When it comes to being an entrepreneur, there’s a lot you’re going to have to handle that you might not have factored into your original business plan. You have the bare bones of your dream business all laid out in front of you, and you’ve got plenty of ideas you’d like to implement so that you can work successfully toward your goals. However, when it comes to actually following through on these plans, you might find yourself stuck or coming up against challenges that you hadn’t even thought of.

Some of the challenges may surface as a result of the amount of public relations you’re going to have to handle for your company. Because yours is a new and exciting venture, possibly with limited capital, you’re going to want the most visibility and press for it. You may find yourself planning some events and running them by yourself in order to save money.

With that in mind, let’s look at some of the questions you should ask yourself before you decide to host your own business event. At a minimum, taking the time to gather your thoughts could help minimize the possibilities of error or provide some inspiration as you proceed with your event planning.

Want your event to be a hit? Make sure you’ve got these questions answered before moving on!

Do You Have Any Experience?

If not, this is the perfect chance for you to get some. A lot of people don’t feel confident enough to run their own events if they don’t know what to expect, and therefore they look to others for advice. Regardless of how much expertise someone else may have, remember that the event will be a reflection on you – good or bad. Therefore be comfortable with the suggestions that are being made and be unafraid to decline any that you don’t feel comfortable with or don’t accurately represent your brand. You don’t get a second chance to make a first impression.

If possible, take part in someone else’s event so that you know what to expect, or gather data about unsuccessful events and their failures. If you can pinpoint where they went wrong, you’re on the right track for running your own. If project management is not one of your strengths, depending on the calendar, if time permits you might consider taking some related courses or pursuing a project management degree online. The more knowledgeable you are, the more confident you will be.

Do You Have a Plan?

It may seem like common sense, but some people who decide to host their own events foolishly throw out ideas and expect them all to come to life. Wishful thinking! Therefore you’re going to need a plan to pull all of your ideas together, and you’re going to need to understand from the beginning that not everything you want to happen will likely be possible. Especially if you’re operating with a tight budget and a limited staff.

Sit down either by yourself or with your team if you have one and begin brainstorming. The person sitting next to you might see a risk where you see none. Schedule meetings to review the event ideas thoroughly before you begin implementation. There are definite consequences when you overthink things, but more often than not, the consequences are greater when there is little to no thought involved.

Do You Have a Budget?

Will you be selling tickets to pay for everything you need to make the event a smash hit? Do you have an interested investor or sponsor you can rely on? Do you have the ability to offer refunds? Are the contracts you’re signing with any of the venues or catering providers thorough and legally sound? These are all budget questions you’re going to have to follow up on and be able to answer early on.

Once completed, then you can work out your overall budget for the event, and estimate any profit or out-of-pocket expenses. Keep in mind that some events may be primarily for exposure purposes, and the profit may be minimal if any. The publicity however that you can garner from the event alone if it goes according to the plan will probably guarantee some repeat business and customer interest at the least.

When you decide to host your own business event realize that it takes plenty of time, effort, and yes, money. Make sure that you’re double and triple checking all of the decisions you make, and that you have contingency plans in place in the event of unexpected obstacles.

Implementing the above suggestions is not only a wise thing to do for your stress levels, but doing so will likely save you some money and protect your company’s image as well. Happy planning!

*Collaborative post