how to start up a party planner business

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How to Start a Party Planning Business

Last Updated: April 24, 2022 References Approved

This article was co-authored by Rachel Weinshanker . Rachel Weinshanker is a Certified Event and Wedding Planner and the Owner of San Diego Life Events, an award-winning wedding and event planning business based in San Diego, California. Rachel has over eight years of event planning experience, and her work has been featured in many notable publications. San Diego Life Events has been awarded the Wedding Wire Couple's Choice Award in 2018, 2019, and 2020. Rachel is a graduate from San Diego State University. There are 15 references cited in this article, which can be found at the bottom of the page. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 15 testimonials and 83% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 235,045 times.

A party planning business can be a fulfilling and profitable opportunity for someone who is social, organized, detail-oriented, and has a flair for entertaining and coordinating events. Unlike other startups, a party planning business does not require much capital or dedicated space. However, figuring out how to start a party planning business does require some basic steps that are similar to all home based ventures, as well as those that are unique to the field.

Starting Out

• Search online and use the U.S. Patent and Trademark Office's trademark search tool (or your country's equivalent) to check potential names against existing trademarks. [1] X Trustworthy Source U.S. Small Business Administration U.S. government agency focused on supporting small businesses Go to source
• You will may need to register your company as a "Doing Business As" name with your state or county government. Consult local business laws to find out. [2] X Trustworthy Source U.S. Small Business Administration U.S. government agency focused on supporting small businesses Go to source

• Double-check with your state and local government before you start doing any business. You could run into legal trouble if you aren’t properly registered. [3] X Trustworthy Source U.S. Small Business Administration U.S. government agency focused on supporting small businesses Go to source

• You may choose to rent out a permanent office space or a temporary meeting room when seeing clients.
• Many professionals who work from home see clients in public spaces, such as a coffee shop or restaurant. [4] X Research source

• Early on, take as many jobs as you can. This will help you establish a reputation as a great planner, which is a great way to set yourself apart!

• Look at how your competition prices their services to get a good sense for the range in your area.
• How much experience do you have? A planner with previous professional party planning experience will command a higher rate than an unseasoned planner.
• To attract clients, you may have to start out low and gradually raise your prices over time as you gain a positive reputation.
• Most planners will charge a 15% commission per vendor. For example, if you find and hire the florist, you could charge 15% of their cost as a fee. [5] X Research source

• This is especially important when planning outdoor events. Always have a backup plan for inclement weather!

Making a Plan for Your Business

• The two most popular types of party planner are corporate and social. Corporate party planners organize events for companies, while social planners focus on weddings, birthday parties, etc.
• Many party planners pick a niche based on what they enjoy the most. This can be a specific type of event or a unique style you offer.
• Most party planners either focus exclusively on children’s parties or only offer services for adult parties. [7] X Research source

• Study your local competition. If there’s something you can do that they can’t, you can gain a big competitive advantage!
• Establish relationships with local caterers, suppliers, entertainers, and venue owners. It will be your job to organize and coordinate these disparate elements to create a memorable event.

• Using your market research, determine the rates you will charge for your services. Don’t undercharge, but aim to set competitive rates. [13] X Trustworthy Source U.S. Small Business Administration U.S. government agency focused on supporting small businesses Go to source
• Estimate your startup costs and secure funding. If you can’t fund the business yourself, you may need to take out a small loan or find investors. [14] X Trustworthy Source U.S. Small Business Administration U.S. government agency focused on supporting small businesses Go to source

Growing Your Business

• Make sure your website is aesthetically pleasing and easy to navigate. Try to have your company's name and contact information written clearly on each page.
• Create flyers that show off your graphic design skills. Distribute them door to door and ask local businesses to display them on their corkboard.
• Tell family and friends about your new business and ask you to recommend you to anyone they know who is looking for a party planner.

