Event Management

by Rich

If you are good at planning, able to juggle several tasks simultaneously, and can take the pressure of working to a deadline, event management could be for you.

The term "event" covers a multitude of different things. It could be a product launch, a wedding reception, an exhibition, a pop concert, a celebrity appearance, or a massive outdoor festival.

The money to be made depends on the size of the event. Some of the larger events can make the organizers massive profits.

You need to be aware of what is involved though, and some of the pitfalls. So what to consider?

Start by deciding the event concept. Go with something you are knowledgeable and passionate about. This will increase your chances of success. Keep the event small to start with until you have gained some experience.

Now look at the finances in detail. Will your concept be financially viable? What is the business model? It could be to charge exhibitors for a stand, to charge visitors an entrance fee, to raise money through sponsorship, a combination of these, or something else entirely. Maybe you are organizing a bespoke event for a client, and charging them a fee.

Decide exactly how much you will charge; do some research to ensure you're not asking too much or too little.

Now decide if your expectations are achievable. Be realistic. Now is the time to revisit your concept and make changes, before you start spending any money.

Create a plan. This should include every task and every milestone, and be as detailed as you can make it. Most tasks take place before the event starts, but don't forget the programme itself and other activities afterwards, like taking down the stands, reviewing customer feedback, and paying suppliers.

As with all businesses you should write a business plan, especially if you need to raise finance from the bank.

Build your team. Planning and organizing an event is not a solitary task. You will need help from the start, and finding people with experience of the type of event you are planning is key to your success.

Create your programme. This may not be applicable to a lot of smaller events, or it may be very simple. But for larger events it is essential that every element is timed to the minute.
Make sure that there is enough going on to maintain visitors' interest and take intervals and distance between each area into account. This programme will form the basis for the printed programmes and should be finalised well in advance.

Insurance is another thing to consider. You will need several; public liability and cancellation to name but two. If alcohol is to be served you'll need to investigate the licensing laws as well.

OK, I was going to write a couple of paragraphs along the lines of "Here's an idea..." but I've got a bit carried away! I'll stop here and turn it over to you. There's so much I haven't mentioned, and event management is certainly not for the faint hearted.

So join in. Tell me what I've missed.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Business Ideas List.