{"id":54,"date":"2024-04-08T08:50:07","date_gmt":"2024-04-08T08:50:07","guid":{"rendered":"https:\/\/mastertheevent.com\/?p=54"},"modified":"2024-04-08T08:50:07","modified_gmt":"2024-04-08T08:50:07","slug":"3-reasons-why-you-need-an-event-planning-business-plan","status":"publish","type":"post","link":"https:\/\/mastertheevent.com\/3-reasons-why-you-need-an-event-planning-business-plan\/","title":{"rendered":"3 Reasons Why You Need an Event Planning Business Plan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-662d7767c3ade\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662d7767c3ade\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mastertheevent.com\/3-reasons-why-you-need-an-event-planning-business-plan\/#1_If_You%E2%80%9Dre_Looking_for_Any_Type_of_Financing_When_Starting_an_Event_Planning_Business_Then_You_Need_a_Business_Plan\" title=\"1) If You\u201dre Looking for Any Type of Financing When Starting an Event Planning Business Then You Need a Business Plan\">1) If You\u201dre Looking for Any Type of Financing When Starting an Event Planning Business Then You Need a Business Plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mastertheevent.com\/3-reasons-why-you-need-an-event-planning-business-plan\/#2_An_Event_Planning_Business_Plan_Helps_You_Set_Realistic_Goals\" title=\"2) An Event Planning Business Plan Helps You Set Realistic Goals\">2) An Event Planning Business Plan Helps You Set Realistic Goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mastertheevent.com\/3-reasons-why-you-need-an-event-planning-business-plan\/#3_A_Business_Plan_Provides_a_Review_of_What_Is_and_Isn%E2%80%9Dt_Working\" title=\"3) A Business Plan Provides a Review of What Is and Isn\u201dt Working\">3) A Business Plan Provides a Review of What Is and Isn\u201dt Working<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mastertheevent.com\/3-reasons-why-you-need-an-event-planning-business-plan\/#A_business_plan_for_event_planning_is_a_smart_move_There_are_many_resources_available_to_help_you_map_out_good_thorough_business_plan_I_believe_it%E2%80%9Ds_crucial_for_any_business_to_have_an_understanding_of_what_their_goals_are_and_how_they%E2%80%9Dre_going_to_go_about_achieving_those_goals_Without_a_plan_in_place_your_ability_to_react_will_be_delayed_that_is_if_you%E2%80%9Dre_even_able_to_understand_where_the_problems_are_in_the_first_place_No_matter_what_the_size_of_your_business_is_treat_it_like_a_Fortune_500_company\" title=\"A business plan for event planning is a smart move. There are many resources available to help you map out good, thorough business plan. I believe it\u201ds crucial for any business to have an understanding of what their goals are and how they\u201dre going to go about achieving those goals. Without a plan in place your ability to react will be delayed (that is if you\u201dre even able to understand where the problems are in the first place). No matter what the size of your business is treat it like a Fortune 500 company.\">A business plan for event planning is a smart move. There are many resources available to help you map out good, thorough business plan. I believe it\u201ds crucial for any business to have an understanding of what their goals are and how they\u201dre going to go about achieving those goals. Without a plan in place your ability to react will be delayed (that is if you\u201dre even able to understand where the problems are in the first place). No matter what the size of your business is treat it like a Fortune 500 company.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>Many event planners are always looking at ways to reduce workloads. Especially on tasks that we think will take us away from the overall success of our business. There are many self-employed event planners. And there are many more that thinking about starting an event planning business on their own. At networking events I often ask my colleagues if they\u201dve taken the time to do a business plan. Quite often the answer is no. And then they\u201dll look at me and say \u201coh I know I should do one but I\u201dm just so busy trying to drum up business that I don\u201dt have time\u201d. My advice, for what it\u201ds worth, is that it\u201ds vital to have a business plan. So for anyone starting an event planning business, take a look below at the three reason why you need a business plan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_If_You%E2%80%9Dre_Looking_for_Any_Type_of_Financing_When_Starting_an_Event_Planning_Business_Then_You_Need_a_Business_Plan\"><\/span>1) If You\u201dre Looking for Any Type of Financing When Starting an Event Planning Business Then You Need a Business Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The first reason is really a no-brainer. If you\u201dre wondering how to start an event planning business and financing is one area that you\u201dre exploring then a