• Actively and directly engaging with customers will show them that you care. Respond to folks when they comment on your posts or ask questions.
• Use hashtags to target specific areas or holidays. For example, if you want to advertise your services for a Halloween party in Chicago, you could use #HalloweenCHI.
• Showcase your talents by uploading photos and videos of successful parties you have planned. Be sure to always obtain express written permission from your clients if they are featured in them.

• Register (or claim) your accounts on the applicable review sites that people use in your area.
• Address any concerns or negative reviews honestly and maturely. Remember, these posts may be a first impression for potential future clients.

• Always be on the lookout to make contact with new vendors the area. You never know when a client may request a specific type of food or performer.
• Attend event planning trade shows to meet other planners and service providers.
• Trade shows are also an opportunity to learn about new trends and developments in the industry.

Expert Q&A

Video . By using this service, some information may be shared with YouTube.

• While most party planners handle administrative duties themselves, if your business takes off you may choose to hire an assistant. Even though event planning is an extremely low-risk job, you will likely need to purchase workers' compensation insurance. Check your local laws. [15] X Research source Thanks Helpful 0 Not Helpful 0
• Make sure to have some experience planning parties casually before you commit to starting a business. Not everyone is suited for this surprisingly stressful occupation. Unless you're very talented, it can be difficult to make party planning a career. Know what you're getting into before investing the time and money to create a company. Thanks Helpful 1 Not Helpful 0

You Might Also Like

• ↑ https://www.sba.gov/content/how-name-business
• ↑ https://www.sba.gov/content/register-your-fictitious-or-doing-business-dba-name
• ↑ https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/obtain-business-licenses-
• ↑ http://www.businessknowhow.com/homeoffice/clientmeetings.htm
• ↑ http://www.entrepreneur.com/article/233684
• ↑ Christina Millikin. Professional Event Planner. Expert Interview. 11 February 2020.
• ↑ http://www.entrepreneur.com/article/37892
• ↑ http://www.besthospitalitydegrees.com/faq/what-kind-of-degree-is-helpful-to-become-an-event-planner
• ↑ http://www.mpiweb.org/ProfessionalDevelopment
• ↑ http://learningpath.org/articles/Becoming_a_Party_Planner_Job_Description_Salary_Information.html
• ↑ https://www.sba.gov/content/what-state-licenses-and-permits-does-your-business-need
• ↑ https://www.sba.gov/content/company-description
• ↑ https://www.sba.gov/content/market-analysis
• ↑ https://www.sba.gov/content/funding-request
• ↑ http://www.entrepreneur.com/article/79594

About This Article

To start a party planning business, start by figuring out what kind of clients and events you’d like to focus on. Additionally, do some research on the party planning industry where you live so you can think about how to set yourself apart. Next, write a business plan detailing exactly what niche you plan to fill and how you plan to accomplish this. Then, pick an unambiguous name for your business that lets potential clients know exactly what type of services you provide. You'll also want to check your state's laws to find out if you need to register your business. To learn how to market your new business on social media sites, keep reading! Did this summary help you? Yes No

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Start Your Party Planner Business in Minutes

How to Start a Profitable Party Planner Business [11+ Steps]

Ever dreamt of turning your knack for throwing unforgettable parties into a thriving business? Well, buckle up, because we're about to dive into the exciting world of party planning and show you how to make a profitable business out of it!

Our Shortlist Steps to Start a Profitable Party Planner Business:

• Draft a party planner business plan.
• Pick a business name & business entity that works best for you.
• Find ways to finance your party planner startup.
• Open a professional business bank account.
• Set up your accounting & tax reporting.
• Obatin the necessary licenses & permits for your party planner business.
• Purchase the equipment, software, & tools needed.

Startup Costs for a Party Planner Business:

Initiating a party planner business can involve substantial financial commitment, the scale of which is significantly influenced by factors such as geographical location, market dynamics, and operational expenses, among others. Nonetheless, our extensive research and hands-on experience have revealed an estimated starting cost of approximately $6500 for launching such an business. Please note, not all of these costs may be necessary to start up your party planner business.

• Party Planner Startup Expenses

Table of Contents: (Page Navigation)

11 steps to start a profitable party planner business with little to no money:, 1. party planner business plan..

