Set Up an Event Management Business in the UK
3E Accounting shares its insights on how to set up an event management business in the UK.
The events industry in the United Kingdom is wide-ranging and includes conferences and seminars, workshops, festival and exhibitions, and even marathons. Statistics show a GBP70 billion contribution to the economy from this sector alone. Faced with the challenges of a global pandemic, the industry rose to the challenge with a massive shift online. Whether you want a traditional brick-and-mortar establishment or an online company, the basics are the same. As an entrepreneur starting in this sector, knowing how to set up an event management business in the UK can be helpful.
An Eventful Business
Event management as a business has gone through rapid evolutionary change. This is now a technologically driven industry, spurring and supporting a digital society. Venues, attendee registration, participation, etc., have mostly shifted online. A mobile phone or laptop with an internet connection is all that’s needed to manage as well as participate in events. The future may offer an amalgam of both physical and virtual events. Events such as trade shows, seminars and even weddings will all have their accompaniment online virtual links.
Whether you choose a home-based online business or rent a serviced office, it’s always best to start with some due diligence. Get your business plan written up, including forecast financials which can facilitate funding. Explore market requirements and trends and consider offering niche or speciality events. Set up a reliable network of suppliers while sourcing for potential clients. The events industry is highly competitive and complex, and being a differentiator can offer a better chance of success.
Next, look into suitable structures for your event management business. The UK offers several viable entities, such as partnerships and limited companies. Choosing a sole proprietorship is also something to consider as sole traders are highly popular as a business vehicle. Each has its advantages and disadvantages, hence doing some research beforehand is highly recommended. Your business will also need to register for taxes with HMRC and file annual returns.
Approvals such as licensing and permits need to be in place before you organise or plan any event. Approvals are usually given by the relevant local authorities and can include permits for playing music, street events, etc. A comprehensive list can be found on the UK Government website.
Do get a bank account for your business and consider what sort of payment options you want. This is especially necessary if your business is online, and a reliable e-payment gateway will streamline the process. Getting some business insurance, such as professional indemnity or public liability insurance, is also prudent.
Having a brilliant website with reliable web hosting services is a must in this day and age. Making it mobile-friendly will definitely be a bonus while investing in event management software will ensure your business is future-forward.
To know more about how to set up an event management business in the UK, get in touch with 3E Accounting. We provide bespoke company formation and business solution packages to fit every budget. As consummate professionals, we take pride in our best in class and innovative solutions. That’s why you’ll get only the best service and solutions from us. Contact 3E Accounting today to plan and manage business solutions that work for you.