business plan of event planner

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

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Event Planning Business Plan Template

Written by Dave Lavinsky

Event Planning Business Plan

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their event planning businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through an event planning business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is an Event Planning Business Plan?

A business plan provides a snapshot of your own event planning business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes research to support your plans.

Why You Need a Business Plan for Your Event Planning Company

If you’re looking to start an event planner business or grow your existing one you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your event planning business to improve your chances of success. Your event planning business plan is a living document that should be updated annually as your company grows and changes.

Source of Funding for Event Planning Businesses

With regards to funding, the main sources of secure funding for an event planning business are bank loans, personal funding, credit cards, and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

Another common form of secure funding for an event planning business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Venture capitalists will not fund an event planning business.

Finish Your Business Plan Today!

How to write a business plan for event planning.

When you write a business plan, you should include the following 10 key aspects:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each important component of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of event planning business you are operating and the status; for example, are you a startup, do you have an event planning business that you would like to grow, or are you operating a chain of businesses.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the event planning business industry. Discuss the type of business you are operating. Detail your direct competitors. Give an overview of your target audience. Provide a snapshot of your marketing strategy and plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of business you are operating.

For example, you might operate one of the following types:

• Corporate Events : this type of event planning business caters to businesses, charities, nonprofit organizations, and the like to plan fundraisers, receptions, conventions, trade shows, competitions, award ceremonies, product launches, and other types of meetings.
• Social Events : this type of event planning business targets middle- to upper-income individuals and families to plan events such as weddings, birthdays, reunions, and other types of celebrations.
• Niche Events : some event planners specialize in just one of the above event types.

In addition to explaining the type of event planning business you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new contracts, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your business structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the event planning business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the industry educates you. It helps you understand the target market in which you are operating. 

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards events that adhere to social distancing guidelines, it would be helpful to ensure your plan details what approach you would take (suggested venues, creative solutions for inclusion, etc.).

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

• How big is the event planning industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the clientele you serve and/or expect to serve.

The following are examples of customer segments: private and corporate clients, high-income households, medium-income households, engaged couples, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of event planning company you operate and the event services you offer. Clearly, businesses would want a different atmosphere, pricing, and product options, and would respond to different marketing promotions than engaged couples.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the age groups, genders, locations, and income levels of the customers you seek to serve. Because most event planning companies primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target market. The more you can understand and define these needs, the better you will do to attract customers and retain your existing customers.

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other planners and businesses that offer event planning services.

Indirect competitors are other options that customers have to purchase from you that aren’t direct competitors. This includes caterers, venues, and customers planning events on their own. You need to mention such competition to show you understand that not everyone who throws a party hires an event planner each time.

With regards to direct competition, you want to detail the other businesses with which you compete. Most likely, your direct competitors will be other businesses that offer event planning services very close to your site.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What planning services do they offer (wedding planning, baby showers, birthday parties, social events, etc.)?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. 

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior event management options (e.g., more cuisine types, better venue options, etc.)?
• Will you provide event options that your competitors don’t offer?
• Will you make it easier or faster for customers to book your services (e.g., utilizing event planning software, etc.)?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For an event management business plan, your marketing strategy should include the following:

In the product section, you should reiterate the type of business that you documented in your Company Analysis. Then, detail the specific products/services you will be offering. For example, in addition to designing the event, locating the venue, arranging vendors, coordinating personnel, and supervising the event, will you offer services such as catering, decor, and entertainment?

In this section, document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections, you are presenting the services you offer and their prices.

Place refers to the location of your event management business, conference centers, and/or venues in which you own and/or have a relationship. Document your location and mention how the location will impact your success.

The final part of your event planning business marketing plan is the promotions section. Here you will document how you will drive customers to your site. The following are some promotional methods you might consider:

• Social media marketing
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites 
• Partnerships with local organizations (e.g., getting on the list of recommended vendors with local venues)
• Local radio advertising
• Banner ads at local venues

Operations Plan

While the earlier sections of your event planner business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your event planning business such as interviewing clients, making arrangements, keeping the store/studio clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 100th customer, or when you hope to reach $X in total sales. It could also be when you expect to hire your Xth employee or launch in a new market.

Management Team

To demonstrate your own event planning business’ ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience as event planners or in the industry. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in event planning and/or successfully running small businesses.  

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 plan one event per week or several events? 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 : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your business, that 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 massive $100,000 event contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for supplies, equipment rentals, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During those 180 days, you could run out of money.

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

• Location build-out including design fees, construction, etc.
• The total cost of equipment and furnishings like decor, sound systems, etc.
• Cost of maintaining an adequate amount of supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.

  Event Planning Summary Putting together your own event planner business plan is a worthwhile endeavor. If you follow the event planning sample template above, by the time you are done, you will truly be an expert. You will really understand the business, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful event planning business.

Event Planning Business Plan FAQs

What is the easiest way to complete my event planning business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Event Planning Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal is to quickly engage the reader. Explain to them the type of event planning business you are operating and the status; for example, are you a startup, do you have an event planning business that you would like to grow, or are you operating a chain of event planning businesses.

  OR, Let Us Develop Your Plan For You Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

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Event Planning Business Plan

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Business Plan for (Insert Your Business Name)

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Executive Summary

Company name.

​ [Sender.StreetAddress] , [Sender.City] , [Sender.State] , [Sender.PostalCode] ​

Mission Statement

​ [Sender.Company] is dedicated to transforming ordinary occasions into extraordinary experiences. Our mission is to create memorable and seamless events that exceed our clients' expectations, leaving a lasting impression.

​ [Sender.Company] is a premier events planning company based in [Sender.StreetAddress] [Sender.City] [Sender.State] [Sender.PostalCode] , with a proven track record of success in orchestrating a wide range of events, from corporate conferences to weddings and private parties.

Market Opportunity

The events planning industry is thriving, with a projected annual growth rate of (Enter Growth Rate). [Sender.Company] is strategically positioned to capture this market, with a focus on the corporate sector, targeting companies seeking innovative and flawlessly executed events.

Financial Projections

Our conservative financial projections estimate a revenue of (Enter Amount) in (Enter Timeline), with a steady increase to (Enter Amount and Timeline for Milestone)

Funding Request

We are seeking a (Enter Funding Request Amount) investment to fund initial operations, marketing, and expansion.

Our Services

Event conceptualization and design.

(Service description)

Vendor sourcing and management

Budgeting and financial management, legal compliance, risk management, event logistics and execution, event types.

​ [Sender.Company] specializes in planning and coordinating a diverse range of events, including but not limited to

corporate conferences

social gatherings

product launches

charitable fundraisers.

Market Analysis

Market size and growth potential.

The event planning industry has demonstrated consistent growth over the past several years (Enter Growth Rate).

This is driven by factors such as (Outline Driving Factors).

The event planning industry was estimated to be valued at (Insert value) and projected to experience an annual compound growth rate of (Insert percentage) over the next (Insert Timeline).

Target Market

​ [Sender.Company] aims to serve a diverse client base, including (Mention Target Clients e.g., corporations, non-profit organizations, and individuals).

Market Trends

Virtual and hybrid events.

The rise of virtual and hybrid events, necessitated by global circumstances, has altered the event planning landscape. [Sender.Company] is equipped to provide both in-person and virtual event planning services in alignment with current market dynamics.

Sustainability and green practices

Increasing environmental consciousness has led to a demand for sustainable event planning solutions. [Sender.Company] is committed to incorporating eco-friendly practices into our event planning services in accordance with applicable laws and regulations.

Customization and personalization

Clients increasingly seek tailored event experiences that reflect their unique vision and brand. [Sender.Company] specializes in creating bespoke event solutions for our clients.

Competitive Analysis

Notable competitors include (List Competitor Names), which are known for their (Competitor Strengths).

Regulatory Environment

​ [Sender.Company] operates within a regulatory framework that governs event planning activities, including but not limited to permits, licensing, safety standards, and liability considerations.