Creating a business plan for a party planner business is an essential step for anyone wanting to get their business off the ground. It is a great way to create a strategy to help you manage and plan your business, identify potential risks and develop a plan for success. A business plan should include a description of the business, an analysis of the industry, a marketing plan, an operations plan, financial projections and a management plan.

• Description of the Business: Include information about the services you offer, your target market and how you plan to differentiate your services from competitors.
• Industry Analysis: Research the party planning industry, understand the market size and potential customer segments.
• Marketing Plan: Outline the strategies you plan to use to reach your target customers and how you will promote your services.
• Operations Plan: Describe your business operations, including the costs and resources you will need to run your business.
• Financial Projections: Estimate the costs associated with starting and running your business, and create a budget for your business.
• Management Plan: Describe the people responsible for managing your business, including the roles and responsibilities of each person.
• Check out our entire small business plan directory

2. Form the Legal Business Entity.

Are you looking for ways to start your own party planner business business? You'll want to consider officially registering your business with local and federal governments. There are four different types of entities you can choose from, each with their own pros and cons. 

Sole proprietorship : 

• The simplest type of business to set up 
• Offers no personal liability protection 

Corporate organization : 

• Shareholders elect board members to run things 
• Requires an annual meeting with stockholders' meetings every three months 

Limited Liability Company : 

• Provides extra protection for investors by limiting their liability exposure 
• Allows flexibility in operating their businesses 

Partnership : 

• Business owner plus partners 
• Can offer personal liability protection 

When deciding what type of business entity is right for your party planner business company, it's important to consider what kind of liability exposure you want and what your goals are for the business. If you're just starting out and selling to family and friends, a sole proprietorship may be enough. But if you're looking for more protection or to grow the business, a corporate organization or LLC may be a better choice. 

No matter what type of business entity you choose for your party planner business business, be sure to register it with the state in which you'll be doing business. This will give you the legal protections you need to operate your business and protect your personal assets. To register your business, you'll need to file the appropriate paperwork with your state's Secretary of State office . You can find more information on how to do this on their website. 

Once you've registered your party planner business business, you'll need to get a business license from your local city or county. This will allow you to legally operate your business in your area. To get a business license, you'll need to fill out an application and submit it to your local licensing authority. They will then review your application and decide whether or not to issue you a license. 

Now that you know how to register your party planner business business, it's time to get started! Follow the steps above to get started on the right foot and be sure to consult with an attorney if you have any questions. Good luck!

• Check out our U.S. Registered Agent Directory
• Check out our U.S. LLC Directory

Form an LLC in your state!

3. Source Financing for Your Party Planner Business.

There are several different ways to go about sourcing financing options for your party planner business business, but it’s extremely important to think through each and every method because each decision may have financial implications on you and your business in the long term.

Some new founders may find themselves in a situation where your party planner business startup costs are actually only a few hundred dollars to get started, but we thought it was important to share the below methods in case you’re thinking of ideas down the road.

Here are 5 financing options for your party planner business business:

• Raising money from friends and family
• Bootstrapping by tapping into your own savings account
• Sourcing investment from outside investors
• Obtaining a bank loan
• Getting money from a hard money lender

Now, there are of course many other alternatives to financing your business, but these 5 options are just a few that come to mind.

It’s also important to stress the importance of decisions and only make the decision you believe is the best fit for your current situation. There is no right answer when deciding how much money should go into starting up your own company, but there may be some guidance from below regarding what type of financing would work best for someone like yourself - so take note before making any final decisions about which path will suit both yourself and your party planner business business best! We definitely recommend advising your accountant before making any final decisions.

4. Open a Business Bank Account.

Opening a  business bank account for your party planner business company can be a daunting task, especially if you're not sure what you're doing. But it doesn't have to be! There are different types of accounts that you can open for your party planner business business, depending on what you need and how much money you're looking to deposit.

We'll go over some of the advantages and disadvantages of each type of account, so you know what to expect from each one.

