Although thousands of people conduct their own business every year, the first year will fail, half will fail in five years, and 65% will fail in 10 years, according to the Bureau of Labor Statistics.
Still, millions of people make leaps every year, including meeting planners who decide to choose a store, or because they lose their jobs or are forced to retire early.
Challenges faced by independent conference planners include budget constraints, cash flow issues and finding skilled staff. For Eric Rozenberg, who founded the Event Business Formula in 2017 to help other small businesses, needs to do everything by themselves and almost led to his downfall.
“When I started my first business, I made a classic mistake: I think, this is my company, my brand – no one can do better than me.
“For two years, I’ve run the project entirely alone. It’s exhausted and unsustainable. I’m stuck on the hamster wheel: finish one project, fight for the next one, and repeat.”
Until he hired a team and learned to delegate things started to change. He recalled that he had spent his first weekend off since he started his business, only worried that something would go wrong. “Guess what? No,” he said. “My team has delivered and I finally have the time and spirit to focus on growing my business rather than just surviving.”
Cash flow issues
According to Score, a nonprofit that provides free business guidance and resources for small businesses, 82% of small businesses fail due to cash flow issues. Most people choose to use accounting software to handle their own bookkeeping.
Steve Hoffman, a former IRS agent, said it was a smart move to hire an accountant from the start, who specializes in tax advice for universities. Planners who always deduct taxes may work to submit estimated quarterly taxes without having to do so that could result in IRS fines.
Small businesses often ignore basic deductions, such as mileage, by inaccurately tracking expenses. “Getting professional advice early in the long run can save time, money and headaches,” he said.
Flexibility is crucial
Caryn Taylor has worked for 28 years at SEI technology and investment company SEI, working with Vice President of Events and Experience. She started her own conference planning and strategic planning company, Caryn Taylor Network, in January. Given her years of planning experience, her main challenge has been sticking to the specific services she provides.
“On the one hand, the clear focus allows me to open a niche, build a good reputation and create streamlined processes. On the other hand, limiting my scope can be limiting, especially when I can imagine my initial vision exceeding my potential opportunities.”
Fiona Nieman was fired last month to form her own conference planning company, Indaba Events, after she was fired last month to serve as director of conference and conference planning for global religious organizations. She has been going through different things than planning meetings, and she has been doing it for nearly 30 years.
“I quickly realized that there will be three different roles within my company: entrepreneurs with a vision, business managers and employees – people who work in all their jobs,” she said.
“As a meeting planner, it’s easy to get back to what you know and like the most: meeting plans. But as a business owner, you have to take a narrowing business approach, not just a series of planned activities, but also as a series of plans, but to build, nurturing and strategic long-term growth for long-term success.”