Barriers to Entry

The event planning industry presents several substantial barriers to entry that potential competitors must contend with (List Key Challenges).

Operations Plan

Business structure and ownership.

​ [Sender.Company] is organized as a (legal structure, e.g., Corporation, LLC) under the laws of (State). The company is owned by (Owner(s) Name(s)), who hold (percentage)% of the ownership interest.

​ [Sender.Company] principal place of business is located at (Physical Address), which is in full compliance with zoning and licensing requirements imposed by the relevant local and state authorities.

Business Hours

​ [Sender.Company] shall operate during regular business hours from (Opening Time) to (Closing Time) on (Days of Operation).

​ [Sender.Company] shall be led by a team of experienced professionals in the field of event planning. Each management team member is duly qualified for their respective roles and responsibilities. [Sender.Company] shall maintain a roster of trained and qualified event planners, coordinators, and support staff. All staff members shall be hired in compliance with applicable labor laws and regulations.

Inventory and Equipment

​ [Sender.Company] shall maintain an inventory of event planning materials, supplies, and equipment necessary for the execution of events. This includes but is not limited to (List Essential Company Equipment).

To mitigate operational risks, [Sender.Company] shall maintain appropriate insurance coverage, including general liability insurance and professional liability insurance. Compliance with insurance requirements is regularly reviewed to ensure ongoing protection and adherence to applicable laws and regulations.

Quality Control and Customer Service

​ [Sender.Company] is committed to delivering its clients the highest quality of service. Quality control measures are in place to ensure the seamless execution of events and to address any customer concerns or complaints in accordance with applicable consumer protection laws.

Financial Breakdown

The financial projections for [Sender.Company] have been meticulously prepared based on comprehensive market research and analysis. It is anticipated that the [Sender.Company] will achieve the following revenue milestones:

Year 1: (Year 1 Revenue Projection)

Year 2: (Year 2 Revenue Projection)

Year 3: (Year 3 Revenue Projection)

These projections take into account anticipated revenue streams from various event planning services, including but not limited to corporate events, weddings, social gatherings, and virtual events.

Expense Projections

​ [Sender.Company] estimates to spend as stipulated below in fulfilling its obligations.

Funding Requirements

​ [Sender.Company] have been assessed with regard to its projected growth and operational needs. [Sender.Company] seeks (Enter Funding Request).

The company will seek funding through legal means, such as loans, investments, or grants, as needed, in accordance with applicable financial regulations and contractual agreements.

Confidentiality Agreement

The recipient of this business plan hereby acknowledges and agrees that this document and its contents are confidential and proprietary to [Sender.Company] . The recipient shall not, without the express written consent of [Sender.Company] , share, disseminate, or disclose any part of this event planning business plan , in whole or in part, to any third party, including but not limited to competitors, potential investors, or any unauthorized persons. Any breach of this confidentiality and non-share clause shall result in legal consequences and remedies as provided by applicable laws.

​ [Recipient.FirstName] [Recipient.LastName] ​

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

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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.

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• 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.
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Event Planner Business Plan Template

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

It's time to turn your passion for events into a successful business venture! Crafting a solid business plan is the key to kicking off your event planning empire with confidence. With ClickUp's Event Planner Business Plan Template, you can take your dreams from concept to reality!

In this template, you'll be able to:

• Outline your business goals, strategies, and financial projections in a comprehensive manner
• Communicate your vision effectively to potential investors or lenders
• Ensure the success and profitability of your event planning venture right from the start

Don't miss out on this essential tool to launch your event planning business successfully—get started with ClickUp today!

Event Planner Business Plan Template Benefits

Planning your event planning business has never been easier with the event planner business plan template. here's how this template can help you kickstart your entrepreneurial journey:.

• Setting Clear Goals : Define your objectives and strategies for success
• Financial Projections : Plan your budget and forecast revenue for a profitable venture
• Effective Communication : Clearly communicate your vision to investors or lenders
• Ensuring Success : Strategize for a successful and profitable event planning business

Main Elements of Event Planner Business Plan Template

To help aspiring event planners kickstart their business, ClickUp's Event Planner Business Plan template offers:

• Custom Statuses: Track progress with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring each step of the business plan is clearly defined and accounted for
• Custom Fields: Utilize fields like Reference, Approved, and Section to input crucial details, track approvals, and categorize different sections of the business plan for a comprehensive overview
• Custom Views: Access various perspectives with views such as Topics, Status, Timeline, Business Plan, and Getting Started Guide, enabling easy navigation and comprehensive analysis of the event planning business plan
• Collaboration Tools: Enhance teamwork with features like task assignments, comments, real-time editing, and notifications to streamline communication and progress tracking within the business planning process.

How To Use Event Planner Business Plan Template

Planning an event can be overwhelming, but with the Event Planner Business Plan Template in ClickUp, you can streamline the process and set your event planning business up for success. Follow these steps to make the most of this template:

1. Define your business goals

Before diving into the intricacies of event planning, take a moment to clearly outline your business goals. Are you looking to specialize in weddings, corporate events, or social gatherings? Understanding your niche will help you tailor your services and marketing strategies effectively.

Utilize Goals in ClickUp to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for your event planning business.

2. Create a detailed business plan

Craft a comprehensive business plan that outlines your target market, competitive analysis, pricing strategy, marketing plan, and financial projections. This document will serve as a roadmap for your event planning business and help you stay on track towards achieving your objectives.

Use Docs in ClickUp to draft your business plan and collaborate with your team or stakeholders seamlessly.

3. Customize the Event Planner Business Plan Template

Once you have your business plan in place, tailor the Event Planner Business Plan Template in ClickUp to align with your specific objectives and strategies. Include sections for services offered, target clients, budgeting, vendor management, and timelines to ensure a well-rounded plan.

Utilize custom fields in ClickUp to personalize the template according to your event planning business needs.

4. Implement and monitor your plan

With your customized Event Planner Business Plan Template ready, it's time to put your strategies into action. Start implementing your business plan, reaching out to potential clients, and networking within the event planning industry. Regularly monitor your progress and make adjustments as needed to stay agile and responsive to market dynamics.

Use Automations in ClickUp to streamline repetitive tasks and ensure that your event planning business operations run smoothly.

Get Started with ClickUp’s Event Planner Business Plan Template

Event planning entrepreneurs can utilize the Event Planner Business Plan Template in ClickUp to organize their strategies and goals for a successful business launch.

To get started, click on “Add Template” to incorporate the Event Planner Business Plan Template into your Workspace and specify the location within your Workspace.

Then, invite relevant team members or stakeholders to collaborate on the business plan.

Here are the steps to leverage this template effectively:

• Utilize the Topics View to categorize different aspects of your business plan such as marketing, finances, and operations
• Track progress using the Status View to monitor tasks under categories like Complete, In Progress, Needs Revision, To Do
• Create a detailed timeline in the Timeline View to ensure all tasks are completed on schedule
• Use the Business Plan View to compile all sections of your plan including executive summary, market analysis, financial projections, and more
• Refer to the Getting Started Guide View for a step-by-step walkthrough on how to fill out the business plan template

Customize your business plan template further by adding the following custom fields:

• Reference: Use this field to link related documents or resources to specific sections of the business plan
• Approved: Indicate whether a section or task has been approved by stakeholders
• Section: Organize tasks based on the different sections of the business plan, such as marketing, operations, or finance.

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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

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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.

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Event Planning Business Plan Template [Updated 2024]

Event Planning Business Plan Template

If you want to start an Event Planning business or expand your current Event Planning or Event Management business, you need a business plan.

The following Event Planning business plan template gives you the key elements to include in a winning event planner business plan or event management business plan.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Below are links to each of the key sections of a free Event Planning business plan template:

Event Business Plan Template I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Event Planning Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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How to Start an Event Planning Business: The Ultimate Guide

It's no surprise that starting an event planning business involves many moving parts. It can feel overwhelming, from identifying your unique selling proposition and having all the key skills to executing flawless events to getting all the required compliances. But not anymore. 

