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Monday 7 July 2014

How to run your own events business

Matt Bunday, Associate lecturer in events and founder of Matt Bunday Events, shares his experience on how to run your own events business

Are you thinking of starting an events business? I’ve been running Matt Bunday Eventsfor the past three years and here are some of the things I’ve learned so far.

A big challenge in the events business is that it’s a fairly saturated industry. This means you’ve got to get into it with a lot of contacts and experience and find yourself some kind of niche, a reason why people should go with you.

For example, we are local and community-based and that works great for us. I see a lot of students and graduates wanting to start their own business which is fantastic, but I always tell them they need a unique selling point to make it in the industry. You have to know you can do it. Think about the money, your marketing, and your offices and make sure there are clients for your business out there.

Matt Bunday Events

Once you’ve started, the next challenge is keeping it running. After you’ve gone past the first year, nothing is new any more so you have to work harder and enhance your services. We’re now in the third year of existence and we’re busier than we’ve ever been. But we had a period last year of about 5-6 months when we only had one gig!

So you need to force your business to evolve, you need to go to networking meetings, keep your eyes peeled and maybe even call potential customers and suggest how you could take their event in new directions.

Sometimes your clients will want a hassle-free service and that’s what you should try to give them! We are quite strict with that and only do it if we can handle it. What customers don’t want is that extra bill, extra cost or extra person to talk to. This is why it’s important to be able to understand exactly what your client is looking for.

Another challenge is that you know you have to make a certain amount of money by the end of the year and sometimes it’s not easy. But, if you find you’ve invested thousands of pounds in equipment, you can always rent it out to other companies when you’re not using it!

All in all, running your own business is a rewarding experience and if you put the money, passion and effort into it, you are bound to succeed!