Want to turn your event planning hobby or side hustle into a thriving business? You’re an “Event-repreneur”.
The key to turning your passion into a real business is learning from people who already have the success you want.
These people are your “mentors”, and when you study them you learn what works and what doesn’t — faster.
Check out this list of 13 common mistakes our mentors say they see Eventrepreneurs make that squeeze the life out of their budding businesses like weeds in a garden.
No Clear Vision
“If you don’t have a clear vision and mission for your business, then it will be difficult for others to understand why they should work with you, believe in you, and pay you.
A clear vision means that you know exactly what you want to achieve and it keeps you from wasting time — yours and others.
It also means keeping focused. Pursuing ten ideas at once is almost always less successful than choosing to focus on only one or two ideas in depth.”
No Business Plan
“A business plan helps you to organize your tasks with your vision and goals in mind.
Business plans sound complicated or intimidating, yet there are hundreds of examples and templates online that are simple enough for anyone to use no matter who you are.
A quick google search for “Easy business plan templates” will give you a ton of options that are easy to understand and fill out.
Your business plan is a roadmap to your business, and the best plans helps attract the right investors and partners who will be excited to work with you on your dreams.”
Doing It All Alone
“Your business is your baby and you tend not to trust anyone else with it. One of the biggest mistakes people make is thinking that they can do it all on their own. Burnouts are setbacks.
If you find yourself burning out, it’s time to hire a team who are like-minded and who are as passionate about your vision as you are.
If you are burning out and you cannot afford a team, then you have a bigger issue around your business model and pricing structures.”
Make your business more about your customers than about your product or service. Listen to their feedback and ideas. Your business will continue to be successful if you continue to listen to your customers’ needs.
At the same time, try to listen to your gut. Often, mistakes can be avoided if you follow your instinct. If you find yourself with a strong gut feeling that you just can’t ignore, its almost always better to follow it.
Taking On Too Much
In the excitement of a new business, it is easy to overcommit yourself and your team. You can end up breaking promises and making clients lose trust in your business.
Start small and take on just what your team can handle. Eventually, your business will grow and you can take on more and bigger projects.
Mismanagement of Finances
Use the Goldilocks model when it comes to financial management. Don’t spend too much but don’t spend too little.
Be smart with your spending. Invest in good people and quality products. Your bank account will thank you.
Every entrepreneur hopes their products are so ground-breaking that word will spread easily.
But even the most well-known businesses heavily invest in marketing. Take the time and the funds to create a real marketing strategy to reach your ideal audience.
Not Taking Advantage of Technology
A lot of business aspects including marketing can be done with zero education or experience today with technology.
Keep up to date with the latest technology other event industry pros are using so that your business can keep up with trends and competitors.
Do the research so that you pick the right ones for you early on, so you can take your time and master them.
Not Being Patient
Many of the mistakes made by entrepreneurs are caused by a lack of patience. You can’t expect overnight success.
Work hard, do the research, listen to your customers, improve your product/service and you will have sustainable growth.
Waiting for the “Right Time”
Launching your own event business is not an easy task. It can be quite daunting.
You might want to get everything right before starting up. But you could be missing out on viable opportunities.
You can prepare as much as possible but you have to take that leap of faith.
Mistakes happen. Instead of dwelling on “what-ifs”, try to see them as learning opportunities.
Use these tips on your journey to help you avoid the most common ones and you’ll be alright.
Related: 5 Creative Ways to Get More Clients
Are there any other mistakes you want to help other event-repreneurs avoid? Share in the comments!