In this guide, we'll discuss everything about  event planning  and provide a step-by-step guide on how to start your own event-planning business. This post covers everything from determining profitability to understanding the skills you need to run a successful business.   

But before you dive headfirst into how to start an event planning business, let's take a step back and understand the basics. 

What is Event Planning in Business?

If you plan to start your event planning business, you probably know the answer to this question. Event planning involves managing the details of large or small events, including meetings, conferences, or parties. This business is typically utilized for: 

• Large educational meetings, such as graduations or conferences.
• Major promotions, including marketing events, product launches, and fashion shows.
• Corporate events , like after-work cocktail hours, trade shows, galas, and more.
• Celebrations and social events like parades, weddings, birthdays, reunions, and more. 

What Do Event Planning Businesses Provide?

As an event planner, you are expected to work with clients to understand their requirements and goals and then provide end-to-end event planning and execution services to ensure the seamless and successful execution of in-person or virtual events . 

Some of the services you must include are:

• Event management and coordination
• Theming, décor, and styling
• Conferencing and exhibitions
• Signage and branding
• Entertainment and talent management
• Venue sourcing and management
• Catering and food & beverage management
• Audio-visual production and management
• Logistics and transportation management
• Budgeting and financial management
• Marketing and promotion
• Security and risk management
• Registration and guest management
• Post-event evaluation and reporting 

Why Do People Hire Event Planning Businesses?

There are two primary reasons why people hire event planning services: 

• To allow event attendees and guests of honor to thoroughly enjoy themselves without worrying about event logistics. 
• To ensure that the event runs without any glitches. 

Consider a typical corporate conference, for example. 

A business may hire your services to create a stellar multi-day conference while their employees and attendees can focus on networking or learning. This way, they don’t have to worry about details like catering, keynote speakers, registration, and managing the event schedule. 

Advantages and Disadvantages of Starting an Event Planning Business

As with everything, the event planning business also has advantages and disadvantages. Some of them are: 

• Enjoy the freedom to choose who you work with, where you work, and how you manage your schedule.
• Pull off a showstopping event, and chances are your clients will return repeatedly, thus building loyalty.
• Event planning business lets you unleash your creativity as you get to design events that are unique and unforgettable for your clients. 
• Establishing relationships with reliable vendors takes time, especially in a crowded market.
• Growing your business needs adding resources or raising prices, which can be tricky.
• Most of the time, although the planning takes place in advance, you must ensure your presence in the field during the event—meaning long working hours, even on evenings and weekends. 

How to Start an Event Planning Business

Here are some steps to help you start an event planning business: 

Evaluate your  event planning skills.

Event planning involves many tasks beyond the glamor of parties and events. To be successful, you must be able to handle various responsibilities. After all, successful event planners are masters of multitasking, with a talent for keeping calm under pressure. 

For example, you’ll need to create an event theme or design, find a venue, arrange entertainment, book vendors, send RSVPs and marketing information to attendees, and balance the budget. The list goes on. 

If you're unsure whether you possess all the necessary skills, consider gaining some hands-on experience. Perhaps shadow an experienced planner, assist with events at a local organization, or even volunteer for a nonprofit event. 

Create your event planning business plan.

A well-structured business plan is the foundation of any successful venture, and event planning is no different. Consider it your roadmap to success. Here are the key sections to include: 

• Executive Summary:  Summarize your business concept, goals, and what sets you apart.
• Overview : Outline your company background, structure (e.g., sole proprietorship), and essential details.
• Industry Analysis : Demonstrate your understanding of the local event planning market, including potential clients and event trends .
• Competitive Analysis: Examine your competition, identifying their areas of strength and areas you can exploit.
• Marketing : Craft a strategy for attracting clients—how will you make them aware of your exceptional services?
• Management: Detail your unique experience and skills.
• Operations Plan : Describe your day-to-day process for planning and executing events.
• Financials : Project your income, expenses, and profit expectations over your initial years of operation. 

Find your event planning niche.

Finding your niche is how you stand out from the rest—it helps you specialize in a specific subset of the broader event planning industry. Also, it becomes easier for your target market to find you. Common niches and event types include: 

• Business event planning:  Award ceremonies, charity and nonprofit events, corporate bonding retreats, meetings and seminars, conferences, grand openings, fashion shows, experiential events, holiday parties, networking events , trade shows, and VIP events. 
• Private/social event planning:  Weddings,   anniversaries, holiday parties, baby showers, theme parties, wedding/bridal showers, bachelor/bachelorette parties, milestone birthday parties, and murder-mystery parties. 

Identify your unique selling proposition.

Identify your event planning business’ unique selling proposition (USP) to set yourself apart from your competitors. It is the reason why clients should choose your company over others. 

Here’s how you can define your USP: 

• Identify your target market:  The first step in uncovering your event planning USP is to identify your target market. Who are your ideal clients? What type of events do they typically host? What are their pain points and needs? Understanding your target market lets you tailor your services to your client's needs and preferences. 
• Analyze your competition:  The next step is to analyze your competition. Who are your competitors? What services do they offer? What is their pricing strategy? What are their strengths and weaknesses? Understand your competition to identify gaps in the market and ways to differentiate your business. 
• Determine your unique strengths:  What sets your business apart from your competitors? What unique strengths do you bring to the table? It could be your expertise in a particular type of event, your creative approach to event design, your extensive network of vendors, or your exceptional customer service. Identify your unique strengths and use them to craft a compelling USP.

Consider funding and costs.

The events business can be lucrative, but getting started requires smart financial planning. Calculate your initial startup costs carefully. Price your services strategically so you cover expenses while remaining competitive. If number crunching isn't your strong suit, invest in a bookkeeper or accountant early on.

While exact costs vary by location and services offered, here's a ballpark range to get you thinking:

• Rent: $0 to $2,300
• Equipment: $5,000 to $17,000
• Inventory: $0 to $500
• Licenses and Taxes: $250 to $350
• Communications: $100 to $250
• Payroll: $0 to $4,000
• Advertising/Promotion: $500 to $2,000
• Legal Fees & Accounting: $650 to $1,500
• Insurance (1st Quarter): $800 to $1,700
• Miscellaneous: $750 to $1,500
• Total: $8,050 to $31,100 

Remember, startup expenses don't have to be astronomical. Begin with the essentials, and scale up as your business grows.

Structure your pricing strategy.

Pricing your services is an art and a science. Factor in your location (cost of living varies), your experience level, and what your competitors charge. Most importantly, ensure your pricing allows you to cover costs and earn a worthwhile profit while remaining attractive to clients. 

Remember, transparency is key—explain your fee structure clearly so there are no surprises later on.

Here are some common pricing models for your consideration: 

• Hourly rate: Ideal for projects where the scope is difficult to predict upfront. Rates typically range from $25 - $100+ per hour, depending on your skills and the complexity of the event. 
• Flat fee:  A single charge covers your planning services. This works well for events with well-defined parameters. Sometimes, planners add a percentage of vendor fees to ensure sufficient compensation. 
• Percentage of the event:  Typically, this will be 15-20% of the total event cost. Such pricing structure is common for complex events, as your fee scales alongside the project.  
• Day-of coordination:  A specialized service, handling the on-site logistics on the day of the event itself. 
• Vendor commission:  In this model, your income comes from commissions from selected vendors, rather than directly from the client. This requires careful negotiation and transparency with all parties involved. 

Obtain necessary legal documents and permits.

Don't neglect the legal side of your business. Taking these steps protects both you and your clients from potential issues:

Register Your Business :   Choose a legal structure (LLC, Sole Proprietorship, etc.) that's right for you, and register officially with your state. Obtain a tax ID—essential for everything from opening a bank account to filing taxes. 

