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Issues to Consider When Starting an Event Management Company

Essay by   •  June 6, 2011  •  Essay  •  1,104 Words (5 Pages)  •  1,924 Views

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Starting a new business is both exciting and rewarding; however it is important that you do not underestimate the amount of work that is involved, not to mention the important decisions that you will have to make, particularly in the early days. The results of which could be the make or break of your business.

One thing which is very important and should be considered right at the very beginning of the whole venture is your own commitment to the business and the product, along with the support you will have in the early days from friends, family and loved ones. No matter what kind of business you are considering, or what challenges you may face in day to day aspects of setting up and running your business, you must be committed in order to make it work. Without it the chances are you will fail.

Commitment is not just related to simply setting up a business. It's all very well to be commitment to being your own boss. However, you must also be committed to the product your business will be selling or providing. If you get your business off the ground but are half hearted towards your product, this will have a detrimental impact on both your product and the company. Why would anyone else trust and believe in your product if you don't?

A further aspect of commitment which is also very important and closely related to your own personal commitment is support. Support can range from the support you receive from friends and family to some of the benefits you may have if you are in permanent employment. Support will also incorporate financial support.

Firstly I feel it is extremely important to have the support of those closest to you, your friends, family and loved ones. Starting out in business carries huge demands, both physical and mental. It takes hard work, long hours and dedication, all of which could put a strain on your closest relationships. It is also important to have support from friends and family as they may be able to offer advice and guidance, particularly if they have been in similar situations. Another important reason for support, comes from the fact that setting you're your own business can be a lonely experience, particularly if you have previously worked in a busy office, surrounded by colleagues. In this situation it's not only important to have support from those close to you, but also that you participate in business networking in your area. This will not only provide you with some additional support along the way, as well as an outlet to bounce ideas off, but in longer terms it may give you a larger network of clients or supply partners to work with.

Another important factor you need to consider is just how viable your business will be, taking into consideration the current economic climate and your area.

Another very important factor which needs to be examined is how you are going to finance your business. Many people start their business on a shoe-string whilst still holding down

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