event management business plan financials

Event Planning Company Business Plan

Written by Dave Lavinsky

Event Planning Business Plan

You’ve come to the right place to create your event planning business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event planning companies

Below is an event planning business plan sample to help you create each section of your Event Planning business plan.

Executive Summary

Business overview.

Special Occasions Event Planning is a startup event planning business located in Des Moines, Iowa. The Company is founded by Jennifer Brown, an experienced event planner who has been planning themed weddings and birthday parties as the manager of a local event venue for the past ten years. Now that Jennifer has gained valuable experience managing an event venue and planning special events of various sizes and styles, she is ready to start her own event planning company, Special Occasions Event Planning. Jennifer is confident that her event planning skills, combined with her understanding of business management, will enable her to run a profitable event planning company of her own. Jennifer is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running an event planning business – sales and marketing, supply sourcing and procurement, customer relationship management, budgeting, financial reporting, and vendor relationship management. 

Special Occasions Event Planning will provide customized event planning services for special occasions big and small. Special Occasions will specialize in themed birthday parties, but will provide planning services for other types of events such as weddings, parties, and corporate gatherings upon request. The Company will be the ultimate choice for unique and memorable themed birthday parties for clients of all ages. 

Product Offering

The following are the event planning products and services that Special Occasions Event Planning will provide:

• Venue Sourcing 
• Tables & Chairs
• Dinnerware & Utensils
• Caterer Coordination
• Entertainment
• Party Favors
• Photography/Videography
• Lighting/Sound
• Bartending/Liquor 
• Set-up/Clean up

Customer Focus

Special Occasions Event Planning will target individuals, families, and social groups in Des Moines, Iowa. The Company will target people looking to plan a one-of-a-kind birthday party for their child, significant other, friend, or other relative. No matter the customer, Special Occasions Event Planning will deliver the best communication, service, and attention to detail. 

Management Team

Special Occasions Event Planning will be owned and operated by Jennifer Brown. Jennifer is a graduate of Iowa University with a degree in Business Management. She has over ten years of experience working as an event planner for another local venue. Jennifer will be the Company’s Chief Executive Officer and the Head Event Planner. She will lead the more complex events and oversee the event planning staff. 

Jennifer has recruited an experienced administrative assistant, Patricia Smith, to help manage the day-to-day business operations. Patricia has been an administrative assistant in the event planning industry for more than 15 years. Jennifer relies on Patricia’s organization, attention to detail, and punctuality when organizing her schedule, managing clients, and maintaining her files. 

Jennifer and Patricia have recruited an experienced marketing director, John Jones, to become a member of the Special Occasions Event Planning management team. John is a graduate of the University of Iowa with a Bachelor’s degree in Marketing. Jennifer and Patricia rely on John’s expertise to execute the Company’s marketing plan and advertising strategies.  

Success Factors

Special Occasions Event Planning will be able to achieve success by offering the following competitive advantages:

• Skilled team of event planners who will ensure every client receives exceptional customer service and that all reasonable requests are met. 
• Special Occasions Event Planning’s leadership team has established relationships with local venues, vendors, and entertainers, thus providing customers with a wide selection of options to choose from when planning their special event. 
• The Company specializes in the themed birthday party niche and is well-versed in the latest trends in the industry. 

Financial Highlights

Special Occasions Event Planning is seeking $200,000 in debt financing to launch its event planning business. The funding will be dedicated towards securing an office space and purchasing equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff and marketing expenses. The breakout of the funding is below:

• Office lease and renovation: $80,000
• Office equipment, supplies, and materials: $20,000
• Three months of overhead expenses (payroll, utilities): $90,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph below outlines the pro forma financial projections for Special Occasions Event Planning.

Company Overview

Who is special occasions event planning .

Special Occasions Event Planning is a newly established event planning company based in Des Moines, Iowa. Special Occasions will be the first choice for unique themed birthday parties for people of all ages in Des Moines and the surrounding communities. The company will provide customized event planning services for parties large and small. 

Special Occasions Event Planning will be able to provide all the essentials for any special event from highly rated caterers to the hottest entertainment due to the Company’s existing relationships with industry professionals and vendors. The Company’s team of highly qualified event planning professionals will manage the entire planning process from ideation to execution. Special Occasions even provides clean-up services. Clients can opt for full-service event planning services or purchase specific aspects (such as decor or catering) a la carte. 

Special Occasions Event Planning History

Special Occasions Event Planning is owned and operated by Jennifer Brown, an experienced event planner who has been planning themed weddings and birthday parties as the manager of a local event venue for the past ten years. Now that Jennifer has experienced managing an event venue and planning special events of various sizes and styles, she is ready to start her own event planning company. Jennifer is confident that her event planning skills, combined with her understanding of business management, will enable her to run a profitable event planning company of her own. Jennifer is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running an event planning business – sales and marketing, supply sourcing and procurement, customer relationship management, budgeting, financial reporting, and vendor relationship management. 

Since incorporation, Special Occasions Event Planning has achieved the following milestones:

• Registered Special Occasions Event Planning, LLC to transact business in the state of Iowa. 
• Has signed a contract to lease the office space. 
• Reached out to numerous contacts to include local venues, catering companies, entertainers, and decor suppliers to spread the word about her new business opportunities. 
• Began recruiting a staff of accountants, event planners, sales and marketing associates, and office staff to work at Special Occasions Event Planning Services.

Special Occasions Event Planning Services

Industry analysis.

The Party and Event Planning industry in the United States is valued at approximately $4B, with 70,000 businesses in operation, and over 82,000 employees. The market for event planning services is expected to grow over the next several years due to an aging baby boomer population, many of whom have children and grandchildren who will have weddings, birthday parties, graduations, anniversaries, and other special events in the coming years. Additionally, the corporate event planning segment is expected to grow due to more companies pursuing team building opportunities and hosting events that can serve as marketing for the business. 

The event planning market is split into two broad segments: corporate and social. Corporate events such as holiday parties, meetings, trade shows, conventions, fundraisers, and receptions are just some of the events included in this segment. Corporate customers include companies, non-profit organizations, and charities. The social segment includes a wide range of special occasions such as weddings, bridal showers, birthday parties, anniversary parties, reunions, and more. The largest and most lucrative category in the social event planning segment is wedding planning. 

Industry operators can specialize in one or two niches such as wedding planners or corporate planners. Alternatively, industry operators can provide planning services for a wide range of events. Industry operators that specialize in a specific niche and even narrow their niche to a specific type of event, such as “kids’ parties” or “fashion shows” may have more success because they can become an expert in one area and target a highly specific customer segment. Industry operators who provide a broad range of services to a variety of customers can be successful if they provide high levels of organization, customer service, and unique or highly customized services. 

Customer Analysis

Demographic profile of target market.

Special Occasions Event Planning will target individuals, families, and social groups in Des Moines, Iowa. The Company will target people looking to plan a one-of-a-kind birthday party for their child, significant other, friend, or other relative. Special Occasions Event Planning will also target young adults looking to plan a memorable, themed 21st birthday party. No matter the customer, Special Occasions Event Planning will deliver the best communication, service, and attention to detail. 

The precise demographics for Des Moines, Iowa are:

Customer Segmentation

Special Occasions will primarily target the following customer profiles:

• Millennials
• Individuals with disposable income
• Families with children and disposable income

Competitive Analysis

Direct and indirect competitors.

Special Occasions Event Planning will face competition from other companies with similar business profiles. A description of each competitor company is below.

Emily’s Event Planning

Established in 2017, Emily’s Event Planning is now a well-known event planner in the Des Moines, Iowa area. The company provides event planning services for large corporate events, weddings, and birthday parties. Emily’s Event Planning is most well-known for its picturesque venue choices. The company has relationships with some of the most in-demand venues in the area. Emily’s Event Planning provides an all-inclusive event planning and management service with packages that include venue rental, decor, entertainment, food, and clean-up services. 

While Emily’s Event Planning has an established reputation in the market for quality event planning services, it has a list of predefined event packages and does not customize its services or take unique requests from customers. 

Fancy Event Planner

Fancy Event Planner has been operating in the state of Iowa since 1982. This company is a small business run by a husband and wife team that specializes in event planning and catering services for weddings, birthday parties, and other special occasions. Fancy Event Planner provides decor, venue coordination, and food service for events of up to 100 guests. The company specializes in providing gourmet dinners, desserts, and appetizers. Additionally, Fancy Event Planner provides hand crafted decor and floral arrangements for weddings and parties. Fancy Event Planner is for customers looking for an elegant presentation in a traditional setting. 

Fancy Event Planner has a limited selection of services and does not offer entertainment, set-up/clean-up, lighting/sound, or liquor accommodations. 

Wonderfully Perfect Event Planning Services

Wonderfully Perfect Event Planning Services is a new Des Moines, Iowa-based event planner that provides superior service to its customers. The company is managed by an experienced entrepreneur who has been working in the hospitality industry for over 20 years. She opened Wonderfully Perfect Event Planning Services in 2019 when she discovered a lack of options for themed party planning in the area. The company provides customized planning services for any event and will strive to ensure all customer requests are met to ensure a perfect event experience every time. 

The company does not have established relationships with vendors, venues, or entertainment in the area and as such, trails behind Special Occasions Event Planning in this area. 

Competitive Advantage

Special Occasions Event Planning will be able to offer the following advantages over the competition:

• Skilled team of experienced event planners who are able to provide customized planning services and fulfill any reasonable request. 
• Special Occasions Event Planning’s management team has long-standing relationships with industry professionals and is able to provide customers with a wide selection of options when it comes to venues, entertainment, and catering.  
• The Company specializes in themed birthday parties and keeps up on the latest trends in the industry. 

Marketing Plan

Brand & value proposition.

Special Occasions Event Planning will offer the unique value proposition to its clientele:

• Special Occasions Event Planning provides full-services event planning from ideation to execution. 
• The Company’s wide selection of options allows each customer to create their dream event.  

Promotions Strategy 

The promotions strategy for Special Occasions Event Planning is as follows:

Social Media Marketing

The Company’s marketing director will create accounts on social media platforms such as LinkedIn, Twitter, Instagram, Facebook, TikTok, and YouTube. He will ensure Special Occasions maintains an active social media presence with regular daily updates and fun content to get customers excited about using the Company’s event planning services. 

Professional Associations and Networking

Special Occasions Event Planning will become a member of professional associations such as the Event Planners’ Association, American Party Planning Society, and the Iowa Special Event Association. The leadership team will focus their networking efforts on expanding the Company’s vendor and client network. 

Print Advertising

Special Occasions Event Planning will invest in professionally designed print ads to display in programs or flyers at industry networking events. The Company will also send direct mailers to local businesses with employees who are in the target market. 

Website/SEO Marketing

Special Occasions Event Planning will utilize its in-house marketing director that designed the print ads to also design the Company’s website. The website will be well organized, informative, and list all the services that Special Occasions is able to provide. The website will also list information on the Company’s events and promotions. 

The marketing director will also manage the Company’s website presence with SEO marketing tactics so that when someone types in a search engine “Des Moines Event Planner” or “Event Planner near me”, Special Occasions Event Planning will be listed at the top of the search results.

The pricing of Special Occasions Event Planning will be premium due to the high level of customization and hands-on planning services involved. Customers will feel they receive great value when purchasing the Company’s services.  

Operations Plan

The following will be the operations plan for Special Occasions Event Planning.

Operation Functions:

• Jennifer Brown will be the CEO and Head Event Planner. She will lead the more complex events and oversee the event planning staff. Jennifer has spent the past year recruiting the following staff:
• Patricia Smith – Administrative Assistant who will manage the budgeting, vendor relationships, and logistics.
• Sam Johnson – Accountant/Bookkeeper who will provide all accounting, tax payments, and monthly financial reporting.
• John Jones – Marketing Director who will oversee all marketing strategies for the Company and manage the website, social media, and outreach. 
• Michelle Garcia – Customer Success Officer who will oversee customer relationships. 

Milestones:

Special Occasions Event Planning will have the following milestones complete in the next six months.

11/1/2022 – Finalize contract to lease the office space. 

11/15/2022 – Finalize employment contracts for the Special Occasions Event Planning management team.

12/1/2022 – Begin renovations on the office and purchase office equipment and supplies. 

12/15/2022 – Begin networking at industry events and implement the marketing plan. 

1/15/2023 – Begin recruiting and training office staff and event planners. 

2/15/2023 – Special Occasions Event Planning officially opens for business. 

Financial Plan

Key revenue & costs.

The revenue drivers for Special Occasions Event Planning are the fees charged to customers in exchange for the Company’s event planning services. Customers will be able to purchase full-service, customizable packages or select specific aspects (such as entertainment or catering) a la carte. 

The cost drivers will be the overhead costs required in order to staff an event planning business. The expenses will be the payroll cost, utilities, party supplies, and marketing materials.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Average number of events per month: 4 
• Average fees per month: $20,000
• Overhead costs per year: $360,000

Financial Projections

Income statement, balance sheet, cash flow statement, event planning company business plan faqs, what is an event planning company business plan.

An e vent planning company business plan is a plan to start and/or grow your event planning company business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your event planning company business plan using our Event Planning Company Business Plan Template here .

What are the Main Types of Event Planning Companies?

There are a number of different kinds of event planning companies , some examples include: Corporate Events, Social Events, and Niche Events Planning.

How Do You Get Funding for Your Event Planning Company Business Plan?

Event planning companies are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding. This is true for an event business plan or an event management business plan.

What are the Steps To Start an Event Planning Business?

Starting an event planning business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Event Planning Company Business Plan - The first step in starting a business is to create a detailed event planning company business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event planning business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event planning business is in compliance with local laws.

3. Register Your Event Planning Business - Once you have chosen a legal structure, the next step is to register your event planning business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your event planning business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Event Planning Company Equipment & Supplies - In order to start your event planning business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event planning business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful event planning business:

• How to Start an Event Planning Business

Other Helpful Business Plan Templates

Photography Business Plan Template Event Venue Business Plan Template Catering Business Plan Template

Upmetrics AI Assistant: Simplifying Business Planning through AI-Powered Insights. Learn How

Entrepreneurs & Small Business

Accelerators & Incubators

Business Consultants & Advisors

Educators & Business Schools

Students & Scholars

AI Business Plan Generator

Financial Forecasting

AI Assistance

Ai pitch deck generator

Strategic Planning

See How Upmetrics Works  →

• Sample Plans
• WHY UPMETRICS?

Customers Success Stories

Business Plan Course

Small Business Tools

Strategic Canvas Templates

E-books, Guides & More

• Sample Business Plans

How to Write an Event Planning Business Plan + Free Template

2. Write an Executive Summary

An executive summary is the first and foremost section of your event planning business plan. It provides a brief introduction to the entire business plan.

Make sure that it is clear, concise, and engaging, as it will create your first impression and attract investors or readers to delve further into your plan.

Start this section by describing your idea behind an event planning and type of business; for example, are you a startup business, want to grow an existing one, or running a business chain?

Communicate your business objectives and emphasize how you will be different from other event-planning businesses. Here is an example of event planning objectives using Upmetrics:

Next, give an overview of each of the subsequent sections, including offered services, market opportunities, marketing strategies, and financial projections that will be explored in greater detail within the plan.

Not only that, you can end this summary with a compelling call to action, inviting potential investors or readers to the next meeting if they are interested in your event planning.

Generally, this section is written after the whole event business plan is ready. It is often the easiest way to do so as you have simply gone through and written all the key sections of your plan.

3. Provide a Company Overview

Now, provide detailed information about your event plan business. It contains ownership, legal structure, office location, business history, and other such business-related facts.

Begin with the intro of what type of events you are organizing. For instance, it will be corporate events (catering to businesses), social events/celebrations(wedding planning, birthday parties, etc), or niche events(specialized in just one type).

Discuss a little bit more about your business history, including when you started event planning and what milestones you have accomplished. Also, accentuate your mission statement.

Take reference from the below example describing the mission of the event planning company:

In an ever-changing, fast-paced world, success is determined by good choices for lasting effects. Eventel strives to be the best choice for clients by helping to ease their event planning burden.

Through consistent, predictable professionalism, Eventel will ensure a worry-free and hassle-free event at a reasonable price.

Event also has internal clients to serve. The event will strive to provide the same predictable and professional working environment to its employees and contracted vendors, justly compensating them for their services.

It is also a priority to make a comfortable living wage for its owners, founders, full-time staff, and their families.

Keeping in tune with the needs of the market, utilizing the latest technology and trends, all while ensuring the client receives the individual attention they deserve, is the vision and daily mission of Eventel; The Event Planning Specialists.

In addition to that, you can mention your startup summary and future business goals, as this section gives an in-depth overview of your business.

