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Start A Virtual Events Business - Business Ideas

Start A Virtual Events Business - Business Ideas
Start A Virtual Events Business

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

It is no secret that the 2020 global pandemic changed how we interact and engage. Today, more meetings and events take place online than ever before. According to statistics, the trend of virtual events is not slowing anytime soon. Corporates and entertainment sectors plan to organize more virtual events in the coming decade.

Thus, starting a virtual events business can be a great idea.

A virtual event is where attendees experience the event and its content online rather than being physically present. A virtual events business ideates, plans, organizes, executes, and coordinates virtual events on behalf of its clients. A virtual events business also develops creative ideas that make the virtual events unique and memorable.

To start and operate a successful virtual events business, you must possess broadcasting and audience psychology skills and be ready to learn and deal with new technologies. The good news is that you have multiple platforms where you can run virtual events.

Starting a virtual events business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell virtual events, or selling virtual events 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 a virtual events business ➜

Key Stats

market size
$211B
revenue (monthly)
$87.3K
starting costs
$11.7K
gross margin
93%
time to build
210 days
growth
Word of mouth
business model
Consulting
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs

Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

Successful Businesses

Business URL Rank

ClickMeeting

clickmeeting.com

6,461

vFairs

vfairs.com

15,284

Pathable

pathable.co

25,784

R+F Virtual Platform

virtual.rodanandfields.com

39,806

Socio Event Platform

socio.events

57,623

Kinetx Co

kino.live

687,876

Banzai

getbanzai.com

934,657

Professional Association Management Company

virtualinc.com

1,013,237

Interactive Entertainment Group

interactiveparty.com

1,715,322

Entire Productions

entireproductions.com

2,513,702

PartySpace

party.space

2,921,691

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.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a virtual events business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a virtual events business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

No overhead costs

To get your virtual events business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Cons Description

Crowded Space

Competition is high when it comes to your virtual events business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A virtual events business 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.

Work can be inconsistent

As a virtual events business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a virtual events business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a virtual events business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a virtual events business, 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

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

    Learn more about affiliate program ➜

  • 2

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

    Learn more about direct sales ➜

  • 3

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

    Learn more about word of mouth ➜

Pat Walls,  Founder of Starter Story
Want to find more ideas that make money?

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