business plan is a must. Unless you\u201dre borrowing money from your mom or dad you need one. Investors want to know that you have an idea of how to start a business. One area that a lot of entrepreneurs are guilty of is presenting a financial picture that will become very hard to achieve. Good investors can spot this right away. Of course you want your event planning business to be a success. Investors, when deciding whether or not to finance startup businesses will often look for the entrepreneur\u201ds ability to anticipate growth challenges along the way. And it\u201ds how you address those challenges that may become the deciding factor for whether or not you\u201dre granted financing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_An_Event_Planning_Business_Plan_Helps_You_Set_Realistic_Goals\"><\/span>2) An Event Planning Business Plan Helps You Set Realistic Goals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Without a plan you\u201dre quite literally taking a stab in the dark at growth. Item such as a business names and where to get business cards, while important, need to be prioritized and maybe shouldn\u201dt be at the top of the list. By developing a business plan you\u201dre helping yourself set realistic targets towards the growth plan that you envision. By sitting down and working out your goals you\u201dre also thinking about how you will achieve them. And what steps are required from you and\/or your employees to achieve them as well. Like big projects a business plan takes the overall picture and breaks it down into mini steps. Once you develop the steps you can then assign a timeline and determine how long it will take you to achieve your goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_A_Business_Plan_Provides_a_Review_of_What_Is_and_Isn%E2%80%9Dt_Working\"><\/span>3) A Business Plan Provides a Review of What Is and Isn\u201dt Working<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you\u201dve been involved in a startup business before then you probably understand that a lot of your initial targets will not be achieved. And if you\u201dre wondering how to start your own event planning business then a business plan will help you prioritize. If you didn\u201dt do a business plan it could become very easy to be overwhelmed when revenues didn\u201dt materialize when you thought that they would. As a matter fact without a strategic plan you may not even know when revenues should\u201dve come in in the first place. With the business plan however you will be able to do periodic reviews to determine where you are in relation to your targets. And by having a business plan completed you\u201dll also know where you are veering off course. Your reaction time will increase greatly. After all as a leader of a company it\u201ds your job to recognize areas that are under performing and address them before they become a burden to the company.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_business_plan_for_event_planning_is_a_smart_move_There_are_many_resources_available_to_help_you_map_out_good_thorough_business_plan_I_believe_it%E2%80%9Ds_crucial_for_any_business_to_have_an_understanding_of_what_their_goals_are_and_how_they%E2%80%9Dre_going_to_go_about_achieving_those_goals_Without_a_plan_in_place_your_ability_to_react_will_be_delayed_that_is_if_you%E2%80%9Dre_even_able_to_understand_where_the_problems_are_in_the_first_place_No_matter_what_the_size_of_your_business_is_treat_it_like_a_Fortune_500_company\"><\/span>A business plan for event planning is a smart move. There are many resources available to help you map out good, thorough business plan. I believe it\u201ds crucial for any business to have an understanding of what their goals are and how they\u201dre going to go about achieving those goals. Without a plan in place your ability to react will be delayed (that is if you\u201dre even able to understand where the problems are in the first place). No matter what the size of your business is treat it like a Fortune 500 company.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Many event planners are always looking at ways to reduce workloads. Especially on tasks that we think will take us away from the overall success of our business. There are<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts\/54"}],"collection":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/comments?post=54"}],"version-history":[{"count":1,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts\/54\/revisions"}],"predecessor-version":[{"id":55,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts\/54\/revisions\/55"}],"wp:attachment":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/media?parent=54"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/categories?post=54"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/tags?post=54"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}