How To Start An Event Company

Starting up an event company is more or
less the same way you start any other business.

You need some basic requirements.

Hope you heard about the LG's Twenty - Gun Trip To The Hospital?

This Korean manufacturer LG failed in 2013 for the reason of insecurity.

Their event quickly devolved into a riot which her understaffed security detail was ill-equipped to manage, BBC reported.

This was as a result of poor security management. 

Another issue of the two owners of Amy's Baking Company - the Amy's Boutique and Bakery Meltdown also in 2013.

This particular company was one of the most spectacular Facebook meltdowns in the history of the Facebook social platform.

Buzzfeed news reporter Ryan Broderick also reported this, I mean it was all over the internet.

All those challenges boil down to less or no effective strategic planning.

Now we are going to talk about two powerful tools which you can use as an event company startup to stay focused.

Also manage your company effectively and become productive.

But before we go ahead, let's look at the important list of things you need; to start an event company:

1. Look at what sets you apart

2. Monetize the idea you have

3. Build your relationships

4. Find your specialty

5. Verify your business with google my business

6.Stay focus

7. Develop a skill set

8. Take advantage of technology

9. Find a Suitable venue 

10. Sales

11. Exhibition

What will make you different in the event industry? Because a lot of people have been there before you.

So what is your strength? This maybe location, marketing strategies, funds or what have you.

Taking advantage of what you know could help other business owners make extra money.

Building relationship with these target group such as other professionals, your customer base and also vendors can positively boost your company.

Your relationships are your business building blocks.

Your specialty could be disco nights and congresses or wedding planning, so focus on that area. 

Develop your skill set such as creativity, accounting, control for logistics, risk management in terms of security.

Another important one is computer knowledge; this is where you take advantage of technology.

Technology can also help on event delivery. We will talk about that later in this post. 

Each individual event has a purpose that will call for a particular set-up.

Selecting a venue is another important criteria. From 100 - 300 or more people and event type will determine the hall setting.

Now, let's talk about the important tools:

                    Event Canvas 

The event canvas is a template to support event design. You can see the screenshot below this line. The template was created by Ruud Janssen and Roel Frissen 

It is a template that is used to know the action of a person leaving an event, based on their experience.

Just in a moment we will talk about how you can use it for your project.

Event design is a unique and wonderful, systematic way to weigh the success, or failure of a particular event with a team of the same interest.

We help to simplify the tool to fit into a piece of paper.

And this will help you sketch every part of your event with your team members.

This tool is designed so that every member of your team can share their views, or ideas or discuss the best approach for a better event design; also to achieve a maximum productivity.

Events have an inherent power that can change participants' behavior.

I want us to analyze each of those major boxes in the screenshot above. The first one is pain.

#1. Pain - you need to ask yourself these questions:

what are the fears of the stakeholders? What are their road blocks? Or what do they feel frustrating? What borders them so much?

Thus, when we talk about pain we do not mean physical injury hurt.

In the business world when we say pain, it could be things like; let's use the example of professor Mark juliano.

He said, "it's actually the case that people tend to buy products or more, because they have pain.

The hurting that they experience is because they have something to gain.

Let's assume for a seconds that there are no hybrid cars.

So all the cars in the world are regular engines, let's say they have 20 mouths per gallon.

Let's also assume that gas goes up to 3; you know 4 hours a gallon, I am in pain.

I basically want to save money on gas, it's costing me hundreds of dollars a week. Thousands of dollars a year.

And I literally, can't afford to drive to my job everyday which is 50 miles away.

It just cost me too much. So you might buy a hybrid car purely for the reason of pain, you are in pain for cars.

You buy a car you save money on gas."

So the kind of pain we are talking about here is the feelings or thoughts that hinder people from doing a certain thing.

It pays to understand these pains, because it is important to your stakeholders.

So if the event can relieve the pain he/she will be responsive.

#2. Expectations - what was the recent experience he had?

His previous experience might not be as good as he expected.

He might expect something far better than the previous events.

What other people involved say; they may tell the stakeholder their own personal experiences, and also what they perceived from others.

       a. Internet - another expectation is, what is discussed on online forums, Facebook, Twitter or other social media about the event.

        b. Marketing information - this is the information which the event organizer brings to the table.

Those are the expectations very important to the stakeholder which  he or she has in mind going to the event.

If you want to exceed those expectations you should know their nature.

#3. Cost - there are some items and services  You would require during the event.

Different things cost money, for example a glass house costs more money than a block house.

Every business requires funds. And again, the bigger the event, the bigger the budget vice versa; also the income statement.

Cost is directly proportional to financial expenses that a stakeholder takes into account as influenced by the event.

Cost block helps in providing insight on how the event works.

#4. Revenue -  income is directly related to the event. Revenue for a team member could be the cost for the other.

For example, the $30 raffle ticket cost for people who attended the event is a revenue,  for joe that helps him balance his cost of the eatery bill.

Some team members as well as some events may not have any income stream.

As you plan to start a new event company or you are an existing one, follow those step by step as we outlined above to guide you on each process.

When you complete the analysis, then you merge all the event canvases to form the ultimate canvas.

You can use colours to differentiate team members, meaning, sticky notes per colour to make the canvas more understandable and accessible.

You can see how the event canvas designers  analyze it on the screenshots above.

                     Poken Technology

Take advantage of technology; that is another tool.

Although I don't know your specialty, because this particular tool works best for pod show.

According to an Arabian company's case study on the screenshot  below

The poken made the USB stick interactive, for networking and participants meeting check in.

It is also for meeting tracking and team members lead generation.

The platform also provides event mobile app, and onsite registration and badging.

Finally - you know, as in somebody who want to start an event company. You can choose the tool that best fit in to the event design of your choice.

So, Event is a very sensitive mechanism therefore, work effectively on your security management, stakeholders and also take advantage of what your strengths are.

Feel free to add any other important steps to starting an event business in the comment space below.

 And do not forget to share to your friends if you find this post interesting.