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How to Start Event Planning Business in Nigeria

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Event Planning Business in Nigeria

Are you thinking of starting an event planning business in Nigeria? Read this article to the end. In today’s article, I will be explaining everything you need to know about the event planning business in Nigeria. I will explain whether the business in Nigeria is profitable or not, the capital needed to start the business, how much an event planner is paid as salary, and the step-by-step guide on how to start an event planning business in Nigeria.

Planning is very important when it comes to holding events not only in Nigeria but everywhere in the world. It helps all events to go as planned by providing everything it needs from food to entertainment to security. Even weddings are no longer underestimated in Nigeria.

We now have wedding planners that plan weddings making sure the couples are satisfied with their wedding day. As an event planner in Nigeria, you can make money strictly from event planning because there are different ways to earn an income from it day in and day out.

Is Event Planning Profitable?

This is one of the most important questions on this topic. As we all know the profitability of a business determines the zeal one puts into it. Event planning in Nigeria is one of the most profitable businesses as long as you know how to plan events successfully in Nigeria.

Nigerians love entertainment and due to this they hold events every day in Nigeria. In fact, there is no day in Nigeria where events do not hold. This is why Nigeria’s entertainment industry is the biggest industry when it comes to how much it makes for its investors yearly.

As a successful event planner in Nigeria, you can make millions if you can do one thing – stand out from other event planners.

Capital Needed to Start Event Planning Business

The cost of starting an event planning business in Nigeria is not high. This is because the event planning business is a service business. To start an event planning business in Nigeria you just need capital to register your business as an entity and to learn how to plan an event (event management and decoration) by attending an event planning school.

To start an event planning business in Nigeria you need a capital of at least #200,000.

How much is the Salary of an Event Planner in Nigeria?

How much an event planner in Nigeria earns varies on so many things. Their qualifications, experience, professionalism, and more. The average salary of an event planner is within #100,000 – #400,000 monthly. Some event planners are not paid on a salary basis but on a contract basis. This means they are paid for the number of events they plan.

How to Start an Event Planning Business in Nigeria

Here are steps on how to start an event planning business in Nigeria with no experience.

1. Attend an Event Planning School 

The first step to starting a successful event-planning business in Nigeria is to learn how to plan events and to be able to plan events professionally you need to attend an event planning school in Nigeria first. If you live in Lagos you are very lucky because the best event planning schools are in Lagos.

As for the time you will spend in the event planning school it depends on the school itself. However, when you are done you will be a certified event planner in Nigeria and the chances of corporations and NGOs doing business with you will increase.

2. Register your Business

For you to be able to run your event planning business in Nigeria you need to register your event planning business as an entity. This means that you need to register with the Corporate Affairs Commission (CAC) and every other agency associated with event planning in Nigeria.

After doing all required registrations, the next step will be to create an online presence. To do this successfully you can just choose two social media to use to create awareness and engagement about your brand. The best social media for a business like this is Instagram and Twitter.

You need to open an account on these two social media apps and start posting on the platforms at least once a week to increase visibility. Read our article on how to register your business name in Nigeria.

3. Get an Office Space

An office is needed for your event planning business. However, if you cannot afford an office you can simply work from home. This does not affect anything in your business. Your clients can meet you at home if they have to meet you one on one. 

In today’s global age, you can always meet clients and seal your deals through phone calls and chats. This means that you do not necessarily need to spend money on getting an office as the event planning business is flexible.

4. Employ or Partner with Workers

You need workers in your event planning business to make your business thrive. These workers can be employed or partnered with. It depends on your capabilities at the beginning of the business. For example; in your event planning business you will need to services of:

1. Caterers

2. Security guards

3. Interior Decorators

4. Disk Jockey (DJ)

5. Stage Manager

6. Sound engineer

7. Ushering Services

8. Event managers and more

From a professional point of view, it is always best to partner with these people at the beginning of your event planning business then when you have more event planning to do regularly and you are making money consistently you can always make the people your staff.

5. Getting your First Clients

As an event planner with no experience, it might be difficult at first to get your first set of clients in Nigeria (building a portfolio). This is because many corporations and individuals will want experienced event planners rather than beginners. However, there are a few things you can do to convince clients to give you a try.

A. Give Discounts

Discount is a sure way to convince clients. When you give a 20% – 30% discount below the regular charges, clients will employ you as their event planner despite the fact that you are new and inexperienced.

B. Qualifications

The certifications you have as an event planner in Nigeria is another way to prove that you know what you are doing. This will convince people to do business with you because they know that you are qualified even though you are new to the event planning business.

C. Quality Service

This is proven when you have managed a series of events for a group of individuals or organizations and you have done well. The quality service they get from the money they have invested will continue to encourage them to keep patronizing you.

6. Increasing Profits in the Business 

If you want to be one of the biggest event planners in Nigeria, the best way to increase profits in an event planning business is to put customer satisfaction as a priority on your list. When your customers are satisfied they will keep coming back. They will come back even when you increase your charges or salaries.

Another way you can increase profits in your event planning business in Nigeria is to gun for big events. For example; events under the government yield more profits than even under NGOs.

Conclusion 

Event planning business in Nigeria is a lucrative business especially if you have an event planning business plan to guide you all the way. Consistency also matters. The longer you stay in the business the more experienced you are and when more experienced you begin to win more government and private contracts than your fellow event planners.

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Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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