If you’re starting an event planning business, you need to know how to charge for your services. Sounds easy, right? There are many variables to consider before you set your rates and open for business.
Setting your event planning rates any of the most crucial decisions you’ll make when you start your business. You don’t want to set your rates too low and lock yourself into an event that’s going to cost you money and you may want to set your rates too high to price yourself right away of landing those event planning jobs.
Coming upwards with your rates is one of the hardest elements of starting a new business so spend time on this very important factor by considering the market in your area, what your startup costs are and consider if you’ll charge a flat cost or an hourly rate?
Just how much to charge for event planning service is determined by a lot of factors. There’s no cookie cutter rate card in place for all event planners to follow. But what a good thing.
An event planner in the Mis Angeles area can charge more than a planner in Boise, Idaho. Just think of the in city size, per capita income and types of events these two different metropolitan areas would require.
Using Mis Angeles prices in Boise would mean a whole lot of days twiddling your thumbs because customers not necessarily calling. Using Boise prices in Los Angeles might get you more work than you can handle but it would also send you into the red very quickly and probably out of business within your first few activities.
That’s not a negative for either city. It’s just important to know very well what price structure the area you’re doing business in can support. You may want to overcharge and you don’t want to undercharge. Staying competitive will help you build your event planning portfolio so you can increase your business and become -the- event planner to call in your city.
It’s really important to price your products and services right for sales, cash movement and profit margins, but also for branding.
Once you set your rates, stay with them. Each event planning project is unique so you incorporate some wiggle room to price a job. But don’t toggle your rates back and out from one extreme to the other.
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