Start & Run an Event-Planning Business

by Cindy Lemaire, Mardi Foster-Walker

Overview

Make money planning events with style and impress your clients — from weddings to meetings! Start&Run an Event Planning Business shows you how to start and run a successful enterprise by planning events of all kinds — from weddings and private parties to corporate events, meetings, conferences, and sporting events. This book will show you not only how to organize events, but also how to run the business. Keeping track of all the many details involved in putting on a successful event is easy when you have the checklists, schedules, tips, and advice of experts. Written in the step-by-step style that has made the Start&Run series the best of its kind, this indispensable guide will help you make any event — and event-planning business — a resounding success.

Product Details

ISBN-13:	9781770408449
Publisher:	Self-Counsel Press, Inc.
Publication date:	02/24/2012
Series:	Start & Run Business Series
Sold by:	Barnes & Noble
Format:	eBook
Pages:	216
File size:	2 MB

About the Author

Cindy Lemaire has been producing events for close to 20 years, and has spent at least half that time operating Lemaire&Co. Event Management. She has worked on a diverse range of events, including producing her own highly successful consumer show, and manageing conferences and full-scale trade shows, one of which she took from inauguration to award-winning event. She was the 1996-1997 president of the Pacific Northwest chapter of the International Special Events Society and currently serves on the board of CSES.
Mardi Foster-Walker has owned a corporate gift and promotional products company since 1989. She is a part president of the Pacific Northwest chapter of the International Special Events Society, a past chapter president of Meeting Professionals International (MPI), and a founding member of CSES. Foster-Walker is the author of the best-seller, Start&Run a Gift-Basket Business, also published by Self-Counsel Press. Foster Walker Gifts has twice been the recipient of the MPI Corporate Donor of the Year Award, and Foster-Walker is the recipient of the MPI Supplier of the Year Award.