Checking Account:  The most common type of business bank account is a checking account. Checking accounts are easy to open and offers a variety of features and benefits that can be helpful for businesses. One of the biggest advantages of a checking account is that it allows you to easily deposit and withdraw money as you need it. You can also write checks from your checking account, which can be helpful for paying bills or suppliers.

Savings Account:  Another popular type of business bank account is a savings account. Savings accounts earn interest on the money that you deposit, so they can be a great way to grow your party planner business business's cash reserve. However, savings accounts typically have lower interest rates than checking accounts and may have withdrawal limits.

Business Card Card:  If you're looking for a more robust bank account for your business, you may want to consider opening a business credit card. Business credit cards can be very helpful for businesses that need to make large purchases or need to build up their credit history. However, business credit cards typically have high-interest rates and may have annual fees.

No matter what  type of business bank account you choose, be sure to shop around and compare features and fees before making a decision. Once you've found the right account for your business, you'll be on your way to the next step in building your party planner business business! As always, be sure you advise your certified professional accountant before making any final financial decisions.

5. Set up Your Accounting and Taxes.

As a new party planner business business owner, you have a lot on your plate. There are so many things to think about and so much to do in order to get your business off the ground.

But one of the most important things you need to do is set up a proper accounting system. This will help you  track your expenses , revenue, receipts, taxes owed, and much more.

There are a couple of different ways that you can set up your party planner business accounting system.

• You can use an online accounting software like QuickBooks or Xero
• Hire an accountant to do it for you.

If you decide to do it yourself, make sure you choose a system that is easy to use and understand.

Once you have your  accounting system set up, start tracking your income and expenses. This will help you see where your money is going and where you need to cut back. It will also help you budget for the future.

Make sure you keep up with your accounting regularly. This means setting aside time each month to reconcile your accounts and update your records. This may seem like a lot of work, but it will save you a lot of headaches in the long run.

If you have any questions about setting up your accounting system, talk to your accountant or  financial advisor . They can help you choose the right system for your business and make sure you are using it correctly.

• Find account software for your business

6. Obtain Party Planner Business Permits and Licenses.

Starting a new party planner business business can be a daunting task, but there are some important things to keep in mind that can make the process a bit smoother. One of the most important things to do when starting a new business is to  obtain the proper licenses and permits from the appropriate government agencies.

There are a number of different business licenses and permits that may be required, depending on the type of party planner business business you are starting and where it will be located. The best way to find out which licenses and permits you need is to contact your local business licensing office or chamber of commerce. They will be able to provide you with information on which licenses and permits are required in your area.

Once you have obtained the necessary party planner business licenses and permits, you will be able to officially open your business and start operating. Congratulations! You are now on your way to becoming a successful business owner.

7. Purchase Equipment, Software, Supplies & Tools Needed.

There's a lot to think about when starting a party planner business business. One of the most important elements is equipment, tools, and supplies. 

Here's a few tips to help you:

• Determine what equipment, tools, and supplies you need.  This will depend on the type of business you're starting and the products or services you'll be offering. Make a list of everything you need, including both big-ticket items (like office furniture) and smaller items (like paper clips).
• Research different suppliers. Once you know what you need, it's time to start shopping around. Compare prices and quality between different suppliers to find the best deal.
• Consider equipment rental or leasing.  If you're on a tight budget, you may want to consider renting or leasing equipment instead of purchasing it outright. This can be a good option for expensive items that you won't need to use on a regular basis.
• Get everything in writing.  Once you've decided on a supplier, make sure to get all the details in writing before making a purchase. This will help avoid any misunderstandings later on.
• Stay organized and keep track of your inventory. It's important to stay organized when running a business. Keep track of your equipment, tools, and supplies so you know what you have and what needs to be replenished.

By following this process will help ensure that you have the equipment, tools, and supplies you need to run your business smoothly.

