Event management has always been the most wanted and most demanded industry. But unfortunately, the field has too much of workload and important elements missing which will become unpleasant. Thus, carrying out event management business takes a lot of planning and control. For entrepreneurs like you all, it is better to start a business which has few elements in it. Having all this, specializing in one category will be a very promising idea. The first in list would be the event decorating business, where you will handle just one element of the entire event management.
In this article I will share important information on how to start an event decorating business from home. Information such as opportunities, creating a business plan, investment required, management and marketing will be discussed in this article.
Opportunities in Event Decorating Business
There are two options on operating your business. One will be partnering with an event management team and the next is obviously specialising for decoration alone. Not all the parties and functions will depend on an event manager. The customer can himself make his own plans and coordination. In such cases, you can directly enter into the scene as a decoration partner. Your business is purely related to the quality of the service and there is no product to showcase to the customers. The number of orders you have taken and the review on those will be the only tools to judge your service.
Opportunities are every where such as for decoration of wedding party, corporate events, halloween party decoration, birthday parties, etc.
Event Decorating Business Plan
Depth research is needed in this area as this decides the profitability of the business. Decide the size of your business and make a clear cut list of what all you need. Rent or buy concept is also something which will create an impact on the investment you have planned. In this business you do not have to purchase event decor items in advance. All you need is contact of material supplier when order comes.You can start this business with very minimal investment.
The value of items you have in your company will be the sum of your investment. As you know that the decoration business has service delivered at the customer’s place, expenses at your office will be very minimal.
Operate From Home/Small Office
For a decoration business, space requirement is very less. As you know about the industry and its functioning, source place does not really demand huge space. To showcase your business, a medium sized office is more than enough. However, you have to rent a godown for storing all your business equipment. Renting it at a lower cost will be a good idea as the place and location of the godown will not bother the business. A very neat reception and a pleasing environment will be great to make your business trusted.
Requirements of Labour
Labour requirement is huge here as the entire working is labour intensive. Without adequate labour, proper and classy decoration cannot happen. Since decoration demands expedite working, large number of labour will finish it on time. More than the service you provide, timely completion will make your business go a long way. Both skilled and unskilled labour will make up the manpower of this business.
Other than the labour who will do the decoration work, educated personnel for the functions of finance, planning and administration is mandatory. If possible, hire a designer who can help your business to match with the latest trend.
Equipment to Procure
To make successful event decoration without any hindrance in work, have all the necessary items ready. Small things which is of less value can be purchased whereas the ones which holds a high value can be rented. This js because, your investment will be saved to some extent if things are hired.
Also Read:- How To Start Party Rental Business From Home
I recommend you to not spend too much on things which are likely to block your cash here and there. The frequency of using a particular item also helps in rent or buy decision making. And this part is highly unique depending on each setup. Thus, there is no standard product which takes more use or less use. Basic items such as ladders, pins, screens, decor lights and tools for setting is standard for all event decoration businesses. But, depending on the orders and customer’s expectation few products might change.
Maintenance of the Decorative Items
The last thing to be given importance is the maintenance of the items you have for decoration. No matter how many times you have used the items, the quality of the service should not fall down. To make sure that you maintain this standard, you should take efforts to retain the newness of the decorative items.
Spend a little of your income on maintaining your items as they represent the overall standard of your business. It is better to clear all the unused items if they are definitely not going to be productive in future. This will eliminate your holding costs thereby reducing your expenses.
How Much Your Should Charge for an Event Decoration
Pricing the services is a tedious and critical task which decides your business survival. Initially, for the purpose of making entry into the market you can adopt pricing strategies which is favorable to your customers. At later stages, pricing should aim survival and in the end when you have reached a firm position your prices will speak the quality of the service you offer. Pricing should not only fix a value for the service, but should also make promotion within it. Discounts and offers in prices will be a good promotional idea.
After the Order
After an order has been made, there are few things to check. These things are extremely important to confirm your service.
- The first one will be noting the exact time and place of the event. With this you can plan accordingly as to when to start the decoration process.
- Next one is the purchase of needed things which you do not have. Some orders will be extremely unique for which purchase comes into the scene. Mostly decoration is done using artificial flowers, but in few cases you will need natural flowers. Natural flowers can be purchased at the last minute as they tend to dry soon.
- The last step is to set everything ready to start the work. This will include labor availability also.
Use Social Media For Business Promotion
For making fast progress in the results, publish your existence as much as possible. Now the latest trend is keeping ourselves updated on social media. A lot of people depend on social media to seek various services. For instance, people watch Instagram reels to seek services so it is the best idea to create Instagram reels to showcase your services and keep updating them. You can use this opportunity and obtain the central place in the decoration industry.
Upload examples of the services you offer along with the charges you demand for it. Including prices along with the examples will help the customers to choose the most suitable and economical one. I would recommend you to adopt advertising methods which will focus on the target crowd.
