Meetings industry veteran Laurel Coote provides a primer for prospective independent planners
By Tyler Davidson
There are many reasons for a planner to strike it out on his or her own and hang up their shingle as an independent.
Maybe it’s the result of a layoff. Sometimes it could be due to a lifestyle decision. Or perhaps one could just chalk it up to wanting to call their own shots after working in a company, association, nonprofit or for a government organization for many years.
“I think some people have an entrepreneurial spirit—they want their own gig. Some have been outsourced two or three times and had enough. Sometimes that company will come back and try to hire them to help them,” says Laurel Coote, a meeting planning veteran who teaches a two-year certificate course on meeting planning at San Diego State University’s College of Extended Studies. One of the school's elective courses is how to start your own business in the event planning industry. Coote is also an adjunct professor teaching an event management class at Glendale Community College. “Others are unemployed and don’t know what to do, but they have a skill set, and others have planned parties or weddings before. Some people are never going to want to step into it because they can’t go without structure.”
Regardless of the motivation, however, there are a great many steps one needs to build a foundation for success or even survival.
“The first thing I tell people to do is to take a look at the pros and cons of being in business for yourself, because there are wonderful advantages, but also disadvantages.”
“Have you thought about the money, the marketing, the process, the structure—all of the things besides just being a service provider, because planners are inherently service providers,” she continues. “People who go out on their own as an independent jump in because they know how to provide services, and then down the road they realize it’s a business.”
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Tips From an Indie Pro
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Thinking About Starting a Business? Just Starting?
Thoughts from a serial entrepreneur and small business consultant
By Rod Abraham
Whether you are thinking about starting a business or have already taken the plunge, to survive and succeed you need to take some basic steps when you launch your business and as your business grows.
Running a small business involves selecting the right business organization, good contracts with clients, efficiency challenges, getting and keeping business and pricing to maintain margins. You will need to work as hard as you can, so the key is to work smarter.
Specifically, I categorize the necessary considerations and decisions as:
- Emotional and Intangibles
- Legal and Insurance
- Financial
- Marketing & Sales
- Survival Keys & Strategic Planning
To cover each of the above topics would involve far more space and time than is available for this piece, so, with a clear disclaimer that the reader should seek appropriate legal and other professional counsel, what follows is a broad overview of the challenges you must address.
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Budget Tips:
Making More and Spending Less, Part 2
Wednesday, July 25
1:00 PM EDT, 12:00 PM CDT,
11:00 AM MDT, 10:00 AM PDT
As a follow-up to our previous session on Doing More with Less, presenter Bonnie Wallsh will focus on how to save money on your marketing plan, food and beverage functions, entertainment and special events.
She’ll explore how sponsorships can offset your costs, and you will receive 39 specific cost-saving tips that are guaranteed to stretch your budget. In addition, she’ll review additional cost-saving tips that have been submitted by your colleagues.
As a result of participating in this session, attendees will learn the following:
- How to save money by becoming more cost-effective with your food and beverage, entertainment, special events, marketing and sponsorships
- Obtain resources that will continue helping you save money following our webinar.
Earn CEUs: This webinar is worth 1 clock hour of continuing education toward the initial CMP application and recertification through the Convention Industry Council
Register today!
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However an audit of alleged procedural violations at the Ontario Convention Center turns out, the investigation is unlikely to convince the city to terminate its relationship with SMG World—the company managing the venue—city officials said. The City Council approved a 5-year extension to the firm's contract on May 1, according to The San Bernardino County Sun. Read more...
VisitPittsburgh, the Pittsburgh CVB, is reviving a campaign to attach a mega-hotel to the David L. Lawrence Convention Center, according to The Pittsburgh Tribune. Such a move is the only way the city can level the playing field against other cities fighting for conventions, said the bureau's CEO. Read more...
The Peabody Little Rock is about to change hands and a big renovation and rebranding is likely in the cards for the iconic property. The hotel's current owner, Belz Enterprises has signed an agreement with another hotel ownership firm, Fairwood Capital to sell the 440-room hotel, according to ArkansasBusiness.com. Read more...
SGMP Executive Director and CEO Charles S. Sadler has not only resigned from the association but has also been banned from all future chapter level and national SGMP events, and is no longer eligible for SGMP membership, according to a report from a meetings industry publication. He has held the position since 2008. Read more...
Following the release on June 7th of some dismal jobs numbers, David Huether, senior vice president of economics and research at the U.S. Travel Association, noted that the travel industry has been a better job creator than the nation-at-large. Here he provides some analysis on May 2012 employment numbers. Read more...
In the wake of its own spending scandal, the U.S. General Services Administration is about to overhaul its methodology for calculating federal per-diem rates. The changes could be bad news for buyers and suppliers alike. Read more...
Two months after congressional passage of severe restrictions on government/private-sector interaction, the House Committee on Oversight and Government Reform has agreed to legislation that amends proposed travel controls on federal government employees. Read more...
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