• Check out our small business software & tools review directory

8. Create a Brand Identity for Your Party Planner Company.

Creating a brand identity for your party planner business company can be very difficult. There are so many factors to consider, from the logo design to the colors you use. But if you take the time to plan and focus on what you want your customers to feel, you can create a brand identity that will set your business apart from the rest.

Here's how to get started:

1.  Define your party planner business company's purpose and values.

What do you want to achieve with your business? What kind of feeling do you want your customers to have when they think of your party planner business brand? These are important questions to answer before you start creating any visuals for your brand.

2. Choose a color scheme that reflects your company's personality.

Colors can communicate a lot about a brand, so it's important to choose wisely. If you're not sure where to start, try looking at  other brands in your industry and see what colors they use.

3. Develop a unique logo that represents your party planner business brand.

This is often the first thing people will think of when they hear your company name, so it's important to make it memorable. Work with a professional designer to  create a logo that's both visually appealing and reflective of your brand values.

4. Create consistent branding across all channels.

Once you have your logo and color scheme, make sure you use them consistently across all of your marketing materials, from your website to your business cards. This will help reinforce your brand identity and make it easier for customers to recognize your company.

Creating a strong brand identity is essential for any party planner business business, but it doesn't have to be complicated. By focusing on your company's purpose and values, you can develop a brand that will resonate with your target audience. With a little planning and some creativity, you can create a brand identity that will make your party planner business company stand out from the rest.

9. Build a Beautiful Website.

In today's world, and no matter what type of business you're in, it's always best to have a beautifully designed website to share with your customers. For your party planner business business, you may not need one right away, but it's best to plan for this!

There are a few key steps to building a beautiful website for your new party planner business business:

• Hiring a professional website designer or working with a freelancer - make sure to look at their portfolio and get recommendations from others in the industry.
• Planning out your  website's structure and hierarchy - this includes deciding what pages and baby clothing content will be included on the website, and how it will all be organized.
• Creating  stunning visuals and graphics - images, videos, and other visual elements should be high-quality and reflect your brand identity.
• Writing compelling website copy - the text on your website should be well-written, informative, and persuasive.
• Testing the website before launch - it's important to test all the website's features and functionality to ensure everything works correctly.

Following these steps will help you create a website that is both visually appealing and effective in promoting your party planner business business. If you have any questions or need help getting started, feel free to contact us and we would be happy to assist you.

10. Create a Company Email Address & Phone Number.

With a company phone number and email address, you'll be able to give your business a more professional appearance and stay in touch with customers more easily.

Here's how to set them up:

• Purchase a business phone number . You can do this through a telecom provider like Twilio or Grasshopper.
• Register the phone number by creating an account with the telecom provider.
• Set up a professional email address using a service like  Google Workspace or  Microsoft 365 .
• Configure your email account to forward messages to your business phone number.

Note: When you're first starting out your party planner business business, you can definitely use your personal phone number and email address, but as it grows, be sure to look into other communication options!

Once you're all set up, you'll now be able to more easily communicate with customers more professionally!

11. Make a Go-To Market Launch Strategy.

You’ve done all of the hard work up until this point and prepared your party planner business business for launch – Now, it’s time to get your party planner business business name out there and start generating customers!

You’ll likely already have worked on a bit of your marketing plan during the build out of your business plan, but now you’ll take a magnifying glass to your strategy and plan out how you’ll obtain your first few customers.

To get things started, below are a few marketing strategies you can steal from:

• Reach out to local newspapers about your launch
• Identify social media influencers your customers follow
• Host a business launch event at your office, storefront
• Run a business launch sale to attract first time customers
• Run a few ads online to attract customers
• Get your friends and family to share your products on social media
• Partner up with other local businesses in the area to share your business

Again, remember, marketing is never a “said it and forget” method. You must always be iterating on your strategy and doubling down on what worked and what your customers love most. Also, always be sure you’re never overspending in this area so that it doesn’t cut into your margins.

• Check out all of our small business marketing ideas

You have questions, we have answers.

Frequently Asked Questions:

Below, based on our research are some of the most common questions entrepreneurs have when thinking about starting a business.

