Starting an event planning business in Nigeria can be a rewarding venture. It is among the most profitable businesses in Nigeria.
Event planning businesses are important because they help individuals and organizations to plan and execute successful events, such as weddings, birthdays, corporate events, and more.
As a successful businesswoman in Nigeria, I know the ins and outs of running an event-planning business.
It takes hard work, dedication, and attention to detail to succeed in this industry.
But with the right strategies and mindset, you can build a thriving business that helps people celebrate life’s most important moments.
In this article, I’ll share some tips and advice on how to start an event-planning business in Nigeria.
I will talk about the key steps you need to take, the skills and qualities you’ll need to succeed, and some of the challenges you may face along the way.
So if you’re ready to turn your passion for event planning into a profitable business, read on!
What Do You Need to Start an Event Planning Business in Nigeria?
- To be a successful event planner in Nigeria, you need fearlessness and an animal hunger for success.
- A business plan, funding, legal registration, and a marketing strategy are also essential.
- Experience in event planning is necessary but can be learned through courses or working with experienced planners.
- Additionally, having a dedicated workspace, and equipment such as a good mobile device or a laptop is important.
- Organizational and time management skills, good communication skills, and the ability to work under pressure are also essential.
Above all, passion and dedication are keys to building a successful event-planning business in Nigeria. Follow the link to find the best resources for event planning training.
How to Become an Event Planner With No Experience in Nigeria (7 crucial steps)
STEP 1: Conducting Market Research: The Key to Success
Before Starting an event planning business in Nigeria, it’s important to do market research. This means finding out what your potential customers need and checking out your competition.
To do market research, you can ask people about their preferences and attend events to see what works and what doesn’t.
Use this information to create a customer profile and figure out how you can stand out from your competitors.
By doing market research, you’ll be able to understand your target audience, identify growth opportunities, and set yourself up for success in the event planning industry.
STEP 2: Create Business Plan for Your Event Planning Business
Think of your business plan as a map that will guide you through the process of starting and growing your event planning business in Nigeria.
It should include your goals, strategies, and financial projections.
To create your business plan, first, identify your target audience and the types of events you will plan.
Do some research to understand your competition and find ways to stand out in the market.
Make sure to also include your finances, such as startup costs, projected revenue, and expenses, in your business plan.
This will help you figure out if you have enough money to get started and keep your business running smoothly.
Remember that creating a solid business plan will increase your chances of success and help you stay focused as you work towards building a successful event planning business in Nigeria.
STEP 3: The Legal Requirements of Starting an Event Planning Business In Nigeria.
As with any business, starting an event planning business in Nigeria requires compliance with legal requirements.
Here are some key factors to consider:
- Business registration: It is important to register your business with the Corporate Affairs Commission (CAC) to ensure legal recognition and protection.
- Tax obligations: Registering your business with the Federal Inland Revenue Service (FIRS) is also mandatory.
- Licenses and permits: Depending on the services you offer, you may need to obtain certain licenses or permits from relevant regulatory bodies.
It is crucial to ensure that you comply with all legal requirements to avoid penalties or legal disputes that can negatively affect your business.
I strongly advise that you seek the guidance of business consultants who can provide expert advice on compliance with legal requirements for your event planning business.
STEP 4: Funding for Your Event Planning Business in Nigeria
Starting and growing a business in Nigeria requires having enough money.
If you plan to start an event planning business, there are different funding options available, including loans, grants, and investment opportunities.
The best funding option is to use your savings. However, if you don’t have enough money or your business plan shows that you need more, then there are other options you can explore.
LOANS: To get a loan, you need to understand the different loan schemes available and their eligibility criteria.
The Central Bank of Nigeria (CBN) offers several loan schemes for small and medium-sized enterprises, such as the Micro, Small, and Medium Enterprises Development Fund (MSMEDF) and the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS).
GRANTS: Grants are also available for entrepreneurs in Nigeria.
For example, there are programs like the Tony Elumelu Foundation Entrepreneurship Programme, and Bank of Industry (BOI) Youth Entrepreneurship Support (YES) Programme, and the Youth Enterprise with Innovation in Nigeria (YouWIN!) Program.
These grants offer non-repayable funds to start and grow businesses.
