Event Management Company Startup
Event Management Company Startup can be as exciting as it is stressful. It is not just only one customer who is footing the bill but a whole lot of other people participating in the event who has to be satisfied. In the case of a product or other services it is just one customer at a time, who needs to be happy.
It is a glamourous profession to be in the limelight.
A marriage has the groom’s side, bride’s side and their relatives and friends. A well-executed event builds the brand and also has the potential for new customers. Of course, if the plan is not executed properly, the company incurs the wrath of several prospective customers.
Event Management - Definition
Steve John.N- Event Management Consultant,
"The process of creatively applying necessary professional skills in organizing a focused event for a target audience to achieve a desired objective."
“Event management is the co-ordination, running and planning of all the people, teams and features that come together to create every kind of event.” -- eventbusinessacademy.com
Event Management Company Startup- Expert View
Dharmendra Arora, Head Operations, Empower Events believes
“One has to be passionate about every single detail in the event business. Besides that, a sharp focus on quality and an unparalleled stress on customer service are the prime requisites to be an event manager.”
Event Management Company Startup- Why Outsourcing
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.
Event Management -Types of Events
1. Individual & Families (Social Events)
Birthday Parties, Anniversaries, Marriage, Housing society Annual events, reunions etc.
2. Corporate Events
Product Launch, Brand Promotion, Sponsored Events, Movie Launches, Farewell parties etc
3. National Events
Trade Exhibitions, Overseas Investors Meet, Film Awards, Political Rallies etc
4. Global Events
Miss Universe, Sports Meet, Trade Fairs etc
5. Educational Events
College Functions, Educational Fairs, Book Launch Functions, Summer camps etc
The skill sets required for each of the above event management is different as complexity and scale increases. The common factor is good execution skills. The investments required also increases along with the scale of the events.
Each of the above events is a project and all project management concepts and skills are applicable.
Event Management Company Startup- Investment
The investments can be as low as INR 25 K.As the scale and size of the operations goes up the investment will go up.
Event Management Company Startup- Business size
At the lower end an event may cost as low as 50 K for a birthday party. It is not uncommon to witness events of the size INR 20-30 million for weddings. It is appropriately called the “Fat Indian wedding.” Flower decorations alone may cost INR 1-2 million.
Critical success Factors
1. Domain Knowledge
A startup entrepreneur initially can join an event management company to acquire execution skills
2. Project Planning Skills
3. Market Research before launch to understand the client profiles
4. Start at the lower end of the value chain of event management
5. Have a lean team and outsource as many activities as possible except marketing and client relations
6. Develop reliable vendors for outsourcing
7. Use technology to monitor the progress
8. Review and analysis post every event
9. Budgetary Control
10. Social Media Marketing Skills
Event Management Company Startup- Special Characteristics
Social Events are mostly held on weekends or holidays.
Corporate event planning will require longer lead time
Contingency Planning
Seasonality Factors and matching of resources during peak seasons
Event Management Company Startup - Marketing Approach
Although networking and word-of-mouth are the most common industry strategies for acquiring clients, traditional forms of advertising do have their uses. A distinctive card or brochure sent to a mailing list or to local businesses may attract new clients. A small ad in a local business magazine can help build name recognition. A website on the internet may allow you to attract customers unresponsive to other forms of media.
Event Management Company Startup- Legal Aspects
The legal requirements to start an event management company are not many.
The event management company may be required to obtain permission from local authorities like municipal corporation, Police, Excise Department, Fire Department etc., depending on the nature of the event.
Ketan Lotia, Founder, Miracle Magic says, “Various regulations especially concerning live performances, animal shows, road shows, etc. are necessary keeping in mind law and order and the safety of the performing animals, the spectators and the clients.”
Event Management Company Startup- Conclusion
Event management startup requires low capital. The customers would like to outsource the activities due to time pressure and also to avoid dealing with multiple service providers.
The scale of the events can range from a few lakhs to 2-3 crores rupees. And this mid-level.
Domain Knowledge and good project management skills are critical for a successful event management company.
