event planning businesses partnerships

Business, Your Event Career

Pros and Cons: Partnering with Other Event Planning Businesses

Have you graduated from your event planning course and want to start your own business? Or maybe you already have a couple years of experience but your business is at a plateau. It’s a tough world out there! But just because it gets a little sticky doesn’t mean that you can’t improve your prospects!

Planners can expand their reach to garner new clients and generate new income streams in many different ways. Rewarding referrals and attending conventions are at the top of the list. Not to mention volunteering your time and skills to get your name out there!

One avenue you may not have considered is forming partnerships. And yes, we mean with another event planning businesses! It seems counter-intuitive to work so closely with your competition, we get it! But you could stand to benefit. Don’t just take our word for it! Here’s a list of the pros and cons of teaming up with other event planning businesses. After this, you’ll be ready to make an informed choice!

The Pros:

grow your event planning business by partnering up

The Cons:

larger corporate events and conferences with media presence

Your priorities:

We’ve highlighted the major pros and cons of teaming up with other event planning businesses. Your choice depends on your needs. What’s your top priority? If business growth is number one, you may want to consider collaborating with another business.

This partnership could be with any size of a company. Freelancers are also good options. Choose a business that matches your ambitions, target market, and creative approach. If they are located in the same area as you, even better. They’ll have connections to vendors you may want access to!

beautiful events for larger markets

If you want to increase revenue, a partnership could work for or against you. In a partnership, you’ll share initial costs potentially saving you a lot of money. But that means you’ll also have to split the revenue! You could potentially rise to the top on your own terms without partnering with another business. But you may also miss out on large-scale opportunities due to the size of your own business.

Or, perhaps you started your business to fill a hole in the market. Partnering with other planners can help your utilitarian cause! You’ll have more resources to target issues in the local market.

Remember whatever choice you make doesn’t have to be permanent. That is if you don’t want it to be! You can team up with another business for a single event or time period. You might even like them enough to merge companies! The choice is yours depending on your priorities and ambitions. Just make sure the other planning business knows your intentions!

So, have you made a decision?

How else can you ramp up business this year? Check out our post on 4 goals you should set for your event planning business!

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