4. Conduct an Industry and Market Analysis

Starting an event management business requires a strategic events industry and market analysis. So, take some time to go further and locate more accurate data.

Try to include certain key elements in this section:

Market size and growth potential

You need to study specific data about various markets in which you are trying to get into and ensure profitability. So, describe your market size & growth potential and whether you will target a niche or a much broader market.

For instance, the USA industry revenue for event planners has grown at a CAGR of 4.1% over the past five years and reached $5.6 billion in 2023. So, it is crucial to define the target market segment.

Target market segment

Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.

Do proper market research and try to create a buyer’s persona in terms of their demographic and psychographic profiles.

Take reference from the below example written using our innovative AI writing assistant :

Competitive analysis

Identify and analyze your direct and indirect competitors. Recognize their strengths & weaknesses, and describe what differentiates your business from other planners.

Direct competitors can be other event planning businesses, while wedding planners, local venues, caterers, or conference centers can be indirect competitors.

Point out how you have a competitive edge in the market, such as superior event management options, user-friendly methods/tools to book your services, and adequate pricing plans with better services.

Not only that, describe emerging market trends in the industry and explain how you will cope with all the directions. You can also list regulations and licensing requirements that may affect your company.

5. Describe your Product and Service Offerings

Next, specify the scope of your products and service offerings. As an event management business, you can describe the size and type of events you cater to, including a variety of event planning services.

This section must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors or readers understand the value of your business.

While drafting your  event planning services and products, you can take reference from the below example:

Eventel provides event planning in a wide range of applications. We guarantee satisfaction in the areas of appearance, performance, and taste. 

The following is a sampling of the types of events we plan every year:

• Corporate events or meetings, Training, and Retreats
• Conferences and Workshops
• Birthday parties, Anniversaries, Graduations, and Holidays
• Weddings, Receptions, and Showers
• Company picnics, banquets, and award ceremonies
• Caterer coordination and decor
• Trade shows and fashion shows

Effectively define your pricing plans for event planning services. Also, communicate your services to the customers by sharing a detailed description of the procedure you use while working with clients.

Mention if your event planning company offers any additional services. You may include services like lighting & sound, vendor negotiation, guest concierge services, etc.

6. Outline a Sales and Marketing Plan

Writing the sales and marketing strategy section means a list of tactics you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing strategies:

Social media marketing

Use social media platforms to present your company’s essence. Regularly post exquisite snapshots or videos of your planned social events, decor, and behind-the-scenes moments.

User-friendly website

Assure that your event management company has a user-friendly website that provides basic information about your services, pricing, and contact

details. Also, share informative blog post content or event videos.

Pricing strategy

Describe your pricing strategy—how you plan to price your services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers.

Collaborations

Build an extensive vendor network to expand your reach and draw their existing customers. This might do wonders for your business and enhance your brand image.

Offline advertising

Effectively reach your target audience using offline advertising methods like brochures, newspapers, social gatherings, or events. Also, try to offer a personalized approach or stress-free planning to retain existing clients.

7. Introduce Your Team

A powerful management team is paramount for demonstrating your business’s ability to thrive in the event planning industry.

Letting your readers or investors know about your business leadership or key managers will help them have a clear idea of who is running your event planning company.

So, start this section by introducing key team members and highlighting their event planning skills & previous experience.

Jot down their qualifications and specific responsibilities. You can also shed light on how your experienced event planners contribute to the success of your business.

Next, describe the compensation plan for the leadership team and event planners, including salaries, bonuses, and other benefits. This can help key stakeholders to ascertain how much percentage is allocated to salaries.

If you have a board of advisors for your event management business, then mention them along with their roles and experience.

8. Outline Business Operations

Now, it’s time to outline the processes and procedures involved in your day-to-day business operations. Detail how you will eventually plan to manage your business effectively.

Staffing & training

Highlight your staffing needs by mentioning the number of employees, planners, or coordinators. Also, include their qualifications, the training required, and the duties they will perform.

Operational process

Outline the processes and procedures you will use to run your event planning business. It may include initial client meetings, decor, party favors, caterer coordination, set up/clean up, etc.

Equipment and machinery

You can also include the list of equipment and machinery required for event planning, such as office supplies, camera & photography equipment, event planning software, etc.

Explain how these technologies will help you maintain quality standards and improve the efficiency of your business operations. Refer to the below example written using Upmetrics AI assistant:

9. Prepare a Financial Plan

For a successful event planning business, you need to prepare a well-structured and in-depth financial plan with a realistic financial projection. It comes last in the business plan but is the most important section for investors.

So, mention all the below key components in your financial plan:

• Profit and loss statement
• Sales forecast
• Cash flow statement
• Balance sheet
• Break-even analysis
• Financial needs
• Tax considerations

From the above, you can identify the funding needs and evaluate the funding resources for your event planning company, including bank loans, SBA-guaranteed loans, angel investors, and personal savings.

In this section, you need to make a few assumptions. It will greatly affect the financial forecasts of your business. Refer below table to make important assumptions:

Well, having a realistic financial plan in your hand not only helps you present your business’s fiscal health but also emphasizes its sustainability.

However, calculating all the financial statements from scratch can be an overwhelming task. But, not to worry; use Upmetrics’ financial forecasting tool to formulate all your financial projections.

All you need to do is provide the information you have, and let the tool estimate financial factors, and create visual reports for you. No manual data entry, recalling Excel formulas, or preparing graphs—nothing.

Here’s an example of a projected cash flow statement for an event planning business:

Download Free Event Planning Business Plan Template

Need help writing your event planning business plan from scratch? Well, here you go; download our free event planning business plan template now and start writing.

This modern, user-friendly event management business plan template is specifically designed for your event business.

With a step-by-step guide and example, it assists you in creating your own plan without missing any crucial details.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Prepare Your Business Plan with Upmetrics AI

Finally! You know how to write an event planning business plan with the help of our free sample business plan template. So, you are one step closer to starting or growing your business confidently- pretty exciting, right?

But you know what else is exciting? Your business planning process can be even faster and easier than this. Yes, you heard it right; it’s possible with the power of the Upmetrics AI assistant tool .

So, take a sigh of relief and focus only on planning the most happening events in the town!

Related Posts

Wedding Planning Business Plan

Home Decor Business Plan

Proven Business Plan Templates

Writing a Business Plan from Scratch

AI Generated Business Plan

Frequently asked questions, what are the key components of an event planning business plan.

Writing a professional event planning business plan involves the following key components:

• Executive summary
• Company overview
• Industry and market analysis
• Product and service offerings
• Sales and marketing plan
• Management team
• Business operations
• Financial plan

How often should I update my Event Planning Business Plan?

Your event planning business plan should be reviewed and updated at least once in a year or more often if there are significant changes in your business environment or services.

What are some tips for writing an Event Planning Business Plan?

Consider the following factors before writing an Event Planning Business Plan:

• Define your niche and business objectives
• Clearly mention unique selling points
• Be realistic in the financial statement
• Understand your target customer
• Stay agile in a dynamic industry

How much does it cost to start an event planning business?

A fair estimation for an event planning business can range from a few thousand to tens of thousands of dollars. It can vary widely depending on office space, equipment, and initial inventory.

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

Plan your business in the shortest time possible

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Popular Templates

Create a great Business Plan with great price.

• 400+ Business plan templates & examples
• AI Assistance & step by step guidance
• 4.8 Star rating on Trustpilot

Streamline your business planning process with Upmetrics .

Event Venue Business Plan Template

Event venue financial plan.

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you host 10 events per month or 50? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $100,000 on building out your event venue, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a company approached you with a $100,000 contract to provide event services to their business. Let’s further assume the contract would cost you $50,000 to fulfill in terms of increased staffing costs. Well, in most cases, you would have to pay that $50,000 now for employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180-day period, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a event venue business:

• Location build-out including design fees, construction, etc.
• Cost of equipment like tables, seating, and decor
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

EVENT VENUE BUSINESS PLAN OUTLINE

• Event Venue Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Event Venue Business Plan Summary

Other Helpful Business Plan Articles & Templates

Free Download

Event Planning Business Plan Template

Download this free event planning business plan template, with pre-filled examples, to create your own plan..

Or plan with professional support in LivePlan. Save 50% today

Available formats:

What you get with this template

A complete business plan.

Text and financials are already filled out and ready for you to update.

• SBA-lender approved format

Your plan is formatted the way lenders and investors expect.

Edit to your needs

Download as a Word document and edit your business plan right away.

• Detailed instructions

Features clear and simple instructions from expert business plan writers.

All 100% free. We're here to help you succeed in business, no strings attached.

Get the most out of your business plan example

Follow these tips to quickly develop a working business plan from this sample.

1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

How to Write a Business Plan for Investors

How to Start a Business With No Money

Business Plan Template

Industry Business Planning Guides

10 Qualities of a Good Business Plan

Simple Business Plan Outline

How to Create a Business Plan Presentation

How to Write a Business Plan

Download your template now

Need to validate your idea, secure funding, or grow your business this template is for you..

• Fill-in-the-blank simplicity
• Expert tips & tricks

We care about your privacy. See our privacy policy .

Not ready to download right now? We'll email you the link so you can download it whenever you're ready.

Download as Docx

Download as PDF

Finish your business plan with confidence

Step-by-step guidance and world-class support from the #1 business planning software

From template to plan in 30 minutes

• Step-by-step guidance
• Crystal clear financials
• Expert advice at your fingertips
• Funding & lender ready formats
• PLUS all the tools to manage & grow

Tax Season Savings

Get 40% off LivePlan

The #1 rated business plan software

Discover the world’s #1 plan building software

• Documentation
• Contact Support

Subscribe to our blog

Writing Event Planning Business Plan: Step-by-Step Guide

February 9, 2024

Event Resources , For Event Managers

Reading time

Explore topics

How to Cancel an Appointment? Examples and Tips for Service Business Owners

Amelia vs. Calendly: In-Depth Comparison To Help You Choose a Scheduling Solution

Recurring Appointments Guide: Streamline Your Scheduling & Boost Performance

9 Best Acuity Scheduling Alternatives for WordPress in 2024

How to Back Up Your WordPress Site: The Ultimate Guide

Limited time offer

Effortless Appointment & Event Booking

Save 40% on WordPress Booking Plugin

Read Inspiring Customer Stories

Check out how our user set Amelia for his business

Who knows the importance of a well-laid plan better than event planners? We don’t have to tell you that you absolutely need to write an event planning business plan, but we’ll tell you how to do it. 

And don’t worry – an event planning business plan isn’t just for those who’re just starting their event planning business . It’s also for those who want to avoid business risks, explore better opportunities, and build trust with their clients on a deeper level. If some of these things describe your event planning business, let’s discover the essentials of your business plan and how to develop one yourself. 

Why Event Planning Business Plan Matters

A well-thought-out event planning business plan is crucial for several reasons, and it can empower entrepreneurs in the event planning industry such as yourself to achieve a variety of objectives. Here’s why it matters and what you as an event planning business owner will achieve with a solid business plan:

• A business plan serves as a roadmap for your event planning business. It outlines your goals, strategies, and the steps you need to take to achieve success.
• You’ll use the plan as a guiding document to stay focused on your objectives and navigate the complexities of the event planning industry.
• Investors and lenders often require a detailed business plan before considering any financial support.
• An event planning business plan showcases the viability and potential profitability of your business, attracting investors and securing funding.
• The process of creating an event planning business plan encourages you to thoroughly analyze their market, competitors, and target audience.
• Once you’ve gone through that process, you’ll make informed decisions based on this analysis, adapt strategies to changing market conditions, and maximize opportunities.
• A well-crafted event planning business plan allows you to clearly articulate your unique selling propositions (USPs) and competitive advantages.
• Use these differentiators to stand out in a crowded market, attract clients, and establish a strong brand presence.
• Financial projections included in the business plan provide a clear picture of revenue, expenses, and potential profits.
• Entrepreneurs can use this financial data to manage their resources effectively, make budgetary decisions, and ensure the financial health of their event planning business.
• The marketing and sales strategies outlined in the business plan help your event planning business to define its target audience and communicate its brand message.
• You’ll leverage the event planning business plan to implement effective marketing campaigns, build brand awareness, and attract clients.
• The business plan includes a risk analysis, identifying potential challenges, and outlining mitigation strategies.
• Instead of waiting, you can proactively address risks , enhancing the resilience of your event planning business and ensuring continuity in the face of unforeseen challenges.
• Sharing a comprehensive business plan with potential clients demonstrates professionalism and transparency.
• Entrepreneurs can use the plan to build trust with clients, assuring them of their capabilities and commitment to delivering successful events.

The Essential Elements of Successful Event Planning Business Plan

Before you get overwhelmed with all the different terms and instructions, let me assure you that writing an event planning business plan is easier than it seems. Let’s start with baby steps to go over the essential elements of a successful event planning business plan, and continue with learning how to write each of these sections for your business.

• Executive Summary
• Company Description
• Services You Offer
• Target Market
• Event Planning Market Analysis
• Marketing & Sales Strategy
• Operational Plan
• Team Structure
• Financial Projections
• SWOT Analysis
• Legal Structure
• Funding Request (if applicable)

How to Write an Event Planning Business Plan?

There are exactly 13 steps that separate you from your event management business plan. 

Each of these steps is a separate section in the plan, and we’ve got you covered with actionable tips and examples on how to write each one. We recommend you start taking notes and working on your event planning business plan along with reading further. 

1. Writing Executive Summary for Event Management Business Plan

Writing an effective executive summary for your event planning business plan is crucial, as it’s the first section potential investors or partners will read. But don’t get it twisted – the executive summary is actually the section you’ll finish at the end. The executive summary should provide a concise overview of your business and its key elements.

It’s basically a snapshot of your entire business plan, so make every word count.

Image by vectorjuice on Freepik

It should entice readers to explore the details while providing a clear understanding of the value your event planning business brings to the market.

And how do you write an executive summary for an event management business plan? We’ve prepared a step-by-step guide and an example!

Start with a strong opening

Begin with a compelling and concise introduction that grabs the reader’s attention. Clearly state the purpose of your business plan and briefly mention your mission or vision for the event planning business.

Provide a brief overview of your business

Offer a snapshot of your event planning business, including its name, location, and the types of events you specialize in. Highlight any unique aspects of your business that set you apart from competitors.

Articulate your unique selling proposition (USP)

Clearly define what makes your event planning business unique and why clients should choose your services. Emphasize any innovative approaches, special expertise, or exclusive services you offer.

Outline your key objectives

Concisely list the main objectives and goals of your event planning business. Keep these goals specific, measurable, and aligned with the overall vision of your business.

Describe your target market

Provide a brief overview of your target audience, including demographics and preferences. Highlight any niche markets or specific industries you plan to focus on.

Introduce your team

Briefly introduce key members of your event planning team, emphasizing their relevant skills and experience. Highlight any unique qualifications that make your team well-suited for event planning success.

Mention key achievements or milestones

If your event planning business has achieved notable milestones or garnered recognition, mention them briefly. This adds credibility and demonstrates your business’s track record.

Summarize your financial projections

Provide a high-level overview of your financial projections, including revenue expectations and growth forecasts. Highlight key financial metrics that showcase the profitability of your event planning business.

Include a call to action

End the executive summary with a call to action, indicating what you’re seeking from the reader (investment, partnership, etc.). Encourage further exploration of the full business plan.

Executive summary for event planning business plan example:

Executive Summary: XYZ Events

• Introduction:

XYZ Events is a dynamic and innovative event planning company located in [City, State]. With a passion for creating unforgettable experiences, we specialize in crafting seamless and unique events that leave a lasting impression. Our mission is to exceed client expectations by delivering exceptional events that reflect their vision and style.

• Key Business Information:

Founded in [Year], XYZ Events has quickly established itself as a leader in the event planning industry. We are proud to offer a comprehensive suite of services, including corporate events, weddings, and social gatherings. Our team of experienced event planners is committed to turning every client’s vision into a reality, providing meticulous attention to detail and unparalleled creativity.

• Unique Selling Proposition (USP):

What sets XYZ Events apart is our innovative approach to event planning. We leverage cutting-edge technology to enhance the planning process and create immersive experiences for our clients. Our team combines creativity with strategic thinking, ensuring that each event not only meets but exceeds expectations. Whether it’s a corporate conference, a dream wedding, or a milestone celebration, XYZ Events brings a fresh and personalized touch to every occasion.

• Objectives:

XYZ Events is poised for strategic growth over the next three years. Our primary objectives include expanding our client base, increasing revenue by 25%, and establishing key partnerships within the hospitality and entertainment industries. We are committed to maintaining our reputation for excellence while embracing new opportunities for innovation and growth.

