Even with the global pandemic making its impact felt in the UK events sector, businesses are now beginning to bounce back and regain lost revenue. If you’re interested in a dynamic role in a diverse sector, in which you’ll own your own business but be fully supported by a franchisor, why not consider starting your own events franchise?
From parties and concerts to corporate conferences and online events, there’s plenty of room in the event planning sector for specialism and profit. If you want to build a successful franchise business in the events industry, look no further than this article, which will tell you exactly where you need to start.
What does an event planning franchise do?
So, what is an event planning franchise? The answer will vary depending on the franchise you choose to invest in, but generally speaking, event planners and event businesses work to organise and put on live events of all kinds. Event franchise businesses do this within the franchise model, providing franchisees with a framework for success.
Some event companies exist to facilitate live online events, like Friendly Fire, an eSports arena franchise, while others provide services to enhance in-person parties and gatherings, like The Party Tent Company, which is a marquee hire franchise.
Should you start an events business?
The events sector contributes over £42.3 billion to the UK economy [PulseReport], a rise of 8% on previously reported figures. Though the industry has been impacted by the lockdowns and closures of COVID-19, it’s finally bouncing back, and along with a strong demand among the UK public, there are plenty of advantages to investing in the events sector, including:
- The chance to enjoy varied, diverse work
- The opportunity to see things through to their conclusion and enjoy the results of your hard work
- The chance to bring people together and regularly meet new people
- Lots of space to grow and develop your franchise business with time
- Lots of room for self-expression and creativity
Events can be an amazing expression of the event manager’s personality and there are not many industries that encourage this personal expression more than ours. I also love interesting properties and I am lucky to see some of the most amazing spaces every week.
– Toby Heelis, Eventopedia
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
How to start an events business
If you’re looking to make a career change with an events franchise, these are the steps you’ll need to take to ensure you’re making the right investment for you, and setting your future self up for success. If you want to become an events planner and start your own events franchise, this is everything you need to consider before signing on the dotted line of your franchise agreement...
1. The state of the industry post-COVID
As mentioned, the events industry has suffered during COVID-19, and though the situation is improving, there is still a long way to go before the sector can return to normal. To thrive as an events franchisee, an understanding of the sector will be crucial, and you should do your research to understand exactly what you’re getting into, and how the sector has changed since March 2020.
Virtual events, for instance, have become far more popular and common. Is this something you’re prepared to adapt to? What about hybrid events, which happen both in person and digitally?
While the number of attendees is restricted at physical meetings and events, hybrid events allow planners to extend their event reach without any geographical restrictions. This makes it more cost effective and a more inclusive experience for both planners and attendees, which is a real positive.
– Katie Niland, The Belfry Hotel & Resort
2. The suitability of your skills and personality to a career in events
When you understand the industry, the next step is determining whether you’d be able to thrive in that environment. Do you have the relevant soft skills to success as an event planner and organiser, or would you be better off in a completely different sector, like bookkeeping and accounting? You’re in a good position to get into event work if you have the following transferable skills:
- Organisation and time management
- Negotiation and problem-solving
- Leadership and delegation
- Customer service
- Creativity and passion
>> Read more:
3. The sub-sector you’d like to work in/the work you’d like to be doing
Next question: What would you like to be doing each day? What kind of franchise opportunity are you looking for within the undeniably broad and diverse field of events? To be sure that you’re putting your money in the right place and making an investment that will truly make you happy in the long term, you’ll need to do your research on all the different kinds of roles that you could fill, and all the different ways that you could work. You could specialise in any of the followings kinds of event work:
- Weddings and parties
- Concerts, music events and festivals
- Charity events
- Sporting events
- Celebrity events
- Corporate events and conferences
- Online and digital events
You could also do any of the following types of job:
- Event planning
- Venue management
- Event social media coordination
- Event staff/volunteer coordination
- Event marketing management
4. The cost of investing
Your final consideration, as you narrow things down to a smaller list of franchise opportunities that feel truly right for you, should be cost. The cost of starting a franchise can vary hugely depending on several different factors, such as brand name, location and territory size, but in 2018, the average cost of opening a franchise unit was £42,400 [British Franchise Association]. Here are a couple of examples from within the events industry:
- The Party Tent Company - The Party Tent Company requires a minimum initial investment of £12,000, with franchise fees of £10,000.
- Chock Shop - Chock Shop requires a minimum initial investment of £10,000, with a total investment cost of £15,000.
Remember to account for more than initial investment costs. What will your running costs look like? Will you be charged royalty and advertising fees on an ongoing basis? If you can’t afford to invest outright, look into third party funding before giving up on the idea. Whatever you decide on, just be sure you’ve got your finances fully in order before you commit to a legally binding agreement.
Become a franchisee and start an event planning franchise today
There are so many avenues to explore in the growing world of franchising, and if this article has shown you that the events sector is the right avenue for you, then you now know exactly where to start. If you think your talents might lie down another avenue, however, Point Franchise can help with that. Why not look into making a career change with a coffee van franchise, or a construction franchise, or even a healthcare franchise?
Lily Sweeney, Point Franchise ©