Always Have A Business Plan While Stepping Into The Event Planning Business

As an initiator into the event planning business you may not feel the importance of having a business plan for your event but the fact is every promoter needs to have a business plan in order to be successful in organizing an event/show. Its ok you are interested to choose this line as a marker for your life but here professionalism matters most just than your hobby, as it involves money. Everything in the world which involves money should be planned accordingly. For organizing an event you need a lot of money. If you are to be financed by capitalists, commercial banks, angel investors then you should definitely prepare an event business plan. If you have enough within yourself to finance for your event then also business plan is essential to have a formulated goal to enhance the chances of success. Additionally it's also good to keep an updated record of your progress as a business person and also about monetary dealings i.e. how much money comes in and out from your pocket throughout the whole process; making out a strategic plan for the easiness of investors, sponsors, artist, is essential. So that everyone can know what's your plan. At the end their role also play vital role in the level of success you will gain out of your event.

First of all an executive summary related to the event should be prepared. The summary should contain a brief description of the following things.

1. What kind of event you are planning to organize?

2. What’s your target segment?

3. How will your event standout among others?

Now tend your focus to financial things. What will be the possibility of growth of income i.e. Potential profits, sales (ticket +beverage +organizing expenses)? Additionally you should also write down the exact amount of capital necessary for your event. Also mention in details how those funds will be utilized in terms of money. Now give detailed information about who you are as an event planner or promoter. If you have your team then you should mention all your members. Briefly describe your history or achievements as a promoter as it will give the positive vibe to the fund providers. Also write down who are or will be responsible for organizing the current event. Write only accurate points which will be better and clearer to them. Let them know what you can do.

Now, you can explain the details of your event fully. Start with a short title then follow it with a understandable description. Mention things like present scenario and what can be the expectations in the future? Do you have any thought of organizing same kind of event if this event gets clicked? What are things you are going to do to make your event standout? Show your creativity here. This is crucial to seek attention of investors. Make them known about your vision. Make them aware how you are going to be successful. Mention your type of advertisements, sponsors you want, lighting and other facilities you need.....show them your trustworthiness as a promoter to make them feel dependable on you. This page will give the investor a clear idea about your aim as a promoter to think about a definite response.

Mention how your event can generate profit? What are your strategies to attract a high level of audience? Explain how you will fix your ticket prices and how tickets will sell... whether through middleman, or online or through real vendor at the venue. Remember ticket price plays a vital role. Fix ticket price after summing up all the costs. Otherwise price of tickets will be overvalued or undervalued and the investor can notify this. And you will lose your chance. Correct ticket price is essential and it greatly plays a vital role in your income generation.

The word promotion in event organization means your way of communication with the audience. This is the crucial step you need to be pretty good at it. It involves the following things.

A: You should have the capability to think creatively about your messages and making it through taglines. Also make sure to mention your sponsored company's name, product..etc as decided.

 B: Also use social sites to spread the awareness about your event as much as possible. Social media is essential in the present scenario for effective promotion and also helpful to choose the target audience i.e. Types of people belong to your event.

C: Every business comes with risks and event business is no separation. Risks in these areas like marketing techniques, staffing of team members, finance management, organization of temporary facilities to be provided at the event. Every event promoter has to deal with these types of problems in advance before actual event, for the sake of yearning trust in investors if you are looking to stretch out funds from them.

D: The whole concentration of your event will be on live performance i.e. the stage must have a suitable lighting and sound equipment system. You should handover all the stage requirements to a specialized music production company. Just mention them what exactly you want, where you want which things...if any other technical..then also tell them. You may find difficulty if you try to deal with it on your own. (Assuming you don't have a backup team). Planning an outdoor festival is never easy. You have to arrange artists, vendors, venue clearance certification from the respective authority, marketing of the event. Promotion for ticket sales. Have sufficient days in your hand if you want to have a complete satisfaction about your organization...it’s better to have a team while dealing with these things.

E: Book for the space you need for your event in advance. Think about the size of your stage (including backstage areas) catering services, portable bathroom facilities..also camping arrangement. So decide for the space by taking the above concerns on your mind. When comes to finance management be careful,. Don't spend too much on trying to attract big artists..and you will be left with less fund for your remaining requirement. No investor will prefer it. They want a balanced performance. Search for your local talent...aspiring ones if you have some known audience. Your main job is to satisfy the festivalgoers. Yes they want music but they need other facilities too. In the real world there are a lot of djs and producers in every locality of the world. so it should not be a problem for you to make a choice among them.

Lastly, in any festival most of the times there are two types of people: Your influencers, and artist influencers. Both types of fansites will make up a huge part in bringing up the audience. So not only target your areas but also make effort to attract the artist fansites for your business.