Businessing Magazine Logo Businessing Magazine Logo

Is Starting an Event Planning Business in 2021 a Good Idea?

Is Starting an Event Planning Business in 2021 a Good Idea?

As the world hopes to get back to some semblance of normality in 2021, many people are wondering which industries will thrive in the new world and which will struggle. After so many people lost their jobs in 2020 due to the pandemic, people are searching for new opportunities. Event planning will likely rebound greatly in the wake of the pandemic, but entering this industry is not without risks.

So Many Events

After a year where live event planning was a practically non-existent industry, it seems the dam will likely be ready to break at some point this year. However, we are still at least a few months away from that point here in February. When the world does start to open back up, though, it seems likely that events will resume with a vengeance. There are many reasons to expect a large surge of events in the second half of 2021.

People Have Cabin Fever

One of the main reasons to expect a rise in events is that people are eager to get out of their homes and start living their lives fully again. People will be looking to go to events and be around other people. Entrepreneurs and business people are aware of this and are already planning various opportunities for the public to quench their thirst for in-person interaction.

People Missed Each Other

There are likely to be many reunions that take place in 2021. People will be having family reunions, reunions with different groups of friends, and likely double the number of school reunions as in a normal year, due to many of these events being postponed rather than canceled.

Postponed Events Are Waiting

Speaking of postponed events, there have been many of them. School reunions are just a small fraction of the events that have been delayed, which will likely finally take place later this year. From weddings to concert tours to the Summer Olympics, events that were put on hold will be returning soon. Trying to organize a personal calendar is likely going to start getting very difficult.

So Few Event Planners

While the number of events is likely to skyrocket, the number of event planners is currently far below what is needed. After having to move away from this business that fell off the radar during the pandemic, many former event planners are unlikely to return. Some have moved on to other jobs. Others simply can’t imagine returning to an industry that they invested so much in, only to have it crash and burn around them.

There is a huge rise in event planning on the horizon, and there will be a mad scramble for newcomers to snatch up as much of the available business as possible. There are not enough established event planners out there at the moment. However, there will be many others, who like you, are thinking that this could be a good time to jump into the industry.

If you plan to pursue this new career path, make sure your business is fully ready to compete when the time comes. Otherwise, you could find yourself among those who fall short of turning your ambition into a thriving business.

The Risk of Another Disaster

While this industry looks ready to boom soon, there will always be the looming dark cloud of another disaster, poised to wipe out the industry all over again. If event planners learned anything from the pandemic, it is the importance of event cancellation insurance.

Should you enter the event planning business only to have another disaster strike, your company will be far more likely to be able to ride the wave if you have this insurance. You’ll be able to file an event claim for any events in which you had already invested and recoup your losses.

Even without another COVID level disaster, though, you will be sitting on a bubble when live events resume. Aside from 2020, this industry had been growing for over a decade. However, the growth chart is likely to show a big S over this period. Numbers fell off dramatically and will likely skyrocket before returning more towards the normal growth rate for the industry before the world flipped.

When building your event planning company, it is important to target people who are likely to be repeat customers. Otherwise, you could find yourself temporarily busy before things come back down to normal. When they do, you could discover that all of the repeat business has already been snatched up by other event planners.

short url:

by Marissa Collins //

Opinions expressed by contributors are their own.