• Target Market:

Our target market includes corporate clients seeking professional event management, couples looking for a stress-free wedding planning experience, and individuals hosting social events. We understand the unique needs of each segment and tailor our services to create memorable and impactful events.

Led by [Founder/CEO], our team comprises seasoned event planners, designers, and coordinators with a proven track record of success. Our diverse skill set allows us to approach each event with creativity and expertise, ensuring a seamless and enjoyable experience for our clients.

• Financial Projections:

XYZ Events anticipates steady growth, with projected revenue of $[Amount] in the first year and a cumulative growth rate of 20% over the next three years. Our financial projections are based on a comprehensive market analysis and a strong understanding of industry trends.

• Call to Action:

We invite you to explore the detailed business plan to discover how XYZ Events plans to revolutionize the event planning landscape. Whether you’re an investor, potential client, or industry partner, we welcome the opportunity to collaborate and create exceptional experiences together.

XYZ Events is not just an event planning company; we are architects of unforgettable moments. Join us in shaping the future of event experiences.

2. Company Description

Company description exists in your event management business plan to provide an overview of your business, its history, and its structure. But how do you create a solid company description you’ll be proud to put into your business plan for everyone to read?

Begin with a concise and engaging introduction that captures the essence of your event planning business. Clearly state the name of your company and its primary purpose. Your event management business plan should i nclude fundamental details such as the location of your business, the date it was founded, and any key milestones. You should also mention the legal structure of your company (e.g., LLC, sole proprietorship).

Company description should clearly articulate the mission and values that drive your event planning business. Express the purpose of your business and the principles that guide your operations. Another important aspect are also your services, and you should provide a brief but comprehensive overview of the event planning services your business offers. Highlight any specialties or unique aspects that set your services apart. 

More tips for company description in business plan for event hosts:

Explain the problem you solve.

Clearly articulate the problems or challenges your event planning business addresses. Describe how your services meet the needs of clients by providing solutions and creating memorable experiences.

Share your business story

Offer a brief narrative that tells the story of how your event planning business came into existence. Include any inspiration, challenges overcome, or unique experiences that shaped your business.

Highlight key achievements

Mention any notable achievements or milestones your event planning business has reached. This could include successful events, recognition, or significant client satisfaction.

Emphasize your team’s expertise

Introduce key members of your team, emphasizing their relevant skills and experience in event planning. Highlight any certifications, awards, or industry recognition your team has received.

Explain your competitive edge

Clearly define what makes your event planning business stand out from competitors. Emphasize unique features, innovative approaches, or exclusive services that give you a competitive advantage.

Discuss your growth strategy

Outline your plans for the future growth of your event planning business. Discuss any expansion plans, target markets, or strategic partnerships you’re considering.

Remember that the goal of company description is to become a solid foundation for readers to understand your company’s identity and value proposition.

3. Describing Services You Offer in Event Management Business Plan

Describing the services you offer in an event management business plan is a crucial component, as it helps potential investors, clients, and partners understand the scope and value of your offerings. It also helps you make money hosting events , so let’s see how to do it right:

• Begin by clearly defining each service you offer in your event management business. Use concise and specific language to articulate the scope and nature of each service.
• If your event management business provides a range of services, consider grouping them into categories or creating service packages . For example, you might have categories like corporate events, weddings, social gatherings, and conferences.
• Provide an overview of the planning process for each service. Outline the steps involved, from initial client consultation to post-event evaluation.
• Emphasize your ability to customize services to meet the unique needs and preferences of each client.Discuss how you tailor your approach to different types of events and client requirements.
• If you offer day-of coordination or event management services, explain the level of support clients can expect. Highlight your role in ensuring smooth event execution and addressing unforeseen challenges.
• If your event management business leverages technology tools or event management software , mention them. Explain how technology enhances efficiency, communication, and the overall event experience.
• If your services include event design and styling, describe your creative process. Showcase your expertise in creating visually appealing and thematic events.

Image by storyset on Freepik

• If you handle vendor relationships as part of your services, discuss how you source and manage vendors. Highlight your ability to negotiate contracts and secure competitive pricing.
• If your event management business assists with venue selection and logistics, explain your approach. Discuss criteria for venue selection and how you manage logistical aspects like transportation and accommodation.
• If your services involve budgeting and financial management, outline your approach. Explain how you help clients set realistic budgets and manage expenses throughout the planning process.
• If your event management business offers marketing and promotional services, detail your strategies. Discuss how you enhance the visibility of events and attract attendees.
• Include case studies or examples of past events you’ve successfully managed. Use real-world examples to illustrate the effectiveness of your services.
• Highlight your ability to adapt to different event sizes, themes, and cultural considerations. Showcase your flexibility in catering to diverse client needs.

4. Explaining Your Target Market

Explaining your target market in your event management business plan is essential for demonstrating a clear understanding of your potential clients an d how your services meet their needs.  

Because of that, you need to clearly define the demographic, geographic, and psychographic characteristics of your target audience. Identify the specific industries, groups, or individuals you aim to serve with your event management services.

If applicable, segment your target market based on different types of events (e.g., corporate events, weddings, social gatherings). Highlight any niche markets or specialized segments you plan to focus on. Don’t forget to include relevant demographic details such as age, income level, occupation, and education. Specify the size of the target market and any relevant trends within these demographics.

Psychographic factors are also important! Discuss the interests, lifestyles, and values of your target market. Explain how your event management services align with the preferences and attitudes of your audience.

More tips for explaining your target market in business plan:

Consider geographic factors

Outline the geographic locations where your target market is concentrated. If your services are location-specific, explain why you’ve chosen those areas.

Identify pain points and needs

Clearly articulate the pain points, challenges, and needs of your target market. Explain how your event management services address and alleviate these issues.

Highlight trends and market growth

Showcase any relevant trends or growth opportunities within your target market. Discuss how your event management business is positioned to capitalize on these trends.

Competitor analysis

Conduct a competitor analysis within your target market. Identify existing event management companies catering to the same audience and explain how your approach differs or improves upon theirs.

Explain your unique value proposition (UVP)

Clearly define your unique value proposition and how it resonates with your target market. Emphasize what sets your event management services apart from competitors.

Provide testimonials or case studies

If available, include testimonials or case studies from past clients within your target market. Use real-world examples to demonstrate your successful track record.

Discuss decision-making factors

Explain the factors that influence your target market’s decision-making process when choosing an event management service. Highlight how your business addresses these factors and provides solutions.

5. Event Planning Market Analysis

It’s not enough to do market analysis.

Presenting your market analysis clearly and compellingly is crucial in an event management business plan. Here is how to do it:

• Begin the market analysis section with a brief executive summary. Summarize the key findings, such as market size, growth trends, and major opportunities or challenges.
• Provide a general overview of the event management industry. Highlight the significance of the industry and the role it plays for other businesses. 
• Clearly define your target market, including demographics, psychographics, and geographic considerations. Present a detailed picture of the audience you aim to serve with your event management services.
• Present current industry trends and developments. Use charts or graphs to illustrate trends, making the information visually engaging.
• Provide estimates of the overall market size for event management services. Present historical growth data, future projections based on reliable sources and other insightful event statistics.
• Include a comprehensive analysis of your competitors. Create a chart or table that highlights key competitors, their market share, strengths, and weaknesses.
• Present the results of your SWOT analysis.
• Provide insights into the challenges and opportunities within the industry. Discuss how your business plans to navigate challenges and leverage opportunities. For example, how do your competitors effectively leverage event booking systems , and how efficient are they?
• Detail the pricing strategies and fee structures prevalent in the market. Explain your pricing strategy and how it aligns with the perceived value of your services.
• Present findings on consumer behavior when selecting event management services. Discuss factors influencing their decisions and preferences.
• Discuss the distribution channels commonly used in the event management industry. Explain how your business plans to reach and engage your target audience.
• Discuss the impact of technology on event management services. Highlight any technological advancements that your business plans to leverage such as event ticketing apps and tools .
• Explore relevant environmental and social trends influencing event planning preferences. Show how your business is aligned with or responds to these trends.
• Include selected customer feedback and testimonials. Use real-world examples to demonstrate client satisfaction and success stories.
• Incorporate visual aids such as charts, graphs, and tables to present data in an easily digestible format. Use visuals to enhance key points and make the information more engaging.

Remember to tailor the presentation of your market analysis to your specific audience —whether it’s potential investors, partners, or internal stakeholders. Clear and concise communication of your market insights will contribute to a strong and convincing event management business plan.

6. Marketing & Sales Strategy

Next chapter of your event planning business plan is developing and presenting a robust marketing and sales strategy. It’s crucial for attracting clients and investors. Here’s a step-by-step guide on how to formulate and effectively present this section:

Marketing Strategy

Target market and positioning.

• Clearly define your target market segments and demographics.
• Explain how your event management services meet the needs of these specific markets.
• Emphasize the unique value proposition that positions your business uniquely in the market.

Branding and identity

• Outline your brand identity, including logo, colors, and messaging.
• Describe how your brand reflects the values and positioning of your event management business.

Online presence

• Detail your online presence, including a professional website and social media profiles.
• Discuss the platforms you will use to connect with your audience and share updates.

Content marketing

• Explain your content marketing strategy to showcase expertise and engage your audience.
• Detail plans for blog posts, articles, case studies, or other content that demonstrates your event planning knowledge.

Search engine optimization (SEO)

• Discuss your SEO strategy to improve the visibility of your website in search engine results.
• Outline the keywords relevant to your business and how you plan to optimize your online content.

Email marketing

• Detail your email marketing strategy for reaching and nurturing potential clients.
• Discuss the types of emails you’ll send, the frequency, and the goals of your email campaigns.

Networking and partnerships

• Identify networking opportunities within the event planning industry.
• Discuss potential partnerships with vendors, venues, or other businesses that can enhance your service offerings.

Sales Strategy

Sales channels.

• Identify the primary sales channels you will utilize (direct sales, online sales, partnerships, etc.).
• Explain how these channels align with your target market and marketing strategy.

Sales team structure

• If applicable, outline your sales team structure.
• Introduce key members and their roles in the sales process.

Sales tactics

• Provide a detailed explanation of your sales tactics and methodologies.
• Discuss how you plan to approach potential clients, conduct consultations, and close deals.

Pricing strategy

• Clearly outline your pricing strategy for event planning services.
• Explain how your pricing aligns with the value you provide and competitive market rates.

Sales forecast

• Present a sales forecast outlining expected revenue based on your sales projections.
• Break down the forecast by service categories or target markets.

Customer relationship management (CRM)

• Discuss your CRM system and how it will be used to manage client relationships.
• Highlight how you plan to retain clients for repeat business.

Sales promotions and incentives

• Outline any sales promotions, discounts, or incentives you plan to offer.
• Explain how these strategies align with your overall marketing and sales goals.

Presentation Tips

• Use visuals like charts, graphs, and images to enhance the presentation. Create a visual representation of your sales funnel, conversion rates, or growth projections.
• Be concise and use clear language to communicate your marketing and sales strategies. Avoid jargon or overly technical terms that may confuse your audience.
• Present realistic and data-backed projections . Show a clear understanding of your market, industry trends, and potential challenges.

7. Operational Plan

Writing an operational plan for your event management business plan involves detailing the day-to-day operations, logistics, and processes that ensure the successful execution of events. But how do you structure and write an effective operational plan? Let’s see:

• Describe the physical location of your event management business. Discuss any facilities, office space, or storage areas you use to support your operations.
• Outline the organizational structure of your event management team. Introduce key team members, their roles, and responsibilities. Emphasize the expertise and experience that each team member brings to the business.
• Provide detailed job descriptions for each team member. Clearly define the roles and responsibilities associated with event planning, coordination, design, marketing, and any other relevant functions.
• Discuss your staffing plan, including the number of full-time, part-time, and contract staff. Detail any plans for hiring additional team members based on business growth.
• Outline your approach to training and developing your event management team. Discuss ongoing education, certifications, or workshops that contribute to professional development. 
• Detail the workflow and processes involved in event planning and execution. Provide a step-by-step guide, from initial client consultation to post-event evaluation.
• Discuss how you source, negotiate with, and manage vendors. Outline criteria for selecting vendors and maintaining strong relationships with them.
• Identify the technology tools and software you use to enhance operational efficiency. Discuss any event management plugin , project management software, communication tools, or CRM systems.
• Detail your approach to handling event logistics, including transportation, equipment, and supplies.
• Discuss how you ensure that all necessary equipment and materials are available for each event.
• Explain how you maintain high-quality standards in event planning and execution. Detail your quality control processes to ensure client satisfaction.
• Outline measures to ensure the well-being of attendees, staff, and vendors during events.
• Provide an emergency response plan that addresses potential risks during events. Outline procedures for handling unforeseen challenges and ensuring the safety of all involved parties.
• Create a timeline that outlines key milestones and deadlines for event planning and execution. Detail your approach to monitoring and evaluating the success of each event.
• Discuss feedback mechanisms, post-event surveys, and metrics used to assess performance.

8. Team Structure

Explaining the team structure in your event planning business plan provides the reader with a clear understanding of the roles and responsibilities within your organization. You should:

• Include an organizational chart that visually represents the hierarchy and relationships within your event planning team. Clearly show the positions and reporting lines.
• Identify and introduce key leadership positions within your team. This may include the founder/CEO, directors, or senior managers responsible for overall business strategy and decision-making.
• Detail the core event planning team members and their roles. Specify responsibilities such as event coordination, logistics, design, and client communication.
• Provide detailed descriptions of the roles and responsibilities for each team member. Clearly define what each position is accountable for within the event planning process.
• If applicable, detail the responsibilities and contributions of the founder/CEO. Highlight their vision, leadership, and strategic role in the company.

9. Financial Projections for Event Management Business Plan

Image by Freepik

Everybody loves money, but not many people love finances and the complications that come with it.

Creating financial projections for your event management business plan involves estimating future revenue, expenses, and profitability. If it seems complicated, it’s better to hire an expert. Here’s a step-by-step guide to help you navigate the process:

Begin by estimating your sales revenue. Break down your services into categories (e.g., corporate events, weddings) and project the number of events you expect to handle.

Consider the pricing strategy for each service and calculate the total sales for each category.

Expense projections

Identify and estimate all the expenses associated with running your event management business. This includes:

• Variable Costs: Directly tied to the number of events (e.g., event materials, transportation).
• Fixed Costs: Remain constant regardless of the number of events (e.g., rent, salaries, insurance).
• One-time Costs: Initial expenses such as marketing campaigns or setting up a website.

Gross profit margin

Calculate the gross profit margin by subtracting the total cost of goods sold (COGS) from the total revenue. This provides a measure of profitability before accounting for fixed expenses.

Operating expenses

List and estimate all operating expenses, including rent, utilities, salaries, marketing, and any other ongoing costs. Break down these expenses into monthly or annual categories.

Net profit or loss

Calculate the net profit or loss by subtracting total operating expenses from the gross profit. A positive result indicates profitability, while a negative result signals a loss.

These are all the most important financial projections, let see some additional ones you can use to strengthen your event planning business plan.

Additional financial projections for event managers:

 cash flow projection.

Create a cash flow projection to estimate the inflow and outflow of cash over a specified period.

Factor in the timing of payments from clients, vendor payments, and other financial transactions.

 Break-even analysis

Perform a break-even analysis to determine the number of events or revenue needed to cover all costs. This helps identify when your business will become profitable.

Sensitivity analysis

Conduct a sensitivity analysis to evaluate the impact of changing variables on your financial projections. Identify key factors that could influence your projections and assess their potential impact.

Financial ratios

Calculate financial ratios such as return on investment (ROI), gross margin, and others relevant to your business. These ratios offer additional insights into your business’s financial health and performance.

Pro forma balance sheet

Create a pro forma balance sheet to summarize your assets, liabilities, and equity at a specific point in the future. This provides a snapshot of your business’s financial position.

Pro forma income statement

Develop a pro forma income statement that outlines expected revenues, costs, and profits over a specified period. This statement provides a comprehensive overview of your business’s financial performance.

 Pro forma cash flow statement

Prepare a pro forma cash flow statement that shows the flow of cash in and out of your business. This statement helps ensure that your business has sufficient cash to meet its obligations.

Graphs and visuals

Use graphs and visuals to present key financial data in a clear and visually appealing manner. Visual aids can make it easier for stakeholders to understand your projections.

10. SWOT Analysis

A SWOT analysis is a strategic planning tool that helps businesses identify their internal Strengths and Weaknesses, as well as external Opportunities and Threats. Conducting a SWOT analysis for an event management business plan can provide valuable insights into its current state and potential future challenges and opportunities. Let’s see how to do it right:

Example: Experienced and Creative Team

Your event management business may have a team with extensive experience and creativity, contributing to the successful planning and execution of events.

