We all have participated in events at some point, lead large-scale or small-scale, personal or professional, while participation is one, organizing one requires a lot of importance from when you hunting, to inviting the guests, to arrange you for logistics, foods etc. All of this can take a lot of time and research and this very need has opened up huge business opportunities in the event management space. Hi everyone and welcome back to our Start-Cup series. In today's video we will tell you how you can start an event management business. Event management industry is booming like never before in India. According to reports, Indian Event and Activation Industry is expected to cross 10,000 crore mark by financial year 2021 witnessing a CAGR of 16%. The main reason for this growth is that businesses hold a very important connection with event management space as holding big-scale conferences, workshops, pitches require a huge amount of work. So if you have the knack for putting together an event, connecting with people and arranging talks and pitches, this is the perfect business idea for you. So how do you get started? First, it is very important to understand that events are extremely important for the organizing plan. They not only bring connections and partnerships on the table but also are a big source of marketing for the plan. So before you start an event management business, identify a problem existing in the space and retrofit a methodology to solve the problem. You must keep a few important things in mind. First, you must create a robust business plan with a clear vision. This includes you to understand your niche and define your competencies. Second, you must have a solid marketing and PR planning place. Third, make sure to create different proposals and pitches for your prospective clients and vendors like elevator pitches, pitches for occasional needs, pitches in conference needs, etc. Do not create a generic proposal to use everywhere. Next would be to start networking and meet groups and institutions for potential business. Last but not least, we would advise you to start small and not go all-in for starters. Aim to grow big eventually but take it small in the beginning. Now let's look at the investments that you need to make. An events management business can be started with very low monetary investment. In the name of equipment, all that you need is a good quality laptop. You will have to invest a great deal in manpower by hiring skill professionals with great communication and networking skills. You're working capital can range between 1 to 3 lag for month to take care of running costs. We have given a broad range because cost will differ depending upon the kind of events services you're offering. We suggest that you reinvest at least 10% of all receipts back towards capital goods required for events as it is a good way to consolidate the business in the first 10 years of operations. For any event management company, the basic revenue is generated from the agency fee, with generally ranges between 10 and 20%. Apart from this, your revenue will largely depend on the kind of services offered and the type of event organized. If you're only helping in coordination, you can charge a media agency fee. But if you're the one completely responsible for the production and overall execution of the event, you might also hike up the price of the equipment and materials needed for the event, which will generate more revenue for your company. The range may change depending on the field of event that you specialize in or depends on the client's willingness to spend. So that's about event management business for today. We hope that you soon start your own event company and build a successful business. Meanwhile, stay tuned and log on to www.ontrapania.com for more business ideas.