Starting a new business is daunting for entrepreneurs. Organizing events can be a new level of stress. But did you know it’s a significant way of making your startup visible to a crowd? In fact, 68% of B2B marketers consider event marketing a successful lead generation strategy. That’s whopping, right?
But don’t think it’s easy for a young startup because there may be some tough challenges along the way. Knowing the impending challenges and preparing to deal with them puts you in a good place. Let’s highlight the ones young startups often struggle with and give some effective ways to tackle them head-on.
Challenge #1- Lack of experience
Entrepreneurs often struggle with a lack of experience, and it also applies to event planning. You may hardly know where to start or what to prioritize. Well, that’s nothing to worry about. You can connect with other entrepreneurs who have been there and done it.
Hiring a professional event planner is a good option if you can afford one. Remember that you don’t have to do everything yourself, so seek help and learn the ropes as you go.
Challenge #2- Budget constraints
Startups are always short of money, so they end up struggling with event planning on limited budgets. Let’s be real, you’ll not have the luxury of throwing extravagant events with unlimited spending. But you can get creative with how you allocate your funds.
Likewise, look for freebies that can save you money. For example, you can use a free online registration form to get sign-ups. Setting it up is a breeze, so you can do it without professional help. Another cost-saving idea is to share the venue space and rent it with another business.
Challenge #3- Limited staff
As a young startup, you may not have a lot of people on board to help with event planning. The ideal solution is to make the most of the available resources. Why not be strategic about assigning tasks and delegating responsibilities?
Also, ensure that everyone is on the same page by having a clear communication plan. Hiring temporary staff to help out is a good idea.
Challenge #4- Marketing and promotion hassles
Even if you plan the best event, it won’t succeed if nobody shows up. But young startups often fall short on the marketing and promotion fronts. How can you create buzz about your event and get people to attend it?
It boils down to creativity- social media is a great promotional tool that extends your outreach on a budget. But you should consider other channels such as word of mouth, email marketing, and targeted advertising.
Challenge #5- Time management
Event planning takes time, but you may not have much to spare as a startup founder. Be realistic about what you can accomplish within the timelines and prioritize tasks to pick things that matter more. Create a timeline from the outset and stick to it as closely as possible.
You can also delegate tasks and responsibilities to others to free up more time and focus on other key aspects of the event.
Event planning can be tricky for young startups due to its inherent challenges. But creativity, organization, and hard work can help you overcome these challenges and pull off a perfect one. Go for it, boss!