The pandemic opened up plenty of streams of revenue, the best of which is virtual events planning. While the live events industry took a great hit at the height of the pandemic, those who quickly pivoted to online events found themselves surviving the onslaught.
If you have a knack for technology and planning events, you might find success as a virtual party planner. Here are some tips for launching a successful one in a saturated market.
Set yourself apart from other companies
Because so many entrepreneurs are attempting to launch their own virtual events business, you need to find ways to differentiate your company from others. Here are some strategies you can employ to do just that:
- Offer features that other companies don’t. For example, if other companies only provide hosting for the virtual event, up the ante by providing special features like a video that the host can show to their online guests. You can partner with a reliable virtual studio production company to help you come up with these special videos. For example, if the event is an online engagement party, the video could explain the couple’s love story from the very beginning.
- You can also offer to have the host’s backdrop styled and designed, which is why partnering with the right vendors is key.
- Create a brand identity and marketing strategy that will truly entice people to choose your agency over your competitors.
Don’t be afraid to start small
You need to understand that you won’t be hosting big virtual gatherings for the world’s largest corporations right from the jump. Like every business, you will need to build a killer portfolio that shows your excellence, organizational skills, and reliability. Don’t hesitate to ask people in your life to let you organize their virtual parties and events and if you can add these experiences to your portfolio. You might have to do many of these first events pro bono, but if you do them well, then you can be sure that the effort will be worth it in the end because you have something to show your future prospective clients.
Draft a detailed business plan
Establishing a plan for how you intend to keep the company running for the first few years will help you take a clear picture of your company’s overall structure, give you a road map for the next few years, and keep you from taking detours that won’t help you reach your goals.
Here are some crucial sections for your business plan:
- Executive summary, which outlines your services, products, the state of the market you are entering, and opportunities for growth
- Objectives and overviews, which details your target demographic, and the funds and equipment you need to run the company
- A detailed list of services and products
- Market opportunities, which is a closer look at your target demographic, their spending habits, and if there is a demand for your service in the first place
- Marketing plan, which details how you plan to distinguish your brand from other virtual events companies
- Competitive analysis, which involves a thorough look at your competitors’ weaknesses and strengths, and how you can surpass them
- Operations, which outlines the organizational structure of your company and what day-to-day operations will look like
- Financial analysis, which is a detailed plan for how you will keep the business operating for the next few years, and also includes some financial projections for how you plan to grow in the coming months and years
This basic business plan should be enough to help you get started and have a big picture of what exactly you want to do.
Don’t quit your day job until the company is profitable
Everyone dreams of being their own boss, but this will come with a lot of hard work. Don’t make the mistake of quitting your 9 to 5 for this one project because clients might be few and far between. Putting all your eggs in one basket this soon might cost you. In the same way that establishing foundations takes the longest in construction, you also need to accept that building a killer portfolio and a large clientele will take a lot of time. You will need to have a steady stream of income while establishing your business.
Nothing in business comes easy. But as long as the pandemic rages on and people need to stay home, there will be a demand for these virtual events organizers. Understand your audience, offer special features, and work hard—and you will have a leg up over your competitors.