INVESTMENT OPPORTUNITIES: Investment opportunities involve pitching your business idea to investors and convincing them to invest in your business.
As I already said, you have to be fearless if you intend to be successful in this business.
Venture capital firms, angel investors, and crowdfunding platforms are common ways to access investment opportunities.
Accessing funding in Nigeria can be challenging. You need to have a well-prepared business plan, financial projections, and a solid business model to convince lenders and investors.
Also See: 7 Instant Loan without BVN in Nigeria
STEP 5: Marketing and Promoting Your Event Planning Business in Nigeria
Marketing and promotion are critical for the success of any business, including event planning businesses in Nigeria.
As an event planner, there are several effective marketing strategies you can use to promote your business and attract clients.
Creating a website is one essential strategy. A website allows you to showcase your portfolio, services, and contact information to potential clients.
Make sure your website is visually appealing, easy to navigate, and provides all necessary information. You can follow this link to get help creating a website for your business.
Social media is another powerful tool for marketing your event planning business.
Platforms like Facebook, Instagram, and Twitter provide an opportunity to reach a wider audience and engage with potential clients.
You can use social media to showcase your work, provide event planning tips, and share client testimonials.
Post regularly and engage with your followers to build a loyal following.
Networking is also an effective way to market your event planning business. Attend events and conferences in your industry, join professional associations, and connect with other event planners.
STEP 6: Operations
Operating a successful event planning business in Nigeria requires effective management of various aspects of the business.
One of the critical factors is staffing.
It is crucial to hire or partner with individuals who possess the required skills and expertise to deliver quality services to clients.
If you cannot afford to pay them immediately, partner with them until the business gains a strong footing.
Find these people and talk to them.
A DJ, a photographer, a decorator, caterers, stage managers, and other support staff.
Another important aspect is to create a contract that clearly outlines the services being provided, payment terms, cancellation policies, and other relevant information.
Contracts help protect both your business and the client and should be reviewed by a legal professional.
To build a strong relationship with clients, it is essential to listen to their needs, provide excellent service, and deliver on promises.
Technology and software will also help to streamline operations and make this business more efficient.
For example, instead of receiving funds in traditional banks like Zenith, you could switch to more efficient banks like Kuda to avoid network issues.
STEP 7: Dealing With Challenges and Solutions of Running an Event Planning Business in Nigeria
Limited Resources: One of the most significant challenges faced by event planning businesses in Nigeria is limited resources, including funds, personnel, and equipment.
Lack of Experience: Another significant challenge faced by new event planning businesses is a lack of experience in the industry, which can lead to mistakes and setbacks.
Inadequate Infrastructure: Event planning businesses in Nigeria often face infrastructure challenges, such as unreliable power supply, poor road networks, and inadequate event venues.
Intense Competition: The event planning industry in Nigeria is highly competitive, with many businesses vying for the same clients and contracts.
Bad Weather On Event Day: Rain can be a problem if the event you are planning is to be held during the rainy season in Nigeria.
Resource Management: To overcome limited resources, prioritize your expenses, invest in technology and automation, and explore alternative funding sources, such as grants and loans.
Professional Development: To overcome a lack of experience, it’s helpful that you invest in professional development by attending workshops, and seminars, and seeking guidance from industry experts and mentors.
Creative Problem Solving: To overcome infrastructure challenges, event planning businesses can be creative in their approach to event planning.
For example, you can invest in generators and backup power sources, scout for new event venues, and negotiate better deals with vendors and suppliers.
If you cannot afford a Gen at the start of your business, consider renting one instead.
Marketing and Branding: To overcome competition, invest in marketing and branding strategies that highlight your unique selling points and set them apart from the competition.
As a newbie in the business, you might offer people free event planning, for you to get your name out there.
This will also give you first-hand experience on how the business works.
Marketing and branding also include developing a strong brand identity, building a loyal customer base, and leveraging social media and other marketing channels to reach a wider audience
Is Event Planning Profitable?
Event planning can be a profitable business if executed correctly.
The profitability of an event planning business depends on various factors, such as the types of events, the target market, the competition, and the efficiency of business operations.
If you can successfully attract and retain clients, negotiate favorable rates with vendors, manage expenses effectively, and provide quality service, the business can generate huge profits.
