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There are no Podcasts in your queue. Opinions expressed by Entrepreneur contributors are their own. The special events industry has grown enormously in the past decade. According to recent research conducted by Dr. According to Goldblatt’s research, profits in this industry continue to rise. Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent.
His most recent studies, however, show profit margins can be as much as 40 percent. He attributes the industry’s good health to several factors, including the improved economy and the trend of corporate America to outsource their meeting-planning functions. This question actually breaks down into two questions: What kinds of events are we talking about? This list isn’t an exhaustive one, but as the examples illustrate, special events may be business related, purely social or somewhere in between. Now we move to the second question: What is event planning? How many of these activities your business engages in will depend on the size and type of a particular event, which will, in turn, depend on the specialization you choose.
Why Do People Hire Event Planners? This question has a simple answer: Individuals often find they lack the expertise and time to plan events themselves. Independent planners can step in and give these special events the attention they deserve. Planners are often people who got their start in one particular aspect of special events.
Business owner Martin Van Keken had a successful catering company before he decided to plan entire events. Many other planners have similar stories. This explains why planners often not only coordinate entire events but may, in addition, provide one or more services for those events. Event planners may also have started out planning events for other companies before deciding to go into business for themselves.