Becoming an Entrepreneur
Starting a Convention & Meeting Planning Services Business
Starting a convention and meeting planning services business is an excellent entrepreneurial opportunity but it's important to plan out the business in detail before you start. We offer a few secrets to improve your startup process.
Thinking about opening a convention and meeting planning services business? We tell you what you need to know to get started.
Creating a Business Plan for a Convention & Meeting Planning Services Business
A common mistake for a small business owner is to not create a business plan.
The key benefit of writing a business plan is that it establishes both a framework and a roadmap for your business. If you don't have a business plan, your leadership will be handicapped, choosing short-term opportunities at the expense of long-term benefits.
The first step in creating a business plan is to develop a mission statement for your organization. From there, it's time to initiate the hard work involved with writing the rest of your convention and meeting planning services company's business plan.
Investigate the Competition
Prior to opening a convention and meeting planning services business within your community, it's a smart move to determine how you will fit in the competitive landscape. We've provided the link below to help you generate a list of competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of convention and meeting planning services businesses near you.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
As part of your due diligence on opening a convention and meeting planning services business, it's a smart move to learn from folks who are already in business. It's very unlikely that the local competition will talk to you. It'd be crazy for them to teach you the business.
Thankfully, an owner of a a convention and meeting planning services business in a location that is not competitive to you will be much more likely to talk with you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
What's the process for finding a convention and meeting planning services business manager that lives outside of your area?
Simple. Let your fingers do the walking by using the link below.
Advantages of a Convention & Meeting Planning Services Business Purchase
On a percentage basis, more entrepreneurs intend to enter convention and meeting planning services business ownership through a startup than through a business purchase. Yet convention and meeting planning services business startups aren't easy - many fail within the first year.
There are a lot of factors that need to be considered in buying vs. starting a business. Although startup owners may have greater control over the shape and scope of their companies, they lack the advantage of a proven business model. Along the same lines, it can take years for a startup company to achieve brand recognition while an existing business may already be a trusted name in your target market.
Don't Rule Out Franchising
The chances of thriving in your new business increase if you decide to franchise and leverage their successful brand and track record.
If you planning on starting a convention and meeting planning services business, a smart move is to investigate whether there are good franchise opportunities available that might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding starting a business may be of interest to you.
Share this article
Additional Resources for Entrepreneurs