How To Make Money As An Event Planner
Last week I had an experience with a client that wanted me to do work outside of their event for free. Huh?
Unfortunately this seems to happen more than it should and friends, family and clients don’t seem to think anything is wrong with it. And unfortunately I hear this complaint from our event community all too often.
“How do I make money as an event planner when people don’t want to pay me?”
Are you struggling to grow your event business because you don’t know how to make money as an event planner?
When I started my event business in 2004, I lost money on the first event I planned on my own. I didn’t have the experience, knowledge or a pricing strategy in place to account for the time required to plan an event from start to finish.
This is the #1 mistake event planners make.
How To Make Money as an Event Planner
It’s important to account for the many hours you put into your business and the tasks that no one pays for.
As an event planner, you spend time on tasks, like:
- writing event planning blog posts and newsletters or RFPs
- networking with industry professionals, potential clients and vendors
- negotiating with suppliers
- preparing for client appointments
- answering potential clients’ questions in advance
- scheduling and re-scheduling appointments
- traveling to and from meetings
- follow up calls (before, during and after the event)
- keeping track of client expenses
- shopping for supplies
In order to have clients hire you and make money as an event planner, you need to account for your work hours outside of each event and charge accordingly.
Don’t fall into the trap of feeling embarrassed about your rates or expertise or into the trap of thinking you lack the skills or experience to charge what you’re worth. If you find yourself making these excuses, or you hear yourself say “it’s a slow economy so my clients aren’t going to spend money on my services,” or “I don’t have enough experience to charge for my services…”
If hiring you to plan your client’s event saves them time and money, how much is it worth to them? Event planning is an investment with a potentially significant return for your client. Consider this when determining your rates and how much money you should charge as an event planner.
Remember that when you’re in a service business you’re selling YOUR time.
You have a limited “inventory” of time.
You can’t manufacture more hours in a week and the only way to earn more is to charge more for your time. You will never make money as an event planner until you get your pricing strategy right and charge for the time it takes to plan an event and the hours it takes to run your event business.
I’d love to hear from you. In the comments below, share two tasks you spend time on outside of planning your client’s events that you don’t get paid for.
Remember, we love hearing from our global community, but links to outside videos and posts are seen as SPAM and will be deleted. 🙂
Here’s to your success,