Finding Your Niche of Starting Event Planning Business
The events industry has a market that can typically be categorized into two divisions: social and corporate.
When you say corporate events, you aren’t just talking about other business or companies. You are also talking about events that are commissioned by politicians, non-profit organizations, charities, and more. These are various institutions or entities that organize events for the purpose of expanding or showcasing their brand to their target markets. For some specialized events, there are also certain metrics or numbers that have to be met. These numbers could be in terms of attendance, money generated, ticket sales, etc. In this field, special events by corporations (and similar institutions) have become very important in terms of setting their brands apart from their competitions’.
For charitable institutions, non-profit organizations, and philanthropic entities, events like galas, fundraisers, receptions, and ticketed sporting events are very common. There are literally thousands of these kinds of events that take place over the course of a year. Of course, organizing such events could only be feats that are fit for larger event planning companies or businesses. However, if this is really the niche in which you would like to operate, it shouldn’t be too difficult for you to find projects within your proximity that would fit the scope and capacity of your company.
Diversity of Corporate Events
Companies are also very much active in the event planning space and this might be a niche that you might be interested in penetrating. There are different companies that organize trade shows which host various entrepreneurs and microbrands as they showcase their products and services to a collective audience. Sometimes, companies will organize conventions or seminars with keynote speakers and learning modules. There are also corporate events that are more private in nature such as holiday parties, company picnics, team-building events, and private meetings.
Due to the diversity of corporate events, some event planning companies wouldn’t even branch out beyond just handling corporate events exclusively. Of course, given the strength of various corporate industries, this is a very robust market that is worth penetrating. However, you should heed these words of caution. There are indeed a lot of opportunities that are available when it comes to corporate event planning. Going into this particular niche is going to provide you with a steady line of income and profitable margins. But these events are no joke as the stakes and the demands are typically much higher. This is why it’s recommended for boutique agencies or start-up event planning companies to stick to social events and build a solid machinery and operational system within that niche first before venturing into large-scale corporate events.
When you talk about social events, these are the kinds of gatherings that include weddings, anniversaries, birthdays, and whatnot. Obviously, there is less pressure for these kinds of events due to the fun and lighthearted nature of these gatherings. This is why this is a very common niche for start-up event planning companies to venture into right away.
As far as the target market for these kinds of events are concerned, you’re looking into families or individuals who fall within the middle- to upper-income levels. These are the types of people who have a little more money to spare on luxuries like parties and events, but don’t have the time or knowhow to organize such events.
Based on developing trends, the demand for social events like birthdays, anniversaries, and weddings are going to continue the rise over the next few years. This means that even though the event planning space is going to become more competitive, there is still going to be a high demand for such services.
What is Your Niche
Regardless of wherever you would like to set your focus as an event planner, it’s important that you don’t discount the idea of really going small with your scope of specialization. If you want to specialize in really specific events like kiddie parties or anniversary celebrations, then don’t be afraid to go that route. If you don’t get into any kind of niche, you will make it harder for yourself to penetrate the event planning hong kong industry as a whole. It would be a lot easier for prospective clients to find your business if they find you. Let’s say that you establish yourself as the go-to event planner when it comes to corporate team-building events or parties. So, if there’s a small- or medium-sized business in your area who needs to organize such a party, then it would be likelier for them to get in touch with you as opposed to an all-around or general event planner.
Services Provider Resources
But it’s not just about making yourself more visible or distinct in the market. It’s also about making things easier for you as you’re just starting out. It’s a lot easier for you to master just one skill in a shorter amount of time than to juggle different skill sets for a prolonged period. For example, if you specialize in kiddie parties, then you would be familiar with all the usual contractors, vendors, and suppliers for kiddie parties already. You would have a ready-made roster of jugglers, clowns, magicians, bounce house suppliers, face painters, and more. Of course, as an event planner, having a ready-made roster of potential contractors is going to be a valuable resource for you moving forward. Establishing relationships with these external contractors is going to make things easier for you in the long run.
Also, when it comes to your capital expenses, it’s going to be easier for you to use your money wisely if you stick to a niche. You won’t have to spread your capital items out too thinly if you are staying within a specific niche of event planning. Again, if we’re going to use the kiddie party example, you won’t really have to invest in complicated items like led wall hong kong, arches, red carpets, event planning software, and whatnot as these aren’t objects that are typically found at these kinds of parties.
For a quick rundown of potential social event niches that you could get into, feel free to refer to this list:
-Gender Reveal Parties
-Graduation Parties, etc.
If you wish to penetrate the corporate event market, then here are a few niches that might tickle your fancy:
Set The Most Suitable Services According to the Current Market
Regardless of whatever kind of whatever type of niche you choose to enter into, it’s important that you do your research first. It would be completely irresponsible for you to establish a niche for yourself even though there isn’t a high demand for such services in the area of your operation. Try to find out the needs of the market that you wish to serve and work around whatever information or data you would be able to gather. For example, if you live in a highly urbanized area, then perhaps it would be safe for you to venture into niches within the realm of corporate events. However, if you are operating in a more rural area, then this might not be the wisest thing for you to do as a business owner. It could be hard for you to find clients for corporate events if the market you serve doesn’t really have a demand for it. In this scenario, perhaps a venture into social events would be a better fit.