How to start Event Management Company

 

Introduction

If we look a few years back, no one in India would have bothered about something like ‘event management’ people at that time have limited work, a pinpoint need, that’s why they used to manage their work on their own.

Now, compare it with the present day when people are so busy that sparing a single day to attend the wedding of an even closer friend has become a challenge, how will they arrange all the wedding on their own.

Hence, that‘s where event management comes in. With Business development skills in one hand and solid social networking on another hand, you can start your event management company easily. But remember your success will depend upon not only on knowledge and skill but also on your public relation, negotiation skills, and marketing and entrepreneur skills.

Now, here is how to start an Event Management Company

1. Aim the area of your expertise

One foot cannot stand on two boats. You have to choose one area for your event management service in which you want to gain experience and expertise. Do not try to be a jack of all services, if you have a good amount of experience and expertise in wedding planning then go for wedding planning event.

No doubt, the market is favorable for corporate events this time but planning corporate event can be risky in implementation, accomplishment, and evaluation in initial stages your carrier. Apart from wedding planning and corporate events, there are lot more options available for a concert event, birthday parties events at the mall etc.
 

2. Do your homework properly

Firstly, you should do before starting an event management company is to do the groundwork well i.e. research. Research means conducting surveys, interview or discussion and measuring the demand of type of event. And, as you are beginner then you need a thorough research plan to locate vendors and supplier who can provide the best service at the minimum cost.

Secondly, don’t forget to research on your competitors. See their number of employees and client base. Check out their reputation and way of working, why people attend their events and how they get their client and sponsors.

3. Design the business plan

While designing your business plan on the basis of market research, competitors wealth, strength, weakness, opportunities and threats of your event management company, you should keep some points in your mind lie;

• Be realistic while estimating your capital requirements, sales, and profit. Don’t go with the flow.
   
• Develop strategies to advertise your business 

Now, following are the steps you should follow while designing the business plan

• Business objective: Decide the objective on the basis of your short term and long term achievement. Flexibility in the market situation may not make good for long-term objectives.
   
• Staffing skills: Determine your need for skills of your staff, what kind of stuff you want to outline for your business.
   
• Determine the capital requirement: You have to think how you will manage your cash flow, where to invest and what exactly to be invested in your company.
   
• Prepare a contingency plan- plan B: What strategies you will adopt in case of capital loss, economic crisis or market downturn, so always prepare a contingency plan.
   
• Determine the operating cost: Calculate the operating cost to start the company and the salary of your staff.

 

4. Register your company

Registering an event management company is just like any other company, there is no exclusive rules and regulation for it. In order to register a company in India, there should be at least two Directors or Board of Director in the company.

• Type of business: There is a number of option available to start your business like you can start with sole propertiorship, LLP, company or partnership firm.
   
• Register the company name: Decide and register a unique name for your company which is not similar to any existing name of the company. File a RUN form in a prescribed manner by accessing the MCA portal online.
   
• Apply for DSC and DIN: You must apply Director Identification Number and Digital Signature Certificate when you are going to register your company. A DSC is an electronic signature which is used for filling the form online on the government site.
   
• Documents required: Following are the documents you need to keep ready when you’re going to register your company.
  • Address proof  - (electricity bill, Bank Statement )
  • Identity proof – ( Aadhar card, Voter- id, Driving License)
  • Photo
  • PAN ( Permanent Account Number )

You can upload the soft copy of the documents electronically on the government website.

Read: Company Registration India

5. Incorporation of company

There are certain things you need to draft before you can move to file incorporation form.

• MOA & AOA: Memorandum and article of association are the two major documents of the company on which the company stands. They are the roots of the company and contain the power and rules of the company.
   

• Authorised capital: It is the maximum capital of the company which a company can offer to the public to subscribe and invest in the company. Higher you go with the capital higher will be the cost of registration.

After all, documents get approved; the final step is to incorporate the company.  All documents like MOA, AOA, or DSC will be submitted with the SPICE form on the MCA portal online and if all goes well, ROC will issue a certificate of incorporation.

6. GST registration

Don’t forget to register your company under GST regime. It is mandatory to all the service providing company to get their GST registration. 

Conclusion

From the above essentials, you can start your event management company in India and your experience, knowledge, and expertise will keep you in long run. In case you have a query, please email us at info@hubco.in.