Busting the Biggest Myth of All You Need to Start Your Event Planning Business

It is finally time to bust the biggest myth of all when it comes to starting your event planning business. If you’ve been told that in order to be an event planner you need to purchase your own inventory, listen up, because May is here to explain why this could not be further from the truth. In fact, if you do decide to invest in your own inventory, you could actually be limiting your business growth potential.    While it may seem like less of a hassle or even a way to save money in the long run, owning your own inventory comes with a lot of additional costs than just buying it in the first place. You will have to maintain that inventory, store it somewhere, set it up at the event and break it down afterward. That’s a lot of extra work! These are all labor costs and taking up valuable time that you could be spending on growing your business and generating sales. If your goal is to be an event planner, then you do not need to spend your money, time, and energy on physically designing and staging the materials for the event. You’re a planner, not a designer! Doing all that extra work on top of your planning duties will quickly cause you to wear down and risk burning out, all while not really benefiting your business in terms of revenue.    Don’t let not being able to afford your own inventory stop you from starting your event planning business! The top most successful event planners in the industry do not own or manage their own inventory. You should not have to be responsible for manual labor at your events like setting up and breaking down equipment, because this takes from your time to actually manage the event and generate more sales. The next time someone tells you that you need to own your own inventory in order to be a successful event planner, direct them to May for some much needed myth busting.    Quotes • “It's a widespread belief that you need to purchase inventory in order to start your event planning business.” (1:28-1:41 | May) • “If you want to own inventory, you were probably given this idea that it's so much cheaper to just own it than to rent it from a vendor.” (8:55-9:09 | May) • “You forget the costs of maintaining the inventory, of keeping the inventory, of setting up the inventory. You forget the costs of breaking down the inventory. All those are labor hours.” (9:48-10:08 | May) • “You want to copycat? Find the right cat to copy.” (14:04-14:06 | May)  • “If you are living in a small town and you need this inventory, find a cheaper labor than you that costs less than what you're charging yourself.” (16:50-17:01 | May) • “If you are doing something, that means you're not able to do something else. You also limit your growth. If you are actively involved in the inventory portion, that means you're doing things that's not sales generating.” (18:10-18:24 | May)   Links Connect with me at: [email protected] Website: www.mayyeosilvers.com LinkedIn: www.linkedin.com/in/mayyeosilvers Facebook: www.facebook.com/mayyeosilvers IG: www.instagram.com/mayyeosilvers TikTok: https://www.tiktok.com/@mayyeosilvers  FB private group: https://www.facebook.com/groups/events4anyone   Podcast production and show notes provided by HiveCast.fm