It is of no use of advertising about a decoration company to people who do not use it. For example, sending marketing managers to hospitals for the purpose of explaining about your business is undoubtedly non-productive. Hence, know where to communicate and to whom to communicate. Focus on teenagers since they are the ones who generally organize family events. Also, the spread of the business is extremely rapid when it reaches teen segment.
Bringing in technology will enhance your business and take it to next level. Also, ease of reaching various targets is an added feature of involving technology in business. Use the developments made in decor light industry to provide your customers a different experience.
Develop an app for your event decorating business so that people can reach you easily. Your app should be in such a way that it clearly explains what kind of service is being offered. Enable a descriptive introduction along with few videos of your past services.
On seeing all these, your customers might make decisions on selecting your business for decoration. In the end, technology should be used both for administration and the enhancement of your services.
Event decorating business is all about creativity and it should be included in all your work. Checking the competitor’s style or the latest trend is important, but it should not restrict the ideas you have in your mind. Hearing your customer’s choices is also equally important to your creativity. They are the ones who should be satisfied, hence there is a clear statement that decoration should be done as desired by the customers.
Concluding, your level of service decides the rating given to your business by the users. To satisfy your customers, provide a little more attractive service beyond what is expected. In the world of decoration, sticking to perfection is also important.
Extreme level of customer support can be achieved if you render them a high rated service than what is promised before. Perfect planning is something which will make your service to be done at the lowest cost.
High contact circle can allow you to obtain your resources easily without any difficulty. Having access to all the necessary elements of decoration is an important key to hold customers in your hand. Access here means the availability or your capacity to reach unique things demanded by the customers.
Delays will put down your business, thus neglecting this should be your core objective. Completion of the work on time and on the said quality is a promise which you will make to your customers.
Some initial steps for starting an event decorating business include:
1. Choose a niche or focus for your business. What type of events do you want to decorate for? Weddings, parties, corporate events, etc.?
2. Develop a portfolio of your work. This will be essential for marketing your business and landing clients.
3. Create a website and social media accounts. Be sure to showcase your portfolio on your website and promote your business on social media.
4. Develop a pricing strategy. Determine how much you will charge for your services.
5. market your business. Get the word out about your event decorating business by networking, advertising, and promoting your business online and offline.
There are several key components to an event decorating business plan. They include the business name, logo, slogan, mission statement, and target market. Additionally, the event decorating business plan should include a description of the services offered, the prices charged, and the company’s policies and procedures.
Some tips for marketing an event decorating business include:
1. Use social media to promote your business and showcase your work.
2. Develop a strong portfolio of your past work to show potential clients.
3. Get involved with local events and meetups to network with potential customers.
4. Offer discounts or promotions to attract new business.
The most common mistake made when starting an event decorating business is not having a clear niche. Many event decorators try to be everything to everyone, and as a result, they end up being nothing to anyone. It’s important to focus on a specific type of event or clientele and build a reputation as the go-to decorator for that type of event.
Another common mistake is not having a clear pricing structure. Many event decorators undervalue their services, which can lead to financial problems down the road. It’s important to have a clear understanding of your costs and to price your services accordingly.
Finally, many event decorators fail to properly market their business. Marketing is essential to the success of any business, but it’s especially important for event decorators who need to generate leads and build a client base. Without a solid marketing plan, it will be difficult to attract new business.
An event decorating business can stand out from the competition by offering unique services, such as custom-designed event décor, or by having a niche market, such as weddings or corporate events. The business should also have a strong online presence and be able to provide potential clients with a portfolio of previous work.
There are many things to consider when pricing services for an event decorating business. Some of the most important factors include the number of guests, the size of the event space, the amount of time required to set up and tear down the decorations, the complexity of the decoration design, and the cost of materials.
There are a few key tips to managing finances for an event decorating business:
1. Make sure to track all income and expenses. This will help you stay organized and on top of your finances.
2. Make sure to set aside money for taxes. This will ensure that you are not caught off guard come tax season.
3. Have a separate bank account for your business. This will help you keep your personal and business finances separate.
4. Make sure to create a budget for your business. This will help you keep track of your spending and make sure that you are not overspending.
5. Make sure to stay organized. This will help you stay on top of your finances and make sure that everything is in order.
Some common challenges faced by event decorating businesses include:
1. Finding new and creative ways to decorate events
2. Staying within the budget set by the client
3. Making sure all decorations are set up and taken down in a timely and professional manner
4. Dealing with last minute changes or requests from the client
5. Coordinating with other vendors to ensure a seamless event
Some ways to overcome these challenges include:
– Finding a support system of friends or family who can help you stay on track
– Breaking up your goals into smaller, more manageable pieces
– Building in reminders or accountability check-ins to help you stay on track
– Seeking professional help if you feel like you are struggling to overcome these challenges on your own
Some future trends in the event decorating industry include more use of natural materials, such as wood and stone, and more focus on eco-friendly and sustainable decorating practices. There is also likely to be a trend towards more personalised and bespoke decorating, with couples and event planners working closely with decorators to create unique looks for their weddings and events.