Starting Up An Event Management Service

Studying Nigerians and their diverse cultures is a very effective to know and understand what will drive demand for your services or products. Understanding what the majority of the populace desire is a perfect way to identify what business venture is lucrative and has a gigantic market. This strategy is employed by most Nigerian artists , who realized that Nigerians love dancehall music's with beats. This kind of music's have won the best awards. Take for instance,"skelewu by Davido" I love this track so much and never got tired of listening to it even when I played it over and over again. In reality I can't actually figure out the meaning of this song,I haven't seen the lyrics though, but I don't draw any meaning from this track,but I still love this track and so many other good Nigerians do too. You can't separate people from what they love. When you try that, the end result is partial success and a daunting failure.

Events are moments in peoples life which are cherished very much. How would you feel if your wedding ceremony was properly planned and managed. You will feel awesome and totally fulfilled, this is exactly how dear life events are to the celebrants. There is a high number of events that take place in the country. The factors behind this growth can be attributed to the flare that goes with making those special moments special.

Starting Up An Event Management Company

For the aspiring entrepreneur event management is a very lucrative business venture you should start. People hire events managers to manage their events primarily because, they fill they don't have the time to execute the plan successfully. They also fill that their events will hold according to the plan and run smoothly when its managed by a professional. This is where the expertise and experience of a professional event manager comes in to play.

Target Market

The target market for an events manager is very gigantic. This can be divided into two;
(i)Cooperate events; this type of events include, conferences, seminars, work shops etc... Cooperate bodies use special occasions to bring clients together and build a closer relationship or to raise publicity for a product or service.
(ii)Social events; social events include birthday parties,wedding ceremonies,funerals,anniversaries etc...the number of social events have continued to grow at a very fast pace as more and more people feel celebrating their life experiences is totally worth it.

Start Up Cost

How much do I need to start up an event management service? This is the major question aspiring entrepreneurs who intend to start up an event management service and established entrepreneurs who feel to diversify ask with a lot of curiosity.The fact is this question is a very daisy one with multiple edges.Most aspiring entrepreneurs become reluctant to pursue their ambitions as event managers, when they feel, I need to acquire all the equipments, like; cooling van,own a catering service, own chairs,rugs,canopies,own an event garden or centre etc... First, "who is an event manager" An event manager is someone who manages the proceedings of an event, ensuring a hitch-free execution of an event plan.With this in mind, you should know your role as an event manager. Let's look at the low-end start up cost.We will look at the very basic requirements needed to start up an event management service.

(i)Office: You will need a contact address where your prospective clients can reach your company. If you aren't very conscious of your privacy, you can use your residential address as your company address.As a starter, this is highly recommended.As office address does not in any way alter or deprive you of potential clients.
The rent for a low end office should be N150000.
(ii)Registration: For legality and credibility purposes your company should be registered with the necessary governmental bodies. The most important once for your new company are the Cooperate Affairs Commission(CAC) and obtaining your Tax Identification Number(TIN) from Federal Inland Revenue Service(FIRS), this will cost almost nothing. Its recommended that you register a business name with the (CAC), you can incooperate it into a company later.
Low-end cost for registration should be N30000.
(iii)Advertising: Your company will need some form of advertising to get you potential clients. Most aspiring or established entrepreneurs who are moneybags spend so much to advertise on media platforms, but how effective can it be for your new company. This is where most entrepreneurs in this field make mistake. You have to understand what builds your client base. In the events industry what drives you clients is "TRUST" , and for people to trust you, they need to see what you can do and offer. This point in one direction, which is "word of mouth advertising".This is a very powerful and effective form of advertising. People trust their counterparts,colleagues,friends recommendations. All you need is one client to create a massive branches of clients. You can apply this powerful and winning strategy, "Offer Your Service Free Of Charge To Well Established Client". The result is totally Amazing. Introducing your business to Church members is also very effective to attract potential clients to your business. Networking with already established counterparts is also good for creating exposure.
Low-end cost for advertising should be N50000
(i)Payroll:You may want to employ the service of someone, who should do the job of a receptionist, booking of appointments, if your schedule is too tight.
Low-end cost for payroll should be N30000.

You will notice that equipments have been clearly omitted from this start up cost list.Your job as an event manager is to outsource every requirement needed to execute a successful event.Having most of this equipments is only to increase your profit margin. Even successful entrepreneurs in this industry don't have the total requirements needed for an event to take place. You can acquire equipments gradually further on as you explore this goldmine business venture.
A roundup of total cost will equal N250000. This figure can still be trimmed futher down.
Now you have a clearer picture and wider scope about what events management is, how to start and start up cost. Go ahead, start your event management service today!.


{This article was coined out from Reapfast Strategies interview with "Tobix Events Ltd,Abuja.}

Well said. A good source of income if planned with a good entrepreneur spirit and a dedicated intrapreneurs

Nigerians love activities (weddings, birthday parties and lots more) too much. That's why this business is very profitable. But setting up an events management business requires a detailed business plan and feasibility studies showing you all the profit projections and marketing strategies to be employed.

Event Management / Planning Business Plan in Nigeria Feasibility Studies
Starting an Event Management/Rental Service

https://www.businessplannig.com.ng/event-management-planning-business-plan-in-nigeria-2/