Thinking about opening an event decorating services business? We tell you what you need to know to get started.
Event Decorating: Business or Hobby?
Event decorating is a subset of the fast-growing event management industry. When faced with the pressure to pull off a memorable event, businesses and individuals are willing to fork over sometimes large sums of cash to ensure a high quality experience for their guests.
It's not unusual for aspiring event decorators to emerge from the ranks of amateur event decorators who have demonstrated an aptitude for helping friends and family members create attractive event settings.
But to succeed as an event decoration startup entrepreneur, your creative identity will need to take a backseat to your role as a business owner. The event management and decoration industry is extremely competitive, and unless you can effectively combine your artistic and entrepreneurial skill sets, your business will never grow beyond the level of an interesting hobby.
Ingredients of a Successful Event Decorating Service Startup
Nearly all thriving event decorating services a selection of common characteristics that are essential for your startup:
- Project Management Skills. Good event decorators are great project managers. As the owner, it falls on you to make sure every event is fully decorated on time and on budget.
- Industry Connections. The event management industry is a close-knit community. To secure events, you'll need to network and rub shoulders with event management insiders who have the power to hire you for their clients.
- Niche Specialization. There are many different types of event decorators in the marketplace. In large markets, it's helpful to specialize in a niche, e.g. corporate events, charity events, weddings, etc.
- Professional Awareness. The skills and knowledge that you learned as an amateur won't necessarily be enough to insure professional-quality service. Event decoration is a constantly evolving industry that is vulnerable to seasonal trends, so you will need to stay on top of industry developments to remain competitive.
How to Create Effective Event Decorating Services Company Business Plans
In a startup event decorating services business, there is no substitute for a high quality business plan. The effort you invest in the creation of your plan now will pay off later in lender responsiveness, investor attention and strategic confidence.
The most effective event decorating services company business plans include a comprehensive chapter on finances. Since investors and lenders rely heavily on your business plan's financial forecasts, fudged numbers and vague forecasting are a sure way to sabotage your funding efforts.
With so much riding on your business plan, we recommend getting a firm grasp on business plan financial basics before you start writing the other parts of your business plan.
Well in advance of opening an event decorating services business in your area, it's a good idea to see what the competition looks like. Try our link below to generate a list of competitors near you. Complete the form by entering your city, state and zip code to get a list of event decorating services businesses that are close by.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
As part of your due diligence on opening an event decorating services business, you really ought to learn as much as you can from somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
Thankfully, an owner of a an event decorating services business in a different city can be a great learning resource for you, given that you don't compete with them in their area. Many business owners are happy to give advice to new entrepreneurs If you are persistent, you can find a business mentor who is willing to help you out.
How does one quickly and easily locate an owner of an event decorating services business that lives outside of your area?
It's easy. Here's a link you can use to find a mentor outside of your area.
Event Decorating Services Business Acquisitions: Financial Considerations
Startup event decorating services businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. Established event decorating services businesses have reliable revenue streams and loyal customer bases – both of which will shape your company's financial landscape.
But most importantly, existing event decorating services businesses have documented financial histories. Although you can create pro forma earnings and financial statements for a startup, a business-for-sale should have a well-documented, multi-year history of financial performance.
Explore Franchising Options
Purchasing a franchise makes it a certainty that you tap into best-practice tactics that come from seasoned and successful entrepreneurs.
If you are thinking about opening an event decorating services business, you ought to determine whether purchasing a franchise might make it easy to get started.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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