Are you’re struggling to start your event planning business because you don’t know how or what steps to take, or if there’s an event planning training program that can help you?
For many years I planned events for other people and wasn’t getting paid for my time and effort.
And even though I loved doing it, I felt like something was missing.
I wanted to get paid for event planning. I wanted to create a full-time career so I could fire my boss.
I wanted to know how to make money doing what I loved, but I didn’t know what that meant or how to do it.
So the information I’m about to share with you is what I used to ensure all my events were making money, and my business was a success.
Before Starting Your Event Planning Business
The first step you want to take…
Before you start thinking about clients, it’s important to know how much money you need to make in order to breakeven each month. Here are two steps to take first:
- Create a spreadsheet of costs and expenses. List all the items you’ll need in order to run your business – and don’t forget to account for your time running around to appointments.
- Calculate your breakeven point (how much you have to make in order to break even). Knowing this number allows you to determines how much you need to charge (and how many events you need to plan) in order to be profitable.
A Simple, Profitability Formula
Here’s a simple formula to calculate your breakeven point:
Breakeven Point = Fixed Costs/(Your service price – variable costs)
Breakeven Point = Fixed costs (rent, Internet costs, etc) / (how much you’re charging – shipping or delivery charges, for example)
The next step in being profitable is to use your breakeven point as a basis for setting your prices.
In the comments, let us know:
What’s one step you can take now to move your event planning business forward?
Thanks for joining us!