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He attributes the industry's good health to several factors, including the improved economy and the trend of corporate America to outsource their meeting-planning functions.
Both owners will derive their income from pre-tax net profit.
Annually, these businesses will gross $85,000 and $250,000, respectively.
Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent.
His most recent studies, however, show profit margins can be as much as 40 percent.
Goldblatt is the founder of International Special Events Society (ISES), the founding director of the Event Management Program at George Washington University, and co-author of The International Dictionary of Event Management.
"Suffice it to say, the marketplace is large enough to support and sustain your endeavor," says Goldblatt.
The high-end business occupies 1,000 square feet of office space.
The owner/manager of this business employs a full-time junior planner and a part-time bookkeeper, as well as temporary employees who handle clerical work and who may help prepare for various events.
This chart lists the startup costs for two hypothetical event-planning services.
The first business is homebased and has no employees.