Some Easy Rules Of Best Event Planner In Pakistan.
In the last two years, event management activities have grown intensively in the major cities of Pakistan. The increase in population has also intensified the various commercial activities that have increased the demand for event management.
In addition to investors, young people have also started to participate in this business. Many female students have considered this as a part-time profession. The best aspect of this business is that it can be started with a team of only 2 or 3 individuals with a much lower or zero investment. The activity depends mainly on personal contacts and on each individual project / event if success gets more business. Innovative event expert is exploring this business opportunity for event management companies that are working with multiple suppliers to supply the related equipment.
Types of Events
In general, there are two markets for event planning services: corporate and social. The term “corporate” includes not only companies but also charities and non-profit organizations. Charities and non-profit organizations host collections of gala dinners, receptions and athletic competitions, among other events, to expand their public support base and raise funds. Thousands of these events occur every year and, although large ones require specialized event planning experience, it is possible to find smaller local events to start with. Companies host fairs, conventions, picnics, parties and meetings for staff members, board members or shareholders.
Social events include weddings, birthdays, anniversary parties, children’s parties, university functions and so on. The event company can decide to manage all these events or simply specialize in one or more of them.
Starting the Business
In the event management sector, the position does not matter. Reports and business contacts are significant. In the initial stages, the workload can be distributed between 2-3 people. One person can deal with sellers while the other person can take care of the company and the third person can be responsible for managing the creative side. During the start of the activity, it is not advisable to have an office; this only increases a useless expense. After the initial events, the company can start its marketing and PR strategies.
The backbone of this business is the relationship with the sellers. There should be more than 5 or 6 suppliers for each specific activity. The company should develop good relationships with all suppliers so that they can give you the best possible rates on related equipment, groceries and other provisions.
How to get projects?
The person responsible for the presentations / proposals must have excellent presentation and communication skills, in order to be able to convince customers. Once the team has some projects in hand, they can show their portfolios to potential customers, but until then they should try to keep service costs down.
Major Requirements of an Event
The requirements vary from one event to another. Corporate events are different from social events because everyone has their own unique prerequisites. The following equipment and facilities are necessary for any event management company in Lahore.
- Phase / background
- Lights
- Canopies-Curtains-Carpets-Tables and chairs
- Flowers
- Food
- Different decorations adapt to the event
- Audio System / Disc Jockey (DJ)
- Dance floor
- Safety
- Rent a car
A good event handler should have at least 5-8 backup providers for all these needs. All equipment is provided to the event company by sellers at minimum rates.
Costs
Since the work and equipment have been outsourced to suppliers, each supplier also provides their workers with relevant work. At the beginning of the activity, it is not necessary to hire workers or buy a car to transport the equipment; everything should be outsourced. The rest of the equipment can be purchased over time and also based on the number of projects / events that the company obtains.
Profit Margins
Profit margins vary from one event to another. Sometimes a special discount is given to special customers while other times a sufficient amount can be charged. Some event planners charge a fixed amount as their “service charge”, excluding the cost of the equipment which is minimal as the event company hires equipment at a low price from the suppliers. Some event planners charge a certain amount with all included services. Do not forget that we are talking about small event managers. Planners of events that are well established and have been in the field for more than 3 years, can earn a lot more than this amount. If you invest in this business by buying your equipment, profit margins can be significantly increased.
Costs are typically determined by three factors:
Market segment served.
Social events have a different tariff structure compared to corporate events. In the social events sector, planners typically receive a commission for their services, as well as a percentage of some or all supplier commissions. The two income streams produce sufficient revenue for a profit.
Event Management Companies in Lahore the business of event industry, however, planners usually charge a fee for their services, as well as a management fee for each contracted item. For example, a planner buys flowers from a florist, labels them and charges them to the customer.
Geographic location.
Taxes are highest in metropolitan cities like Islamabad, Lahore, Karachi, Faisalabad, etc. Furthermore, in these cities there are some elegant areas where event managers charge more than other areas. This difference reflects the change in the cost of living.
Event planner’s experience and reputation.
If you’re just starting out in the industry, it’s reasonable to charge less for your planning services as you gain experience.