Example: Strong Vendor Relationships

If your business has established strong relationships with reliable vendors, it can leverage these connections for better deals, quality services, and smoother event logistics.

Example: Limited Marketing Budget

If your business has a limited marketing budget, it may face challenges in reaching a broader audience and competing with businesses that invest more in promotional activities.

Example: Dependence on Key Personnel

If your business heavily relies on specific individuals, such as key event planners, their absence or departure could pose a risk.

Opportunities

Example: Growing Demand for Virtual Events

If there’s a growing demand for virtual events, your business can seize the opportunity to expand its services to meet this emerging trend.

Example: Collaboration with Local Businesses

Collaborating with local businesses or venues could open up opportunities for mutually beneficial partnerships and increased visibility.

Example: Economic Downturn

Economic downturns can lead to reduced corporate budgets for events, posing a threat to the demand for event planning services.

Example: Intense Competition

An increase in the number of event management businesses in your area could intensify competition, making it crucial to differentiate your services effectively.

SWOT Analysis Overview

Internal factors are within your control and are related to the organization itself. Strengths are positive attributes that contribute to success, while weaknesses are internal challenges that need addressing.

External factors are beyond your immediate control and involve the external environment. Opportunities are favorable external conditions that your business can leverage, while threats are external challenges that your business needs to navigate or mitigate.

11. Legal Structure

In the legal structure section of your event management business plan, you’ll outline the legal framework under which your business operates. This section is crucial for potential investors, partners, and stakeholders to understand the formal structure of your business. Let’s see the exact steps you should take to maximize the impact of this section:

#1 Clearly specify the legal structure of your event management business. Common structures include:

• Sole Proprietorship: Owned and operated by a single individual.
• Partnership: Owned and operated by two or more individuals.
• Limited Liability Company (LLC): Provides liability protection for owners.
• Corporation: Offers separate legal identity and limited liability for shareholders.

#2 Provide details about the ownership of the business. Include the names, roles, and ownership percentages of all owners or partners. Specify if there are any major investors or stakeholders.

#3 Mention the legal registration details of your business, including the business name, registration number, and the jurisdiction where you are registered. Include information about any trademarks or copyrights associated with your business.

#4 Outline how your event management business complies with local, state, and federal regulations. Specify any industry-specific regulations or licensing requirements.

#5 Detail the types of insurance coverage your business carries to mitigate risks. This may include liability insurance, property insurance, or event cancellation insurance.

#6 Highlight key contracts and agreements that govern your business operations. This might include client contracts, vendor agreements, and partnership contracts.

#7 Discuss the measures your business has taken to manage legal and operational risks.

#8 Briefly mention your exit strategy, especially if you plan to sell the business, go public, or transition ownership in the future.

12. Funding Request (if applicable)

If you want to ask for additional funds for your business, that makes your event management business plan even more important. Writing a funding request in your event planning business plan is a crucial section that communicates your financial needs, the purpose for seeking funding, and how the funds will be utilized to achieve business goals. 

Key tips for influential funding requests for event managers:

• Provide a brief overview of your event planning business. Highlight key achievements, milestones, and aspects that make your business stand out. 
• Clearly articulate why you are seeking funding. Specify the purpose of the funds, whether it’s for expansion, marketing, technology upgrades, working capital, or any other specific need.
• Outline the preferred funding structure, such as equity financing, debt financing, or a combination of both. Specify the terms and conditions you are seeking, including the desired interest rates, repayment periods, or equity shares.
• Marketing and advertising.
• Technology upgrades.
• Staffing and training.
• Event logistics and equipment.
• Working capital for day-to-day operations.
• Present relevant financial projections to support your funding request. Show how the infusion of funds will contribute to revenue growth, profitability, and other key financial metrics.
• Discuss the anticipated return on investment for the potential investors. Highlight the expected financial benefits and how their investment will contribute to the business’s success.
• Provide a realistic assessment of potential challenges and how you plan to overcome them.
• If applicable, outline your exit strategy. Explain how investors will realize returns on their investment, whether through an IPO, acquisition, or other means.
• Emphasize your business’s competitive advantage and how the funding will strengthen that position. Highlight unique features, customer satisfaction, or proprietary methods that set your business apart.
• Set clear milestones and targets that will be achieved with the funding. This demonstrates a strategic plan and helps investors understand the trajectory of your business.
• Provide a timeline for when you anticipate securing the funding and when it will be utilized. This helps investors understand the urgency and planning behind your funding request.

13. Appendix

The appendix of an event management business plan is an additional section where you can include supplementary information to support and enhance the main body of the document. It’s a place to include detailed information, data, or documents that are important for understanding your business but may be too extensive or specific to include in the main sections. Here’s a list of items that you might consider including in the appendix of your event management business plan:

• Financial documents, including income statements, balance sheets, event proposal templates , cash flow statements, and break-even analysis. 
• Market research and analysis with detailed surveys, insights, and key competitors. 
• Marketing and promotional materials
• Client testimonials and case studies:
• Legal documents such as business licenses, permits, and contracts.
• Operational documents such as SOPs (standard operating procedures), event management resources , and sample checklists you use for event planning. 
• Detailed information about any specialized event planning or project management software.
• Certificates and awards
• Articles and press clippings

Pro tip : Include a table of contents for the appendix to guide readers through the additional materials.

Impress Everyone with Amelia – Event Management Plugin 

Meet Amelia, your new go-to solution for transforming event planning into an experience that WOWs everyone, from investors to attendees. As a WordPress event management plugin , Amelia stands out with its robust features designed to cater to the diverse needs of event agencies, conference hosts, and organizers.

Why Amelia?

• Amelia is more than just an event calendar; it’s a responsive and customizable plugin that adapts to various event types. Whether you’re organizing virtual meetups or grand offline galas, Amelia is tailored to your specific requirements.
• Experience the ease of setting up recurring events with various options. From weekly meetings to annual conferences, Amelia’s clear calendar view simplifies the management of recurring events.
• Effortlessly create visually appealing booking pages using shortcodes or popular page builders like Divi, Elementor, or Gutenberg blocks. With Amelia, your event booking page can be up and running in a matter of minutes.
• Offer your attendees flexibility with Amelia’s deposit payment feature. Let them pay a partial amount upfront and the rest upon arrival, especially beneficial for on-site events.
• Hosting events in multiple languages? Amelia’s translation option ensures a seamless booking experience for your international audience.
• Set different ticket prices based on attendees’ profiles or purchase date. From early bird specials to varying prices for adults and kids, Amelia gives you control over sales periods and pricing.
• Enhance navigation for both organizers and attendees by creating event tags and using different colors to distinguish event types.

Stay organized with Amelia’s seamless integration with Google Calendar and Outlook , allowing hosts to stay on top of their schedules while attendees can easily add events to their calendars.

Key Features Simplifying Event Hosting

• Virtual Sessions and Online Events

Adapt to the modern trend of hosting online events with native integrations with Zoom and Google Meet.

• SMS and Email Reminders

Boost attendance rates with SMS and email reminders, keeping both organizers and attendees informed and engaged.

• Customer and Employee Panels

Effortlessly manage all aspects of your event, from attendees to venues, with comprehensive customer and employee panels.

•  Insightful Admin Dashboard

Gain real-time insights into key performance indicators with an admin dashboard that streamlines event management.

• Fully Customizable Design

Tailor Amelia to align seamlessly with your brand using fully customizable design options.

• Custom Fields for Booking Forms

Enhance the overall booking experience by collecting specific information with custom fields on your booking forms.

Ready to Impress Everyone with Your Event Planning Experience?

Join the community of over 30,000 event businesses that trust Amelia for their events calendar. Explore our pricing options and check out our demos to discover how Amelia can revolutionize your approach to event planning. Try Amelia today and experience a new era of event management!

Share the article

Sign up and get the latest stories and deals to your inbox!

We won't spam you, we will send just interesting stories and best features once or twice per month.

We care about your data in our privacy policy

Introducing the improved Amelia Cart feature.

Seamlessly book multiple appointments in a single transaction.

• View all new features

Who's it for

• Web Developers and Agencies
• Beauty and Spa Salons, Barbershops
• Yoga Instructors and Studios
• Doctors and Healthcare
• Event Agencies and Hosts
• Gyms and Personal Trainers
• Automotive and Car Repairs
• Photographers and Studios
• Coaching and Consulting
• Appointment Booking
• Scheduling for Your Business
• Booking for WooCommerce Stores
• Success Stories
• Suggest a Feature
• Customer Support
• Affiliate Program

All Rights Reserved (c) TMS, Amelia WP Booking Plugin 2018-2024

How To Develop a Financial Plan For An Event Planning Business

One of the most important aspects of starting a new business is creating a financial plan. This document will help you track your expenses, predict your income, and make sure your business is profitable.

Creating a financial plan is an essential step in ensuring the success of your event planning business. By taking the time to develop a detailed and accurate financial plan, you can avoid common pitfalls and set your business up for success.

Importance of a Financial Plan for Event Planning Business

A financial plan is a critical tool for any business, but it is especially important for event planners. Event planning is a notoriously unpredictable industry, and a well-crafted financial plan can help you navigate the ups and downs.

Elements of a Financial Plan

There are several key elements that should be included in your event planning business. They are:

1. Event Budget

The first and most important element of your financial plan is your event budget. This budget should include all of the costs associated with putting on an event, including venue rental, catering, staff, décor, and entertainment.

2. Income and Expenses

Your financial plan should also include a detailed analysis of your income and expenses. This will help you track your progress and make sure your business is on track to be profitable.

3. Cash Flow

Another important element of your financial plan is your cash flow. This is a detailed analysis of how much money is coming in and going out of your business. This information will help you manage your finances and make sure you have enough cash on hand to cover your expenses.

4. Profit and Loss Statement

A profit and loss statement (P&L) is a critical tool for any business, but it is especially important for event planners. This statement will help you track your income and expenses, and it will show you whether or not your business is profitable.

5. Break-Even Analysis

A break-even analysis is a tool that can help you determine how much revenue you need to generate in order to cover your costs. This information is critical for event planners, as it can help you price your events appropriately and ensure you are making a profit.

Let’s dig further by walking you through an example.

Financial Plan

To create a financial plan, include a summary of your complete and detailed financial picture (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Event Planning Business

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Event Planning Business

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup event planning business.

Sample Cash Flow Statement for a Startup Event Planning Business

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

A well-crafted financial plan is essential for any event planning business. The financial plan should include a detailed budget, an analysis of income and expenses, cash flow projections, and a profit and loss statement. By taking the time to create a thorough financial plan, you can ensure that your business is on track for success.

Item added to your cart

The financial plan for an event agency.

Running a successful event agency goes beyond just creating memorable experiences; it's also about making smart financial decisions.

In this post, we'll dive into the essentials of crafting a financial plan that can help your event agency thrive.

From understanding your startup costs to managing daily expenses, negotiating with vendors, and projecting future growth with various event types, we're here to guide you through each step.

So, let's get started on the path to making your event planning dreams a financial success!

And if you need to get a full 3-year financial analysis of your event agency without having to do any calculations, please download our financial plan tailored for event management businesses.

What is a financial plan and how to make one for your event agency?

A financial plan for an event agency is a detailed roadmap that outlines the financial aspects of your event planning business.

Think of it as planning a major event: You need to be aware of the resources at your disposal, the type of events you aim to organize, and the costs involved in bringing these events to life. This plan is crucial when starting a new event agency, as it helps turn your passion for event planning into a well-structured, profitable operation.

So, why create a financial plan?

Imagine you're about to launch a dynamic event agency. Your financial plan will help you comprehend the expenses involved - such as renting office space, purchasing event equipment, initial marketing costs, hiring staff, and covering operational expenses. It’s like ensuring you have the necessary supplies and budget before embarking on an elaborate event.

But the plan is more than just a list of expenses.

A financial plan can offer insights similar to uncovering the perfect theme for an event. For example, it might show that high-end event technology is too costly, leading you to seek more affordable but effective solutions. Or, you might realize that a large team of event coordinators is not required at the initial stages of your business.

These insights help you avoid unnecessary expenditures and overextending your resources.

Financial plans also serve as a tool for forecasting and identifying potential risks. Suppose your plan suggests that achieving your break-even point – where your revenue equals your expenses – is only feasible if you organize a certain number of events per month. This knowledge highlights a risk: What if you don’t secure enough events? It pushes you to consider alternative strategies, such as offering virtual event planning services or corporate event packages, to augment your income.

How does this differ for event agencies compared to other businesses? The key difference lies in the types of costs and revenue patterns.

That’s why our specially designed financial plan is tailored specifically to the event agency business . It's not a one-size-fits-all solution for different types of businesses.

Event agencies have unique expenses such as venue booking fees, event-specific insurance, and variable staff requirements. Their revenue can also be more unpredictable – consider how seasonal events might boost income, while other periods might be slower. This contrasts with, for instance, a retail business, where costs and sales trends may be more consistent.

Of course, our financial plan takes all these specific considerations into account. This enables you to create accurate financial projections for your new event agency venture.

What financial tables and metrics include in the financial plan for an event agency?

Creating a financial plan for a new event agency is an essential step in ensuring the success and sustainability of your venture.

Understand that the financial plan for your upcoming event agency is more than just figures; it's a comprehensive guide that leads you through the beginning phases and supports the business's longevity.

Let's begin with the primary component: the startup costs. This encompasses everything you need to launch your event agency.

Consider the expenses for renting or purchasing office space, event equipment, initial marketing and promotional materials, furnishings, technology for event management, and even branding for your agency. These costs provide a clear view of the initial investment required. We have already outlined them in our financial plan , so you don't need to search elsewhere.

Next, factor in your operating expenses. These are the recurring costs you will incur, such as salaries for your team, utility bills, event supplies, and other daily operational costs. Accurately estimating these expenses is crucial to understand how much your event agency needs to generate to be profitable.

In our financial plan, we've filled in all these values, giving you a good idea of what to expect for an event agency. Naturally, you can modify them in the 'assumptions' section of our financial plan to suit your specific situation.

One of the key tables in your financial plan is the cash flow statement (included in our plan). It illustrates how cash is expected to flow in and out of your business.

It’s a detailed monthly (and yearly) overview that includes your projected revenue (the income you anticipate from organizing events) and your projected expenses (the costs of operating the agency). This statement is vital for predicting periods when you might need extra cash or when you can consider growth or upgrades.

Another important table is the profit and loss statement, also known as the income statement, which is also part of our financial plan.

This official financial document provides insight into your event agency's profitability over a specific period. It lists your revenues and deducts expenses, indicating whether you're in profit or loss. This statement is crucial for assessing the financial health of your event agency over time.

Don't overlook the break-even analysis (also included). This calculation shows how much revenue your event agency needs to generate to cover all its costs, both initial and ongoing. Understanding your break-even point is essential as it sets a clear sales target.

We've also included additional financial tables and metrics in our financial plan (provisional balance sheet, financing plan, working capital requirement, ratios, charts, etc.), offering you a complete and detailed financial analysis of your prospective event agency.

Can you make a financial plan for your event agency by yourself?

Yes, you certainly can!

As mentioned earlier, we have developed a user-friendly financial plan specifically designed for event agency business models .

This plan includes financial projections for the first three years of operation.

Within the plan, you'll discover an 'Assumptions' tab that contains pre-filled data, encompassing revenue assumptions, a comprehensive list of potential expenses unique to event agencies, and a staffing plan. These numbers are fully customizable to suit your particular project needs.

Our in-depth financial plan covers all crucial financial tables and ratios, including the income statement, cash flow statement, break-even analysis, and a provisional balance sheet. It is ideal for loan applications and accessible to entrepreneurs at all levels, including novices, with no previous financial knowledge required.

The process is streamlined to avoid manual calculations or intricate Excel tasks. Simply enter your data in the specified fields and choose from the given options. We have optimized the process to be straightforward, even for those new to financial planning tools.

If you run into any difficulties, please feel free to contact our team. We promise a response within 24 hours to help solve any issues. In addition, we provide a complimentary review and correction service for your financial plan once you have completed all your assumptions.

What are the most important financial metrics for an event agency?

Succeeding in the event agency business requires a deep understanding of both the intricacies of event management and the principles of financial management.

For an event agency, certain financial metrics are especially important. These include your revenue, cost of services (COS), gross profit margin, and net profit margin.

Your revenue encompasses all income from event services, reflecting the market's response to your events. COS, covering the costs of event materials, venue, and direct labor, is key to understanding the direct costs associated with your services.

