Event planning franchises are a way for aspiring entrepreneurs to start an event planning business without having to start from the ground up. Instead, you purchase the rights to use another company’s brand, name, and image.
It gives those just starting out in event planning access to industry experts and knowledge on how best to run their business.
What is an Event Planning Franchise?
Event planning franchises offer services such as booking venues, working with vendors, creating marketing campaigns and more – all tailored specifically for each client’s needs.
Some event planners provide additional services like catering or entertainment options depending on what is needed for the event being planned.
By choosing an event planning franchise over setting up a business independently, entrepreneurs gain invaluable experience without having to go through all the trial-and-error associated with launching a new venture from scratch.
Different Types of Event Planning Franchises
Most people associate event planning franchise with wedding planning but there are a lot of events you can specialize in. Businesses, among other large organizations like fundraisers, need help coordinating events. These are often the most profitable events to host.
Here are the different types of events franchises specialize in:
- Corporate events
- Special events
- Holiday events
There’s a lot going on behind the scenes of these big events. Event planning franchises help ensure things will run smoothly.
Benefits of Owning an Event Planning Franchise
Owning an event planning franchise can be a great way to start your own business and make money. Whether you’re looking for a part-time income or full-time career, event planning franchises offer many benefits that make them attractive investments.
Training & Support
With event planning franchises, you get the support of experienced professionals who have already done the hard work in setting up the infrastructure and developing systems and procedures that will help ensure success. This means less risk for new entrepreneurs as they don’t have to reinvent the wheel each time they launch their business.
Brand Recognition & Customer Base
The brand recognition and customer loyalty help drive sales and profits faster than starting from scratch. From marketing materials to training programs, event planning franchises provide all the tools needed to run a successful business with minimal effort on your part.
Opportunity for Growth
These franchises offer the potential for growth and expansion as you add new services and products to your portfolio. With event planning franchises, you can make good money while enjoying a flexible lifestyle.
Whether you’re an event planner or an inexperienced entrepreneur, event planning franchises are worth exploring.
How Much Does Starting an Event Planning Franchise Cost?
Event planning franchise startup costs vary depending on the size of event being planned and the type of support included. For small events such as birthday parties or corporate meetings, it’s possible to start up an event planning franchise for as little as a few thousand dollars.
For larger events such as weddings, the cost of starting a event planning franchise can be upwards of $20,000-$50,000.
That is only the initial startup cost. As a business owner, you’ll be responsible for ongoing expenses like wages, marketing and other fixed costs.
No matter which event planning franchise you decide to go with, it’s important to make sure that you have all the necessary resources to plan and execute events successfully.
How Much Money Can You Make?
Event planning franchise owners can make anywhere from $70,000 to six figures. The amount of the money you make as a franchise owner is a reflection of the time and effort you put in – the harder you work, the more you’ll make.
The type of events you specialize in also affect profitability. Some events are more profitable than others (and more difficult).
Is an event planning franchise profitable to own?
Of course, success takes time. At first, it may be difficult to turn a profit but through trial and error can create efficient processes that lead to growth.
Tips for Success
If you want to start a franchise, here are a few tips to help you succeed in any industry.
1. Develop a solid business plan: Conduct market research to identify event industry trends and the potential for event planning franchises in your area, set financial goals, and create objectives to reach those goals.
This is the most important (and most overlooked) step of the franchise startup process. If you want help aligning a franchise concept with your goals and aspirations, let us know.
2. Establish a marketing strategy: Identify target markets and develop customized messaging that resonates with them. Utilize digital advertising platforms such as social media, email campaigns, pay-per-click (PPC) ads, etc., to build brand awareness and draw customers in.
3. Allocate an appropriate budget: Consider expenses like equipment purchase/rental fees, event space/venue costs, staffing employment or outsourcing services if needed, materials & supplies needed for event setup & production of services provided by the franchisees’ event planning team.
4. Focus on providing exceptional customer service: Prioritize building relationships with clients so they return after their first experience working together – this is key for repeat business! Clients who have an exceptional experience will also tell their friends which can lead to new customers.
5. Refine processes: Regularly review event data to understand patterns in customer behavior & preferences, areas of improvement or success, and past event trends – this will be invaluable information when planning future events with the event planning franchise.
Who Should Start an Event Planning Franchise?
If you want to take charge of your financial future, franchising is a great option. But how do you know if an event planning franchise is the right choice for you?
Well, that depends on your goals, skills, and passion. Personal goals and passions will vary but the skills needed to succeed in the event planning industry are constant.
If you’re someone who is highly organized, efficient, detail-oriented, and have excellent communication, problem-solving, and customer service skills, event planning might be for you.
Sales and marketing experience is always a valuable skill to have.
The event planning industry is growing rapidly and event franchise owners have an opportunity to capitalize on this trend. With the potential for high profits and a wide variety of event planning options available, event planners can quickly become profitable entrepreneurs who enjoy the freedom that comes with owning their own business.
Get an event planning franchise concept evaluated for free by one of our experts, all you have to do is fill out the form on this page and we’ll contact you!