Event Management Entrepreneurial Perspective
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Event management industry is growing fast globally with many options and advancement. One can start and earn good amount of money through event management business or career.
Event Management Entrepreneurial Perspective
- 2. FACTS AND FIGURES According to the recently released EEMAX Global report, the total size of the event and experiential marketing industry for the last audited year stands at INR 6250 Cr of which the organised sector represents INR 3750 Cr. Quite interestingly, the top 25 agencies of the total organised sector account for INR 2183 Cr, which means 59% of the organised market is split between these companies.
- 3. The report predicts that spends towards experiential marketing are greater than spends towards digital, albeit marginally at 13.6% and 11.9% respectively. The report also predicts the total spends towards experiential to increase to INR 7281 Cr in the current fiscal year as a result of an estimated industry growth rate of 16% to 17%. The events and activations industry in India is expected to cross INR 10,000 crore mark by 2020-21, as per an EY-EEMA (Event and Entertainment Management Association) report.
- 4. The event industry in India is currently growing at a rate of 2830%. Event industry crossed the mark of 5,800 crore in the 3rd quarter of 2016 which makes it one of the fastest growing industries in India.
- 6. HOW TO START AN EVENT MANAGEMENT COMPANY Decide the services you wish to sell Do market research, competitor's analysis and SWOT analysis Prepare business plan for your event management company Outline your business objectives. Determine your staffing needs and what should be their skill sets. Determine how exactly you will find clients? Estimate your capital requirements for one whole year
- 7. Prepare a contingency plan On the basis of your business plan determine your operating cost On the basis of the operating cost, decide your own fees and the staff salary Get investors/ business partners for your event management company Decide name and logo of your company and its status Premises, recruitment and marketing your business Register your Company Register to pay tax
- 8. FOCUS AREAS CORPORATES PRIVATE SPORTS CULTURAL
- 9. Forming A Company In India The Companies Act of 1956 sets down rules for the establishment of both public and private companies. A company is formed by registering the Memorandum and Articles of Association with the State Registrar of Companies of the state in which the main office is to be located.
- 10. SOURCES OF FINANCIAL ASSISTANCE Government grants Sponsorship Merchandising Sales Participant Fees Spectator Fees Internal financing External financing Public Institution and Private Sponsor Institutional Help Banks and corporations
- 11. PRADHAN MANTRI MUDRA YOJNA PARAMETERS TARGET AUDIENCE LOAN AMOUNT SCHEME STAGES SCOPE OF SCHEME DETAILS SMALL BUSINESS OWNERS INR 50000/- TO 1000000/- SHISHU(50K),KISHOR(5 LAKHS), TARUN( 10 LAKHS) ACROSS INDIA LOAN REPAYMENT TENURE 5-7 YEARS
- 13. The Ministry of Tourism, Government of India provides Financial Assistance to State Governments and UT Administrations for organizing various Fairs, Festivals and Tourism Related Events. The Ministry also extends Financial Support to Commerce, Trade and Industry Organisations for organizing Tourism and Tourism Related Events and to Tourism, Travel and Hospitality Trade Associations for their various events in India and abroad. The total amount of financial support will, however, not exceed 50% of the total cost of the event.
- 14. JOBS IN EVENT MANAGEMENT SECTOR MARKETING AND EVENT MANAGER EXHIBITION COORDINATOR EVENT PLANNER EVENT ADMINISTRATOR CONFERENCE AND BANQUETING MANAGER OUTDOOR INSTRUCTOR STAGE TECHNICIAN VENUE MANAGER LOGISTICS AND TRANSPORTATION MANAGER STAGE DECORATOR INFORMATION MANAGER SECURITY MANAGER INFRASTRUCTURE MANAGER