What does it cost to start a Party Planner business?

Are party planner businesses profitable, how to come up with a name for your party planner business, what do you need to do to define your target audience for your party planner business, how does a party planner business make money, list of software, tools and supplies needed to start a party planner business:, what licenses and permits are needed to run a party planner business.

Helpful content

More business resources to help you get started:

External resources:.

• Party Planning Books
• Party Planning Apps
• Online Party Planning Tools
• Blogs and Websites Devoted to Party Planning
• Cost Estimators for Event Planners
• Local Event Professionals
• Party Vendors (Caterers, Entertainment, etc.)
• Party Rental Companies

Internal resources:

• Party Planner Business Names
• Party Planner Business Plan Template & Guidebook
• Best Event Planning Business Ideas & Examples in 2023
• 75+ Unique, Creative & Funny Party Planner Business Slogans
• List of the Best Marketing Ideas For Your Party Planner Business:

I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

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How to Start an Event Planning Service Want to be an event planner but not sure how to start your own event planning service? Discover how to start this business in our step-by-step guide.

Feb 22, 2001

Some people get a lot of personal and professional joy out of making big events and special days even better for their attendees. If you have the hosting itch, and if you love to tackle complex problems and make big days go smoothly, you might have a future as a professional event planner.

But whether you choose to work alone or with a small team, starting an event planning service is no small task. Today, let's break down how to start an event planning service step-by-step.

What are the basics of event planning?

Event planning is the art (and sometimes science) of event ideation, planning, coordination and operation. When a big, important event needs to go smoothly, it's time to call an event planning service or coordinator.

Event planners are key service providers who can ensure event production and execution happens smoothly. They perform these duties for trade shows, senior events, nonprofit galas and much more.

Related: Find Your Event-Planning Niche

Event planning is most often used for purposes like:

• Big educational meetings, like graduations or conferences.
• Major promotions, like marketing events, product launches and fashion shows.
• Corporate events, like after-work cocktail hours, galas, etc.
• Celebrations and social events like parades, weddings, birthdays, reunions, etc.

Event planning is highly important to make sure the above and other major events go off without a hitch, especially so that the most important guests can enjoy themselves.

The primary duties of full-time or part-time, on-site event planner jobs include:

• Doing research prior to the big event.
• Event design and team-building for project management.
• Finding the appropriate site for the event.
• Creating event budgets and running fundraisers if necessary.
• Arranging for decor, entertainment and food for the event.
• Sending invitations to potential attendees.
• Planning transportation for attendees to and from the event.
• Arranging any other necessary accommodations, like seating.
• Coordinating activities for event personnel, like caterers or entertainers.
• Supervising activities at the event site.

The events industry, both for wedding planning and other events, requires good communication skills. Additionally, obtaining a bachelor's degree in public relations or related areas can be helpful but is not absolutely required. Let's look closer at this job type and business.

Why do people hire event planning services?

People primarily hire event planning services for two reasons:

• So that event-goers and guests of honor can enjoy themselves without focusing on the event.
• So that the event in question goes smoothly.

Imagine a typical example of a wedding. Many engaged couples hire event planners or event planning services to coordinate, organize and carry out their wedding plans. In this way, the couples can enjoy their special days and focus on getting married rather than worrying about things like catering, parking and kicking out rowdy guests. Instead, the wedding planner takes care of that stuff.

Furthermore, some events are so complex – particularly those with hundreds of guests or more – that it's almost impossible to properly plan and organize them without the help of a specialist. Knowledgeable, experienced event planners know how to organize groups of people, how much food to provide and other details that can make or break an important event.

Related: The Price Is Right: Turning a Profit in the Event Planning Business

Who should become an event planner?

You might consider becoming an event planner if you love hosting parties and the thrill of organizing a complex event and running it without an issue. Planners often have to handle many moving parts at once. Many event planners have histories as managers or coordinators in other industries. You should become an event planner or start your own event planning service if you feel that you would enjoy this kind of work.

