4.1 Introduction
Starting
a kids' party planning business sounds like a fun idea! If you regularly
find yourself
organising all the events for friends and people you know, then consider
turning it into a business.
These days, so many parents wish to give their
children memorable parties. Yet, it can become quite difficult to find the time to plan and manage all the components
of a party. This is when parents contact
kids' party planning experts.
children memorable parties. Yet, it can become quite difficult to find the time to plan and manage all the components
of a party. This is when parents contact
kids' party planning experts.
The advantages of this type of business
is that the start-up costs
are minimal, and thus the risk is low.
The key point to bear in mind through the whole process
of a start-up business, especially a party planning one, is that creativity is paramount. If you
have a mind full of good ideas, all of which are simply waiting to become reality,
then don't wait too long. Look into starting your business, now.
is that the start-up costs
are minimal, and thus the risk is low.
The key point to bear in mind through the whole process
of a start-up business, especially a party planning one, is that creativity is paramount. If you
have a mind full of good ideas, all of which are simply waiting to become reality,
then don't wait too long. Look into starting your business, now.
A kids' party planning business can lead to a
fully-fledged event planning business, but this entails a familiarity with a number of different
events, including kids' parties. You will not only think up and plan the theme
of parties and events, you will also have to think of other aspects of the
event including food, entertainment, decor, and favours.
Furthermore, you must plan the clean-up after the event. On top of all of this, there are business related tasks that you will need to handle, such as
management, taxes, inventory, and more. Do you have what it takes?
4.2 What it Involves
to Own a Party Planning Business
Party and event planners serve two main market segments: the business/government market, and the social market.
'Party and event planners,' who specialise in
private sector social events, manage everything from private parties andweddings to corporate, society, and
community events.
There are several benchmarks for the industry
and these include:
*Professionalism: This is imperative as the service
provided is, in effect, a representation of the client
*Competitive pricing: The pricing scheme must be competitive to offer an incentive for the customer to outsource services.
*Customer service: A customer must feel that all of their needs are met, regardless of how small or inconsequential those details may
appear.
As a kids' party planner, you may
have to deal with all types of people, too. These might include government
agencies and corporations, as well as picky parents. Whatever your ambition -
stay at home, small-time planning, or establishing a fully-fledged enterprise -
this could be the moment to shift from having a hobby to becoming a real
businessperson. It is more fun to work at something that you truly enjoy, so if
you find contentment and joy when planning parties, this career path is a good
option for you.
Planning parties requires a high
degree of creativity. Whether it's a birthday, christening, or other type of
celebration, the organiser must efficiently coordinate all the facets of the
event. This allows the client to fully enjoy themselves, which is the point of
such celebrations.
Many event planners are freelance business owners,
and once started, spend considerable time seeking
out new customers. You must realise this before you begin, as real success does
not occur overnight.
As you develop a business and attract more clients,
being busy and constantly on the go can affect
your attitude.
Stress is one such factor, one that is common in this
industry. You will have to spend extra
hours on weekends, too, and deal with the intense focus and added stress that
comes in the days leading up to any
big event.
If you don't have a lot of experience with party planning,
it is a good idea to gain a bit of experience. You also want to begin
creating a reputation for yourself. One way to do this is to start working for someone else; someone who has their own
party planning business. Not only will this give you experience, it also gives you a first hand view of what running
this type of business is like.
4.3 Certifications and Training
To become an accredited event planner, you can
study for a degree at a college or university. Another option is to participate
in a certification course as a certified special events professional (CSEP) or
a certified meeting planner (CMP).
Several organisations offer formal certification
courses for event planning. Accomplishing one or two of these certifications will allow you to show off a
professional and reliable reputation in your initial start-up period. By
keeping your credentials current, you will only enhance your professional reputation.
Keep in mind, you are not required to be a
certified event planner in order to work in the UK. However, you might find that becoming certified will help you
secure work. As for qualifications, the majority of planners will not possess
degrees. Instead, they have years
of experience and talent,
along with a drive to succeed.
4.4 Where to Begin
To run things smoothly,
you must use a working
business plan or detailed road-map.
4.5 Creating a Business
Strategy
A start-up requires preparation,
commitment, and hard work. You also must use a business plan. This plan will
clarify your vision and give you a road-map to follow. Creating a business plan
is a chore for many, yet it is necessary for true success. There are a
multitude of resources available to help you create a business plan, and basic
information is outlined below. Once you have a plan, you can start looking for
clients, which will also be explained further in the course.
Alternatively, as mentioned, you might try to
start working under someone with experience in the field. Most party planners
have assistants or staff. Working for someone else for several months or even a
couple of years in those positions can give you an excellent knowledge boost.
The goal of a good business
plan is to create a business strategy.
