When planning for a business event, it is essential to have excellent organizational and planning skills. An event business plan helps to keep things organized. It also enables you to concentrate on the goals and purpose of the event, demonstrate its financial potential and viability, and prepare the resources required to implement it.
An event business plan is also vital for raising funds, getting stakeholders to buy-in and evaluating the success of the event after it takes place. It can also be used to create a strategic plan that will take existing events forward over a couple of years.
Below are some of the things you should include in an event business plan:
The cover page should contain the details of the event. This consists of the event name, the title of the event or document, the date it was created and your contact details. The event name should be the most prominent feature of the cover page. It should be written in a large font to let the readers know the name of the company and the event immediately. You can also include the company’s logo and use a color scheme that captures the attention of the readers.
Table of Contents
In this section, detail titles of the topics that you’ll discuss in the event business plan and give the titles numbers for clarity. You can as well include the subheadings of those sections.
An excellent executive summary must contain a comprehensive description of the event. It is basically an elevator pitch. It acts to introduce you and your event to your readers and lets them know why they should read the document.
The executive summary should be not more than one page and should be 10% of the total length of the business plan. And while it is usually placed at the beginning of the document, it ought to be written last so that it can successfully summarize the content of the plan. It should entail:
- Necessary information on the event such as the date and location of the event.
- A brief explanation of the purpose of the event and its target audience.
- The goals of the event and how it will profit the community or stakeholders.
- It should also contain information about the event developer (you) and anyone in the organizing committee.
- An estimate of the event’s income and expenses. An exhaustive breakdown in this segment is not necessary. You can use charts to illustrate the projected growth.
- Lastly, it should contain plans for monitoring progress.
Include background information about the team planning the event and include their relevant experiences. What activities have you planned in the past? What is your success rate?
Also, incorporate the event history. If this is the first year of the occasion, discuss where you got the idea for the event and the historical information about the field that the event serves. For an existing event, explain when it was initiated, why, and when it has been held, the target audience and the milestones achieved.
In this segment, describe the primary purpose of the event and the goals that you intend to achieve during the set timeframe. Include the key objectives and the achievement strategies you will use to accomplish these goals. One of the approaches could be recruiting temporary staff to help you with the event.
In addition, explain the event, its program, new plans and advances in detail. You can also include the target demographic and buyer personas. For existing events, give a breakdown of the current audience and the targets for development.
You should also include information on the stakeholders, their involvement, and the profit the event offers them.
Outline the long-term goals for the event and the plans to realize the objectives. Indicate the timeframe in which you would desire to fulfill these goals and who will be in charge. It is also essential to do a SWOT analysis of the event and list the strengths, weaknesses, opportunities, and threats that the event faces.
List the necessities for the events such as the venue, catering, accommodation and technical needs. Also, list the services required for the success of the event including staffing, security, traffic management and medical and who will provide these services. Indicate the production equipment such as power, lighting, sound, etc. And if there are any legal, insurances and licenses needed for the event; ensure you include them in this section.
Communication and Marketing Plans
How will you advertise your event to the public? What messages and communication channels should you use to reach your audience? These are the questions that you should answer in this segment. You could write letters using short and clear sentences such as easy compare and contrast essay topics to let the audience know what to expect when they come to the event. Also, explain the pricing strategy you will use and how they offer value for money. Discuss how you will make it convenient to attend the event in terms of the location, ticket distribution, and timing.
Financial Plan and Considerations
It is crucial to demonstrate that your event is financially achievable and viable. List any funding ideas such as grants, sponsorship, ticket sales, etc. In addition, set out a detailed cash flow projection and budget plan for the event.
Management and Business Control
Create a timetable that covers all aspects of the event delivery. Indicate the management and administrative processes and systems that will ensure the event runs smoothly. Explain also how you will monitor progress and measure the outcomes of the plan.
You could also provide a risk assessment for every critical area of the plan and present ways on how to manage and mitigate these risks. These areas include finances, programs, legal, reputation, health, and safety, etc.
In this part, including any additional material in the event business plan such as research documents, reports, policies or venue maps.
Writing an extensive event business plan could take hours. However, it is time well spent. An event business plan is the best method to validate your ideas and give your team and stakeholders confidence that your event will be successful. Follow this guide to come up an excellent business plan!
Are you planning an event? Which sections of the event business plan are giving you challenges? Tell us in the comments section below, and we’ll help you out.
Kevin is a professional educator and a private tutor with over 8 years of experience. He is also a content writer for www.edubirdies.org and various blogs about higher education, entertainment, social media & blogging. During his off time, Kevin enjoys traveling and cooking. Feel free to connect with him on Twitter, Linkedin & Google+.