Obtain Necessary Permits : The red tape of event planning might not be glamorous, but it's crucial. Permits vary by location, so contact local authorities to learn exactly what you need. Common examples include: 

• Building permits (tents) for outdoor events that require tents.
• Business license to operate legally.
• Event permits vary by city, so contact the local government for relevant ordinances.
• Noise permit if your event is outside.
• Fire/fireworks permit, which you must check with your county.
• You can get a health permit from your county’s health department.
• You need a liquor license if you plan to serve alcoholic beverages. 
• Seller’s permit, which you may need as an event planner.
• Temporary use/structure permit for vacant land or temporary space for loading areas, vendors, and parking. 

Get your event planning business insured.

Obtain insurance coverage for your event planning business to protect yourself and your clients from unexpected incidents. Here are some important coverages to consider:

• Workers' compensation:  This is mandatory in all states. It protects your employees (and yourself, if you count as an employee) in case of work-related illness or injury.
• General liability insurance:  A must-have for any event planning business. This protects you from claims of property damage or bodily injury at an event you organized. 
• Property insurance:  Safeguard your equipment (tables, chairs, laptops, etc.) from theft, fire, and other unexpected events.
• Business interruption:  If unforeseen circumstances force you to temporarily shut down, this can provide financial support. Think of it as backup income if things go awry.
• Business Owner's Policy:  This bundles several important coverages into one convenient package, often at a good value. 

Market your event planning business.

Once your business is set up, it's time to attract those exciting new clients. Here are some strategies to get you started:

• Build a Website: Your website is your online storefront. Services like Weebly and Squarespace make it easy, even if you're not tech-savvy. Invest time in making it visually appealing and easy to navigate.
• Boost Your Online Presence: List your business on directories like Yelp, Eventective, and Google My Business. This helps potential clients discover you when they're searching for event planners in your area.
• Get Social: Create engaging profiles on relevant platforms (Instagram, Pinterest, Facebook, etc.). Share social media-worthy photos, behind-the-scenes glimpses, and client testimonials.
• Traditional Marketing Still Works: Don't underestimate the power of beautifully designed brochures, flyers, and business cards. Distribute them strategically at local businesses or events.
• Get Referrals: Happy clients are your best advertisement. Encourage them to leave glowing reviews, and feature video testimonials on your website and social media.
• Strategic Partnerships: Caterers, photographers, venue owners—these businesses have the same clientele as you. Build relationships and create a referral network to mutually benefit. 

Related: Read some practical  event planning tips  for before, during, and after the event. 

What skills do you need to run an event planning business?

The basic skills needed to run an event planning business effectively are primarily soft skills, such as organizational skills, business management skills, and presentation skills. Here are some necessary skills to run an event planning business successfully: 

• Attention to detail
• Customer service
• Education (staying updated on event trends) or experience
• Interpersonal relationship skills
• Negotiation
• Organization
• Under-pressure performance 

Is an event planning business profitable?

Event planning has the potential to be a very profitable business venture. The fact that  89% of event and meeting leaders  consider in-person events crucial for revenue growth demonstrates the ongoing demand for well-planned events. 

However, the profitability of your event planning business will depend on several factors. The key to success lies in your ability to command premium rates for your services while keeping your expenses in check.            

What does an event planning business do?

An event planning business organizes and coordinates various aspects of events for individuals or organizations. This includes selecting venues, arranging catering and other vendors, creating event schedules and itineraries , managing budgets, and ensuring all necessary equipment and supplies are available. 

Do event planners travel a lot?

Event planners may travel depending on the nature of the events they plan. Some events may occur locally, while others may require travel to different cities or countries. Ultimately, the amount of travel required will depend on each event's specific needs and requirements. 

The Future of Event Planning is Yours to Create

The event planning industry offers vast opportunities for those with an eye for detail, a flair for organization, and a knack for staying on budget. Whether your heart lies in orchestrating sleek corporate events or bringing dream weddings to life, the skills you hone as an event planner are valuable in countless contexts. 

A carefully crafted business plan, paired with smart marketing and a dedication to providing exceptional experiences, can turn your passion into a truly successful venture. Find your niche, or cast a wide net—the choice is yours.

If you're ready to take the leap into the world of event planning, don't hesitate. Use this guide as your springboard. With hard work, a little business savvy, and a genuine love for creating memorable moments, there's no limit to what you can achieve.  

Up next, learn some  best practices in event management to create scalable and successful event strategies for your business.

John Hunter

John is the Senior Manager of Event Cloud Content Marketing at Cvent. He has 11 years of experience writing about the meetings and events industry. John also has extensive copywriting experience across diverse industries, including broadcast television, retail advertising, associations, higher education, and corporate PR.

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Related Practices & Jurisdictions

• Estates & Trusts
• Corporate & Business Organizations
• All Federal

For most business owners, the business is the most valuable item on their balance sheet. From an estate planning perspective, the equity in the business is also often the best asset to use for lifetime transfers to pass value (and future appreciation) out of the taxable estate. Before an estate planner can effectively provide guidance on the planning opportunities for the business, he or she will need some background information about the business. This data gathering does not need to be all-encompassing, but a good estate planner will want to know as much information about the business as possible since it is often closely intertwined with the client. Some information can be gathered through the business owner’s other professionals, such as separate business legal counsel, internal executives, accountants, and financial advisers, and it is important to have an open communication among the estate planner and these professionals as early on in the process as possible.

Key questions an estate planner may ask and other information that is critical to understanding the business as an asset includes:

• Legal Structure : What type of entity is the business and how is it taxed? Is it a single entity or multiple entities? How is the business real estate owned? If everything is owned in a single entity, then the planning will focus on that entity. If there are multiple entities, then there will need to be an understanding of the purpose of each entity and whether they can be separated from the enterprise for purposes of transferring interests in those individual entities rather than the whole. Certain entities, such as entities taxed as S corporations, have restrictions on who or what entity can be an owner, so this information is critical as well.
• Ownership : The client may be the sole owner of the entity, in which case the ownership structure is not important. However, there may have been small transfers of equity to key employees, early investors, or other family members, which is critical to know.
• Business Documents : If there have been prior transfers, the hope is that there is an effective Shareholder/Operating Agreement in place that covers the relationship among the equity holders. Other documents that will need to be reviewed include bylaws (for corporations) or limited liability company agreements / operating agreements (for limited liability companies or limited partnerships), which may have unintended transfer restrictions in them that will need to be addressed prior to making any transfers of equity.
• Valuation : At this stage, the business owner may not have any idea what the value of the business is or could be. The estate planner may want to review balance sheets and income statements and discuss with the business owner and perhaps the accountant some rough idea of value. If the business owner has previously had a valuation prepared, then the estate planner would want to see that report.
• Cash Flow : How is the business providing cash flow to the owner, and how does the cash flow from the business relate to the personal expenses of the owner? This discussion often requires the input of the client’s financial advisers. Is the business owner taking a salary and is that salary reasonable? Are net profits being distributed to the equity holders at the end of the year or are they being reinvested in the business? Are distributions being made to cover tax liabilities of the owner as it relates to his or her equity? What “personal” expenses, if any, are currently being funded through the business? This information helps the estate planner analyze the impact of a transfer of some (or all) of the equity by the business owner.
• Stage of Business : Is this a start-up or a multigenerational family business? Is the business owner approaching “retirement” age or circumstances? Does the business owner have a timeframe for exiting the business? Is the business product or service something that has a long horizon or will it have a natural end of usefulness at some point? Has there been interest from third parties about buying the business? Has the business owner engaged or discussed selling with any investment bankers or business brokers?
• Succession Planning : Is there a family member or members who will take over the business? Is there a succession plan generally? Are there non-family members who are currently employed by the business who would continue to run the business? Does the business owner think anyone can truly replace what they bring to the business?