You might love planning and executing events,
however, before you can truly do this, you must have
a strategy in place. This is your business plan, and it has a multitude of things that must be addressed. This includes marketing, budgets, goals, and your services.
Does it sound uninspiring?
Perhaps creating a business plan does not inspire
you, yet, a business plan will ultimately help you develop and create your company.
Though it is true that word-of-mouth
recommendations and building a reputation is key to success, a basic knowledge
of where you want to go is imperative.
4.6 The Market
Knowing your market,
and then using
this knowledge to your
advantage, is critical to develop enough business to achieve profitability
As mentioned, a party planner can and will execute
every facet of a party for a client. Included
in the responsibilities may be
invitations, decorations, entertainment, food and more. Most party planners
will also attend the party
they have planned
to make sure everything is going well and that the
guests are enjoying themselves.
Moreover, in the children's birthday party
sector you will probably have to be quite interactive with the party guests.
All of this must be reflected in your business plan and your marketing schemes.
4.7 Marketing Strategy
The simplest form of marketing is to market to your
friends and family. Then, you can market to clients who are local parents with
children who just wish to have fun.
Sending out a short brochure to
parents in your area and writing fun, informative articles for a local
newspaper may help to get you started. Placing an advert in a local publication
may also be beneficial. Networking in areas where parents and children gathers,
and posting flyers (with owners' permission) in local venues, is also helpful.
Donating a free party to a lucky
winner at a charity auction is a way that you can get publicity. Also consider
organising or giving free parties to friends. Take photos of all your work at
these early parties, and then use them to create a portfolio. Sharing this
portfolio is also a great way to bring in new customers.
Creating new customers for a business
is a constant and ongoing challenge. Many party planners are using social
media, for instance, such as Facebook and Twitter. Others are using blogs or
creating websites. Pinterest and Instagram are also websites that you can use
to market your business, and all of this is free or comes with a small fee.
Cross-promotion with other companies can also give you a boost in your chosen
market.
Set aside an adequate budget for initial marketing
expenses.
Though marketing is important,
you also want to make sure that you can afford it. Consider the cost
effectiveness of buying advertisements, for instance. Though it might sound
like a great idea to buy advert space in parenting magazines, you might not be
able to offset that cost. This is especially the case if you are new to the
party planning industry. Instead, stick with affordable marketing, such as a
free social media account or affordable website, until you get your feet wet.
The party planning
industry has a history of individuals entering, doing a poor job, and
subsequently going bust.
Reputation is vital. As in any
industry, word of mouth is crucial. In this digital age, word-of-mouth also
means online social networks, which form part of any portfolio of marketing
initiatives. In other words, your online reputation is just as important as
your offline one.
No matter the success of an
online campaign, at the end of the day you cannot purchase reputation. Instead,
you must create it through successful events, good relationships, and happy
clients. This will take time, of course. For a start-up business, it takes
about two to three years to break even, and about five years to make a nice
profit. What does this mean for you? It means you must be willing to struggle
for a few years before the possibility of a payoff.
4.10
Party Planning,
Friends and Family
One of the difficult factors of starting a small party planning
enterprise is how to deal with friends and relatives.
It was previously mentioned that
holding parties for friends and family can be an excellent way to market your
business. However, there is also a downside to this. It is very easy to pick up the
habit of 'doing favours' for family and friends. Sure, you want to help to plan
their events, but at some point, you might feel as if they are taking advantage
of you.
A better plan is to offer your
friends and family discounts, or to do the party at cost. In return, they share
information about your business with their friends or organisations. This way,
you don't spend money out of your own wallet, they get a great party, and you
might even pull in some new customers.
4.11
Owning a Party and Event Planning
Franchise
You already possess creativity, ambition and drive. Isn't that enough to
go out on your own? Possibly...but don't count out the franchise option.
Franchising puts you on a path to success without
the risks of running an independent business.
There is also the benefits
of brand awareness
and the advantage of a tried, tested,
and successful business model.
If you opt into an established brand, then you
enjoy the automatic recognition that comes along with that. You won't get this if starting a business from scratch.
You will also receive the support
and training from a franchise. These are techniques that are proven to work to
achieve rapid progress. You will have access to a network of owners who have
also undergone the same exact experience, which is definitely important. After
all, networking with other owners is a valuable resource for any franchisee.
But, most franchises require that you pay fees to join them. You should check
to ensure that this is worth it before you think of signing the papers.
There are many different
franchise opportunities for party planners. Party facility franchises offer a
solution for children's birthdays, letting parents relax and enjoy themselves
as you handle the festivities. They also generally supply everything you needs
to organise an excellent event.
Ultimately, with this option you
buy into a business model that offers innovative ideas while utilising trends
that are designed to ensure all events are successful. For many, this is a
situation they want to take advantage of.
