How To Start A Lucrative Event Planning Business In Nigeria: The Complete Guide

Organization and coordination is a critical item for making an event work effectively. It is also the key ingredient to making any event the talk of the town. Event planning has been on the scene since the 20th century. The earliest events and gatherings were held to promote peace and friendship among tribes and clans. The Medieval French Royalty organized elaborate events and parties, and rich aristocratic women were in charge of event management. The most notable event planner was Marie Antoine and the mistress of King Louis XV of France; Madame Pompadour. The parties were themed with costumes and famous musicians of the day performed at the events.

However, the event planning industry has witnessed a radical change in the 21st century due to evolving global interest in elaborate celebrations, and detailed coordination, both in unofficial meet-ups, social events as well as formal gatherings. The introduction of consumer technology such as mobile phones, 3D decorative items, etc. has had a tremendous impact on the events industry.

The global events industry has since grown from $1.1 trillion in 2018 and is expected to double its value to $2.3 trillion by 2026 at a CAGR of 10.3%. According to available statistics, Europe contributed the largest share revenue to the global events planning industry, and this is largely because the region hosts major international events and conferences. Other major stakeholders are the United States, Canada, Australia, and Brazil, among others.

Event planners are making big bucks everywhere, and the Nigeria economy also benefits from this trend. Event planning wasn’t always recognized in Nigeria. It was often overlooked for more prominent and attractive industries, but in more recent times, the industry has gained nationwide acceptance.

With a $20 billion value, the Nigerian events industry is estimated to be among the most extravagant in the third world. Nigerians are not shy of throwing up parties in celebration of events. Besides the ubiquitous “owambes”, companies now use events as a marketing and communication tool. From product launches to press conferences and corporate gatherings, there is hardly any passing week without about 2000 events taking place all around Nigeria. Over 20,000 events were held in Lagos state alone in 2015, and the rate has grown rapidly within and outside Lagos since then.

Although a higher percentage of the events all across Nigeria are often self-organised, there is still enough room for new investors who are willing to put in the right efforts and factors such as adequate budget, right target audience, quality equipment, and excellent catering services, among others, etc. If you’re looking to start a lucrative events management and planning business in Nigeria or any other part of Africa, this detailed guide will set you in motion.

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What Is Event Planning?

Event planning describes all activities related to preparing and organizing all logistic, technical, creative and other aspects of an event in order to ensure the smooth running of the event.

What Is An Event Planning Business?

An event planning business relates to setting up a brand or institution that specializes in the organization and coordination of events. An event planning business is a highly sensitive one because fit requires special attention to details and putting enough facilities in place to foresee and forestall situations that could ruin the event.

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Business Opportunities In Event Planning Business In Nigeria And Across The World

1). Event Space Or Venue Management:

Event space or venue management involves booking a suitable event venue and preparing it for an event. Event space managers are experts at executing a fabulous event even in the smallest room available. Whether it’s a theatre, a concert hall, or a ballroom, they know which layout, logistics, and ambience will work for all types of events.

2). Catering Services:

Catering is an essential aspect of public events. The quality of the food can make or mar the success of any event. Catering is an equally lucrative business with lots of sub-components such as cake making, small chops, baking, three-course meal production, etc.

3). Event Social Media Coordination:

Social Media has influenced every industry, and even more the events industry. 37% of event planners have tagged social media as a crucial metric in the success of an event. Social media coordinators upcoming events on social media. The work of an event social media coordinator is closely related to a brand’s digital marketer or an advertising firm. They often create unique hashtags, do live feeds, design digital ad campaigns, etc. to create awareness and invite people to the event.

4). Ushering Services:

Crowd coordination or ushering is another crucial service required for a smooth event. Several ushering agencies have been established to take on the vital role of protocol and crowd management and events, and lots of young people are employed as a result.

5). Interior Decoration Services:

Event planning also keeps interior decoration experts in business. They are required to set the mood in the hall with suitable decorations.

6). Security Services:

For most occasions with very important persons in attendance, or events with large crowds, security personnel are invited to watch over the arena. Apart from personnel from recognized forces, registered private security agencies and bouncers also undertake this role.

