Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent.Tags: Help With Research PaperTechniques In Creative WritingBend It Like Beckham Cultural EssaysWriting Case Studies For TrainingPoia Rewi ThesisEssay For Medical AssistantComparison Essay On Change Of Place
Editor's note: This article was excerpted from Start Your Own Event Planning Business (Entrepreneur Press, 2015).
The special events industry has grown enormously in the past decade. Joe Goldblatt, CSEP (Certified Special Events Professional), spending for special events worldwide is $500 billion annually.
Planners are often people who got their start in one particular aspect of special events.
Business owner Martin Van Keken had a successful catering company before he decided to plan entire events. This explains why planners often not only coordinate entire events but may, in addition, provide one or more services for those events.
This question has a simple answer: Individuals often find they lack the expertise and time to plan events themselves.
Independent planners can step in and give these special events the attention they deserve.Many corporations, and some members of the general public, look for these designations when hiring planners.Because of the research and study it takes to become a CSEP or CMP, clients know that these planners are professionals.Charities and nonprofit organizations host gala fundraisers, receptions and athletic competitions, among other events, to expand their public support base and raise funds. Social events include weddings, birthdays, anniversary parties, bar and bat mitzvahs, Sweet 16 parties, children's parties, reunions and so on.Thousands of these events occur each year, and although the large ones require specialized event planning experience, you may find smaller local events to start out with. You may decide to handle all these events or just specialize in one or more of them.This chart lists the startup costs for two hypothetical event-planning services.The first business is homebased and has no employees.Both owners will derive their income from pre-tax net profit.Annually, these businesses will gross ,000 and 0,000, respectively.Related: How to Start a Business With (Almost) No Money This question actually breaks down into two questions: What kinds of events are we talking about? Now we move to the second question: What is event planning?Planners of an event may handle any or all of the following tasks related to that event: How many of these activities your business engages in will depend on the size and type of a particular event, which will, in turn, depend on the specialization you choose.