Beginner’s Guide on Starting a Concert, Sport, Magic Show Business in the United Kingdom
The events sector in the UK is a buzzing, vibrant and trendsetting industry worth billions—a market you can further explore, no matter how far you reach. More than a million people work in this sector, which contributes GBP70 billion to the economy. Furthermore, pre-pandemic statistics show that approximately 85 million people attended events in the UK. Starting a concert, sport, magic show business can be a good idea even if you plan on going digital—this is now a place where everyone can participate without physical restrictions.
Society certainly thrives on events, which can range from a huge business conference to a quiet book signing. But starting a concert, sport, magic show business can be an otherworldly experience which people will pay for to escape reality from time to time. Truly, your business can help others keep their mind off something stressful or exhausting and just enjoy it even for a certain period only. Here is what you need to know on how to set up concerts, sports, magic shows or events in the UK.
A Look at the Industry
The events business in the UK, as mentioned, has been growing. You can take a bite in the piece for sure when you plan to start a concert, sport, magic show business. There are many avenues for you to explore. Let us take a look at the spending per event segment:
- Conferences and meetings – £19.9 billion
- Exhibitions and trade fairs – £11.0 billion
- Incentive travel and performance improvement – £1.2 billion
- Corporate hospitality and corporate events – £1.2 billion
- Outdoor events – £1.1 billion
- Festivals and cultural events – £1.1 billion
- Music events – £1.3 billion
- Sporting events – £2.3 billion
In the UK events industry, over 25,000 players are in the game. These include event organizers, venues, destination management companies, destination marketing organizations, event production companies and exhibition contractors. In addition, there are also various suppliers including:
- transport operators
- information technology firms
- interpreters and translators
- catering services
- event insurance agents
Annually, the sector holds 1.3 million business events.
Where Should You Begin?
Starting a concert, sport, magic show business can be quite exciting as well as challenging. Each event, as they say, is unique and requires an adaptable skill set that can handle multitasking on a very high level. You have to be able to give it your all regardless of the type of event you are hosting.
Hence, before you start your events company, get your business plan written up and it should be detailed. It should be able to identify the following:
- goals of the business
- timeline of achieving each goal
- operational strategies
- target market
- revenue and profit projection
- budget allocation
You have to check out the competition, consider coming up with a niche business model and ensure you have reliable financial forecasts. It is important to be well-versed in the industry. Gaining experience and building up a good network of contacts first would not be amiss.
The great thing about running an events company is the flexibility in setting up your business vehicle. You can be a one-person show, a partnership, or a bigger concern such as a limited company. It is your choice—pick which one works best for you. You have the flexibility to work from home or choose to rent a desk or serviced office space. All you really need is a brilliant website and domain name, a bank account with secure e-payment options and good contacts. Of course, you also have to study other technical matters such as company registration in United Kingdom.
Going Digital is the New Name of the Game
Think of the current and future conditions when starting a concert, sport, magic show business. The events business, in general, has been maximizing the opportunities in the digital world. What does this mean? Virtual events are being conducted now via online video conferencing platforms as well. Literally, people from all over the world can witness an event happen before their eyes in the comfort of their homes.
Still, there are things you should never forget when holding events in this unconventional way. After all, you want them to still have a good time and to enjoy themselves even though they are just at home.
- Keep your brand of event management. While the events have gone digital, you must be able to somehow offer your clients a semblance of physical events by making the vibe just right and welcoming. You have to be able to still deliver an amazing experience for your attendees. Do not make them feel they are attending just another Zoom meeting: keep it lively and entertaining.
- Craft content that is relatable—and make sure it is timely and relevant for your guests. To keep your event engaging, it should be even more timely and more relevant so your attendees will be able to give their 100 per cent attention. Identify what are the things your audience needs right now from a digital event. Remember there are certain things only appropriate for physical events and digital events may require you something else. You have to think outside of the box and present new ideas that will work in a digital setting.
- Be respectful of your guests’ schedules. Just like when holding physical events, you should keep in mind that your guests are squeezing in their schedules the event they are attending. So, it is only respectful to start and finish on time. While they are only at their homes, or wherever for that matter, you have to assume that your attendees have other things to do as well after the event.
Building Your Customer Base
When starting a concert, sport, magic show business, you need to get the word out. You have to be able to build your customer base. After all, your customers are the lifeblood of your events business.
But how will you build your customer base? Here are some tips:
- create a website that details all your services
- digital marketing and online advertisements
Yes, you will be spending some money at the beginning to advertise your business. But once you have cultivated a good network of customers, you may have to lessen the expenses for it. So you really have to deliver the best events so your customers will be satisfied and refer you to others as well.
Registrations and Licenses
Business solution firms such as 3E Accounting offer customizable packages that enhance the flexibility of starting a concert, sport, magic show business in the UK. You can be up and running within a day, provided all the paperwork is in hand; yes, you can do it that quickly. Due to the nature of the business, it is advisable to consider investing in some insurance such as public liability insurance. It is also crucial that you get to know industry regulations like the back of your hand. Approvals and permits vary according to the area and the type of events.
The UK Government website on licensing provides guidance on permits and approvals. Generally, if it is a regulated event, some form of approval will be needed. Indoor sporting events, playing of recorded music, public dancing, etc., all may fall under this category. Other approvals include a license to sell alcohol, premises or club license and most importantly, a temporary event notice permit. It is advisable to check with your local council or authority before planning any such events to ensure full compliance.
For example, playing recorded music even in the background will require a Music License from PPL PRS Ltd, the UK’s music licensing society. If you’re planning on holding a sporting event, then you will need a safety certificate. Magic shows, on the other hand, will depend on whether it’s a street show or a private event. Any event that plans to collect money or sell goods on the street will need a street collection license and other approvals.
If you are confused about the licenses, you can consult a company incorporation services provider.
Professional Help for Your Business Today
Getting started in this industry does not have to be a daunting task. Knowing how to set up a concert, sports, magic show or events business in the UK is just the first step—and you may need a corporate service provider in UK. Engaging professional company formation experts is the next. Here at 3E Accounting, we offer bespoke solutions for all your business needs. Contact 3E Accounting today to get started on making your dream business venture a reality.