In addition to gathering the information on the above, the estate planner will also want to discuss with the business owner his or her goals and objectives. Often, the primary goals are to sell the business for as much money as possible, pay as little tax as possible, and use the sale proceeds to benefit the business owner for the remainder of his or her lifetime, as well as to provide for the business owner’s family. The questions then revolve around how much of the net sale proceeds does the business owner realistically need to keep in his or her name to live the lifestyle he or she wants, and how much can be transferred to or for the benefit of his or her family members now to take advantage of the valuation and tax savings that will be discussed in subsequent parts of this series.

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Planning tools and documents

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Keeping organized is a critical part of event planning.  There are many tools and documents available that will help you with planning and staying on track for a successful event. You can find a variety of helpful online tools and templates. If you have questions or need additional guidance, please  contact our office .

Helpful planning software tools

There are a variety of tools and software available when planning event. They can range from simple, free software available to all university faculty and staff to more advanced project management platforms that requires an annual or monthly subscription.

Microsoft Office

Most people are familiar with the range of software applications included in the Microsoft Office platform. These include document editing software like Word, that can be used to draft your planning documents such as event briefings and scripts. Another useful application included in Office is Excel, that allows you to create spreadsheets that can do some powerful functions that is perfect for your event budgets and task lists.

Google Workspace

Google Workspace offers free software that provides similar tools to Office - Google Docs, which is a word processor, Google Sheets which is a spreadsheet application, and Google Slides which can be used to create slideshows and presentations. These applications are built with collaboration in mind, and allow multiple people to edit, view, comment on a document all at the same time, and track every change that has been made to the document from the time it is created. It also automatically saves all edits, and is web browser based, so can be accessed from any computer, and documents can be easily shared with specific people, or generally via a link.

Smartsheet and other project management tools

Smartsheet is a subscription-based project management software. This powerful application is useful for many aspects of event planning, such as task and budget tracking, reporting, forms, etc. It's like an uber spreadsheet, with lots of functions built into an easy-to-use interface, with powerful automation and collaboration features. 

There are many other project management tools available at a variety of price points that may suit your event planning needs. Some widely used platforms include Trello and Monday, which are very visual and can help with organization and task management.

Adobe Creative Cloud

Adobe Creative Cloud is a powerful subscription-based suite of tools that are great for creating a lot of types of content for your event, including logos, graphics, marketing materials, brochures, programs, maps, and diagrams, and more. It does have a steep learning curve however, but there are many opportunities to learn how to use the included programs like Photoshop, Illustrator, In-Design, and others through UIT Technology Training and LinkedIn Learning . 

Qualtrics and Google Forms

These free tools can be used to create all kinds of forms and surveys, from simple to complex.

Google Forms is easy to use and best for simple forms, like RSVPs to free events or email list signup. Responses are recorded directly in the form as well as a Google sheet so sharing and using the data that is collected is very easy.

Qualtrics is a more powerful tool with a wider range of features that can be great for creating post-event surveys or building more complex event registration forms. It has features like skip logic, reporting, and automated email notifications that can be very useful for creating and managing your event forms.

Social Tables

Social Tables is a subscription-based tool that is great for creating event diagrams. Connect with Event Services if you are interested in using this tool.

Full-service event software

There are also many different full-service event platforms available in a range of costs that can be great for more larger, complex events. Some popular event management platforms are Cvent, Accelevents, and Hopin. See the list of vendors that have been evaluated by UIT .

Event planning documents

The documents you may use during the planning process will vary from event to event. There is no standard set of templates that you need to use, it is more determined by what type of information do you need to have and who it is for that should guide your decision. Some of the most common types of event planning documents are listed below and various templates and formats can be found online.

Event planning checklist, task sheet, or production schedule

These types of planning documents are somewhat interchangeable based on the size and complexity of the event. They may have a similar function and that is to identify all the tasks that need to be completed, who is responsible for each of them and their targeted completion dates. These tools are especially helpful if you have many varied elements, such as multiple venues, catering, parking, audio/visual, etc.

Event budget

Budgeting is a critical part of the event planning process. It is important to develop an effective budget on which you can rely so appropriate decisions and adjustments, if necessary, can be made. Using a spreadsheet to track projections and expenses is the most common way to manage a budget.  Your spreadsheet should include estimates for each category/expense and actuals as well as the form of billing and payment. Include a column for notes that will help you in future planning if this is a repeat event or as a general reference.

Event sheets and briefing documents

An event sheet is a complete story outlining every detail of the event include the planning, the resources, and the day of assignments. You'll include details like contact information for staff, volunteers and vendors, venue layout and information, ticketing and reserved seating details, security and parking/transportation, catering, staffing and more. It is all the relevant details for your event put into one place. 

An event briefing is more of a high-level summary of your event. Briefing documents are generally prepared for sponsor(s) to share the purpose of the event, what you hope to accomplish and what resources are available. It may also include details about the marketing strategy, the target audience, various projections, background information and photos of participants and desired results.

Timelines and scripts

Timelines are a minute-by-minute guide for the actual event that is particularly helpful for participants, staff and technicians supporting the event. Timelines include things like instructions for speakers, and cues for technicians.  Since details can be specific to a particular role, one can create a speaker timeline as well as a technical timeline for all technicians. 

Scripts are a detailed document provided to speakers and/or performers to articulate their specific role in the event. It can include a speaker’s introductory remarks, event details of when and where the speaker needs to be, bios of other guests and where and with whom they are seated.

Maps and diagrams

Maps and diagrams provide information about items such as room set up, equipment placement, reserved seating, staff placement, sign placement, etc. These can be from a variety of available options such as an event services diagram created on Social Tables, a venue operations diagrams, Maps and Records provided resources or a diagram that you create on your computer. When planning an event first ask for existing diagrams and or maps for a particular venue and go from there.

Event supplies

One thing we learned over many events is to always bring a general supply bin to your event. This will contain items that the venue may not have readily available, but you might find that you need.

Event Supplies

General supply bin list:.

• pens/pencils/sharpies/highlighters
• tape/stapler/binder clips
• scissors/box cutters/zip-tie snips
• paper/notepads/post-its/notecards
• cleaning wipes/towels
• PPE/hand sanitizer/sunscreen/first-aid kit

Watch CBS News

What is cloud seeding and did it play any role in the Dubai floods?

By Li Cohen , Tracy J. Wholf

Updated on: April 18, 2024 / 8:46 PM EDT / CBS News

Stranded airline passengers and a cat submerged in floodwaters clinging to a car door handle became notable moments this week in Dubai as the normally arid city was inundated with historic levels of rain. Claims have gone viral that the deluge was brought on by cloud seeding, a technique that aims to increase precipitation, that is heavily utilized in the United Arab Emirates. 

But is it really to blame? 

Daniel Swain , a climate scientist at the University of California, Los Angeles, said that getting to the bottom of the "record-shattering extreme rainfall" requires breaking down the science behind the event and the technique. 

"There's currently a disconnect in the online discourse between the kind of human activities that likely did affect it (greenhouse warming) versus those which have actually been the focus of the online conversation thus far (cloud seeding), and what this means for how we collectively understand our ability to actively affect the weather on different spatial and temporal scales," he said in an emailed statement. 

What is cloud seeding? 

Many have questioned since the downpour in Dubai whether cloud seeding was to blame. But what is cloud seeding and how does it work exactly?

Cloud seeding is a technique used to improve precipitation. According to the Desert Research Institute, scientists do this by putting tiny particles called nuclei into the atmosphere that attach to clouds.

"These nuclei provide a base for snowflakes to form. After cloud seeding takes place, the newly formed snowflakes quickly grow and fall from the clouds back to the surface of the Earth, increasing snowpack and streamflow," the institute says. 

In the Middle East, instead of precipitation in the form of snow, its cloud seeding program generates increased rain. 

Scientists typically go about cloud seeding in two ways – using either generators on the ground or distributing the nuclei via aircraft. 

What caused the rain in Dubai? 

But was the rain in Dubai from cloud seeding? 

"Did cloud seeding play a role? Likely no," Swain said. "But how about climate change? Likely yes!" 

