Starting an event space can be a rewarding business – its a great way to bring people together and create memories. It can also be a lucrative business venture. If you’re thinking of starting your own event space, there are a few things you need to know. In this article, we will outline the steps you need to take to get your business up and running.
Here are the 9 steps you can take to get started on building your very own event space business.
9 Steps to Launching a New Event Space Business
1. Choose Your Type of Event Space Business
The first step in launching an event space business is to identify the type of event space business you want to launch. You might choose from the following types among others:
- Wedding venue
- Conference center
- Banquet hall
- Party rental space
2. Name Your Event Space Business
Give your event space business an identity so people will think of it as a well-known and respected brand. You can take the name of your event space business from your industry, focus on a geographical location, or use your own name among other options.
The main goal for naming your event space business is to make it sound appealing and trustworthy so that potential customers will want to use your services.
3. Choose a Legal Form for Your Business
By incorporating your event space business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your event space business will determine the amount of taxes you pay and which state or federal tax forms you need to file.
Read our article comparing the most common event space business structures.
4. Write an Event Space Business Plan
All event space business owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.
When developing your event space business plan and strategy, you should think about the following questions your customers might have:
- What services does your event space business offer?
- Do you have any pictures of the event space?
- How many people can the event space accommodate?
- What is the price of renting the event space?
- Do you offer any discounts for renting the event space?
- What is the cancellation policy for renting the event space?
- What are the hours of operation for your event space business?
- Do you have a website for your event space business?
- Can I see a tour of the event space before renting it?
- How do I contact your event space business?
Include the answers to these questions in your event space business plan so that potential customers will have all the information they need to make a decision about using your services.
Read our article about how to write an event space business plan.
5. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your event space business.
For example, you may need to obtain a business license, a sales tax permit, and a food handler’s permit. The permits and licenses required will vary depending on the type of event space business you are launching and the state or local regulations in your area.
You must also register your event space business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.
6. Determine Your Budget & Apply for Funding as Needed
In developing your event space business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your event space business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your event space business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about the costs associated with starting an event space business to help you determine if funding is needed.
Read our article about how to fund your event space business.
7. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your event space business, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in a point of sale (POS) system to streamline transactions, as well as event management software to help you keep track of bookings and manage your calendar.
8. Market Your Event Space Business to Potential Clients
Before you start selling your services, you have to let the world know you exist. The first step is to create a website so people can learn more about your services and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn, and Twitter. Also consider networking with other people in the event space industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Event space businesses should consider the following promotional strategies for which you should start getting prepared: …
- Host a free or low-cost informational webinar to attract potential customers.
- Create a social media contest with an appealing prize – free event space services.
- Send a press release to local newspapers and online publications promoting your new business.
- Make a short promotional video and post it on YouTube and other video sharing sites.
- Sponsor a local charity event or cause to get your name out there.
Read our article about how to market your event space business for more tips.
9. Get New Clients & Grow Your Business
When you promote your services, you’ll start to get interest from potential clients.
Make sure you’re ready to serve these clients. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your event space business.
Read our article about how to effectively grow your event space business to learn more.
Starting an Event Space Business FAQs
An event space business can be a very rewarding endeavor. Not only do you get to help people celebrate important moments in their lives, but you also get to be your own boss and run your own business.
There are a few key reasons why starting an event space business can be a great idea:
- It’s a business with low overhead costs.
- It’s a business that can be run from home.
- It’s a business with flexible hours.
- It’s a business with the potential for high profits.
To start a successful event space business, you need a few key things:
- A well-designed website
- A strong social media presence
- Promotional materials
- The right technology and software
- The ability to market your business effectively
- New clients and the ability to grow your business
Starting an event space business from home is a great way to get keep your overhead costs low. To do this, you’ll need to partner with an established venue or have an attractive home location (farm, beach property) where you can host your clients’ events.
You’ll also need to build a well-designed website, establish a strong social media presence, and design promotional materials. You’ll also need the right technology and software to streamline transactions and manage your calendar.
In terms of marketing, you’ll want to focus on promoting your services to potential clients through online and offline channels. You can also get involved with local charities and events to get your name out there. And finally, you’ll need to establish systems to help you run your business effectively and grow it over time.
To start an event space business online you’ll need to have to partner with an established venue or have an attractive home location, like a farm or beach property, where you can host client’ events.
You’ll also need a well-designed website and strong social media presence. You should also consider creating promotional materials like videos and infographics to help people learn more about your business.
Ensure that customers can book your services online. You can do this by integrating online booking software into your website. And finally, focus on promoting your business through online channels like search engine optimization, pay-per-click advertising, and social media marketing.
Here are a few tips for starting an event space business:
- Keep your overhead costs low.
- Start from home to save on costs.
- Use the right technology and software to streamline transactions and manage your calendar.
- Focus on marketing your business through online and offline channels.
- Get involved with local charities and events.
- Establish systems to help you run your business effectively.
- Focus on growing your business over time.
A simple checklist to use when starting an event space business is as follows:
- Choose Your Type of Event Space Firm: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
- Name Your Event Space Business: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Write an Event Space Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Event Space Business to Potential Clients: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the services they truly need.
- Get Clients & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your services.
Starting an event space business can be a great way to reach a larger audience of potential clients. We outlined nine steps to take when starting your business. By following them, you’ll be well on your way to success.