Facts And Benefits Of Event Planning

• Contracting event planners takes the stress and burden off the people directly involved in the event.
• An event planner has expertise in almost all aspects of the market.
• Your event planner is your go-to for everything
• Cleopatra is said to be the first event planner
• Fine dining, first-class travelling, and luxury accommodations are perks of being an event planner.
• Event planners are celebrities by association.
• Event planners bring your extravagant dreams to reality with your not so extravagant budget
• Event planners save you money, especially corporate event planners.
• Hiring an event planner is a fabulous way of having a stress free event.
• An event planner is a master negotiator and has incredible stress management skills.
• Facebook is reportedly the most popular platform used by event planners for event publicity.
• Europe is home to some of the biggest international events and conferences.
• Lagos hosts as many as 20,000 events per year.

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Types Of Event Planning

1). Private Parties:

Private events are purely recreational, and the planning is done for individuals who want only a specific number of guests at the event. Most private events guest lists. They are organized at private closed venues for people who want to have a private or intimate celebration with their close friends, immediate family members, and other allowed guests. Types of private events include weddings, wedding receptions, birthday parties and get-togethers.

2). Corporate Events:

Corporate events are all about the business and the clients or customers. These events are organized for businesses that wish to promote their companies, improve company morals, build a worker-friendly environment and establish good relationships between staff and management. Corporate events are often used to affiliate new businesses, elicit customers and suppliers, and strengthen loyalty and friendship between existing customers and affiliates. Corporate events, like private events, are restricted to only those invited. Corporate events include business dinners, conferences, networking events, seminars, product launches, meetings, friendly sports games between employees and the management, etc.

3). Charity Events:

Charity events are often small events organized for individuals or organizations to raise money through donations or sponsorship for a charity of their choice. They are often open to the entire public, and most people get involved with charities to build a good network that will benefit their business. Charity events sometimes take the forms of balls and dinner parties, sports events, auctions, etc.

How To Start A Lucrative Event Planning Business In Nigeria: A Step-By-Step Guide

1). Register Your Brand As A Business Entity:

Branding is essential for the success of any business enterprise. Register your business with the right agencies. Also, having a business card would do much good because it creates a positive first impression of the brand. Establishing a rounded portfolio with a great gallery of your successful event and tryouts would create well-rounded information for your client to dwell on. Another important aspect of branding is to create an internet presence. Develop a suitable website and other social media accounts where you can constantly put up your events and engage with your audience in a bid to attract potential clients.

2). Get Business Space:

An event planning business does not require so much physical space, especially because most of the workers involved operate based on contracts and are only available when there are jobs to do. The basic members of staff needed at a physical location are mostly the office managers and the clerks or secretary who also take down event bookings. The size of the members of staff will determine the size of the office space, but for starters, a small two or three-room office space will do.

3). Employ Staff:

An event planning firm does not necessarily employ all the workers needed for the successful operation of each event. Instead, they work in loose contracts. Rather than employing, event planners network with a number of professionals ranging from the caterers to the security personnel. Having a network of different professionals is practically one of your best selling points. The event planner is the link who coordinates the professionals to give the best services to the clients. Having a database of trustworthy sectors and organizations gives you an edge.

4). Network With Trusted Event Planners And Socialites:

The event planning industry operates largely on networks. In addition to running ads for your services on all platforms available to you, it is important to weave your way into the circle of socialites as well as other influential persons in the society. To square up to the heavy competition in the events industry, you need the right networks.

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Challenges Of Starting An Event Planning Business In Nigeria

• High market competition
• Having a vivid network would be first a challenge.
• In most parts of the country, people prefer to organize their events by themselves.
• Understaffing for an event.
• Budget planning for unforeseen situations.
• Spending above budget.
• Innovation and audience engagement
• Keeping the vision of the client in mind; it is easy to step out from the clients’ visions and into your own in the bid to make a memorable event.
• Food allergy issues.
• Security and privacy challenges.
• Bad weather conditions

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To Sum It Up

There is a growing awareness among members of the public to leave their events management to experts and sit back and enjoy the events. In most societies, this is a representation of exposure, class and wealth. Going by this trend, the event planning business is bound to expand significantly across the world. The event planning business in Nigeria can be a lucrative and profitable venture to start-up, due to its vast market demand and on your ability to build a wide network. If you’re looking for a lucrative business to venture into, event planning business in Nigeria is a great option to explore.

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