Events planning start-ups find themselves in a competitive marketplace, where the landscape is shaped by a high supply: demand ratio. When considering the establishment of an eventing and events panning business, entrepreneurs need to identify unique selling proposition’s (USP) and partner with unique service providers to extend the reach of customer service expectations.
Top corporate event planning companies are established by identifying unique ways to solve eventing needs. By applying an accurate product-market fit through a clear understanding of your customer target markets the more sustainable customer life time value and retention strategies will be.
A way to differentiate your business is to approach markets with pioneering solutions. Offering eventing solutions such as corporate hot air ballooning experiences with a reputable service provider such as Air to Air Africa may be just the USP your eventing organisation needs. Followed by team building workshops, product launches or promotional lectures, a corporate hot air balloon experience or a Balloon Event offers a unique opportunity to differentiate your eventing service offering.
Starting your own events planning company; the plan, the name, the structure and set up
After identifying unique differentiators and an event planning business opportunity, begin your journey to building a unique service by putting together a business plan.
A Business Plan is important in understanding the industry and competitive landscape, a forecast of capital outlays and financial investment needed to fund your start up.
Although seemingly rudimentary, the name of your company will be the distinguishing branding that sets your business apart from competitors.
Establishing a structure for your eventing business is an important process during your eventing start up.
- Sole Proprietorship
Owned and run by 1 individual, a sole prop / trader is not registered as a legal entity and income, TAX and liabilities belongs to the owner in their personal capacity.
Also not a legal entity, Partnerships are a contractually binding agreement between 2 to 20 people agreeing to jointly support a business and assuming income, TAX and liabilities in their personal capacity.
- A Private Company (Pty Ltd)
Established as a legal entity with a minimum of 1 shareholder and 1 director, a Pty Ltd requires the reservation of a company name, a memorandum of incorporation and auditor approval. A Pty Ltd is taxed in its own right and offers protection to shareholders against liabilities and loss.
- A Public Company (Ltd)
Offering shares to the public with the intent of raising capital, a Public Company or Ltd has its own legal identity and a minimum of 1 shareholder and 3 directors.
- Licencing and Permits
Start-ups need to apply the required regulations and acquire necessary permits in order to operate within trade parameters.
Office space will be influenced by the nature of your start up, catering to meet your customer experience needs.
- Systems, Software and Insurance
Systems and software that support accurate book keeping, TAX, HR, along with insurance against loss forms part of a well invested start up process.