How Well Do You Know the Events Industry?
Setting up in business is hard work and risky, and one of the issues that is imperative to take on board when making that choice is to know your industry.
One of the main reasons businesses often fail at the first hurdle is inexperience in the chosen sector so if you’re planning to launch an events business the first question you need to ask yourself is this. Do you have experience in this field? Because if you don’t, it might be a good idea to stop and look at this again.
Good research on your part will obviously help. But understanding a particular trade or industry will certainly give you the edge when it comes to setting up and making a success of things, and the events and hospitality industry is no exception.
In these days businesses might seem more open to organising and booking events generally, with team building and conferencing at an all-time high. But make no mistake.
Many companies have in-house departments who offer this support to their personnel, and coming into any industry without contacts and know-how is going to put you at a disadvantage immediately. There are also lots and lots of companies setting up now and competition is fierce.
Why Are You Doing It?The decision to take the plunge to set up your own business can come from anyway. It might be that you have always dreamed of being the boss. It could be that you have been thrown into a decision-making process by redundancy.
Maybe you have identified a need for your product or service that doesn’t already exist. It could even be that you have a dream of making lots of money! Whatever it is, you are almost certainly going to stand a better chance of making it work if you know the industry. Or have a business partner or mentor with experience.
What Do You Know About Events?With any business, having an understanding of the industry is key to making it work and working in the events sector is no different. In the events industry there are many factors to consider, such as what kind of events you will offer, how are you going to target your clients, what events are popular and fashionable, and what logistical information you need to run an events business. If you’re simply the kind of person who has enjoyed having events organised for you and think you could ‘have a go’ it’s wise to get some advice on this.
Organising events is hard work, unglamorous and long hours. It involves making lists, checking details over and over again and the majority of the job is office based. It can be heavy on client liaison and will involve much checking of detail. If you have an idea that running events is all about getting out there and making it happen, be aware than 90% of each event is worked out beforehand, and the other 10% is the craziness of it actually happening!
If you do have experience of all this then you’ll know all about it. In which case your priority is to look at what you have in mind, check out the competition, and decide how you are going to make your product different from all the others out there!