How to create a business plan
A business plan for party planners…is it really necessary? That’s a question I got a while ago. As a party planner you know all too well how important good planning is. Without a plan we’d be lost (or going totally insane) because it’s the basis of every successful party. Running a party planning business works the same way.
What is a business plan for party planners?
A business plan is a document that contains the most important aspects of your company. You write down what your company means, what goals you have, how it operates, the structure of the company and other important things. So many new party planners forget this part. A business plan ensures that you stay organized, it gives you focus and shows you “the bigger picture” of your company. If thinking about this already makes you tired, I feel you! After all, you became a party planner, not a writer or business analyst. And yet writing a business plan is more important than you think! Follow the steps below to get started.
Do I need a business plan?
Maybe you’re about to start a party planning business and – because it’s so new – you’re not sure whether you should invest your time in writing a business plan. Or maybe you’ve been running your own business from home for a while and everything is running smoothly. Either way, a business plan is an important part of your business.
Think of a business plan as an endless party that you organize, but it becomes better and better. A business plan keeps you focused on the purpose of your company (why do you do what you do?), your target group (for whom am I doing it?) and the financial party (how do I make money with it?). We all get distracted sometimes, or have those moments when you think: why do I want to plan parties again? With a business plan, your goals remain in view and make it easier to run your company with purpose.
What should be in your business plan?
Description
The first aspect of your business plan is a description of who you are and what kind of company you have. You can start with a phrase such as: “(name business) is a party planning company that specializes in…” or “(name business) organizes exclusive parties …” You know what I mean.
Purpose
What is the purpose of your company? What do you want to achieve with your company? Do you want to become the best party planner in your region, or do you have a higher goal?
Structure
How is your company structured? Do you work solo, with a business partner or do you employ staff? If you have personnel, write out their duties and responsibilities.
Products and services
Which products and services do you offer? Write down everything – and I mean everything. Don’t just focus on organizing a party, but also of other tasks. For example, hiring suppliers for catering, negotiating for venue prices, etc.
Target group
Who are your ideal clients? In which segment does your company fall and what kind of customers do you want to attract? Describe your ideal customer.
Marketing
How do you get customers interested in your company? Do you have plans to create a website or is social media enough to reach them? Do you occasionally attend trade shows to promote your company?
Finance
How do you make an income as a party planner? Which revenue models do you use and how do you make a profit? Which payment system do you use for your company?
Stick to the plan
As with everything in life, it is easy to get distracted from your goals when there are obstacles. Use your business plan to stay on the right party planning track. And don’t be afraid to evaluate what goes well and what should improve every three months. Then you can adjust your plan and go full throttle again. Remember, if the plan doesn’t work, change the plan but never the goal.