The world is continuing to see month after month of record-breaking heat and 2023 was the hottest year globally ever recorded. Scientists have found that warmer temperatures increase evaporation, resulting in more frequent and intense storms, such as the one that occurred in Dubai. Those conditions also fuel other extreme weather events, including droughts , putting opposing forces at intense odds that will likely strain communities without adequate adaptation. 

Andrew Kruczkiewicz, senior researcher at Columbia Climate School, told CBS News he doesn't believe there's any current evidence at this time that cloud seeding pushed the downpour over the edge. 

"This event was forecast fairly well days in advance and I think it's unlikely that a cloud seeding operation would move forward given the well-forecast intense rainfall," he said.

The nation's  National Emergency Crisis and Management Authority issued weather warnings on Monday before the storm's arrival, urging people to comply with local instructions from authorities and asking them to stay at home and only leave in the case of an emergency. 

Meteorologist Ryan Maue, former chief scientist at the U.S. National Oceanic and Atmospheric Administration, gave the Associated Press a more definitive answer: "It's most certainly not cloud seeding." 

"If that occurred with cloud seeding , they'd have water all the time," he said. "...when it comes to controlling individual rain storms, we are not anywhere close to that. And if we were capable of doing that, I think we would be capable of solving many more difficult problems than creating a rain shower over Dubai ."

The deluge, he said, "speaks more to questions around what are the resilience measures that are integrated into the urban planning standard operating procedures." 

"Almost everywhere on Earth there is a risk of flash flooding," he said. "Yet, since it's not the most frequent type of extreme event, sometimes it's lower on the priority list when decisions need to be made around infrastructure or resilience, or just urban development more broadly."  

How significant was the flooding in Dubai?  

More than 5.59 inches of rain fell over Dubai within 24 hours. While a half-foot of rain may not seem like much numerically, that's more than what the city sees in an average year, and other parts of the UAE saw even higher levels. 

It was a "historic weather event," the state-run WAM news agency said, adding that it was beyond "anything documented since the start of data collection in 1949." 

Dubai is normally dry and with a downpour like this being so unprecedented, the city's infrastructure was not prepared. The drainage systems were overwhelmed and Dubai International Airport, one of the busiest in the world, had to temporarily halt operations. One plane passenger told Reuters many people were waiting more than 12 hours to be able to resume travel. Footage from the airport shows planes taxiing in eerie floodwaters. 

"Over a year's worth of rainfall was experienced in just a few hours," Kruczkiewicz told CBS News. "And why that's important to to understand is that when you see this amount of rainfall in semi-arid arid area, the soil isn't designed to filter the water as fast as in other areas. ... You don't need that much water falling or rainfall falling in a short period of time to cause major issues." 

Is cloud seeding effective? 

According to the Desert Research Institute, how effective cloud seeding is depends on the specific project in which it's being used. Citing several studies, the institute said it's helped increase overall snowpack in some areas by at least 10% per year. Another study found that a five-year project in New South Wales, Australia resulted in a 14% snowfall increase.  

The UAE's National Center of Meteorology launched the Research Program for Rain Enhancement Science to advance the technology, saying that for dryer regions across the world, cloud seeding "could offer a viable, cost-effective supplement to existing water supplies." Many regions even beyond the Middle East have been suffering from water scarcity issues, including Colombia , Mexico and Hawaii . 

• Science of Weather
• United Arab Emirates
• Climate Change
• Severe Weather

Li Cohen is a social media producer and trending content writer for CBS News.

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Tesla plans to lay off 10% of workforce after dismal quarterly sales, multiple news outlets report

FILE - People walk to the Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany,March 13, 2024. After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. (AP Photo/Ebrahim Noroozi, File)

FILE - Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars after a visit in Gruenheide near Berlin, Germany, March 13, 2024. After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. (AP Photo/Ebrahim Noroozi, File)

FILE - An 2023 Model X sits outside a Tesla dealership on June 18, 2023, in Englewood, Colo. After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. (AP Photo/David Zalubowski, File)

FILE - Drivers charge their Teslas in Santa Ana, Calif., on March 20, 2024. After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday.(Jeff Gritchen/The Orange County Register via AP, File)

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DETROIT (AP) — After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs , multiple media outlets reported Monday.

CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.

Musk’s memo said that as Tesla prepares for its next phase of growth, “it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” The New York Times and CNBC reported. News of the layoffs was first reported by electric vehicle website Electrek.

Also Monday, two key Tesla executives announced on the social media platform X that they are leaving the company. Andrew Baglino, senior vice president of powertrain and energy engineering, wrote that he had made the decision to leave after 18 years with the company.

Rohan Patel, senior global director of public policy and business development, also wrote on X that he was leaving Tesla, after eight years.

Baglino, who held several top engineering jobs at the company and was chief technology officer, wrote that the decision to leave was difficult. “I loved tackling nearly every problem we solved as a team and feel gratified to have contributed to the mission of accelerating the transition to sustainable energy,” he wrote.

He has no concrete plans beyond spending more time with family and his young children, but wrote that he has difficulty staying still for long.

Musk thanked Baglino in a reply. “Few have contributed as much as you,” he wrote.

Shares of Tesla fell 4.8% Monday afternoon, hours after news of the layoffs and departures broke. Shares of Tesla Inc. have lost about one-third of their value so far this year as sales of electric vehicles soften .

Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9% below the 423,000 it sold in the same quarter of last year.

Since last year, Tesla has cut prices as much as $20,000 on some models as it faced increasing competition and slowing demand. The price cuts caused used electric vehicle values to drop and clipped Tesla’s profit margins.

The company has said it will reveal an autonomous robotaxi at an event in August.

Texas Tech Now

First-gen alumna finds success through texas tech’s waco site.

April 18, 2024

Norma Benitez-Montelongo and her husband run a booming floral and event planning business in Waco, where she completed her college degree without leaving home.

Raised in a small town outside of Waco, Texas, Texas Tech University alumna Norma Benitez-Montelongo grew up as a first-generation American in the U.S. with her parents and two older brothers. One of her fondest memories, and perhaps most influential childhood activities, was gardening. Her parents always had gardens, so plants and flowers have been a lifelong attraction for her. But young Norma couldn't have known just how important that passion would become in her life. 

Growing up and going into college, Norma thought she was going to be a teacher. She began attending a community college just over an hour from home, but she became ill for a while and had to move back home to Waco, where she soon got a job. 

She was not to be deterred by a less-than-encouraging start to higher education. She finally chose to pursue a degree through Texas Tech's regional site in Waco . That would allow her to live at home and continue to work while taking a hybrid of in-person and online courses without leaving the Waco area.  

“Honestly, it was the flexibility that drew me to it (the online program),” Norma said. “Being able to take these classes while working was a huge deal. I specifically did everything through Texas Tech Waco for that reason. Having supportive people in an office, even if I wasn't in a classroom that semester, I could still go to them, and they would help. I could have support and face-to-face access.”  

And she needed all the help she could get. Being a first-generation college student, Norma didn't know what she didn't know and wasn't even sure who or where to ask, indicating that mostly “it's just been learning as you go.” 

“I feel like that's just been my whole life. When I first started school, I didn't have anybody to look to, to even ask, ‘Hey, where do I go to register for classes?' I didn't even know that I needed to go to advising every semester. I had no idea. It was something I was learning as I went.” 

That method worked well for her. In December 2018, Norma was the first person in her family to graduate from a university, however, not in education or teaching. But the story is getting ahead of itself.  

Firmly Rooted in Education 

Norma says upon starting at Texas Tech, she “wanted to study everything,” so a general studies track made the most sense. In the hybrid program, a student chooses three areas of concentration instead of a major and minor. Pursuing concentrations in political science , sociology and history , Norma chose many of her political science courses and a couple of her history classes to be in person. She is quick to say how engaging her instructors and professors were in Waco, and how helpful they were at the regional site. 

One of her favorites was Rebecca Larsen , an assistant professor of practice in the Department of Political Science. Larsen remembers Norma as committed and tenacious. 

