Beginner’s Guide on Starting an Event Management Business in the United Kingdom
We share some insights on setting up an event management business in the United Kingdom.
The events industry in the United Kingdom is wide-ranging and includes conferences and seminars, workshops, festivals 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 all about starting an event management business in the UK can be helpful. You can rely on 3E Accounting to guide and provide you with the best company incorporation services.
Best Practices for Event Management Industry
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 you need to manage and 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 online virtual links as accompaniment.
Event management is a cumbersome process and making it successful requires quite a lot of work. These practices can help you make your event a grand success:
The theme of the event plays a significant role in deciding the success of the event. Here are some questions which can help you in deciding the theme or concept of the event:
- What’s the purpose of the event?
- How do you want the attendees to feel?
- Who’s the event for?
- Why should they attend the event?
- What benefits do the attendees get after attending the event?
Coordinating an Event
Coordinating an event is the next step while hosting an event. It requires you to fix a date, time and venue. You can be prepared with a couple of dates and venues in case the first preference isn’t available. This step requires you to form a team and delegate the work. Here are some important works that need to be taken care of:
- Finalising speakers for the event
- Purchasing equipment and other technology
- Coordination for transportation and catering
- Developing marketing strategy and execution
- Accounting and budgeting for the event
Always have a plan-B for your event. This helps you keep everything under control. In this step, you need to be proactive in your approach and check the following:
- Make sure there’s enough space for all the registered attendees in the event
- Managing the catering and tasting the food
- Arrangements for alternate speaker
- Ensure budget is in place
- Rehearsal is going in the appropriate way
On the day of the event, make sure that your team is on top and proactively involved. The event must go as per the schedule. Make sure the itinerary is followed throughout the event like if the upcoming speaker is ready, food is ready, water cans are always filled.
When the event ends, make sure to clear all the payments of your vendors. Give detailed feedback to your client so that they can appreciate themselves and learn from their own mistakes.
Make a Concrete Business Plan
Whether you choose a home-based online business or rent a serviced office, it is 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 specialty events. Set up a reliable network of suppliers while sourcing for potential clients. You need to remember while starting an event management business that the industry is highly competitive and complex. Being a differentiator can offer a better chance of success.
Select Your Niche
The first thing you need to decide is which events or services you will provide for your customers. You can choose to plan entire events or focus on only one aspect of an event: decorations, catering, entertainment, or venue selection.
Select a niche you are comfortable with, such as personal events like weddings or birthdays, or religious events, based on your background. After you develop your experience and skills in that niche and make a name for yourself, you can explore more specialities,
Choose the Right Entity
Before starting an event management business, you need to decide which structure is suitable for your needs. Then you need to understand everything about company registration in UK. 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 business vehicles. 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.
Licences and Permissions Needed for Starting an Event Management Business
Approvals such as licensing and permits need to be in place before you organize or plan any event. Approvals are usually given by the relevant local authorities and can include licenses for playing music, street events, etc. You can find a comprehensive list 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 be a bonus while investing in event management software will ensure your business is future-forward.
To know more about starting an event management business in the UK, get in touch with 3E Accounting, the most experienced United Kingdom corporate service provider. 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.