Event centres and halls are at the heart of Nigeria’s social scene. They host our weddings and anniversaries, conferences and other corporate occasions. They are also locations for seminars and training.
So it’s easy to see why there’s a high demand for event centres. This is especially true of the larger cities, where hundreds of events take place every weekend (and on weekdays too). If you own an event hall in a decent spot, you could rake in substantial revenues from the occasions that people hold in it.
Perhaps you’re thinking about setting up an event centre business, and you’re wondering where to begin. This article will take you through the steps to starting it up in your city. Here they are:
Study The Market
This is the first thing you should do. Find out what the demand for event centres is like where you are. Also, scour the districts you’re considering launching your business in for similar halls. If the local market for such centres is saturated, you may have to look elsewhere for a site to set up.
Don’t settle until you’ve found a place that has both a need for event hosting spaces and an undersupply of such spaces.
Come Up With A Business Plan
Your business plan will be a roadmap for what you intend to achieve with your business, and an enumeration of the resources you’ll need to do so. It should include your mission and vision, feasibility study and business model, as well as your projections for revenues and expenses for the early months and years of your business.
You’ll need a business plan because it’s a yardstick against which you’ll compare the progress you’re making on your path to reaching your business goals.
Register The Business
It’s important that you register your business with the relevant authorities. This will confer it the legitimacy that it needs to function where it’s located. You can do this with the Corporate Affairs Commission (CAC) which is in charge of business registrations in Nigeria.
You may also have to obtain permits and licenses at the state and local government levels. The specific permits you should get will depend on what’s required where you are.
Select A Decent Location
You should build your event centre in a location that has a high demand for such a space. There are other factors you’ll want to consider, like the size of the space, room for parking, land and construction costs, etc.
Work with a lawyer to ensure that the land acquisition process goes smoothly. Their involvement may save you from falling victim to fraudsters posing as land agents.
Build The Event Center
You will likely incur significant costs at this stage. That’s because you will be paying for multiple services: architectural design, surveys, the building process itself, and electrical fittings. You’ll also want to work with an interior designer to ensure that the hall assumes an attractive look.
You probably won’t be able to keep an eye on your event centre round the clock. So you’ll have to hire workers who will do this for you.
Roles you may hire include event centre manager and event coordinator.
Promote And Market Your Business
Don’t just wait for potential clients to come to you. Attract them by advertising and marketing your event centre across multiple channels. Put up signboards that will point passers-by to the centre’s location. Distribute flyers that’ll inform people that you’re open for business. Set up an Instagram account where you’ll show off the spaces and events that are held in it.
The farther your online and offline marketing efforts go, the higher your chances of attracting clients.
The demand for event centres will remain strong for as long as people want to organize and attend occasions in person. You can take advantage of this demand by setting up your own event hall. We’ve explained how you can do that. It’s up to you to make it work.Featured Image Source: PropertyPro.NG
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