How Young Entrepreneurs Can Tread Their Paths in Event Management?
Free Book Preview Entrepreneur Kids: Launch Your Own Business
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The event management industry is an in-demand market that is finding its way into the commercial as well as the corporate world. Though the industry that has long been associated with glamour, glitz and money, all these are a result of long hours, experience and intuition that is a necessary part for those looking at building a career in event management. If you are looking to start your own venture in the event industry, be prepared for a long yet exhilarating experience. Here are some tips for young entrepreneurs to help carve their niche in this dynamic market.
Be Financially Secure
Funding is very important if you are a part of the event industry. Without money, it is difficult to acquire the much-needed collaterals for event organization and have nothing to fall back on in times of crisis. Capital can help get the right location, props, and several other materials that are imperative for successful event management.
Be Aware of the Genre
Event management comprises of various genres and while it is good to diversify, it is imperative that founders are completely aware of the type the genre they are looking to invest in. From comedy to music to theatre, every event caters to a diverse audience and is congenial to different requirements. Founders need to have the knowledge and requirement when it comes to different types of events.
Do Not Go AWOL
Going AWOL after one event and resurfacing after months is probably not a good idea if you want to maintain your viability as well as visibility in the market. Several industrial members, especially new event entrepreneurs often do not plan their events in succession and work intermittently. This gap often results in a lack of trust by the artists as well as the interest of the audience. The audience today has a lot to choose from and has a high short memory when it comes to remembering your brand. Being consistently visible will help you in the long run.
Sharpen Your Networking Skills
Event management is not a solo act but a collaborative result of lots of stakeholders. Networking with the right people is an art that event startups need to master in order to have the reinforcement for their events. From sponsorships to supply and partnership, all it takes is an effort to come forward and meet people. Not to mention, you also stand a chance to increase attendee retention and prospects, only by maintaining relationships and maximizing your reach. Networking brings along like-minded people and helps create business opportunities to further build your brand.
Importance of Genre Diversity
Sticking one style will narrow the chance of opportunities and bringing in audience engagement. Genre diversification is an effective means of bringing together different artists & target audience and ensure a maximum reach. It could be an internal event, a corporate event, a comedy stand up for a small gathering or a musical event for thousands of viewers. Different types of events bring in new ideas and interest. Not to mention, it also paves the way for new art forms which are yet to be revealed and bring them to a platform where new talent can be seen and appreciated. However, as we discussed, it is imperative that the founders are aware of the event genre they are catering to at that moment and be very specific during their execution.
Event management is not only about organizing events. The planning process involves time, effort and marketing where the latter needs to be spot on to ensure high attendance for the event. Founders today can deploy social media marketing, SEO, e-mail and many other tactics to help spread the word. Social media platforms like Facebook and Instagram are the perfect platforms for large scale announcements and marketing. For many, a major chunk of their business is enabled by these platforms. SEO is highly efficient for those who need to make their websites and marketing collaterals stay out in the limelight. Google AdWords can help specify the search and open the marketing funnel as well. Email marketing is yet another very famous and effective tool to spread the word. Tie-ups with ticketing partners and entertainment giants can bolster this marketing technique even further.
It will do you no good if you are not updated with the latest trends of the event management industry. The audience’s preference is ever evolving and by staying in sync with their expectations is what can help the founder's curate impactful events which will resonate with the contemporary ideas. This will also help the artists explore more ideas and stay fresh with their content. It is indeed a win-win situation.
New founders are rested assured that there will be glitches and hiccups, sometimes minor and sometimes major. It is always best to have a crisis management plan at hand to reduce the impact of the blow and nip it at the bud. By ensuring optimized spending, attention to detail, and time management, it is easy to curtail the challenges that come your way.
Foundation of learning and fun
Events are an outlet for hard work and creative energy. They should be built on the foundations of creative learning and fun which can only be possible if the founders change the perception of events as a high-pressure work into something that they enjoy doing. By soaking in the experience and using it to shape an event that becomes the talk of the town, founders can truly justify their roles as event experts.