The gross profit margin, calculated as (Revenue - COS) / Revenue, shows the efficiency of your event management, while the net profit margin, the percentage of revenue remaining after all expenses, indicates your overall financial health.

Projecting sales, costs, and profits for the first year involves a thorough analysis of various factors. Begin by studying the local market and your target clientele. Estimate your sales based on factors like demand for event types, competition, and pricing strategy.

Costs can be split into fixed costs (like office rent and utilities) and variable costs (like event supplies and hourly labor). Be conservative in your estimates and consider variations in demand across different seasons or events.

Creating a realistic budget for a new event agency is crucial.

This budget should cover all anticipated expenses, including office rent, utilities, equipment, initial marketing, labor, and an emergency fund. It's also vital to set aside funds for unforeseen expenses. Maintain a flexible budget and regularly revise it, adjusting as needed based on actual performance.

In financial planning for an event agency, key metrics include your break-even point, cash flow, and client acquisition cost.

The break-even point indicates the volume of events you need to manage to cover your costs. Positive cash flow is vital for daily operations, while an efficient client acquisition cost signifies effective marketing and client relationship management.

Financial planning can vary significantly between different types of event agencies.

For instance, a corporate event planner might focus on high-value contracts with fewer events, whereas a wedding planner might have more frequent events with different cost structures, focusing on personalized experiences.

Recognizing signs that your financial plan may be unrealistic is key. We have listed these indicators in the “Checks” tab of our financial model, offering guidelines to promptly correct and adjust your financial plan to achieve relevant metrics.

Red flags include consistently missing revenue targets, dwindling cash reserves, or excessive spending on client acquisition. If your actual figures consistently deviate from your projections, it indicates the need to revise your financial plan.

Lastly, the key indicators of financial health in an event agency's financial plan include a stable or growing profit margin, a healthy cash flow that comfortably covers expenses, and consistently meeting or exceeding event booking targets.

Don't worry, all these indicators are “checked” in our financial plan , and you can adjust them as needed.

You can also read our articles about: - the business plan for an event agency - the profitability of a an event agency

• Choosing a selection results in a full page refresh.
• Opens in a new window.

How to Write an Event Business Plan: A Complete Guide

Events need to prove their worth to get funding. Without an event business plan, your idea may not find support. An event business plan helps you focus on the purpose and goals of the event. In your plan, illustrate your event’s financial potential and plan the resources and operating structure you’ll need to deliver. Whether you’re brand new or an established event planner, think of your business plan as the strategic vision for where your event can be three to five years from now.

Table of contents

Why do i need an event business plan, executive summary, section 1: background and history.

Section 3: Development plan

Section 4: Event requirements

Section 5: Marketing and communications plan

Section 6: Financial plan and considerations

Section 7: Appendices

If you’re hoping for long-term financial returns on your event planning, you’ll need a reliable event business plan. Even if you’re used to winging most of your event planning, having your strategic vision down on paper will save you time and resources, and minimise stress in the long run. Here’s how:

• It’ll help you keep track of your budget, so you don’t have to worry about overspending.
• It doubles as a calendar for key dates and deadlines, such as venue selection, invitation mailing windows, etc.
• The plan is a handy checklist — it’s easy to track what’s already been taken care of and what still belongs on your to-do list.
• You’ll have a reliable way to track metrics for what actions are being taken to meet your event goals.
• It’s a one-stop shop for all your logistical needs.

Read on to discover what to include in your event business plan and how to structure it.

Your front cover should detail your event name, the document’s title (for example, [Event Name] Business Plan 2023-2025), the date created, and your contact details. If you already have a logo, include that as well.

Your table of contents should be a way for someone to understand your business plan quickly. Use numbers and titles to clarify the main sections and include subheads within those sections.

The executive summary should contain a comprehensive overview of the event. It’s essentially an elevator pitch you’ve had time to edit to perfection. It introduces you and your event and lets your reader know why they should care enough about your event to read the rest of the document.

Your summary should be at least one page long but no longer than 10% of the total length of the plan. Although it’s at the beginning of the plan, edit it after writing the rest of your content to ensure it accurately summarises your whole strategy.

Your executive summary should contain the following:

• Basic information: What the event is; when and where it will take place
• Your mission: The event’s purpose; how will it benefit the stakeholders
• Your background: Information about you (the event creator) and anyone else involved
• Budget: An estimated event income and expenditure
• Business plan reviews: Time set aside to monitor progress

This section allows you to showcase who you are and how you’re different. Share your background, history, and past success.

• Who you are: Provide background information about you and the  team behind the event. Add details about relevant experience. What events have you worked on in the past? What’s your track record?
• Event history: If it’s the first year of your event, detail where the idea for the event came from and any historic information about the event category and audience. For existing events, detail when your event was launched, why it was founded, where it’s been held, who it attracts, and how it has developed.

Remember to include any milestones that would impress readers.

Section 2: Development plan

Your development plan is the place for you to think big. Identify your long-term vision. Then, showcase your strengths and clarify how you’ll overcome your weaknesses.

• Vision: Describe the long-term vision for the event and any specific goals — for example, to launch internationally or franchise your event series.
• Strategic development:  Outline your plan for the event three to five years from now. How will you achieve key objectives? What’s the timeline, and who’s responsible for driving strategy and implementation?
• SWOT (strengths, weaknesses, opportunities, and threats) analysis: Identify strengths and weaknesses of your event, as well as opportunities and threats it faces.
• Risk factors: Provide an initial risk assessment covering key areas such as program, finances, operations, reputation, legal, audience, and health and safety. Show how you’ll manage and mitigate these risks.

Section 3: Event requirements

Once you know your vision, lay out the details. Determine what’s needed for putting on this type of event in terms of venue, services, and permits.

• Facilities: List the facilities required for the event —  venue , accommodation, catering, and technical support.
• Services: List the services required — staffing, traffic management, health and safety, security, and medical support.
• Production: Detail the production equipment required — power, fencing, staging, sound, and lighting.
• Legal and insurance: Detail the necessary insurance and licenses required to cover all aspects of the event.
• Technology: List the technology you’ll need to make your event successful — think audio/visual needs and ticket scanners.

Section 4: Marketing and communications plan

Your marketing and communications plan will be your roadmap for getting the word out about your event. At this point, your business plan is getting long — but don’t quit now. It doesn’t matter how compelling the rest of your plan is if this portion of your event business plan isn’t built out. No one will attend an incredible event if they don’t know it’s happening!

• Positioning : What’s the message you want to relay to your audience? This is what makes your brand different. What do you want future attendees to think of when they hear about your event?
• Product : Detail what the event offers attendees.
• Price : Explain your   pricing strategy and different ticket options.
• Convenience: Explain how you use technology to drive attendance.
• Promotion : Detail the  promotional tactic you’ll use to reach your audience — social media, paid advertising, direct mail, print media, or influencers.
• Budget plan : Provide a breakdown of your event marketing budget. Not sure where to start? Check out this   event budget guide

Section 5: Financial plan and considerations

No event business plan is complete without an analysis of financials. Explain the expected value of your event — your revenue streams and losses.

• Income and expenditure projections : Demonstrate that your event is financially viable and achievable. How will the event be paid for? Identify income streams such as ticket and exhibition space sales, funding, grants, and sponsorship. Present detailed event budgets and cash flow projections for the period of the plan. Use this  event budget template to help with calculations.
• Economic impact estimation: If your event is large, what benefit will it have for the local area? For example, you might attract out-of-town attendees that benefit hotels, restaurants, and other businesses. If it’s a smaller pop-up, how will you partner with other local businesses? Show that your pop-up is an economic investment in the community.

Section 6: Appendices

Include any additional materials such as third-party reports, research documents, codes of practice/policies, and site/venue maps. Not sure if you should include something in the appendix? Include the material if you think it would help answer a reader’s question.

Turn your plan into reality

Writing a comprehensive event business plan is the best way to validate your event and focus your team and other stakeholders on your goals. Once everyone has signed off on your event business plan, stay on track to make your goals a reality with this event planning Gantt chart .

Take your event to the next level with Eventbrite

• WAS THIS ARTICLE HELPFUL?

SPREAD THE WORD

about the author

Andrea Tang

Andrea Tang has built a diverse portfolio of content, covering a range of topics that include international affairs, business, and sports. She loves storytelling in all forms, and regularly collects new hobbies - such as martial arts, aerial circus, and theater, to name just a few - in the guise of “research”.

You might also like these

How to start an event planning business

If you’re looking to snag one of the 116,700+ (on average) jobs available to meeting, convention, and event managers out there, here’s what you’ll need to get started.

Step 1: Determine if it’s a good fit.

Like most jobs, your skill set and personality will largely determine your success in this field. And while you don’t need to check off all the qualities on this list, here are some things to consider before you start an event management business :

• You can keep the big picture in mind while still taking care of all the little details.
• Whether it’s Sunday brunch or the company holiday party, you’re everyone’s go-to person for all group events.
• Working within a budget and strict timeline makes you feel creatively stimulated, not stunted.

Try the most popular event management business software

Get Started Free

Step 2: Research certifications.

The Bureau of Labor Statistics notes that demand for event managers will grow an additional 11% by the time we reach 2026. With such a positive industry outlook, it’s good to find new ways to stand out amongst the competition as new event planners enter the market in coming years.

Certifications are fantastic ways to add credibility to your business , regardless of your experience level. Besides proving you’re dedicated to further your education in the field, these credentials show that respected institutions can vouch for your abilities (and your business).

Some of the top certifications event managers pursue include:

• Certified Special Events Professional
• Certified Event Planning Specialist
• Certified Quality Event Planner

There are lots more options to choose from, but these serve as a great jumping off point. However, if you aren’t able to acquire one right now, you can still get your business off the ground without it.

It’s worth noting that beyond certifications, there are no strict college degree requirements (although it seems most event planners do have some sort of bachelor’s education under their belts when starting out).  

Step 3: Fill out an event management business plan.

Any cursory Google search for the phrase event management business plan will inevitably lead you to some free wedding and event planning business plan templates .

However, you’ll find that the one we’ve created (below) provides a not too much, not too little approach you won’t find in any other guides.

Each point has been carefully selected so that you can create the event management business plan of your dreams without getting overwhelmed or missing out on details you definitely need to include. As long as you check off the items we listed, you’ll have a solid business plan ready to go in no time.

Step 4: Handle all the necessary paperwork.

To start an event management business, you’ll need each of the following:

• An event management business plan (use the free template we made below)
• Approval for a tax business structure that suits your financial needs
• General business liability insurance

These documents cover all the basics. But as you gain more experience, you might want to add on things like home-based insurance or upgrade to a new tax entity once you enter into the appropriate bracket.

We won’t get into these more advanced concepts for this beginner guide, but make sure to revisit these categories before you’re officially open for business.

Step 5: Figure out finances.

To be clear, you definitely can start an event management business with no money ! However, whether your funding is from your own bank account or someone else’s, small businesses in the events industry should consider starting out with these budget line items:

• Office space and essentials. You can use the computer, printer, and supplies you already have, assuming you do have (or can at least borrow) those things now. But keep in mind: if you’d like to write off your in-home office space on your federal taxes, your room must be secluded and have its own door.
• Advertising. At the very least make sure you have a small batch of business cards and a portfolio website ready to go. If you have some cash to spare, consider getting into paid social media ads or printed marketing materials like mailers.
• Software. The good news is there are plenty of great free event management software programs available these days, so you might not even have to budget for this one!

And that’s basically it! Depending on your niche or preferences, it would be good to also use this startup costs guide created by the Small Business Association to see if there’s anything else specific to you that might be missing.

Step 6: Choose a team.

Vendors, chefs, marketing agencies, software providers, event staff, and personal or office assistants all make wonderful additions to your event management business.

You can start out on your own (which, according to small business statistics , most people do) or you can go through the process of finding, interviewing, and hiring employees.

Depending on the amount of new business you plan to take on, you may or may not need to ever hire someone to help you part-time. At the very least though, you should start compiling a list of people who fit into this network so you can collaborate, get referrals, and perhaps even sub-contract them in the future.

Grow your event management business with the best tools

Get Started Now

What is your vision for an event planning business?

Once you’ve completed all of these steps, it’s time to review the big picture. As you figure out your plan, budget, and staffing options, your idea of what you want for your business might change. And that’s totally okay!

Learning how to be flexible is a skill all small business owners must learn. Just make sure you adjust now so you can carry your vision with you for future decision making.

How to write a personal event planning business plan

1. create an executive summary.

• Objectives. Write down your realistic and measurable business goals .
• Mission. Check out these inspiring company mission statements for ideas.
• Keys to Success. Also known as why you think your business will succeed and how you will make sure it does.

2. Make a company summary

• Company Ownership. If it’s just you, consider doing a sole proprietorship .
• Start-up Summary . Think of it like a company overview . Include your business’s back story, location, and anything else you’d basically put on your website’s About section.
• Company Locations and Facilities. Include the address you’ll put on your taxes and any long term rentals like kitchen prep spaces or coworking offices.

3. Identify your products and services

• Services. Event management services can really vary so use this section to outline what you do and what you don’t do.
• Prices. The average yearly event planner’s salary comes out to about $50,000 so plan accordingly.
• Competitive Comparison. Who are your immediate competitors? What do they have that you don’t? Record this research and look for imaginative ways to stand out. Be very honest with your assessment of how your business stacks up against them and what you should do to improve your chances of success.

Try the most popular event management software in the world

4. create a marketing analysis summary.

• Marketing Segmentation. Targeting means finding what area, demographic, or behavioral patterns your high ROI prospects all have in common, just like you’d do for any customer-focused corporate event.
• Target Market Segmentation Strategy. Now that you know who you audience it is, it’s time to research and define all the ways you plan to gain their business.

5. Do a strategy and implementation summary

• Sales Strategy. Here are the two best advanced event business pricing strategies to choose from.
• Sales Forecast. It’s a bit complicated, but figuring out how much money you think your business will make over the next six months to a year (or more) makes studying a sales forecasting guide well worth the effort.
• Milestones . Whether your goal is the total number of sales or income from sales (or something else entirely), you’ll want to formally establish what milestones you’d like to hit by when. Just leave wiggle room for the unexpected and adjust expectations as you go.

6. Write a management summary

• Organizational Structure. For event management teams, clearly defined roles are more important for teamwork than pretty much anything else.
• Personnel Plan. Here are some things to know about hiring staff for an event specifically that will also apply to your company as a whole.

7. Create your financial plan

• Important Assumptions. Business plan assumptions can be fairly complex. For now, just focus on listing your anticipated fixed and variable event planning expenses , marketing costs, and what taxes you’ll have to pay on your earned income.
• Break-Even Analysis . How much did you invest? And how much will you need to earn (after taxes, equipment costs, etc. are subtracted) in order to equal your initial investment? Keep this number handy – it’ll help you decide whether or not to take on more projects, motivate you to upsell whenever possible, and give you a realistic for success.
• Projected Profit and Loss. The IRS might want to see your profit and loss statements at some point, so make a point to regularly record your expenses and sales in one organized document.
• Projected Cash Flow. This free (and very helpful) small business book says to calculate it one month at a time for more accurate figures.
• Projected Balance Sheet. If you’ll be acting as your own bookkeeper, check out this balance sheet template to speed up the process.
• Business Ratios. Even if you’re not a math person, you can definitely handle this last (but very important) event management business plan step. There are lots of business ratios to choose from, but if you want the quickstart version go with these 3 most important balance sheet ratios for professional services firms .

Now you know how to start an event management business!

How do you become an event planner? You plan. Plan your business, plan your client’s events, and plan for a successful future.

There are lots of details involved but if you follow the ideas laid out in this guide, you’ll have yourself a healthy event management business plan along with some great strategies for reaching your goals!

For more on starting your own company , check out these tips for financing your event business , current event statistics worth considering, and event trends you should know for 2019.

• Free Planner Tools
• Event Seating Software
• Event Check-In Software

Venue Tools

• Event Diagramming Software
• Interactive Floor Plans
• Photo-Realistic 3D
• Lead Capture Tools
• Event Planning
• Guides & Webinars
• Customer Stories
• Contact Sales: +1 (877) 973-2863
• About Cvent
• Cvent Community
• Help & Support
• Training & Certification
• Status & Uptime
• Terms of Service
• Privacy Policy
• Your Privacy Choices
• +1 (877) 973-2863 - Option 1
• [email protected]

Copyright 2024 Cvent Inc. All rights reserved.