“Norma faced challenges and setbacks during her time studying at Texas Tech in Waco. She faced them with determination and asked for help,” Larsen said. “It can be hard to ask for help and advice as a student. It can feel like you are supposed to know everything. I deeply respected this about Norma, and it paid off well for her.”  

Accidentally Abroad 

Norma started at Texas Tech in 2015 and did find her way to her adviser's office. One day when she had been visiting with her adviser, she offhandedly picked up a brochure about Texas Tech's study abroad programs .  

“I took it just to look at because it piqued my interest,” Norma explained.  “And I applied for it on a whim — I didn't realize I was committing to the program before figuring out later on what I had done!” 

Luckily, with the help of her family, Norma made sure she had the funds for that international trip. She studied in Seville, Spain, in the summer of 2016, which also is where she would end up marrying Frankie Montelongo several years later in a stunning destination wedding. 

The fact that the advising office is available for students to go to in person and, even accidentally, find life-changing information is not lost on Norma.  

“To have the opportunity to see something small like that brochure was huge. It was a really big trip for me at the time,” Norma exclaimed with her eyes wide. “I was the first person I knew to go to Europe because of that study abroad opportunity. And that's where we took our entire family for our wedding in 2023, to go see and experience where I had studied abroad.” 

Romance Blossoms 

When Norma returned from her study abroad trip late that summer, she began hanging out regularly with a couple of friends. One of them eventually invited a cousin, Frankie, who became a regular in their group.  

“After the first couple of times, Norma and I kept talking then hanging out every time they were all hanging out,” Frankie said, smiling. “We started seeing each other every day and became best friends. We officially started dating in October of 2016.” 

Growing Interest in Mental Health 

After graduation Norma became interested in psychology. But she also had begun struggling with her own mental health, trying to handle the many transitions in her life after finishing her undergraduate degree. 

“It was very hard for me because you go from being a student for 18-plus years to adulthood and getting a job within a couple of months,” Norma explained. “I found myself at a job that was mentally draining. Then the pandemic happened, and I went from being new in the workforce to working from home. That is when I was diagnosed with depression.”  

That's also when another seed was planted. 

An Accidental Success 

Frankie would take flowers from the grocery store to Norma, regularly, each week, which she would then arrange in a vase — a process that helped her feel better. 

One week he popped into the store and saw some beautiful tulips. He thought they were so pretty, he decided to purchase them in addition to the flowers he'd already chosen. 

“It was the highlight of my week, getting the flowers and arranging them in the vase, especially at a time when I was having a hard time mentally,” she said, welling up just a little. “That's also part of the reason the mental health aspect is really important to me.  

“Because he gave me extra flowers that week, I decided to give some to a friend. I asked, of course, if it was OK, Frankie said, ‘Yes, do what you want; I just wanted to buy them because they were so pretty!' I arranged them in a vase, gifted them to her, and I posted it all on my personal Facebook page.” 

Serendipitously, that happened about a week or so before Mother's Day. Norma started getting messages from friends asking if she could make their Mother's Day arrangements. That sent her scurrying to grocery stores, hurriedly making bouquets with grocery store flowers to make other people's celebrations just right, fertilizing the seed of possibility of a flower business.  

Norma further explained how her business blossomed from just an idea and involved international travel. Frankie proposed to her in Paris in October 2019, as her study abroad experience several years prior had given her the travel bug, which she gladly passed to Frankie. In the City of Light, she noticed the concept of using street carts to sell things, carts that are attached to bicycles.  

"I loved the cart idea so much; I knew I wanted to have a business with a bike and cart theme. At the time I just didn't know what it was going to be,” Norma explained, a grin spreading across her face. “Then the tulips and the Mother's Day thing happened; that was May 2020. I connected the dots, officially opening Norma's Blooming Bike in November when the flower cart was completed, and Frankie and I did our first pop-up at the Waco Downtown Farmers Market.

So, without any formal training in horticulture or business, Norma turned to her “learn-as-you-go” method of success she had relied on most of her life. When she first started with the flower business, she was completely immersed. All her effort and energy went into figuring it out. 

Stems of Encouragement

Norma admits that when she started her flower business, she wasn't in a good space mentally, but she saw how helpful the flowers were for her. She reached out to the National Alliance on Mental Illness (NAMI) with an idea.  

“When I first reached out to NAMI-Texas, I only intended for there to be resources, maybe in the corner of the flower shop, for people who might be struggling with mental health,” Norma said. “Just to keep that open door, to let people know, ‘Hey, if you need help, the flower shop is like a bridge to connect you to professionals that know what they're doing.'” 

It was a case of “be careful what you ask for.” When Norma reached out, NAMI let her know there was no chapter in Waco. They offered, if she had the capacity to do it, to have her spearhead a local chapter. Having the capacity would be the determining factor.    

At this point, Frankie's job had shut down. The entire company he was working for closed. 

Norma said luckily the flower shop was at the point where she was contemplating having to hire some extra help. Instead of that, she asked Frankie to come to work with her full-time, then she could also have the capacity to say yes to NAMI's offer. 

“Knowing he would be helping, us doing it together, gave us the capacity to say yes to NAMI. It's something I've always been passionate about, so that's kind of how we started the NAMI Waco chapter here in town.” 

 Norma explained that in their new role with NAMI, they give away flowers that are leftovers or ones used for photo shoots or other events, with attached cards provided by NAMI, that carry encouraging messages on them.  

“This is a way we can spread the word. You get something pretty like a flower, and we get the word out that NAMI is available for support groups or again, that connection to other resources,” Norma explained.  

“We say our mission with Norma's Blooming Bike is advocating for mental health with the flowers. We're leading a lot of those resources now in Waco. We go to college campuses — Baylor is close, but we're doing a couple more rounds so we can go to the Texas Tech offices, and there's a Tarleton campus in town as well.”  

Experience in Full Bloom 

Coming full circle to Texas Tech's Waco site, Norma reflected on the lessons she learned beginning nearly a decade ago. 

“I would honestly say it was the discipline to be able to sit down and do your work at an allotted time and complete it. When you're online, you really need that,” she said with a serious tone. “That's what truly has prepared me – that discipline to do the work and work toward the goal that I have, which then was to graduate. Now it's to run an even more successful business.” 

Both her political science instructor and Frankie saw the discipline, determination and drive as Norma grew in her education and her life experience.  

“Through her own hard work and tenacity, she accomplished an impressive goal and has continued to utilize this same determination in her successes today,” Larsen said. “I am so proud that Norma was one of my students and I am not surprised that she is contributing positively to her community.”  

Frankie says those qualities were what attracted him to her from the beginning, but that she was also a dreamer. A BIG dreamer. 

“Growing up, I never dreamed like Norma dreamed,” Frankie said excitedly. “She's had huge dreams, like this big destination wedding with flowers, traveling with her family, our families — having them experience traveling to Europe, that big expansion of your mind — she wanted other people to experience that. She is very driven. She knew what she wanted from the get-go. She's taught me a lot.” 

Growth for the Future 

Like a flourishing garden that overtakes its bed, Norma's Blooming Bike has outgrown its capacity. Norma and Frankie are rebranding to a storefront shop, now called Norma's Florals .  

“Since we're now a flower shop, and because it started out as a flower cart, we're currently rebranding because ‘Norma's Blooming Bike' stamped on a flower shop sounds a little weird. We get calls all the time asking if we're a bike shop,” she said, chuckling and shaking her head. 

 “And since this is now our full-time income, it's given us the ability to just focus on this. Frankie's in charge of the flower shop and the flower cart pop-ups that we still do. I'm in charge of the wedding side. We are branching into luxury wedding design. So, over-the-top, huge floral installations. That will be the goal for the future, to be a very, very busy luxury florist.” 

But Norma wants to give back to current and future college students by way of possible internships or other work arrangements, although she doesn't yet have a clear picture of what exactly that will be. She wants to have the students tell her what they want to gain out of the experience and allow them to decide. For students who may be non-traditional in some way, or first-generation, still deciding on the direction of their education, she also has advice, guiding them to options at Texas Tech's Waco site. 

