How to Start Event Management Business in India
Event Management Business is on a boom in India and it is supporting Indian Economy very well, if you have skills and wants to start your own business, then it is a good idea you can very well if you start your business in an organized way. There are many event management companies, and they are providing many services like event management of marriage, conference, professional events, birthday parties, and other events, they providing above services and charged money on their services. If you are thinking of starting an event management business, then you should follow the below-given procedure.
How to start event management business in India
- You have first to decide that what type of event you want to organize or what type of services you want to provide, there are types of events like marriage events, cultural events, professional conference, and other events and parties. So you have to think about this because it is the primary thing you have to plan your business according to services.
- Then identify your target market, you have to do market research so you will find the scope of this business and you will know about your competitor and their services and prices so you can set your prices according to competition and aftermarket research, you can set your target so it will help you to find customers.
- Aftermarket research, you will know about the market and competitor then it will be easy to make a business plan, so aftermarket research you have to make a business plan, every business needs a plan to guide their decision-making process, so you have to develop a plan so in future there will be no problem arises for you. You have to plan about your capital and profit generation from the business, and incorporation of the company and other things.
- You have to bring capital in your business, if you have enough money then no problem you can proceed to the incorporation of business but if you don’t have enough capital then you have to get a loan from the bank, or you can ask investors to invest in your business.
- You have to follow legal procedure for incorporation of your event management business for which you have to register your business as a legal entity, there are options available you can incorporate your business as One person company or sole proprietorship firm in case of single owner and in case of two or more partners you can incorporate your business as limited liability partnership firm or partnership firm. For registration of your business, you have to apply your incorporation form under concerned authority.
- After finding of capital, you have to bring resources for event management, and you will need a network of resources to make your events a reality, such as caterers, entertainers, technical experts, technology suppliers, and marketing experts.
- Then begin Promotion and marketing of your business, promotion is very important nowadays because the competition is tough and it is very tough to find customers, so you have to promote your business, you can give advertisement in the newspaper and social media websites. Social Media like Facebook, Instagram, and other sites promotes products and brands on cheap rates so you can promote your business on social media platforms it is very easy and affordable.
Registration of Sole Proprietorship Firm
If you are a single owner of your event management business then you can easily incorporate your business as the Sole Proprietorship Firm Registration, it does not require formal registration, but you can register your business through related registration like Udyog Aadhar, PAN card, bank accounts, GST registration, Shop Act license, and other important registration. Registration of any business is very important because it will secure your business under laws and protect your legal rights against the third party.
Registration of Limited Liability Partnership Firm
If there are two or more partners in business then incorporation of Limited Liability partnership can be done, the process of LLP Registration is very easy, you can file your incorporation form through online mode for which you have to visit the Portal of Ministry of Corporation, then you have to make a digital signature certificate of proposed director and have to make directors identification number then you have to reserve your LLP name trough LLP-RUN web services, After this you can file your incorporation form along with supporting documents, after successful submission of incorporation form you will get your certificate of incorporation. LLP is a separate legal entity which can sue or can be sued, and partners will be not personally liable for other partner’s negligence.
If you are thinking of starting an event management business, then you should consider the above-given points because it helps you to develop a correct plan for your business and you should think about required legal registration for incorporation of business so it will protect your business and provide your legal rights. As above mentioned you can incorporate your business as LLP or Sole Proprietorship firm both are easy to incorporate but the procedure is different. You can choose a business entity according to your preferences.