Event Venue Business Plan Guide + Free Example

July 6, 2023

Adam Hoeksema

Finding the perfect venue for an event can be a daunting task, and running the perfect venue can be even more challenging. If you are looking to start your own event venue, this demands strategic thinking, careful planning, and a sharp eye for detail. It's not just about finding the right location; it's about understanding your target market, gauging competition, predicting costs, and generating profits. Sounds overwhelming? Fear not, we have your back!

In this blog post, we will take you step-by-step through the process of creating an effective and practical business plan for your event venue business. From defining your business concept and forecasting your financials, to marketing strategies and operational plans, we will cover it all. Moreover, we've included a free, downloadable event venue business plan example to provide you with a tangible resource to guide you through your own planning process.

Whether you're an aspiring entrepreneur who's new to the industry, an experienced event planner branching out, or simply exploring the idea, this comprehensive guide and free example are sure to make your journey to launching your own event venue a bit easier. Stay with us as we delve deeper into the world of event venue businesses and empower you to bring your vision to life.

Here is what I plan to cover in this post:

• Why write a business plan for an event venue?

What to include in an event venue business plan?

Event venue business plan outline, how to analyze the competition for your event venue.

• How to Promote an Event Venue?
• How to create financial projections for an event venue
• Event venue example business plan
• Event venue business plan FAQs

With that as our guide, let’s dive in. 

Why write a business plan for an event venue? 

The primary reason to write a business plan for an event venue is because your potential investors and lenders have asked for your business plan.  I can come up with all sorts of reasons why it might be smart to write a detailed business plan, but at the end of the day, the real reason is because writing a business plan is standing in between you and the startup funding that you need.  

If you are looking to secure an SBA loan, then this general overview on how to write a business plan for an SBA loan can be helpful.  It discusses the differences between writing a standard, long form business plan versus a lean startup business plan which will typically use a business model canvas.  I think this can be some helpful background, but we want to know more specifically how to write a business plan for an event center business.  The following is the outline we use for our event venue business plan template.   

Event Venue Plan Outline

I. executive summary.

II. Business Concept

III. Market Analysis

IV. Competition Analysis

V. Marketing Strategy

VI. Menu and Kitchen Operations

VII. Service and Hospitality

VIII. Financial Plan

Startup Costs:

• Projected Financial Summary:

Annual Sales, Gross Profit and Net Profit:

Key financial ratios:, income statement:, balance sheet:, cash flow statement:.

IX. Organizational Structure

X. Conclusion

As you review our business plan template I think you will get the idea of what to include in most of the sections, but I wanted to focus on a couple of unique sections of your business and provide some tools and techniques that I think might be helpful as you try to complete a competitive analysis and marketing section of your business plan. 

In order to analyze the competition in a given market for an event venue I like to try to pull both website traffic data and physical foot traffic data .  I use a few different tools to help find this data.  

How to Estimate Website Traffic for a Competitor

To estimate website traffic for a competitor I would start by looking up their website on a tool like Ahrefs which will show us how much organic website traffic they are getting.  For this example, let’s assume that our competitor is a wedding venue and winery called The Sycamore Winery .  We can see that they receive approximately 650 organic website visitors per month:

Additionally, with Ahrefs we can see which keywords are sending them the most organic traffic.  In this example, they are getting some traffic from wedding venue related keywords as you can see below:

You can look up all of your competitors with a tool like Ahrefs and find out which ones seem to be getting the most website traffic and from which keywords.  This can help you set an SEO strategy for your venue and determine which keywords to target first.  

How to Estimate Foot Traffic for a Competitor  

In addition to website traffic, it can be really powerful to estimate the actual foot traffic that a particular location might be getting.  This can help you get some understanding of how many events and people you might be able to expect at your event venue which can be important for your financial projections.  Ultimately, the number of events and the size of those events will likely correlate directly with your revenue, so estimating foot traffic can be a secret weapon as you analyze the competition.  

Using our foot traffic report service we can see that The Sycamore Winery has roughly 3,500 visitors per month. 

The report also allows us to see foot traffic by day, so we can see how busy various days are.  This would give you some indication of how many events you might be able to forecast on the weekends and weekdays.  

With that level of detail you may know more about your competitors than they know themselves, and it can really help you understand key drivers of business for your competitors.  

How to Promote an Event Venue? 

Another aspect of your event center business plan that I think I can provide some unique guidance in is how to promote your event venue.  There are obviously a number of ways to promote your wedding event venue such as: 

• Digital Marketing : Launch a visually appealing website that features high-quality photographs and videos of your venue. Incorporate an interactive virtual tour that enables potential customers to envision their event at your venue. Utilize SEO strategies to improve your venue’s visibility on search engines.
• Social Media Promotion : Use platforms like Instagram, Pinterest, and Facebook to showcase your venue. Post photos from real weddings and other events held at your location, behind-the-scenes shots, and testimonials from happy couples. Engage with your audience by responding to comments and direct messages promptly.
• Bridal Shows and Expos : Participate in local wedding expos and bridal shows. These events are a great opportunity to network with prospective clients and other wedding vendors. Provide potential customers with a tangible feel for your venue through pictures, videos, and brochures.
• Collaborate with Wedding Planners : Wedding planners can be your strongest advocates. Develop relationships with local and regional planners, and invite them to visit your venue. They can recommend your venue to their clients if they're impressed with what you offer.
• Online Wedding Directories : List your venue on wedding directories and websites like The Knot or WeddingWire. These platforms can significantly increase your venue's visibility to couples searching for a venue.

One area I want to spend a little bit of time on is how to promote your event venue with SEO.  If you can rank well for relevant keywords it can provide you with a long term competitive advantage.  So here is what I would do.  I would use Ahrefs as I showed you above and look up your competitors websites to see which keywords are sending them the most traffic.  You will see a column called KD which stands for keyword difficulty.  You should look for relevant keywords for your venue with a low KD – keyword difficulty – these are the keywords that you have the best chance at ranking well for early on.  

Additionally, I would use the Google Keyword Planner Tool , which is free, to see which keywords have the most search volume.  For example, I can see that Indianapolis Wedding Venues has roughly 3,600 monthly searches.  Using the keyword ideas function you can see search volume for other related keywords and identify smaller niche keywords that you are most likely to be able to compete in. 

These search volume estimates give you a good idea of how large the market is and ultimately can flow right into building assumptions for your event venue financial model . 

How to Create Financial Projections for a Business Plan

Just like in any industry, the event venue business has its own set of factors that influence revenue, such as location, event demand, and pricing strategies. Utilizing an event venue financial projection template can simplify the process and boost your confidence. Creating accurate financial projections goes beyond showcasing your venue's ability to host events; it's about illustrating the financial path that leads to profitability and the realization of your vision for creating unforgettable event experiences. To develop precise projections, consider the following steps:

• Estimate startup costs for your event venue, including venue acquisition or lease, renovations or decor, permits, licenses, and initial marketing expenses.
• Forecast revenue based on projected event bookings, pricing per event, and potential revenue streams such as catering services or equipment rentals.
• Project costs related to event preparations, staffing, and other event-specific expenses.
• Estimate operating expenses like utilities, maintenance, insurance, and administrative costs.
• Calculate the capital required to launch and operate your event venue, covering initial expenses and providing working capital for sustained operations.

While financial projections are a vital part of your event venue business plan, seek guidance from experienced professionals in the event industry. Adapt your projections based on real-world insights, leverage industry resources, and stay attuned to emerging event trends to ensure your financial plan aligns with your goals and helps you create a successful and in-demand event venue.

Example Event Venue Business Plan

Presented below is the text for our sample event venue business plan. To make it easier for you, we offer a downloadable Google Doc version of this event venue business plan template here . This allows you to edit it and make it truly yours. Furthermore, we provide a video walkthrough that will assist you in tailoring the business plan to suit your unique event venue concept.

Table of Contents

Ii. market analysis, iii. product and service offerings, iv. marketing and sales strategy, v. operations and management, vi. financial projections.

Startup Costs

Financial Summary

Annual Sales, Gross Profit and Net Profit

Key Financial Ratios

Income Statement

Balance Sheet

Cash Flow Statement

VII. Conclusion

The proposed event venue is a state-of-the-art facility located in the heart of the city, catering to a wide range of events including weddings, corporate events, and social gatherings. The venue has a total capacity of 300 guests and boasts a spacious ballroom, a cozy lounge area, and a fully equipped kitchen.

The target market for the venue is the high-end segment, which is expected to generate a significant portion of the revenue. The estimated startup costs for the business are $500,000, which will be funded through a combination of personal savings and a loan from a financial institution.

The business is owned and operated by a team of experienced event professionals who have a deep understanding of the industry and a passion for creating unforgettable experiences. The team's goal is to make the venue a preferred destination for event organizers and guests alike.

The Market Analysis section provides an overview of the event venue industry and the target market.

The event venue industry has experienced steady growth over the past decade and is expected to continue growing in the coming years. The high-end segment of the market is particularly attractive due to the increasing demand for premium event experiences.

The target market for the venue includes corporate clients, wedding planners, and social event organizers. The primary customer demographics are affluent individuals and businesses located in the city, as well as those from nearby cities who are looking for a luxurious event venue.

The venue will differentiate itself from its competitors by offering a combination of exceptional service, high-end amenities, and a prime location. The venue will also leverage technology to enhance the customer experience and streamline operations, making it easier for event organizers to plan and execute their events.

The Product and Service Offerings section provides a description of the venue's features and services.

The venue has a total capacity of 300 guests and includes a spacious ballroom, a cozy lounge area, and a fully equipped kitchen. The ballroom is equipped with state-of-the-art audiovisual systems and can be configured to accommodate a variety of event setups. The lounge area is perfect for intimate gatherings and cocktail receptions, while the kitchen provides ample space for catering and food preparation.

In addition to the venue itself, the business will offer a range of services to enhance the customer experience, including event planning and coordination, catering, and lighting and sound support. The venue will also partner with local vendors to provide event decor, florals, and photography services.

The pricing for the venue will be competitive with other premium event venues in the market, with a range of packages available to meet the needs of different types of events. The pricing strategy will be based on a combination of demand and cost considerations, with the goal of maximizing revenue while delivering exceptional value to customers.

The Marketing and Sales Strategy section provides an overview of how the venue will reach potential customers and generate revenue.

The marketing plan for the venue will focus on three primary channels: digital marketing, events and promotions, and partnerships. The digital marketing strategy will include a strong presence on social media, a website optimized for search engines, and targeted online advertising campaigns. The events and promotions strategy will include hosting events and open houses at the venue to showcase its features and services. The partnership strategy will include working with wedding planners, corporate event organizers, and other local businesses to promote the venue and generate referrals.

The Operations and Management section provides a description of the venue's organizational structure and day-to-day operations.

The venue will be owned and operated by a team of experienced event professionals who will be responsible for the overall management of the business. The team includes a General Manager, an Operations Manager, and an Event Coordinator.

The General Manager will be responsible for the overall strategic direction of the business, including financial management, marketing and sales, and customer relations. The Operations Manager will be responsible for day-to-day operations, including staffing, scheduling, and vendor management. The Event Coordinator will be responsible for event planning and coordination, ensuring that each event runs smoothly and meets the expectations of the customer.

The venue will utilize a booking and event management system that integrates with the financial and operational systems, making it easier to manage bookings, track revenue, and provide excellent customer service. The venue will also have a robust staffing plan, including a team of event staff and catering staff, to ensure that each event is staffed appropriately.

All of the unique financial projections you see here were generated using ProjectionHub’s event venue  financial projection template . Use PH20BP to enjoy a 20% discount on the template. 

The Financial Projections section provides an overview of the startup costs and the financial performance of the business.

The estimated startup costs for the business are $500,000, which will be funded through a combination of personal savings and a loan from a financial institution. The startup costs include the purchase of equipment and furnishings, leasing costs for the venue, and initial marketing expenses.

Financial Summary:

Watch how to create financial projections for your very own event venue:

The Conclusion and Appendices section provides a summary of the key points of the business plan and supporting documentation.

In conclusion, the event venue business is poised for success due to the growing demand for premium event experiences, the experienced ownership and management team, and the state-of-the-art facilities and services offered. This business plan outlines a comprehensive strategy for reaching potential customers, generating revenue, and delivering exceptional value to event organizers and guests.

Event Venue Business Plan FAQs

How do i start an event venue business.

To start an event venue business, you'll need to identify your target market and niche, secure a suitable location, design and set up the venue space, obtain necessary permits and licenses, establish relationships with event planners or vendors, and create marketing strategies.

What amenities should I consider offering in my event venue?

Amenities to consider offering in an event venue include seating and furniture arrangements, audiovisual equipment, lighting and sound systems, catering facilities or partnerships, restrooms, parking or valet services, and any unique features specific to your venue.

How can I attract clients to book my event venue?

To attract clients, develop a visually appealing website and online presence, showcase your venue's unique features through high-quality photos and virtual tours, offer customizable packages, provide exceptional customer service, and establish relationships with event planners or industry professionals.

How to create pricing packages for an event venue?

Pricing models for event venues can vary, and may include hourly rates, package rates based on event duration and services, tiered pricing based on the size or type of event, or customized pricing based on specific client requirements. Research the local market and industry standards to determine your pricing strategy and if you'll include any equipment rental options.

How can I effectively manage bookings and scheduling for my event venue?

You can effectively manage bookings and scheduling by utilizing event management software or tools, maintaining an up-to-date calendar, streamlining the booking process through online forms or platforms, having clear communication channels with clients, and having dedicated staff to handle inquiries and event coordination.

About the Author

Adam is the Co-founder of ProjectionHub which helps entrepreneurs create financial projections for potential investors, lenders and internal business planning. Since 2012, over 50,000 entrepreneurs from around the world have used ProjectionHub to help create financial projections.

Other Stories to Check out

How to finance a small business acquisition.

In this article we are going to walk through how to finance a small business acquisition and answer some key questions related to financing options.

How to Acquire a Business in 11 Steps

Many people don't realize that acquiring a business can be a great way to become a business owner if they prefer not to start one from scratch. But the acquisition process can be a little intimidating so here is a guide helping you through it!

How to Buy a Business with No Money Down

Learn the rare scenarios enabling the purchase of a business with no money down and delve into the complexities of selling via seller notes, highlighting the balance of expanded opportunities and inherent risks in these unique financial transactions.

Have some questions? Let us know and we'll be in touch.

Event Budget Planning: A Comprehensive Guide for Organizers and Companies

Understanding Event Budgeting

Creating an event budget, event budgeting best practices, tool for reducing event cost: eventx.

Organizing an event can be an exciting and rewarding experience, but it can also be a daunting task, especially when it comes to managing finances.

To ensure the success of an event, organizers, and companies must carefully plan and manage their event budget.

This article will explore the basics of event budgeting, including best practices, tools, and templates to help you plan and manage your next event. 

What is an Event Budget?

An event budget is a financial plan that outlines all the expenses required to organize an event.

It is a detailed list of all the expected costs and revenues associated with the event, including venue rental, catering, marketing and promotion, transportation, equipment rental, and any other costs related to the event.

Event budgeting is essential as it helps organizers manage their resources effectively, avoid overspending, and ensure they stay within their financial limits.

The responsibility of event budgeting lies with the event organizer or company hosting the event.

Why is Event Budgeting Important?

90% of event planners suffered from insufficient budgets in 2018, making budgeting an extremely critical aspect of event planning. 

Budgeting is crucial because it helps organizers and companies to plan, track, and control their expenses, ensuring that the event remains within budget.

It also helps to identify potential cost savings and prioritize expenses based on their importance to the event's success. 

Who is Responsible for Event Budgeting?

The responsibility for event budgeting varies depending on the organization and event size.

In most cases, the event organizer or project manager is responsible for creating and managing the event budget.

However, a finance or accounting team may be involved in the budgeting process in larger organizations.

Blogs suggested for you :  Best 18 Online Event Management Software Must Know in 2024 17 Best Free & Paid Event Check-in Apps Must know in 2024

The first step to creating an event budget is to identify all the costs associated with the event.

These costs can be categorized into fixed and variable expenses.

Fixed expenses are those that do not change regardless of the size of the event, while variable expenses are directly proportional to the size of the event.

Once all the costs have been identified, it is important to allocate the budget by prioritizing expenses and setting a budget vs. actual costs to ensure that the event stays within its financial limits.

Identifying Costs

The first step in creating an event budget is to identify all the costs associated with the event.

This includes fixed costs, such as venue rental and equipment costs, and variable costs, such as catering, transportation, and marketing expenses.

Fixed Costs

Fixed costs are expenses that do not change regardless of the number of attendees or the scale of the event.

These include venue rental fees, equipment rental, insurance, and other expenses required to host the event.

Variable Costs

Variable costs are expenses that vary depending on the scale and complexity of the event.

These include catering, transportation, marketing and promotion, speaker fees, and any other costs related to the event.

