5 Key Steps to Managing a Successful Event Venue Business

If you’ve always loved hosting, starting an event venue business is a great way to turn a passion into a livelihood. To make your event venue business a success, it takes communication, transparency, and commitment to your clients.

Once you have a business plan, an amazing location, and the following steps down pat, then you’ll be ready to list your spot on Peerspace. Peerspace is the largest online marketplace for hourly venue rentals and makes it easy for renters to find your venue. No matter your type of venue or your location, you can list your space on our platform and start earning money from people who rent it out for their events.

More on that ahead. But for now, read these five steps that will guide your dream of opening an event venue into a profitable business.

1. Scope the scene

Before you open an event venue business, decide what products and services your venue will offer its clients. To do so effectively, start by studying the services and prices of local competitors.

You can also learn what your event venue rates should be based on the size and location of your venue. Don’t forget to research local zoning laws and permits needed for opening an event venue.

Once you have a good idea of what is available in the local event venue business market, consider filling in any big voids. Think about adding much-needed services and amenities to your event venue as it can quickly increase your business’s profit margins.

Services such as catering, music, flowers, and a full bar can give your event venue an advantage over your competitors. Some event organizers will pay extra for the ease of being able to book all the details of an event at once.

You can also make your event venue flexible to client needs by reaching all price points in the market. Bundle various services into packages for extravagant events and create budget options for smaller parties.

To check out other event spaces in your area with ease, start a search on Peerspace by following the link, entering your location, and combing through listings. Peerspace listings include high definition photos, upfront pricing, a description written by the host, amenities offered, and reviews from past renters.

You can see how having all this information at hand can help make your business more competitive in your local market. Plus, it can prepare you for when you’re ready to create your own Peerspace listing!

New to running a business? Then check out our guide on how to start a venue rental business first!

2. Follow the law

When starting an event venue business, you want to make sure your venue is legally compliant. You could be responsible for massive fines and even face legal action if your venue does not adhere to the law.

It’s important to review local fire code regulations and make sure emergency exits are properly marked in your event venue. Check in with your landlord, Homeowners Association, or co-op board to clear all liabilities for your business. Familiarize yourself with the municipal laws for excessive noise as well as alcohol sales.

All of this prep work will prevent any problems or citations in the future that can hurt the success of your event venue business.

And never forget to deliver what your clients need. When running an event venue, knowing what your venue can and can’t offer helps both you and your clients. It gives your prospective clients clarity as they event plan and sets expectations for their event. Not delivering on these can be problematic legally and for your company’s reputation socially.

3. Educate your crew

Based on the event, the services a venue performs can vary. That’s why event venue businesses require fully knowledgeable staffs that can cater to different needs based on the event.

Equip your venue with an organized and prepared team. Create expert manuals that document everything from troubleshooting sound equipment to personnel policies for each staffing need.

By creating clear and accessible information, your staff now has the tools they need to overcome any challenges that might arise during events. Communicating procedures and policies to your team will also provide them with the foundation for a consistent and quality experience. And that is something your guests can come to expect from your event venue business.

Also significant to the success of your event business is checking in with your staff regularly. Touch base with meetings or phone calls after events to gain insights into your team’s experience and work out any kinks that might ensue along the way.

4. Know your audience

Promotion is essential to the success of starting an event venue. To start marketing successfully, you want to first determine your venue’s audience. Then, look for channels to reach them both, namely through specific social media platforms your target audience uses.

To create promotional materials, visuals are an influential piece of the puzzle for reaching potential clients. Hire a photographer to take quality photos of your event venue space staged for an event.

It would also be ideal to add your venue to Peerspace to connect with event planners and increase your earnings. Remember to include photos of your event venue business, details of your services, amenities, and rates. List these on your Peerspace listing so that your potential clients and professional event organizers know what your venue is all about.

And never forget about the power of social media marketing! Take to social media and build a fan base by sharing inspiring photos of potential events your venue can host. Be sure to also share information about yourself and your crew so that people feel connected to your business.

If you’re having trouble getting people in the door, donate your venue as a space for nonprofit events. Not only does offering your venue give back to the community, but it also fosters relationships with community leaders and introduces their guests to your business.

Speaking of hosting nonprofit events, check out these quirky fundraising ideas that will help you put the “fun” back in fundraising!

5. Listen to your clients

Another crucial step to running an event venue is gathering feedback and reviews.

Whether you follow up events with a personal call or a survey email, give your clients a chance to open up about their experience. It’s an opportunity to learn valuable information that will help you fine-tune your venue’s services and policies to cater to future clients.

Encourage your clients to share positive feedback on social media and online review sites to draw future clients to your event venue. You can also even think about offering your clients a discounted fee or a free add-on service for their repeat bookings of your event venue business.

Bonus: Stand out by providing customized experiences

Help your event venue business stand out by providing your clients with a bespoke experience. As you already know, excellent customer service is how any business stands out. This is especially the case within a competitive market like the events sector.

At Peerspace, we see how it benefits our hosts and their businesses when they provide tailored services to their clients. They not only help create an event that gives the client what they need, but they do so in a manner that prompts the client to rave in their Peerspace reviews and on their social media. This can, of course, lead to more renters flocking to your event venue!

As an example, let’s say you have a renter who is booking your space for a birthday party. Offer them to help decorate your event space with balloon arches, neon signs, faux grass walls, and anything else that will help dazzle them and their guests.

Offering bespoke services such like this will encourage the guest to spend more money with your business. But it will aslo pay off in terms of procing them with an experience they will never forget, encouraging them and their guests to book events with you in the future.

Running an event venue business: conclusion

Opening an event venue business is no small feat. It takes time and dedication to get an event venue running so don’t get discouraged. You’ll find the above five steps above are integral to starting and running a successful event venue business.

Prepare yourself for success by using Peerspace to establish your event venue business. Just like our Peerspace hosts across the globe, you too can earn additional income from your event venue.

Check out how other event spaces maximize their venues on Peerspace