Business Plans for Event Businesses
Should you hire an expert to help you write a business plan?
I saw that question on Linked-In ( link to me here ) and it got me thinking.
The answer is yes. And the answer is no.
Yes, if you need a plan to raise capital. But first make sure the expert in question has the right credentials and references.
No, if the business plan is merely a formality. Many banks will only loan to event businesses with personal guarantees and real estate collateral. The business plan is stuffed in a file. No need for expensive consultants, you can do it yourself with some inexpensive software. Check out Palo Alto for a great business planning tool.
If you are starting a catering business or other live event business – a business plan is a must. Yo must go through the planning process. Be sure to seek the advice of someone who specializes in the industry.
Marketing Plans for Event Businesses
What about a marketing plan? Should you hire an expert to create a business plan for your business? No and no.
A marketing plan is more than a formality – it is the blueprint to your business success. If you run a small business, never abdicate the responsibility of building a sound marketing plan to anyone.
A marketing plan is more than a document – it’s the crystallization of copious amounts of research and deep thought.
If you want to build a successful event business (any live event business, from wedding planners and caterers to banquet halls and entertainment companies) never let anyone else plan the success of your company.
After the consultant is paid and the marketing plan starts to gather dust – you’re the one who must execute the plan. You’re the one who knows the customers. Who knows the vendors.
You’re the one who has the vision. These are your goals and your company is a big part of your life.
I’m a big believer in using consultants and workshops to facilitate the creation of your marketing plan. The facilitator can guide you through the confusion, help you work through your doubts and lend a constructively critical eye.
Use an expert to help you build a sound marketing plan the same way you would use a personal trainer to build a sound body. They can motivate, instruct and correct – but ultimately it only works when you do the heavy lifting.
