To succeed in your event planning business, you need to understand how to scale and grow. While you could do just either one of these, this isn’t the optimum approach. By combining growth and scaling in your long-term strategy plan, you can expand your business in a controlled method. That way, you can take calculated risks to help make your event planning business successful.
Growth vs Scale: What is the Difference?
Entrepreneurs often use the terms growth and scale interchangeably. However, there are subtle differences between these two terms. Both terms refer to increasing the size of your event planning business to ultimately enjoy more customers and increased profits. Growth does this by adding more resources. Scaling does this by strategically using existing assets to optimize operations without increasing costs. Focusing all of your efforts on just scaling or growth can result in a risky long-term business plan. Using a strategy that combines both will enable measured business progression.
Budget
Before you create a business plan, you need to have a budget. Knowing the current operating costs, ROI, revenue, and profit will help you create a plan for the future. You can then establish a budget for your growth and scaling efforts. This will help you understand which initiatives are most effective.
Grow Your Event Planning Business
When growing your event planning business, you may decide to add technology assets, invest capital, or hire additional staff. While all of these actions will increase costs, the hope is that you will also increase revenue.
Market Your Events
One method for growing your business is to increase your brand awareness by broadening your reach. Invest in marketing that will speak directly to your target market in the geographical region you serve. Create unique marketing materials that accurately communicate what your event planning business does, your expertise, and examples of previously planned events. Marketing efforts should include a combination of content marketing and paid ads.
Diversify Services
Growing your business could mean offering more services. The more services you offer, the more opportunities you have to serve your clients and attract potential leads. However, additional services typically come with additional costs. So, while diversifying your service offering can lead to growth, it can also be risky if you invest in the wrong services.
- RSVP tracking and guest list management
- Transportation and logistics coordination
- Accommodation arrangements for out-of-town guests
- Custom event websites or apps
Grow Your Event Planning Business Team
You can only do so much on your own. As a professional event planner, you will eventually need to hire a team to help. Taking on employees comes with additional liability and responsibility. Paychecks don’t stop, so you need to have the business growth to sustain the increased staffing costs.
Expand to New Markets
Providing your services in new markets can grow your event planning business by increasing the geographical area that you serve. Your target market and your ability to network with new vendors and venues increase. However, there are costs that come with expanding your event planning business into a new market. You will need to have a research budget to determine which market is best to expand into. Once chosen, you will have marketing costs to raise awareness of your business. Depending on the new market saturation, these costs could be significant.
Scale Your Event Planning Business
When scaling your event planning business, focus on initiatives to improve your profit margins without significantly increasing investment or operating costs. This is primarily done through optimization, automation, or strategic planning.
Network
One strategy for scaling your event planning business is to put more effort into networking. You can start with minimal investment by actively cultivating relationships with clients, vendors, and venues. Look for ways your event business can assist your connections to generate increased business for you and a stronger relationship with your connections. Another great option is to attend industry events. While these may have a cost to participate, the benefits and ROI far outweigh the cost. The Event Planner Expo allows industry professionals to network and make valuable connections.
Outsourcing
Instead of taking on additional liability and expenses by hiring a staff, you could outsource certain tasks. Working with an independent contractor gives you access to additional help and expertise without hiring someone full-time. Partnering with a vendor that can provide event specific services can allow you to expand your service offerings without taking on a significant amount of additional overhead.
Provide Excellent Customer Service
Focus on delivering top-tier customer service to your event planning clients. They have already hired you, so put in the effort to provide them with the service they will brag about. Not only will you convert a one-time client into a repeat client, but they will become a brand advocate. This will reduce your client acquisition cost while increasing your business.
Grow and Scale Your Event Planning Business
Implementing these strategies can help you grow and scale your event business. Combining these efforts can increase your profits without taking on significant financial risk. Get started by purchasing tickets to the next Event Planner Expo 2024. Network with industry professionals, learn about the best event planning strategies, and set your business up for future success.
Purchase your tickets to the Event Planner Expo 2024 and connect with industry experts to make your event business a success.