“My first instinct is to say, ‘Just JUMP!' Just take the leap. You don't know what will happen unless you jump in and try it,” Norma said excitedly. “And once you're in there, things will show up. The people that you need. The resources you need. Yes, sometimes you have to do a little digging, and that's OK, it will make you as an individual prouder than you can explain.” 

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Majority of US couples do not have an estate plan, study finds

Ameriprise survey finds couples overwhelmingly tend to trust each other, but many have serious details to work out when it comes to retirement.

Diners weigh in on retirement as new study shows what it would take to retire comfortably

FOX Business' Ashley Webster talks to diners at The Villages in Florida about retirement after a Northwestern Mutual survey claims it will take $1.46M to retire comfortably.

American investors in committed relationships overwhelmingly say they trust their partners and share the same retirement goals , but most have not put an estate plan in place, new data suggests.

Ameriprise Financial's "Couples, Money & Retirement" report released Wednesday found 95% of couples agree they are honest and transparent with one another when it comes to their finances, and 91% said they share the same financial values. 

A new survey by Ameriprise found most American investors in committed relationships have some significant details to work out with their partners when it comes to retirement. (Annette Riedl/picture alliance via Getty Images / Getty Images)

But many have not reached a consensus on a number of emotionally-charged decisions about money .

The survey, which polled more than 1,500 American couples with $100,000 or more in investable assets, focused primarily on those between the ages of 45-70 who have retired within the last decade or plan to do so in the next 10 years.

TAX REFUNDS ARE NOT FREE MONEY: RACHEL CRUZE

While it found that 93% of couples share similar goals for retirement and agree on when to retire, 24% of respondents said they have not come to an agreement on how much money they will need to save or how much they should spend on children and grandchildren, both today and as part of their estates. 

Most couples do not have an estate plan in place, according to a new study by Ameriprise. (iStock / iStock)

In fact, more than half (52%) of couples surveyed said they have not yet set up an estate plan.

Marcy Keckler, senior vice president of financial advice strategy at Ameriprise Financial and a certified financial planner, offers the following advice for couples who still need to set up an estate plan:

1. Don't be intimidated by the concept of estate planning

"Estate planning is for everyone, no matter their wealth or complexity of their financial situation ," Keckler told FOX Business. "At some point, all of us will need an estate plan."

She explained that, at its core, estate planning is about making decisions about what you want to happen after you die or in the event you’re incapacitated and can’t make health-related or financial decisions on your own, even temporarily.

SHOULD YOU TELL YOUR KIDS ABOUT THEIR INHERITANCE?

2. Engage professionals

"A qualified financial adviser and estate planning attorney can help you initiate important, yet often emotional conversations and ensure you have decisions documented to cover a variety of potential scenarios that may arise,' Keckler said.

"Guidance from professionals can ensure your wishes for the legacy you want to leave your heirs and other loved ones are carried out."

Financial advisers can provide expert-led guidance for individuals or couples who have complex finances. (iStock / iStock)

Keckler recommends selecting professionals willing to collaborate, noting that one of the biggest mistakes couples can make is creating a will that specifies beneficiaries and then forgetting to update their accounts to actually identify the correct beneficiary. 

She added that financial advisers and attorneys can work together to help ensure you’ve taken all the steps necessary to have your plan executed according to your wishes.

3. Once you complete your estate plan, be proud of yourself

" Estate planning is an important part of protecting your family and financial legacy," Keckler said. "It’s a big accomplishment that should be celebrated once it’s completed."

She recommends ensuring you know where the original documents and any physical or digital copies are, so you can refer to them in the event they become needed. 

"If you have a doctor or hospital of choice, send them a copy, so they can keep it on file," Keckler suggested. "This can save valuable time and stress you or a loved one would otherwise spend trying to find them in an emergency."

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4. Revisit your estate plan at least every five years, and more frequently if a big life event happens

"Estate plans need to be updated as your life evolves to ensure they reflect your wishes," Keckler added. "Moments in life such as the birth of a child or grandchild, major shifts in income, a divorce, acquisition of new property and a child reaching the age of 18 are a few examples of when your estate plan may need to be revisited."

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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 2022-2024), 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 tea m 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 programme s , 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 t a ctics 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 practise/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

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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”.

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Want to see the next total solar eclipse in 2026? An expert recommends booking travel now.

• 2026 will be Europe's first total solar eclipse in 27 years.
• Travelers worldwide will likely head to Spain, Iceland, and Greenland for the event.
• A hotel expert encouraged travelers to start planning and booking their trips now.

It'll be two decades before the next total solar eclipse hits the US .

Another option: hop on a plane to Europe and turn the 2026 total solar eclipse into a viewing vacation.

Eclipse cartographer Michael Zeiler at GreatAmericanEclipse.com told Space.com that up to 3.7 million people likely traveled for the solar eclipse on Monday.

HotelPlanner's chief communication officer, Philip Ballard, told Business Insider that the eclipse was a major revenue generator for many cities. For places like Austin, Texas, and Rochester, New York, it could have created $1 billion in revenue, Vox reported.

"I would say the total solar eclipse has become a global phenomenon," Ballard said.

Ballard added that the next solar eclipse , which will pass through Iceland, Greenland, and Spain on August 12, 2026, could result in similar tourism and revenue influxes.

And if travelers are considering a trip to Europe for the solar eclipse, Ballard recommends planning your trip now.

Determine your eclipse viewing destination

According to Space.com , 2026 will be Europe's first total solar eclipse in 27 years. Its path will go through Greenland, parts of western Iceland, and northern Spain.

Choosing where to watch the eclipse will be a tough and important decision for travelers.

Iceland and Greenland have some positives. These regions will experience longer totality times, so viewers can watch the eclipse longer. Plus, the sun will be higher in the sky, so finding a spot to watch the eclipse will be less challenging, Space.com reported.

The downside is that these regions are more likely to be cloudy, according to the outlet.

Related stories

While parts of Spain are likely to offer clearer skies, the eclipse's timing will be shorter and closer to the horizon, which means travelers will need to plan and track down a viewing location with unobstructed views of the western horizon, Space.com reported.

Regardless of the destination, according to the outlet, one bonus is that the strongest meteor shower in the Northern Hemisphere will happen the following night, so travelers can pack two events into one trip.

Book flights and hotels far in advance

Ballard encouraged people to book their hotels in their destination of choice as far in advance as possible.

"You should start looking now and booking hotels now because those cities in the path are already going to be at peak season," Ballard said.

Ballard said it's similar to when a Super Bowl city is determined or a Taylor Swift tour date is announced — you immediately see spikes in bookings. He predicts hotel occupancy rates will hit near-record highs, and room prices may double around the solar eclipse date.

Ballard's general rule of thumb is to book international travel at least three months in advance, but since this is such an anticipated event, booking earlier is smart. His advice is to start discussing plans with friends and family. If you decide on a destination, book a refundable room to keep your options open if plans change.

Regarding purchasing a plane ticket, a study from Expedia states that international travel's sweet spot is at least six months in advance.

According to Expedia, travelers who book six months in advance save an average of 10% more than travelers booking within two months or less.

Skip the hassle of planning altogether and book a solar eclipse tour

Another option is to let a tour operator do the work for you. A handful of tour companies have seen the increased interest in the solar eclipse and launched tours designed around the event.

These tours will have predetermined locations to view the eclipse, hotel blocks reserved, and itineraries highlighting both the region and the eclipse.

However, these can sell out quickly. For example, Space and Telescope created an 11-day tour of Spain around viewing the 2026 solar eclipse. The tour has already sold out as of Wednesday, and the waitlist is full.

Other operators, such as Wilderness Travel and Eclipse Traveler, have similar itineraries for the total eclipse in 2026.

Watch: A small Australian town was treated to a rare hybrid solar eclipse

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