For hundreds of years, celebrations and events have always been considered momentous occasions that everyone can enjoy. Whether it’s a wedding, a birthday party, an inauguration, or any significant event, people will flock together and socialize with each other through these momentous events.
However, the process of planning out and executing an event is easier said than done. There are so many things that event planners will have to think about; the food, the guests, their accommodations while ensuring that everyone has a good time.
This is one reason why event planning is a high-stress industry and one of the most rewarding businesses in the market. But the fact that’s it’s one of the more challenging types of businesses to pull is one of the main reasons why it’s such in high demand in the first place.
Even after centuries have passed, the event planning industry is still one of the most lucrative business models out there. Not only has this been growing extremely fast, but most would say that it’s always going to have an upwards trend in the next few years.
Event Planning and Your Niche
Although many businesses, including the event planning industry, have been affected (to some extent) by the COVID-19 pandemic, most are still optimistic over the fact that the return to everyday life is just within the end of the tunnel. Now that there is a surge of confidence, most of the public is now clamoring for enjoyable gatherings.
Of course, there different types of event planning that are catered to different types of industries. Most experts in event planning would suggest choosing at least one or two types of niches. Having more than one niche is an excellent way of having multiple clients, especially when your events are more focused on specific events that happen at least once a year. Still, there’s a reasonable degree of planning.
Here’s what you’ll need to know about some of the most lucrative niches in the industry.
Wedding Planning
First and foremost, wedding planning is considered to be one of the most popular types of events. Compared to different types of niches, wedding planning will need a considerable amount of capital and resources, especially when you’ll need to cater to the bride and the groom’s family and potentially hundreds of guests.
One of the main advantages of wedding event planning is that it’s not a “special” event that will happen at least once a year. There are bound to be couples that want to be wed throughout the year. This makes it one of the most lucrative niches in the industry.
Still, wedding planning will take a great deal of time and effort. Of course, you’ll also need a dedicated team of professionals that can create compelling content for the clients. This makes wedding photography and montages important, especially for post-wedding receptions.
However, DSLR cameras and videography equipment can have a hefty price. Fortunately, some professionals offer wedding photography and video packages that can provide high-quality videos and photos for weddings.
Anniversary and Birthday Planning
Each person will celebrate their birthday at least once a year, making birthday planning one of the more lucrative ways of bringing in money. If you don’t necessarily have the capital or the equipment to do other types of planning, this is one of the easier ways of gaining momentum.
Compared to wedding plans which will require a good amount of professional equipment and talent, planning for birthdays and anniversaries shouldn’t require a lot of “effort.” Most event planners suggest event planning that will target younger children, especially toddlers, since families and parents love to celebrate development milestones. However, you don’t necessarily need to focus on events that are catered to children alone.
Professional Event Planning
In most cases, companies and businesses will host parties that will celebrate the achievements of employees as a means of incentivizing their performance. This makes professional events, such as award ceremonies and product launching campaigns, a great way of reeling in potential business clients, investors, and customers.
Not only will this give you more publicity, but most professionals will pay a premium for individuals that are hosting parties.
There are a variety of lucrative niches that event planners can get into. But you’ll need to invest in professional equipment and manpower to ensure that everything is running smoothly. No matter what your niche may be, it’s essential to start with something you’re more comfortable with. Once you now have the necessary capital and momentum, you can now begin branching out towards other niches. Remember: don’t chew on anything that you can’t handle.
