S
Starter Story
Business Idea
Start An Event Management Company
About
Starting an event management company requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell event management, or selling event management online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start an event management company ➜
Key stats
market size
$860B
revenue (monthly)
$46.7K
starting costs
$18.8K
gross margin
27%
avg product price
$65
growth
Direct sales
business model
Media Business & Subscriptions
time investment
Full time
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
| Office Space Expenses | $35 | $3,250 |
| Employee & Freelancer Expenses | $0 | $5,500 |
| Equipment & Supply Expenses | $550 | $6,500 |
| Website Costs | $232 | $6,500 |
| Business Formation Fees | $600 | $4,700 |
| Other Expenses | $0 | $2,000 |
| Software Expenses | $150 | $2,720 |
| Advertising & Marketing Costs | $75 | $4,786 |
| Total Startup Costs | $1,642 | $35,956 |
Case Studies
How We Successfully Pivoted Our App For Coworking Spaces To A $50K/Month Platform To Book Event Venues
Hi, I’m Dietrich, a retired investment manager and co-founder of Spacehu...
•
$50K/mo
This All-Female Entrepreneur Team Is Redefining Los Angeles Nightlife
We are Celeste Durve and Kelsi Kitchener and we started VIPER (VIP Event...
•
$40K/mo
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
staff.am | staff.am | #22,481 |
|
Hubilo | hubilo.com | #34,010 |
|
400 Bad Request | memberclicks.net | #37,533 |
|
EventsAIR | eventsair.com | #40,693 |
|
smg.com | smg.com | #65,799 |
|
VBgov.com :: City of Virginia Beach | vbgov.com | #111,740 |
|
Everbridge | everbridge.com | #135,261 |
|
Lanyon | lanyon.com | #165,424 |
|
The Future of Connection and Protection | nvent.com | #166,119 |
|
Aventri | aventri.com | #170,549 |
|
Cleveland Research Company | clevelandresearch.com | #179,667 |
Pros & Cons
| Pros | Description |
|---|---|
| Flexibility | You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
| Meaningful business connections | You never know who you will meet as a event management company. This could be the start of an incredible business opportunity! |
| High customer retention rates | Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
| Pick & choose the clients you work with | Event Management Companyes have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients! |
| Control of workload | With starting an event management company, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you. |
| Gain exposure and experience | This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you! |
| Cons | Description |
|---|---|
| Finding The Right Supplier | Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section. |
| Motivation of employees | If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees. |
| Longer Sales Process | A event management company can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers. |
| Low margins | The gross margins for your event management company are typically around 27%, which can make it more challenging to incur new expenses and maintain profitability. |
| High employee turnover | In the event management company, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment. |
| Taxes | As a event management company, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it. |
Marketing Ideas
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1
Word of mouth
The most tried and true way to grow a event management company is through word of mouth - some entrepreneurs would say it's more important than all social media.
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2
Advertising on social media
Social media advertising is one of the leading ways to get the word out when it comes to event management company.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.
-
3
Facebook Community
Building a community is a great way to grow your network and your business. There are several different ways of building a community, one of the most effective (and simplest) ways is to build a Facebook group.
"An amazing network of founders that truly want to help each other grow their business."
