Effective Business Ideas for Event Planning in Malaysia

The Event Planning in Malaysia is Popular and You Can be Part of the Loop

Booking a venue, looking through a caterer’s menu, purchasing props and a lot more are all part of event planning. If you are able to multi-task and handle pressure gracefully, then Event Planning in Malaysia is right for you. You are going to meet a myriad of people who are from all walks of life. Connect with them so they can support your event in specific ways.

Effective Business Ideas for Event Planning in Malaysia

What You Need

  • Event planning needs a specific personality. Someone who is outgoing, sociable, and has creativity to handle tasks. These tasks are constantly shifting. If your personality wants to work behind the desk with minimal customer engagement, then you should not be in event planning. Although, if a work that involves facing clients give you excitement, if teamwork makes you happy, and you like a fast-paced environment, event planning is for you.
  • You should be very good with problem solving because this is crucial in event planning. For instance, a supplier cancels last minute, there will be rain tomorrow according to the weather forecast and the event is outdoors, how will you fix this? Whether you like it or not, this is something you need to fix no matter what. Moreover, unexpected circumstances are something you cannot predict and always think of the worst.
  • There are certifications you have to obtain similar to other industries and prior experience is important to make your event planning successful. Are you going to just trust your car to a tentative mechanic who does not have a certification? If your answer is no, then it is the same for event planning because they will not trust you if you have no certificate or professional experience. Before you invest in this business, consider all of the certification courses you need to prepare you for event management.
  • Even if organizing events was something you did before that your local group, organization, or office needed, you should always have a formal certification. Having them makes your experience solid to clients.
  • You should be able to work with all kinds of people because you will benefit from a big network. The more people you know the more sources you have. It is also going to be easier if you secure multiple things like sponsorship and venue. You can exchange or receive feedback and tips through your growing network.
  • Develop a business plan because this creates structure and a system. When you already know your niche, you should start doing the foundational work for your business. This includes a business plan. Any businesses need this because it serves as a guide to their decision-making. Investors and lenders become educated. Your business also stays on track during tough times.
  • The costs involved in an event planning business should be listed because it will affect your profit. A business in event planning can have a low overhead for start-up. If your office is at home, you will not pay rent and utilities. The costs you also want to consider are: the site hosting and business website, phone service, powerful internet, marketing and advertising, equipment, payroll, licenses and taxes, and insurance.
  • You need to identify your market because this will help narrow down the events you will organize. Determine which events you want to have and then study them. Launching events for political reasons can include politicians and other influential people. In case you have to move to another location if business needs to pick up, it is best to study the location’s local market for months before immersing yourself.
  • Building a functional team is important. You need to carefully select who will be part of it. Selected people who fully understand the roles they play in making successful events happen. While your list of clients grows, so does the frequency of the events, which is why you need more staff. It is even okay to have an over flowing pool of workers, who are called for bigger events or anytime they are needed, but they are not full-time employees.
  • You must have startup funding. This can be acquired by using your business plan as a proposal you can present to lenders and investors, so they will feel more secure. The loans are not only provided by bank lenders. Since your event planning business is most likely local, you should try to ask your friends and family if they can lend you startup cash.
  • This may not be easy because no one wants to ask for money from people they know. You just have to let them of this difficulty and assure them you will return the money. Their input is valuable to you. This is similar to what you are going to do if you were to pitch your business plan to the bank. Make sure that you do not miss to tell the important details. If the bank is interested, they are going to ask a lot of questions before finally lending you the money.

The industry of event planning in Malaysia is huge and you want to make every moment count. It also takes knowing what your client exactly wants to make sure they are not disappointed on the day of the event.

Read how to setup company Malaysia to know more about business setup flow.