It's also worth noting that event planning often requires you to work on weekends or holidays (since these are the days when people have free time to schedule and hold events), as well as handle chaotic, sometimes confusing work and competing agendas. You should also consider acquiring certification for your event planning service, as it can help you acquire relevant professional skills and attract more job opportunities . Meeting Professionals International (MPI) is an association that offers a list of degrees and certificates from colleges and universities. The right degree or certification can lead to more job opportunities and even pave the way to a higher salary.

Alternatively, try to become a CSEP or Certified Special Events Professional or CMP or Certified Meeting Planner. Both of these are given out by the MPI or the ISES (International Special Events Society), which also highlight your skills and designate you as an expert event coordinator.

Now that we've covered the basics, let's get into the steps you need to take to start an event planning service:

Step 1: Make your company

Your first step involves making your company and filing the right paperwork. You should first draw up a business plan, which will include details like:

• The business's name.
• The business's tax structure (like a sole proprietorship, LLC, etc.).
• How you'll make a profit.

Related: Check out these business plan templates to get started.

You'll also want to get an EIN, or employer identification number. This will allow you to hire employees for your event planning service if you desire later down the road.

Step 2: Choose your target market

Next, do market research and pick the target market you want to work for. For instance, if you want to primarily work with weddings, you need to research that target market to know how much to charge for your services, what's involved and what you need to be experienced in.

By doing some research ahead of time, you won't find running your first events to be too overwhelming. You'll also know how much to advertise your event planning service to be competitive relative to other services in the area.

Step 3: Consider startup costs

When you start an event planning business, you'll have to consider startup costs. Working from home or primarily by yourself will keep costs low as opposed to hiring employees (who will require salaries).

However, if you want to expand your event planning business, you'll eventually need extra equipment, business premises like an office or warehouse and more. All of these things can add up, impacting the kind of business you begin.

Note that you can always scale your business after acquiring steady work. For instance, you can start off as a one-man event planning service that only provides services to small events you can tackle by yourself. After you save up some money from some successful jobs, you can hire a few more employees and rent out a warehouse for your equipment, like cameras, chairs and more.

Step 4: Understand the work involved and hire employees (optional)

For your event planning service to be successful , you need to fully grasp the nature of the work involved and understand whether you should hire employees.

Planning and executing an excellent event generally involves:

• Designing the event, which means sketching out the feel or look of the event in question. Some clients will have very specific ideas you'll need to incorporate into the design.
• Putting together a proposal for your clients so they can improve your plans.
• Organizing the event, which involves almost everything else, like renting the site for the event, hiring vendors, hiring entertainers, organizing caterers and much more.

There's a ton of work that goes into planning even the smallest event. Fortunately, as you acquire experience, you'll be more adept at anticipating and completing this work.

Related: The Event Planning Recipe for Success

Generally, the larger the events you want to manage and coordinate, the more employees you need to hire. At a certain point, you can't be everywhere at once! Consider hiring employees when you have the cash to do so; this will allow you to plan events for larger groups of people and make more of a profit.

Step 5: Settle on a price structure and fee basis

How you price your event planning business will impact how often you get requests. You can determine your pricing structure and fee basis by things like:

• The market segment you serve: For instance, social events usually have different fee structures than corporate events.
• Your geographic location: If you have a higher cost of living, you are justified in charging your clients more to plan their events.
• Your experience and reputation: As your business gets a reputation for success, you'll be able to charge a higher premium for your services.

Step 6: Start marketing your event planning service

Once you have all of your ducks in a row and you know how to charge your clients, you can start marketing your event planning service. Do this online through Google PPC (pay-per-click) ads, social media marketing and other efforts. Don't hesitate to use in-person marketing materials, like posters or TV ads, as well.

Related: 8 Savvy Ways to Promote Your Event Planning Business

As you can see, starting an event planning service is a matter of preparation and deep consideration. If you plan everything properly, your event planning service will launch smoothly, and you'll get your first batch of clients in no time.

Check out Entrepreneur's other guides and resources today!

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