However, it’s important to note that the event planning industry is competitive, and there are periods of slow business, especially during rainy seasons, economic downturns, or public health crises.
To ensure profitability in event planning, it’s important to have a solid business plan, target the right market, provide exceptional service, and continually innovate to stay ahead of the competition.
How Much Do Event Planners Charge in Nigeria?
|Type of Event||Price Range (Nigerian Naira)|
|Wedding||N500,000 – N5,000,000|
|Corporate||N200,000 – N3,000,000|
|Birthday||N100,000 – N1,500,000|
|Conference||N500,000 – N3,000,000|
|Product Launch||N200,000 – N2,000,000|
It’s important to note that these are only estimated prices and the actual cost may vary depending on factors such as the location, size, and complexity of the event, as well as the experience and reputation of the event planner.
How Much Is the Salary of an Event Planner in Nigeria?
According to Glassdoor, the most likely salary you will earn as an event planner in Lagos, Nigeria is N500k monthly.
But you have to understand that the salary of an event planner in Nigeria varies depending on various factors such as experience, education, location, and type of events planned.
According to Payscale, the average salary for an event planner in Nigeria is around ₦1,500,000 per year.
However, this can range from ₦600,000 to ₦3,000,000 per year.
It’s important to note that many event planners in Nigeria work as freelancers or run their businesses, which affects their income.
The amount earned by an event planner is also heavily influenced by the number and type of events you plan, as well as the fees you charge your clients.
Can I Start an Event Planning Business With No Money?
Starting an event planning business with no money may be challenging, but it is possible.
Here are some tips on how to start an event planning business with little to no money:
- Start small: You can start by planning events for friends and family. This will help you gain experience and build your portfolio. You can also use these events as a way to showcase your work and attract potential clients.
- Utilize free online tools: There are many free online tools that you can use to help run your business. For example, you can use social media platforms like Facebook and Instagram to market your business, create a free website using platforms like WordPress or Wix, and use free project management tools to help you stay organized.
- Collaborate with other vendors: You can collaborate with other vendors who are just starting and offer to help them with their events. This can help you gain experience and build relationships with other vendors.
- Barter services: You can offer your event planning services in exchange for other services or products that you need for your business. For example, you can offer to plan an event for a caterer in exchange for catering services for your event.
- Use your existing network: You can leverage your existing network to help promote your business. Let your friends and family know that you are starting an event planning business and ask them to spread the word.
Remember, starting a business with no money will require hard work, dedication, and creativity. It may take longer to build your business, but with persistence and determination, you can make it a success.
How Much Does It Cost to Start an Event Planning Business in Nigeria?
Starting an event planning business in Nigeria can cost anywhere from ₦50,000 to ₦5,000,000 or more, depending on factors such as the scale of your operations, the types of events you plan to organize, and the equipment and supplies you’ll need to purchase.
With N200k, you are good to go, as this is a service business, and your product is you and your brain.
To minimize costs, you can start small, work from home, partner with vendors, and gradually expand your business as you gain more clients and experience.
You can also explore funding options such as loans or grants from government or private organizations.
Before You Go…
In conclusion, starting an event planning business in Nigeria can be a profitable venture, but it takes hard work, dedication, and attention to detail to succeed.
As outlined in this article, there are several key steps you need to take, such as conducting market research, creating a solid business plan, complying with legal requirements, and securing funding.
It’s essential to have the necessary skills, such as organizational and time management skills, good communication skills, and the ability to work under pressure, as well as passion and dedication.
Starting your own event planning business can be a rewarding and fulfilling career, so take action and follow the steps outlined in this article to turn your passion into a thriving business.
- 13 Vital Tips on How to Start a Beauty Product Business in Nigeria
- Top 10 Tips on How to Become a Social Media Influencer in Nigeria
- How to Start Keke Spare Parts Business in Nigeria (Tips for Success.)
- How to start a wallpaper business in Nigeria (The Complete Guide)
- How to Start Ice Block Business in Nigeria
- Step-by-Step Guide to Starting a Successful Palm Oil Business in Nigeria
- How to Start a Frozen Food Business in Nigeria (The Ultimate Guide)
- 11 Essential Steps on How to Start a Provision Store Business in Nigeria
- How To Start Foodstuff Business In Nigeria