How to Start an Event Management Company 

Doing business in India and more so, starting an event management company can be a very fulfilling and profitable venture, but it comes with some legalities that must be obeyed. In this all-encompassing article, we would like to provide you with the steps that are needed to create your event management business with licenses, permits, or certificates required.

 

Table of contents
 

• Understanding the Event Management Company 

• Conduct Market research

• Choose a Legal Structure

• Regulatory Requirements

• Develop a business plan

• Finding Venture for funding

• Build Your Team

• Establish vendor relationships

• Marketing 

• Improve and Innovate

• Conclusion 

• Frequently Asked Questions (FAQs)

 

Understanding The Event Planning Skills

It is important to gain experience in event planning, before starting your own event management company. This can be attained by enrolling in a college, or university or even taking a course in event planning, or even by experience whereby one works for a company that deals in event planning. Understanding the technicalities that follow in organizing an event, the financial aspect, management of suppliers and contracts as well as customers are vital.
 

 

Conduct Market research 

Perform a market analysis to be able to determine the clients who have the highest demands for your products, their choices, and the competitors. Discuss their events and determine which events are popular on the market such as weddings party corporate or social. Such data is important in enabling a firm to design services that suit customers’ needs and set your company aside from competitors.

 

Choose a Legal Structure

Choose the right business formation for your event management company; you can go for sole trader, partnership, LLP, private limited company, etc. It is worthy of note, therefore, that you desist from using this technique due to factors relating to liability, tax, and other assessments that are compulsory to perform. It is advisable to seek advice from professional lawyers so as to make a proper decision.

 

Regulatory Requirements

No Objection Certificate (NOC): If you will let everyone have free entrance, you can get this certificate from the collector’s office. This must involve the disclosure of information on the event location, the number of participants, security measures, and emergency contingency measures as well as insurance.

Collector's Payment: If you are organizing an event that requires ticketing, you will have to channel back to the government some of the amount that is generated from the tickets. It depends with the scale of the event and the region in question where the variation is noted.

Fire Safety License: Make sure that your venue is firing safe and you must have a license from the fire department of your area.

Health License: The applicant should seek a health license if the function is to include the sale of food and drinks from the local health department.

Police Permission: Obtain permits from the local police in cases where there may be issues arising out of the control of traffic or security.

Excise License: In the course of your event if you are going to be selling alcoholic drinks, you will require an excise license from the state excise department.

Company Registration: The first step in formation of event management company is to get it registered with the Registrar of Companies (ROC) and get a certificate of incorporation.

Goods and Services Tax (GST) Registration: It is also necessary to register for GST with the aim of being in a position to meet the set tax requirements and be in a position to recover the GST from the clients.

Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN): Appy for PAN and TAN for compliance with tax regulations and to deduct and/ or collect taxes.

Professional Tax Registration: Some states require freelancers to register for professional tax and in this case one would be need a professional tax registration certificate.

Employee Provident Fund (EPF) and Employee State Insurance (ESI) Registration: If you do have employees, then you should register for EPF as well as ESI so that social security can be offered.

It’s really the professional utilities that can help you with your business registration, licenses, and permits with our professional assistance, the process can be made easier and smoother for your business and the latter are well aware of the regulations required for such licenses and clearances.

 

Develop a business plan

A business plan is an important tool for managing your startup and it has a role in sourcing funding. Your business plan should include:

Executive Summary: In summary state the business idea, the business objectives, and the business goals.

Market Analysis: Give an analysis of your target market, competition, and industries that prevail in the market.

Operational Plan: Explain all aspects of the business such as human resources, hardware, and materials utilized in the process.

Financial Projections: Be sure to attach projections of costs for starting the business, expected earnings, and the ability to turn profitable.

 

Finding Venture for funding

Starting an Event Management Company requires a significant amount of capital investment. This is particularly so if the operation is large, you will have to secure funding from investors or other financial institutions. The available funding for this business includes venture capital funding, bank funding, and private equity and, indeed, it is very crucial to prepare a written business plan and forecast the operating expense and revenue projections to be made in order to attract investors.

 

Build Your Team

Get technical personnel in your staff who have the ability to enhance the success of your event management company. These may be the coordinators of the events to be covered, graphic and web designers, marketers, and office personnel. Employ ‘training and development’ so that your team becomes competent and efficient in their work.

 

Establish vendor Relationships

Develop a list of preferred suppliers, including catering services, flower chandlers, photographers entertainers, and musicians. Build good rapport with such suppliers so that to easily organize and negotiate on the prices for your clients’ occasions.

 

Marketing 

The marketing strategy determines the number of customers to be attracted in to the business. Consider the following tactics:

Digital Marketing: Leverage on internet marketing by using search engine optimization, social media marketing, and online advertising.

Content Marketing: This may involve writing articles, which will include things like blogs and videos, that will of course be designed to let people know how well you are informed about event management and how to conduct the events.

 

Improve and innovate

Alternatively, be in touch with the current and emerging trends in the industry, new technologies, and fresh approaches on the market. Always ask your clients for their feedback and try to adapt to changes in order to increase the quality of services provided. There should be strategies that should enable an organization to increase its capacity to innovate and meet new market demands.

 

Conclusion 

To start an event management company in India, one has to have passion, plan, and legal aptitude. In this article, I have outlined the following steps that have to be taken and licenses permits and certificates to be obtained in order to have a sustainable business in event management. Always give your best to serve your clients, present a professional attitude, and constantly seek improvement and effectiveness in the fast-growing field of event management.