Blogs suggested for you :  Best 10 Lead Retrieval Badge Scanner App for Any Events in 2024 16 Best Event Registration Software For Any Organization in 2024

Allocating Budget

Once all the costs have been identified, allocating the budget is time.

This involves prioritizing expenses based on their importance to the success of the event and estimating the costs associated with each expense.

Prioritizing Expenses

Prioritizing expenses is crucial in ensuring that the event stays within budget.

Organizers and companies must decide which expenses are critical to the success of the event and allocate funds accordingly.

For example, suppose the event's success is dependent on attracting high-profile speakers.

In that case, most of the budget should be allocated to offering competitive speaker fees and accommodation fees such as travel expenses. 

Some best practices for event budgeting include allocating funds for marketing and promotion costs, speaker and talent fees, printed materials costs, and venue costs.

It is important to consider all these expenses when creating an event budget to ensure no costs are left out.

Marketing and Promotion Costs

Marketing and promotion are essential components of any successful event, which make them the top cost associated with event planning.

According to a survey of event creators, 43% of event costs are attributed to marketing and promotion, making it a critical component to consider when creating an event budget.

The budget should include costs related to advertising, social media promotion, and email marketing campaigns. 

Suggested for you :  Best 18 Online Event Management Software Must Know in 2024 16 Best Event Registration Software For Any Organization in 2024

To reduce marketing and promotion costs, event planners can explore different strategies, such as leveraging social media to promote the event, partnering with relevant organizations to promote the event, and creating targeted email campaigns to reach potential attendees.

Event management software can also be used to manage event promotion:  Our attendee generation function enables attendee acquisition at a low cost- the more people attend an event, the more likely they are to share their experiences with other potential clients, allowing attendees to promote your event indirectly.

The function also generates a list of emails, allowing smoother pipeline construction- This all-in-one generation solution saves a great deal of time, effort, and money in promoting, making your event more budget-friendly. 

Speaker and Talent Fees

Hiring speakers and talent for events can be a significant cost for event organizers, as indicated in a survey where 32% of event creators reported it as a top cost.

However, speakers and talent can also be crucial to creating a successful event.

To manage speaker and talent costs, event organizers can consider negotiating fees and looking for speakers who are willing to participate for free or at a reduced rate.

It is also important to consider the value that speakers and talent can bring to an event and weigh that against the cost of their fees.

Event organizers can also explore alternative solutions that can help reduce speaker and talent costs.

For example, they can consider virtual speaking engagements instead of in-person appearances.

This can eliminate travel and accommodation costs for the speaker and reduce costs for the event organizer.

Additionally, event organizers can consider using event tech solutions, such as pre-recorded talks or virtual sessions, to further reduce the need for live talent and potentially save costs.

Printed Materials Costs

Printed materials such as name badges, brochures, flyers, and handouts can add up quickly. Budgeting for these costs and considering digital alternatives to printed materials is important.

Printed materials are an important aspect of event budgeting, accounting for up to 29% of the total costs of an event.

Printed materials are among the top expenses, alongside marketing and promotion, speakers and talent, and venues.

Our event web app covers everything for you to reduce conference printing needs.

One of its features is the lobby page, which acts as a homepage- this means you can easily access every part of the event just by your fingertips, reducing printing costs and making navigation simpler than ever.

Attendees can also understand more about the speakers in our speaker list function, which includes speaker profiles, allowing attendees to locate the speakers of their preference.

All these make it feasible for your event to go entirely paperless, saving a great deal on printing. 

Suggested for you :  Best 18 Online Event Management Software Must Know in 2024 Best 10 Lead Retrieval Badge Scanner App for Any Events in 2024

Venue Costs

Venue costs can vary widely depending on the size and location of the event.

Researching and comparing different venues is important to ensure you get the best value for your budget. One way to reduce venue costs for virtual or hybrid events is by cutting down on onsite days.

This can instantly reduce venue, travel, and accommodation costs, saving the entire event budget.

Another way to reduce costs is by converting an in-person event into a hybrid one.

If planned properly, hybrid events can potentially reduce the overall cost of the event .

Additionally, strategically selecting vendors and having more control over the cost of each item can help reduce hybrid event costs.

Event organizers can select strategic hybrid event partnerships to limit extra spending.

Organizing an event can be a daunting task, especially when it comes to managing budgets.

Fortunately, event technology companies such as EventX offer solutions that can help reduce event costs by helping organizations streamline their processes, eliminate manual tasks, and make better-informed decisions. 

We offer a wide range of features to help with event planning, including our attendee generation system targeted to have organizers acquire attendees at a low cost.

Attendee generation can have the fixed costs associated with an event, such as rental fees and staffing costs, shared with attendees, resulting in lower costs per attendee.

More attendees can also make your event more appealing to sponsors, allowing additional revenue to flow in and offset the event cost.

A higher negotiation power with vendors and suppliers can also be acquired, potentially lowering the overall cost of your event.

Furthermore, event management software can help organizations manage their manpower and time more efficiently by automating tasks like registration and check-in, freeing up staff to focus on more high-value tasks.

This can also help reduce the need for additional staff, saving labor costs.

EventX can also help with team and organization management, enabling users to streamline complex procedures and reduce overall event production costs.

Our instant badge-printing feature allows the check-in process to be accelerated- manpower for manual check-in can be saved, and security costs can be reduced since the function ensures that only authorized guests or individuals have access to the event.

We also support VPN-free connection for participants and attendees in China, greatly boosting accessibility.

Staff and attendees can easily access the event network anytime, anywhere, without extra IT support.

Overall user experience will be enhanced due to saved VPN license costs, faster connectivity, and overall convenience.

By streamlining these processes, event management software can help reduce the time and manpower required to plan and execute events, ultimately leading to cost savings.

By doing so, they can reduce their expenses and maximize their return on investment.

Creating an event budget is an essential part of organizing a successful event.

It helps organizers manage their resources effectively, avoid overspending, and ensure they stay within their financial limits.

By following the best practices and utilizing various tools and templates, organizers can create a comprehensive event budget that ensures the success of their event. 

Interested in our solution?

Virtual Marketing: How to Choose the Best Social Media Advertising Platform

How do you draft an event proposal for virtual events in 2023?

Best Event Management System Top 10: A Comprehensive Guide

Related posts

There are no related posts

• Business Plan for Investors
• Bank/SBA Business Plan
• Operational/Strategic Planning Services
• L1 Visa Business Plan
• E1 Treaty Trader Visa Business Plan
• E2 Treaty Investor Visa Business Plan
• EB-1 Business Plan
• EB-2 NIW Business Plan
• EB-5 Business Plan
• Innovator Founder Visa Business Plan
• Start-Up Visa Business Plan
• Expansion Worker Visa Business Plan
• Manitoba MPNP Visa Business Plan
• Nova Scotia NSNP Visa Business Plan
• British Columbia BC PNP Visa Business Plan
• Self-Employed Visa Business Plan
• OINP Entrepreneur Stream Business Plan
• LMIA Owner Operator Business Plan
• ICT Work Permit Business Plan
• LMIA Mobility Program – C11 Entrepreneur Business Plan
• USMCA (ex-NAFTA) Business Plan
• Franchise Business Plan
• Landlord business plan
• Nonprofit Start-Up Business Plan
• USDA Business Plan
• Cannabis business plan
• Ecommerce business plan
• Online boutique business plan
• Mobile application business plan
• Daycare business plan
• Restaurant business plan
• Food delivery business plan
• Real estate business plan
• Business Continuity Plan
• Pitch Deck Consulting Services
• Financial Due Diligence Services
• ICO whitepaper
• ICO consulting services
• Confidential Information Memorandum
• Private Placement Memorandum
• Feasibility study
• Fractional CFO
• How it works
• Business Plan Examples

Event Planning Business Plan Sample

JAN.15, 2018

Event planning business plan for starting your own agency

Are you thinking about starting an event planning business ? Well, if you have what it takes to properly plan and manage an event, you can certainly jump in this field. The biggest benefit of starting this business plan event planner is that it requires the least capital investment as compared to many other businesses. You can start a business plan for an event planner in a small office with a small team and a little inventory comprising of mostly office and stationery products.

Secondly, a  business plan for an event planner starts yielding a profit as soon as it is launched as compared to most of the businesses which need months or even years to yield the desired rate of return. Another important aspect is that, unlike other businesses, an event planning business has the least amount of risk associated with it provided that you plan and market it successfully.

So before you move on to starting this venture, you will have to prepare a comprehensive event management business plan which will establish the basis of your company’s future operations and decisions. If you are wondering how to write a business plan for event planning then here we are providing you the event management business plan company business startup named ‘Godi Events’.

Executive Summary

2.1 the business.

Godi Events will be a bonded, insured and licensed event management business plan , located in the Manhattan borough of the New York City. We aim to serve the nearby residential community and the corporate sector of Manhattan by proving them the best services for managing their important and memorable events of life.

Godi Events will be owned and operated by Anna Godi. Anna has been associated with the hospitality industry for more than 6 years. She has been working at executive positions in various event planning companies and premium brands throughout the United States to create memorable and unique events. She wanted to establish a name for herself in this industry that’s why she thought, ‘why not starting my own event planning business ’? Hence, she decided to start this venture.

2.2 Management

The main office of Godi Events will be located in Manhattan borough of the New York City. A 200 square feet office has already been acquired on lease in the center of the main commercial district of downtown Manhattan. Anna will manage the overall operations of the company while she will be assisted by some of her friends for the startup.

The success of a startup heavily depends on its staff and management. Likewise, management will play a great role in making this venture successful, so make sure to plan it before thinking about how to start a business in event planning .

2.3 Customers

Our target market is the corporate sector located in the Central Business District of the Manhattan and the community living nearby at the 10 minutes’ drive from our office. This residential community will need our services for planning and managing their weddings, birthdays, anniversaries, and parties. On the other hand, companies and businesses also need to organize work sessions, retreats, team meetings, seminars, workshops, and conferences multiple times in a year.

Our biggest competitive edge over other competitors will be our mobile app business plan which can be used for online booking, selection of food plans and venues, making payments and much more. We have strategically built this app to facilitate the ever-busy working class of the society. Our second competitive edge will be our unparalleled customer service which will be the best in town. We will treat every customer with utmost respect and make sure that they get more than what they had expected from us.

2.4 Target of the Company

The target of the company is to become the best business plan for event planning company  in the New York City within next five years of our startup. This target can only be achieved by growing the sales at the forecasted rate. We also aim to balance the initial cost of the startup with earned profits by the end of the first year, to achieve the net profit margin of $10k per month by the end of the first year, to open up two more offices in different cities of the United States by the end of five years.

Company Summary

3.1 company owner.

Godi Events will be owned and operated by Anna Godi. Anna has been associated with the hospitality industry for more than 6 years after completing her Masters in Human Resources Management from Loyola Marymount University – College of Business Administration. Since then, she has been working at executive positions in various event planning companies throughout the United States, working primarily with premium companies and brands for creating memorable and unique events.

Anna is a philanthropist and celebrated Event Planner, best known for planning some of the New York City’s most important events. Stylish and discriminating, she believes in working only with the very best. From photographers and set designers to budgeting and booking artists, she has formed an exceptionally collaborative team for her venture.

3.2 Why the event planning business is being started

Anna has always been a planner. Since her high school days, she has been planning, organizing and executing school events. Afterwards, she started her own event management business plan society in college to plan and manage the college events organized by the student body. She was born to be a planner and her planning skills are praised by all and sundry.

After completing her studies, Anna pursued her passion by serving in some of the biggest event organizers of the United States but soon she realized that she can establish her name in the hospitality business only by her own setup. That’s when she decided to start business plan event planner  completely by herself. She knows that she can bring radical changes in the hospitality industry by following her natural instincts.

3.3 How the event planning business will be started

You have to consider many aspects before you think about how to start your own party planning business . Fortunately, during her 5 years’ experience in the hospitality industry, Anna made many friends some of whom will join her in this venture and will help her through every step.

The main office of Godi Events will be located in Manhattan borough of the New York City. A 200 square feet office has already been acquired on lease in the center of the main commercial district of downtown Manhattan. The place was formerly used as an office for a small IT firm. Some changes and interior designing woodwork are also required and a contractor has been hired for this purpose.

Anna has planned everything about her event management business plan including the required personnel and inventory and has hired experts from various fields to help her craft a detailed map about it. The financial experts have forecasted following costs for expenses, assets, investment, and loans for the Start-up.

The detailed start-up requirements, start-up funding, start-up expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities as forecasted by experts, is given below:

Services for customers

The success or failure of a party planner business entirely depends on how it provides its services to the customers. A party plans business must be extremely customer-oriented and should provide a wide variety of services to survive in the modern day competitive environment. So before you start your own event planning business , do some research about what kind of event management business plans are most in demand nowadays. In order to excel in the competitive field of event planning, Godi Events will provide the following event planning services to its esteemed customers:

• Corporate Event Planning: We will provide a majority of services to the corporate sector. Some of those services include but are not limited to corporate event planning, corporate retreat planning, team meetings planning, training and work sessions planning, conferences and workshops planning.
• Party Planning: We will provide a majority of party planning services which include but are not limited to anniversaries planning, birthday events planning, graduation and other parties planning.
• Wedding Planning: We will also provide wedding planning services and other inclusive events such as reception and shower planning.
• Social Events Planning: We will provide a wide range of social events planning which include but are not limited to social gatherings planning, banquets and social dinners planning, award ceremonies and other similar events planning.

Our events will be completely customized, reflecting the brand personality of every client. Whether we will act for a product, a family, or a company, our work will integrate innovative designs with the finest in wine and cocktails, dining, music, entertainment and—most important of all—that intangible element of surprise.

Our group of seasoned professionals understands that breakthrough ideas are only as good as the discipline supporting them. At Godi Events we believe that there is a sublime connection between the mastery of logistics and the creation of astonishment. Specializing in the creation of exceptional events for private and corporate clients, we will design, plan and manage every project from conception to execution.

We will be responsible for planning, executing and managing everything needed to make an event successful. We pay great attention to even the tiniest bit of details as this is the key to the success of any event. Whether we are planning a company retreat, a social event or a wedding, we will be responsible for planning and managing of its every aspect such as audio / visual, budget planning, catering consultation, décor selection, entertainment, evening program, floral, guest gifts, hotel room blocks, invitations, lighting and sound, on-site management, photography, rentals, stationery, tenting, timelines, transportation, venue selection & management, videography etc.

In addition, to provide the planning services, we will also sell resource manuals and step-by-step guides. These resource manuals and step-by-step guides can be either purchased directly from our office in Manhattan or they can be downloaded from your official website by making an online payment via PayPal and Payoneer.

The resource manual is a compilation of various services providers such as caterers, decorators, bands, and disc jockeys located in the surrounding area. A ranking is given to them along with their contact details. This manual gives the client the freedom of making a choice based on experience.

Similarly, the step-by-step guides include the detailed guidelines for planning out the birthdays, meetings, retreats, parties, vacations, and special occasion celebrations such as graduations, holidays, showers, weddings, and receptions event. It will guide the readers on what is needed for and how to put together a successful, worry-free and successful event with popular refreshments, recipes, games. By using these resource manuals and step-by-step guides, anyone can easily plan the small-scale events for themselves.

Marketing analysis of business plan for event planning company

The most important component of an effective event planning business plan template  is its accurate marketing analysis that’s why Anna acquired the services of marketing experts to help her through this phase. It is only after this stage that a good event management business plan could have been developed. After identifying the local market trends in the New York City, the marketing experts and analysts also helped her to select the best site for establishing the main office of the company.

The success or failure of a event management business plan totally depends upon its marketing strategy which can only be developed on the basis of accurate marketing analysis. There are four main steps to carry out an accurate marketing analysis which are to identify the current market trends, identify your target audience and potential customers, set out the event management business plan targets to achieve, and finally set the prices of your products and services. Marketing analysis is a must-do thing before you move on to event planner business plan because the planning of many subsequent components depends on it. Therefore, it must be considered before developing a party planner business plan .

Immigration Business Plan

5.1 market trends.

The event management industry is hardly a couple of decades old and has already experienced unprecedented growth. It is estimated that it is experiencing an unprecedented growth of more than 25% per year making it one of the fastest growing industries today, along with the travel and hospitality sectors. Today, event management business plan is not just limited to planning and organization but much more.

Moreover, this industry is one of the few industries which have seen a constant increase in revenue along with the increase in business plan event planner locations with time. It has been estimated that event industry contributes more than a hundred billion dollars to the annual GDP of the United States. The number of event planners has increased exponentially over the past few years. After identifying these market trends, it is clearly evident that the party planner business plan industry is always blooming and can be immensely profitable provided you plan your business plan event planner successfully.