With training
and experience, you can easily
move forward from children's birthday parties and smaller celebratory events to providing
other services including:
* Special events
programs
and incentive travel
* Training and academic programs
ideal home-based solution for those who wish to have more time at home, yet
equally want to retain their financial independence.
A
franchise is a good fit for a dynamic and well-organised individual seeking to
leverage a profitable, creative, and fun commercial opportunity. With a
franchise:
*There are no costly overheads relating to rent or leasing
* It is an easy concept based upon a tested business
model
* There is a low starting expenditure
* The marketing
and national advertising is done for you
* You receive intensive initial
training with ongoing support
* You can manage your time with flexible working hours
* There is the benefit of a corporate website
* The
décor, accessories, and other items necessary are available from suppliers at
wholesale prices
*There is a low monthly or annual franchise
fee
A franchise specialising in the planning
and management of themed children's parties, takes care of
all aspects of a party. A franchise can provide and deliver party supplies to
clients' homes or party venue, while
also setting up kiddie chairs,
chair covers, tables,
themed tablecloths, and decorations,
along with other party items clients may request. These might include cakes,
themed sweet packs, helium balloons,
photo boards, piñatas,
entertainment, jumping castles,
or games.
In
addition to a one-on-one support that you may receive, other types of ongoing
support from a franchise include:
* Marketing
assistance
sessions
4.12
Franchise
Check-list for Considering a Franchise Proposal
You need to have answers
to certain questions in the business
plan before you consider partnering with a company.
One advantage of a franchise is that
others have created, tested, and utilised the franchise business plan for success. If you choose to work as a franchisee, you will receive
a template to work with.
However, you also must refine and
develop it with your own facts and information for the specifics relevant to
your location. Here are some of the things you must ask yourself before jumping
into a franchise:
Financing a Business
1. What's the total expenditure of establishing a franchise?
in this total?
conditions?
must I spend money on equipment replacement or refurbishing the business? How
often is this usually necessary? What
is the average cost?
accounts available to corroborate the projections?
Franchise Fees:
1.What is the initial
franchise fee?
4.Is
there a mark-up on product sales to a franchisee from the franchisor? If so,
how much is this and what protection
does one have against any unfair price increase?
5.Does the franchisor receive commission from a supplier
of goods and services to a franchisee?
6.Is a franchisee contracted to pay an on-going
minimum franchise fee or buy a minimum amount
of goods?
Getting Going:
1.Who chooses the location;
the franchisee or franchisor?
prepare a franchisee
for starting their business?
does the initial training consist of and how long does it take? Will the
franchisor provide training to the staff of a franchisee?
pays for the franchisee/staff training?
Operating a Commercial Enterprise
1.Does the franchisor give an operations manual?
managed?
advertising provided by the franchisor?
a franchisee receive help with promotions and advertising? Is any point-of-sale
or promotional literature available?
Franchise Agreement
A franchise agreement is the foundation of a
relationship between franchisor and franchisee. It incorporates all obligations of both. It also contains the rules
governing the way an enterprise is managed as well as the operational procedures and controls
used in running
the enterprise.According to 'Entrepreneur' magazine, the party and
event planning sector is not just growing, it can be quite
profitable with margins ranging from 15 to 40 percent.
Start-up Funding
You may require ample initial funding to manage at least three months of
overhead expense. which includes salaries, rent and utilities.
It is also preferable to have enough money at hand
to fund the first event. Though, you may consider collecting a payment for that first event upfront to manage the
expenses. You must also try to negotiate
some special arrangements with any service providers to pay after receiving
your fee from your client.
Partnerships
Create partnerships with vital service
providers before committing to your first clients.
providers, hotels, event centres, and catering. Take time to discuss
a long-term partnership - in return for one's regular business.
These service providers might offer a beneficial price discount,
thus allowing you to maintain lower expenses and maximising your profits.
4.15
Staffing
Maintain your event planning enterprise as a lean
entity in the initial phase. Wait to employee staff until you can afford it.
Employing staff increases overhead dramatically. At
a minimum, consider employing an event designer or co-ordinator, a clerical assistant
or marketing specialist.
functions, while taking on additional tasks oneself at the outset, this can lower overhead costs. As
a business owner, you might handle the accounting functions, tax returns,
recruitment, and other achievable administrative activities until you can
afford to employ someone to do it for you.
Module
Summary
You can see that there are a lot of things to consider
when you decide to set up a party planning business. Whether you really want to take on the
responsibility, and if you are creative enough to sustain the work, this will determine your success.
You also have to choose whether you wish to go
solo, or want to become a part of a brand and take out a franchise. Each business model has its own pitfalls
and advantages, and you have to weigh each and every one of them to
determine which would work best for you.
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