An event management firm can be a good fit if you have a talent for organizing events, making connections with people, and planning speeches and pitches. In this article, you will learn to start an event management business in India.
Scope of Event Management Industry in India
The field of event management is booming. Industry-wise, it’s a massive one. However, The market is customer-specific because customers have higher purchasing power and a cheap cost of switching brands.
Running, music, fashion shows, and trade fairs are among the fastest-growing divisions of the entertainment industry. Due to rising business and family incomes, as well as an increase in the number of reality programmes, sports events, corporate conferences, and awards, the present rise in these event sectors is aided. People’s spending on social and personal events, such as weddings and parties, tends to rise in tandem with their wealth.
In recent years, the number of events has increased dramatically due to the rapidly expanding Indian economy. This has led to an increase in the need for skilled event managers. Future event organizers will need to be more inventive and industrious in order to keep up with the rising demand.
Event management has grown to be a lucrative business with so many events happening all the time. It has been reported by the EY-EEMA research that the event industry has grown at a compound annual growth rate of 15% over the past five years and is predicted to increase at a pace of 16% over the next few years. The industry’s present worth of Rs. 5, 631 crores will rise to more than Rs. 10,000 crores by 2021, thanks to this CAGR.
Steps to start event management business in India
Create a detailed company strategy
To get started, look at successful projects and enterprises in your field of expertise. Contact others in the events business to see if they have any suggestions.
Additionally, if you’re looking to raise money for your firm, an updated business plan is essential.
You should also consider company formation type here and also get logo designing to make your company unique and different from the competition.
Get Company Registration
The Company’s Act mandates that new businesses be registered. An Indian partnership must be registered under the Indian Partnership Act in order for it to operate. The ‘Shops and Establishment Act’ makes it obligatory to register any new business in India. An event management firm is no different from any other business organization. As a result, all of the regulations and procedures that apply to forming a new business in India will also apply to an event management firm.
Consider the structure’s investment, responsibility, taxation, and ownership and control when choosing a business structure for an event management company.
This stage of registration is critical because a business owner wants to protect their company name before using it in other papers or advertising.
Apply for Tax Registration
An event management firm pays taxes including Taxable Income, TDS (tax deducted at source), GST, Amusement Tax, and TCS.
You will need to apply for a PAN card for submitting income tax returns and a TAN card to claim the TDS refund. You’ll also need to apply for a GST number through GST Registration, which will allow you to file your taxes.
A skilled Chartered Accountant will be able to aid you in completing these processes and also educate you on all the legalities.
Obtain Mandatory Licenses
An event management company should have the proper licenses. Thus, the next step is to organize all of the paperwork. Event management companies are required to hold specific licenses before they may host or organize an event. Some mandatory licenses that you may need to obtain are:
- “No objection certificate” from the Additional Collectors office, the fire brigade, the local police station, the traffic police department, and the Rangbhoomi license is required for this project.
- The Indian Contract Act 1872, which governs the contracts between event planners, hotels, and performers, is also critical.
- Additionally, if you want to serve alcoholic drinks at your event, you must get a liquor license and a public works department license.
Market your business
Plan a marketing strategy and make use of a public relations firm if at all possible.
Depending on the size of your business, your marketing budget could account for as much as 30 percent of your total costs. Consider everything you’ll require:
- Website Development
- a set of company cards
- Printouts such as brochures
- Ads on the internet and online marketing
- Expenses associated with attending networking events
There are a variety of certifications available for event planners from a variety of organizations. When you’re just starting out, having a professional reputation and a high level of credibility are two things you want to strive towards. One of the best certifications is the ISO Certification event management company in India.
India’s economy is unquestionably one of the world’s most rapidly expanding. In terms of growth potential, starting a firm here is a great idea. The event management profession has grown rapidly in recent years, but if you want to be at the top of your game, you’ll need to have the training, experience, and legal registrations to succeed.
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