5.2 Marketing Segmentation

Our target market is the corporate sector located in the Central Business District of the Manhattan and the community living nearby at the 10 minutes’ drive from our office. The community consists of all types of people from varying backgrounds. As per the financial position, nearly half of the community has a monthly income ranging from $40k to $50k while nearly 10% people have incomes even around $100,000.

The corporate sector also provides many opportunities to us since the Downtown Manhattan houses many local, national and multinational businesses and companies. On average, these businesses make millions of dollars every year and can easily spend extravagantly on their events for the sake of promoting their brands. That’s why they present many prospects for event planners like us.

In order to develop a good event planning business plan sample it was crucial to analyze the market segmentation of the future customers of our services. A successful and efficient marketing strategy can only be developed after we completely know our potential customers. Our experts have identified the following type of target audience which can become our future consumers:

The detailed marketing segmentation of our target audience is as follows:

5.1.1 Corporate Sector:

The biggest consumer of our services will be the corporate sector located in Downtown Manhattan. There are hundreds of local, national and multinational businesses and companies located within 15 km radius of our office. These corporations organize company retreats once or twice a year to increase team building between their employees and to take a break from the hectic and monotonous office routine. Similarly, these companies need to organize work sessions, team meetings, seminars, workshops, and conferences multiple times in a year.

Most of these businesses make millions of dollars every year and can easily spend extravagantly on their events for the sake of promoting their brands and for entertaining their high-profile guests. They will contribute the biggest portion of our revenue and hence our marketing strategy will be specifically tailored to attract this customer group.

5.1.2 Government Institutions:

The second category comprises of various government institutions in addition to schools, colleges, and universities located in Manhattan. These institutions frequently host many public events and gatherings such as award ceremonies, educational events, conferences and seminars, alumni meet up events etc.

5.1.3 Residential Community:

The third category includes the community residing in the residential zones of the city at a 10 minutes’ drive from our office. The residential community is extremely diverse comprising of people belonging to various age groups and varying needs. This customer group will need our services for weddings, birthdays, anniversaries, and parties. As discussed earlier, we are strategically located in one of the richest neighborhoods in the United States where the residents have monthly incomes up to a hundred thousand dollars. That’s why this group will contribute the second biggest chunk of revenue after the corporate sector.

The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

We aim to become the best event planners of the New York City within next five years of our startup. Our main event management business plan  targets to be achieved as milestones over the course of next three years are as follows:

• To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
• To balance the initial cost of the startup with earned profits by the end of the first year
• To open up a second company office by the end of three years in San Francisco, and a third office by the end of five years in Los Angeles

5.4 Product Pricing

Product and service pricing is one of the most important factors in deciding the strategy for a business plan for event planning company . Selecting the price for the services is a difficult task, especially for the startups, because one has to attract customers while yielding a profit at the same time. These two things cannot be achieved at the same time and the only way out is to select a compromised trade-off or balance between the two.

After considering the market demands, we have priced all our services in the similar ranges as of our competitors. The reason behind our pricing policy is to achieve the minimum attractive rate of return which would not be possible in case of offering our services at low prices.

The strategy of business plan for event planning company

We had a great experience with ogscapital.

We had a great experience with OGScapital. They were quick, on top of the BCP, and got us exaclty what we needed. We also had an issue with completing a task in a certain time required and they were nice enough to help us out and allow us an additional week. Thank you Alex for all your help!

Like marketing analysis, sales strategy is also an important component of an event planning business . After identifying the market trends, the market demand, and the potential customers of the startup, the next step is to develop an ingenious strategy to attract those customers toward us. Anna carried out an extensive research about various marketing and advertising strategies before she moved to start a party planning business .

6.1 Competitive Analysis:

Event planning industry is one of the biggest industries of the United States contributing $115 Billion to the annual GDP of the United States. According to the US Bureau of Labor Statistics, there is over 100,000 party planner business plan  in the United States and their numbers are increasing exponentially. Likewise, there are hundreds of established event planners in the New York City that’s why we have a really tough competition ahead of us. Considering the immense competition in this field, one has to introduce something innovative before even thinking about how to start event planning business .

That’s why we have already made preparations for entering the competitive industry of event management. Our biggest competitive edge over other competitors will be our mobile app which can be used for a variety of purposes such as online booking, choosing a venue from different venues, selection of different menu plans or create a customized one for your event, selection of different activities for the event, making online payments, and much more.

We have strategically built this app to facilitate the ever-busy working class of the society. Our second competitive edge will be our unparalleled customer service which will be the best in town. We will treat every customer with utmost respect and make sure that they get more than what they had expected from us.

6.2 Sales Strategy

After carrying out a detailed analysis, our experts came up with the following brilliant ideas to advertise and sell ourselves.

• We will carry out a large-scale social media campaign for our advertisement.
• We will introduce a smartphone app which you can use for online booking, selection of food delivery by business plans and venues, making payments and much more.
• We will offer a 25% discounts on our services for the first three months of our launch.

6.3 Sales Forecast

Considering our innovative app, the quality of our services, and our unparalleled customer service, our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the column charts.

The detailed information about sales forecast, total unit sales, total sales is given in the following table:

Personnel plan

Personnel plan, like all other plans, is an important component of an effective event planning business plan example . Its importance is due to the fact that success of any business plan event planner significantly depends upon its employees. It is never easy to estimate the number and type of staff needed for a company before it is even launched therefore it is always better to seek the help of HR experts to get through this phase. Anna acquired the services of experts to help her develop the following personnel plan for her company.

7.1 Company Staff

Anna will act as the General Manager of the company while Carl John will serve as the Chief Executive Officer of the company. The company will initially hire following people:

• 1 Accountants to maintain financial records
• 2 Sales Executives responsible for marketing and discovering new ventures
• 1 Venue coordinator to procure the venues
• 4 Decorators to decorate the venues
• 3 Caterers for preparing food for the event
• 2 Photographers to capture the beautiful moments of the memorable events of our customers
• 1 Inventory Manager to manage the merchandise needed for events
• 2 Drivers for moving the event managing team between different places
• 1 Front Desk Officer to act as a receptionist
• 1 Security Officer

To ensure the best quality service, all employees will be selected through vigorous testing and will be trained for a month before starting their jobs.

7.2 Average Salary of Employees

The following table shows the forecasted data about employees and their salaries for next three years.

Financial Plan

After deciding the strategy and personnel plan of the company, the next step is to develop a detailed map about the financial projections covering all aspects of the company. Just like the planning of other aspects, you must also prepare a financial plan before you start thinking about how to start your own event planning business . The financial plan should craft a detailed map about the cost of startup, inventory, payroll, equipment, rent, utilities and how these costs will be covered by the earned profits.

Before getting to think about starting an event planning company business plan , make sure to carry out a detailed profit and loss analysis. The Godi Events financial plan outlines the development of the company over the next three years and is specifically developed to achieve both the company’s short-term and long-term objectives.

8.1 Important Assumptions

The company’s financial projections are forecasted on the basis of following assumptions. These assumptions are quite conservative and are also expected to show deviation but to a limited level such that the company’s major financial strategy will not be affected.

8.2 Brake-even Analysis

The following graph shows the company’s Brake-even Analysis.

8.3 Projected Profit and Loss

The following charts show the company’s expected Profit and Loss situation on the monthly and yearly basis.

8.3.1 Profit Monthly

The following graph shows the monthly profit, as forecasted by the company’s financial experts.

8.3.2 Profit Yearly

The following graph shows the yearly profit, as forecasted by the company’s financial experts.

8.3.3 Gross Margin Monthly

The following graph shows the monthly gross margin, as forecasted by the company’s financial experts.

8.3.4 Gross Margin Yearly

The following graph shows the yearly gross margin, as forecasted by the company’s financial experts.

The following table shows detailed information about profit and loss, and total cost of sales.

8.4 Projected Cash Flow

The following column diagram shows the projected cash flow.

8.5 Projected Balance Sheet

The following table shows detailed data about pro forma cash flow, subtotal cash from operations, subtotal cash received, sub-total spent on operations, subtotal cash spent.

The following projected balance sheet shows data about total current assets, total long-term assets, total assets, subtotal current liabilities, total liabilities, total capital, total liabilities and capital.

8.6 Business Ratios

The following table shows data about event management business plan  ratios, ratio analysis, total assets, net worth.

Download Event Planning Business Plan Sample in pdf

OGS capital professional writers specialized also in themes such as business plan for a funeral home , music festival business plan , wedding planning business plan , speaker business plan and many others.

Add comment

E-mail is already registered on the site. Please use the Login form or enter another .

You entered an incorrect username or password

Comments (0)

mentioned in the press:

Search the site:

OGScapital website is not supported for your current browser. Please use:

• Financial Analysis
• Budgeting Consultants
• Financial Reporting
• Financial Planning
• Financial Modeling
• Accounting & Bookkeeping
• Market research consultant
• Pakistan Taxation Services
• Company Registration In UAE
• Investor Ready Business Plan
• Professional Business Plan Revision
• Investor Ready Pitch Deck Presentation
• Investor Ready Executive Summary
• Investor Ready One Page Project Overview
• Professional Business Plan Review
• Pro Forma Statement of Financial Position/Balance sheet
• Cash Flow Analysis
• Full time CFO
• Special Purpose CFO
• Interim CFO
• Virtual CFO
• Marketing KPI
• Growth Plan KPI
• Financial Metrics KPI
• Break Even Analysis
• Unit Metrics Analysis
• Sales Performance KPI
• Cash Management KPI
• Inventory Management KPI
• Business Plan Packages
• Automotive Industry
• Blockchain Industry Financial Model Template New
• Cosmetics Industry
• Consulting Business
• Education Industry
• Entertainment Industry
• Fintech Industry
• Real Estate
• View All Financial Models
• Healthcare Industry
• Restaurant Business
• View All Business Plan
• Automotive Business
• Blockchain Industry Pitch Deck New
• Education Pitch
• View All Pitch Decks
• Automotive industry
• Testimonials
• Case Studies
• Startup CEOs
• Venture Capital Professionals

Case Study – Event Management Company

• Case Study , Business Plan Template Industry , Retail Industry Case Study , Startup Industry Case Study , Financial Analysis Case Study , Financial Services , Financial Analysis , Budgeting , Financial Reporting , Financial Planning , Financial Modeling , Financial Modelling - Case Studies , Business Plan - Case Study

Recently updated on December 4th, 2023

Background: Event Management Company

Table of Contents

One of our USA-based clients working on a startup approached us to build a Financial Model from scratch. When the work got completed and delivered to this client, his friend, and business partner, who is also responsible for running her own separate Event Management and E-Store business, saw our impressive work and decided that she wants a Financial Model just like that. She loved our easy-to-understand financial model. Even though she already had an Event Management Financial Mode l and Business plan , she said she wants a new financial model for her business.

Her business’s existing business plan was thoroughly made using advanced Excel formulas and too many advanced logical assumptions, which were not easy for her to understand and make changes by herself.

After a few months of transforming her business idea into a reality, she found out that she needed to make a few changes to her financial projections. But as the model was hard to understand, she could not do it, and the analyst who made the first financial model was no longer available at that time.

It meant that she had to hire another expert to make the required changes for her and incur an extra cost every time she has to make any changes.

Oak Business Consultant became the advisor in this project for financial model and business valuation for the Event management company. The critical part was to analyze the market size and keep it dynamic as inputs so she may able to make future changes easily. Based on the market research, we built a financial model with the following services.

Input Assumptions

We built input assumptions of initial investment, followed by Assets and operating expenses to forecast the expected costs. In the event management business, the variable cost increases as the transactions increase. For example, support staff cost (No. of employees increases when no. of transactions increase.

We took the expenses and revenue growth based on the prior data of the company.

Revenue Forecast

In the first section of the income statement, we forecasted the no. of vendors registered, party planners, wedding planners, party venues, and the expected number of transactions on the E-Store. Along with that, we analyzed the churn rate of customers who are not doing any activity after registering for the client’s platform.

After analyzing the no. of customers, we projected the revenue. This company has multiple revenue models. We calculated the income for each model separately.

After compiling the revenue and expenses, we calculated the monthly and yearly income statements.

Depreciation and Amortization

Oak Business Consultant prepared the depreciation schedule because this project requires a significant investment in data security and safety measures.

Cash Flow Statement

We built a cash flow analysis , which was linked with Income Statement and input assumptions. So that there was no need to add in the sheet, and the sheet change instantly.

Balance Sheet

Then we build a third and last financial statement, i.e., a Balance sheet. The balance sheet and the cash flow statement and the input sheets are all linked.

Break-Even Point

Every business has to know its breakeven point. It helps investors and entrepreneurs set the mark to put extra effort to cross this point.

Graphs speak more than numbers because they help both the investor and Entrepreneur see the graphical representation of the projection.

Project Evaluations

Sensitivity Analysis

When the business is in the initial stage, sensitivity analysis can predict the actual market or scenario when the company does lots of marketing. We did a sensitivity analysis for a client, having 3 kinds of situations for sales, i.e., Low, Moderate, and optimistic, and analyzed the outcome in different circumstances. It really helps the client to gain knowledge of what if a business could not achieve its sales target.

TO check out the event management financial model you can contact our experts and directly purchase the template from the store.

Maximize Event Success with us. Expert Financial Modeling and Compelling Pitch Decks for Unforgettable Experiences.

We specialize in creating robust financial models and impactful pitch decks tailored for event management. Our approach combines market analysis, revenue forecasting, and cost management strategies, ensuring a solid financial foundation. Our pitch decks vividly present your vision, highlighting unique event concepts and potential returns, attracting investors and clients alike.

Share this post

Sadaf Abbas

Sadaf Abbas, with over 16 years in the financial consulting realm, has showcased her expertise across diverse industries like Blockchain, Gaming, and SaaS. As a CFO for leading companies, she's transformed complex financial scenarios into actionable strategies. Now, as the CEO of Oak Business Consultant, her leadership has driven the firm to unparalleled heights, marking it as a benchmark for excellence and innovation. Beyond her corporate achievements, Sadaf is also a revered educator, blending theoretical and practical insights to shape the future of financial analysts and consultants. With credentials like a Master's Degree in Finance and Economics and a title of CSP, she's a force in financial analysis, business planning, and more. Dive into Sadaf's world and discover a blend of knowledge, expertise, and transformative leadership.

Accelerate Your Event Management Venture: Expert Business Plans, Financial Models, and Pitch Decks at Your Fingertips

Event Planning Budget Template Excel Financial Model

Event Management Agency Pitch Deck

Event Management Business Plan

Event Management Agency Excel Financial Model

Empower your business decisions with expert financial models.

Automotive Industry Financial Model

Consulting Business Financial Model

Education Industry Financial Model

Real Estate Financial Model

Blockchain Industry Financial Model Template

Beauty Product and Service Financial Model

SaaS Industry Financial Model

Retail Industry Financial Model

Services/ Consulting Financial Model

Healthcare Financial Model

Software Business Financial model

Financial Excel Template

Entertainment Industry Financial Model

Restaurant Financial Model

Startup Financial Model

Fintech Industry Financial Model

Healthcare Industry Financial Model

Leasing Financial Model

Small Online Business Excel Financial Model Projection

Financial model excel template

E-commerce Financial Model

Agriculture Excel Financial Model

Artificial Intelligence Financial Model

Business plans that turn visions into ventures..

Automotive Industry Business Plan Template

Education Industry Business Plan

Entertainment Industry Business Plan

Real Estate Business Plan

Startup Business Plan

Healthcare Industry Business Plan

Retail Business Plan

SaaS Industry Business Plan

Restaurant Business Plan

Services/ Consulting Business Plan

Agriculture Industry Business Plan

Consulting Business Plan

Digital Budget Planner

Fintech industry business plan

Free Business Plan Template

Pitch perfection: elevate your ideas with our decks.

Automotive Business Pitch Deck

Education Pitch Deck Template

Entertainment Industry Pitch Deck Template

Consulting Business Pitch Deck Template

Fintech Industry Pitch Deck Template

Real Estate Pitch Deck Template

SaaS Industry Pitch Deck

Retail Pitch Deck Template

Restaurant Pitch Deck Template

Startup Pitch Deck Template

Agriculture Industry Pitch Deck

Beauty Product and Services Industry Pitch Deck Template

Blockchain Industry Pitch Deck

Business Pitch Deck Template

Editable Pitch Deck

Business Pitch Deck Template Canva

Health care Pitch Deck Template

Printable Pitch Deck

Online Pitch Deck

Pitch Deck Canva

Pitch Deck Template