Without one, it’s easy to lose focus and you may find it difficult to attract investors, so it’s important to sit down to write one. The good news is that writing a business plan doesn’t have to be a difficult task. Chances are you’ve already got most of the information you need, and all that’s left to do is put pen to paper.

In this article, we will explain what a business plan is and why you need one if you’re looking to start an event management company. We will also cover what you should include in a business plan for events management and provide you with a free, downloadable template that you can adapt and use for starting your business.

What is a Business Plan?

When first looking into how to start an event management company, it’s very likely that you were advised to write a business plan.

A business plan is simply a short document that sets out your event management company’s objectives. It helps you and your potential investors to clearly see what the business’ aims are (both financial and non-financial) and details how you’re going to ensure you achieve these goals.

What is Event Management?

Event management involves planning and organising a wide range of events, from a brand’s new product launch, to a client’s birthday party. Rather than planning an event themselves, an individual, corporation, organisation or brand will hire an event management business to take on this responsibility for them. That business will then manage every aspect of the event, from planning to execution and evaluation.

Some of the key responsibilities involved in managing an event are:

Learning about the client and what they want from their event.
Identifying the target audience.
Coming up with an event concept or theme.
Organising guest lists, menus, seating and transport.
Organising a venue based on the client’s needs.
Hiring staff, including hospitality and entertainment.
Arranging guests, such as guest speakers.
Creating event schedules.

an event manager creating a business plan in a notebook

Event managers must be excellent communicators, with lots of creativity, as well as having organisation and problem solving skills to ensure events run smoothly and exceed the client’s expectations.

Looking to Learn More?

Our Starting a Business course explains how to successfully start your own business. It teaches you how to write a professional business plan and familiarises you with the legalities and regulations associated with starting a business. text.

Why Do You Need a Business Plan?

Any new business needs funding, staff and publicity to get off the ground and stand out from the competition. Writing up a business plan is a fundamental step toward achieving this.

A business plan will clearly set out to potential investors why your business is going to be successful and, ultimately, why they should invest in you. The more they invest, the more staff you can hire to help build your business.

Additionally, event management companies need lots of resources to make events run smoothly, such as technology and transport, and these should all be factored into the business plan.

You may also decide at this point to specify what kind of events you want your business to plan, the types of client you will be working with and exactly what services your business will offer. By being specific, you are communicating to investors that you have a clear view of what you think your business will achieve. This can also help you determine branding and marketing strategies to appeal to your target market.

It’s important to outline your marketing strategy in your business plan. Event management is a highly competitive industry, meaning you need to optimise marketing and publicity as quickly as possible in order to create publicity and distinguish yourself from your competitors.

Most importantly, having a business plan will keep you on track. When you’re starting out with a new business, it can be easy to become overwhelmed with all the possible directions you could take your business in. Your business plan will help focus your direction and ensure that you stay on track with your business goals, helping you avoid wasting valuable time and money.

What to Include in a Business Plan for Event Management

A business plan doesn’t need to be a long or complicated document. For a small event planning company, a side or two of A4 paper will suffice. Your aim is simply to write down all the key information about your business in a clear, logical order.

The topics to include in your event management company business plan are:

The name, address and contact details for your business.
Information on the management of the business.
Your company’s Mission Statement: a sentence summarising the overall aim of your company.
Your start-up costs: do you need to buy any equipment or hire transport? Do you need to pay anyone a wage? Have you got insurance?
Your business objectives: what will you sell and who is your target customer?
The everyday costs of the business: how much will you spend on a weekly or monthly basis? Include all overheads and outgoing costs, such as wages and petrol.
Funding and financial projections: where do you plan to get the money from to start the business? What are your projected profits/losses for the next month, year, two years, etc.? How will you maintain the cash flow?
Where you will operate from: include where you will be based, plus information on any overhead costs associated with the business premises.
What will be the business’ operating hours? Will you work on the business full-time? What will your working hours be?
Does your business have any local competition? What is your unique selling point (USP) that makes you stand out from the crowd?
Your pricing strategy: what are you going to charge for your service? Will you charge per event or per head?
How will you be paid for your service? Do you plan to issue invoices, ask for a deposit or ask people to pay in full upfront?

Download an Event Management Business Plan PDF Template

To get started, simply download our free, one page business plan template using the button below. This template is just a guide, so feel free to add your own headings on a second page to ensure that all information relevant to your business is recorded in one place.

Starting up any new business will come with challenges but by having a clear and concise business plan in place from the start, you are putting yourself in the best position to achieve future success for your events management business.

Further Resources:

Tags:

Starting a Business