Table of Contents

Introduction 1 1 Getting Started 5 Self-Assessment 5 Determining Your Market 6 Market Research 8 Set a realistic time limit 9 Define your information needs 9 Allocate resources 10 Gather the data 10 The internet 11 Your local library 11 The Yellow Pages 11 Chamber of commerce 11 College or university business departments 11 Government departments 12 The face-to-face meeting 12 Analyze the information 14 v Contents 2 Establishing Your Business Site 17 Location Considerations 17 Leasing Office or Studio Space 17 Proximity and accessibility to potential clients 18 Parking facilities 18 Accessibility to a loading dock or freight elevator 18 Work space and storage 18 Type of lease agreement 19 Home-Based Operation 19 The business and your home 20 The business and your family 22 3 Business Resources and Equipment 23 Business Resources 23 Mailbox and copy services 23 Business telephone line and fax line 24 Telephone and wireless communication options 25 Hands-free/speakerphone 25 Cellular or mobile phone 25 Hand-held wireless device or PDA 26 Voice over internet protocol 26 Courier company 26 Company vehicle 27 Office Equipment and Setup 27 Electronic Equipment 28 Computer and printer 28 Software for the events business 29 Facsimile machine 30 Digital camera and scanner 31 Other equipment 31 Office Supplies 31 Custom printing 31 General office supplies 32 vi Start&run an event planning business Contents vii 4 Financial Planning and Management 35 Financing Your Venture 35 Personal savings 36 Family and friends 36 Financial institutions 36 Private investors 37 Government 38 Your Business Plan 39 Executive summary 39 Personal experience and background 40 Description of service 40 Sales and marketing strategy 40 Forecasts and projections 40 Financial Management 41 Forecasting cash flow 42 Fixed expenses and overhead 42 Marketing costs 42 Start-up costs 46 Forecasting revenues 46 5 Pricing Your Services 51 Competitive Pricing 51 Hourly Fee and Daily Rates 52 Cost-Plus Pricing 52 Flat Fee 53 Commission 53 Discounting 54 Fund-raiser events 54 Suppliers 54 6 Client and Supplier Contracts: Protecting Your Business 55 Supplier Contracts 56 Client Contracts 56 Contract Finalization 57 7 Keeping Your Operations in Order 59 Striking a Balance 59 Maintaining Financial Records 59 Set up a calendar and reminder system 60 Establish an efficient filing system 60 Keep track of deposits 61 Keep track of retainers 61 Keep invoicing on track 61 Establish regular billing, credit, and collection 62 Keep good tax records 62 Hire a professional bookkeeper and accountant 62 Keeping Your Non-Financial Records in Order 64 Personnel records 64 Research files 64 Managing Your Time 65 Long-term agenda 65 Intermediate agenda 65 Immediate agenda 65 Time-management systems 66 Social Functions, Associations, and Community Events 66 Staying Organized As You Grow 67 8 Marketing, Advertising, and Promotion 69 The Changing Face of Advertising 69 How to Brand Your Event Planning Business 70 Developing your image 71 Developing your brand promise 71 Naming your new business 72 Designing your logo 73 Professional Design and Production Services 73 Graphic design 74 Copywriting 75 Photography 75 viii Start&run an event planning business Contents ix Why You Should Advertise 76 The Elements of Advertising 76 Choosing Your Advertising Medium 77 Print 77 Direct mail 78 Directories 79 Sales brochure and marketing kit 80 Internet marketing 82 A company website 82 E-mail marketing 84 Using PR to Your Business Advantage 84 Special promotions 84 Open house or grand opening 85 Small giveaways 85 Fairs and trade shows 85 Getting your name in the news 85 Socializing for success 86 Networking, networking, networking 89 Association memberships 89 Tourism, convention, or visitors’ bureau 90 Board of trade or chamber of commerce 90 Meeting professionals international 90 Special events societies 91 Measuring Advertising Effectiveness 91 9 Employees and Personnel 93 Being a Sole Owner/Operator 93 Casual Labor and Seasonal Helpers 95 Where to look for extra hands 95 Know your legal responsibilities 96 Put details in writing 96 Hiring an Assistant 98 Hiring an Office Manager/Bookkeeper 99 Hiring and Keeping Good Employees 100 Commonsense guidelines to hiring employees 101 Do not hire friends or relatives 102 Ask for recommendations 102 Contact job placement departments 102 Advertise for help 102 Use job application forms 102 Check references 103 Commonsense guidelines to keeping good employees 103 Communication 103 Consistency 103 Recognition 103 Compensation 104 Evaluation 104 Commissions and share options 104 10 Making the Business Legal 107 Your Legal Structure 107 Sole proprietorship 107 Partnership 108 Limited partnerships 108 Incorporation 108 Leave It to the Professionals 110 Choosing Your Name — Legally 111 Insurance Requirements 112 Leases and Rental Agreements 113 Zoning Laws and Business Licenses 115 Zoning laws 115 Licenses 115 Sales Taxes 116 Employee-Related Regulations 116 Miscellaneous Permits 117 A Final Word 117 x Start&run an event planning business 11 Accounting, Record Keeping, and Taxes 119 Accounting Software 120 Bookkeeping 121 Accounts Receivable 122 Accounts Payable 124 Petty cash 124 COD and cash purchases 124 Payable invoices 125 Company credit cards 125 Personally paid company expenses 126 Payroll 126 Inventory 127 Maximizing Deductible Expenses 127 Accountants 128 12 Developing Your Portfolio 131 Building Your First Portfolio 131 Maintaining a Professional Portfolio 132 Types of Portfolios 133 Presenting Your Portfolio 133 13 The Event Planning Process 135 The Event Plan 135 Background Information 136 Goals and Objectives 137 Agenda 139 Venue 139 Budget 141 Critical Path 145 Audience 147 Invitations 147 Registration 148 Transportation and accommodation 148 Partners/Kids 148 Contents xi Speakers 148 Takeaways 149 Partners and Sponsors 149 Volunteers 150 Media 150 Sponsors 151 Marketing 151 Suppliers 152 Insurance and Permits 153 Contingency Planning 153 Follow-up 155 14 Working with Suppliers 157 Finding Suppliers and Vendors 157 Negotiating with Suppliers 159 Tips for Dealing with Regular Suppliers 160 The venue 161 Hotel accommodations 161 Food and beverage 162 Printing and signage 162 Audiovisual 163 Photography 163 Entertainment 165 Children’s parties 165 Live and canned music 165 Official guests, speakers, and celebrities 166 Official guests 166 Speakers 166 Celebrities 167 Keeping Suppliers and Vendors Happy 167 15 The RFP: Getting the Business 169 Defining the Bidding Process 169 Invitation to quote (ITQ) 170 xii Start&run an event planning business Request for proposals (RFP) 170 Request for qualifications (RFQ) 170 Competing for an RFP 171 The Basics of an RFP 171 Preparing Your Response 172 Developing Your Sample Event 173 Meeting the Budget 174 Looks Count: Presentation of Your Response 174 Presenting with Polish 175 Following Up 176 16 Award-Winning Events 177 Fashion Cares 2003 — Viva Glam Casino 178 Theme 180 Sponsorship 180 Cocktail reception 180 Dining room 180 Boutique, silent auction, casino 181 Talent 181 Fashion show 181 VIP Lounge 181 After-party 182 Media 182 Budget 182 Co-ordination 182 John “Q” Movie Premiere 182 Cirque Pacifique 185 Malavalli/Patel Wedding 187 Christmas through the Eyes of a Child 189 Last Tango in Paris 191 More Award-Winning Events 192 17 A Final Word: Growing and Enjoying Your Business 193 Contents xiii Appendix 195 Glossary 201 Samples 1 Business start-up costs 33 2 Overhead and fixed expenses 43 3 Contract checklist: Safeguarding your business 58 4 Invoice 63 5 Press release 87 6 Media advisory 88 7 Advertising and promotions expense breakdown 92 8 Job description 97 9 Balance sheet 123 Worksheets 1 Self-assessment test 7 2 Business expenses 44 3 Marketing expenses 45 4 Start-up expenses 47 5 Montly revenue forecast 48 6 Event budget 142