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. If you’re not sure how to run an event venue business, take a page from successful Peerspace hosts, like Marc K. who runs this spacious theater event space in New York. He shares tips on how to run an event venue businesses saying, “The event business is first and foremost a people business. Each event is different and each person planning the event has different needs.” He suggests, “You should let your guest feel that you’re working with them to create an interpersonal experience where they’ll find success and achieve their objectives.“
In addition to putting your guests first, read these five steps will guide your dream of opening an event venue into a profitable business.
Scope the scene
Before you open an event venue business, decide what products and services your venue will offer its clients. It helps to start by studying the services and prices of local competitors. You can 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. Make your event venue flexible to client needs by reach all price points in the market. Bundle various services into packages for extravagant events and create budget options for smaller parties.
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 with 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 to prevent any problems or citations in the future that can hurt the success of your event venue business. When running an event venue, knowing what your venue can and can’t offer gives your prospective clients clarity as they event plan and sets expectations for their event.
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 also provides them with the foundation for a consistent and quality experience 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 on your team’s experience and work out any kinks that might ensue along the way.
Know your audience
Promotion is essential to the success of starting an event venue. You want to first determine your venue’s audience and then look for channels to reach them both online and off. 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. Add your venue to Peerspace to connect with event planners. Then create presentations of your event venue business with photos, details of your services and amenities as well as rates that you can share with clients and professional event organizers. If you can, provide both print and digital versions of your presentation to increase accessibility to your event venue among event planners with their clients. You can also take to social media and build a fan base by sharing inspiring photos of potential events your venue can host. 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, it foster relationships with community leaders and introduces their guests to your business.
Pay it forward
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. Take note from Peerspace host, Mark H, who reaches out to his guests after each booking. He says, “Since guests will be prompted to give a review shortly after the booking ends, expressing gratitude will help them remember the entire experience.” This gesture seems to work, because if you look at Mark’s reviews, they reflect his above-and-beyond hospitality style. These five stars reviews also instill confidence in potential customers looking to book, he says, “It goes full circle.” You can even think about offering your clients a discounted fee or a free add-on service for their repeat bookings of your event venue business.
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 following the 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 these Peerspace hosts, you too can earn additional income from your event venue.