Beginner’s Guide on Starting a Party Planning Business in Singapore
Are you a person who loves parties? I am sure 98% of the people would say ‘Yes.’ We all like to party with our friends and family members to relax our minds and bodies after a hectic week. Hence, if you are planning about starting a party planning business in Singapore, then there won’t be a better time to start than now.
Since the time the COVID-19 pandemic hit us in the last 1.5 years, each of us has been frustrated staying at home for the longest of durations. Many of us never used to stay in one place for a month; now, imagine we had to stay locked up for months. Since now everything is coming back to normal, people are looking forward to going out more often, and compensating for all the lost time.
No doubt, opening anything at certain times can be a bit challenging, but it will be worth it in the end. Hence, if you are certain about your business idea and looking forward to growing your company exponentially, then you are making the right decision. Here in this thread, you will get deeper insights into how you can start a party planning business all by yourself.
What is it Like to Start a Party Planning Business in Singapore?
Enjoying a party is an easy task, as all it takes for you is to join an online call or visit a place physically all decked up and reap the benefits of being in a classic place serving you delicious food, excellent music, and ambiance. But, when it comes to planning a party, it does require an individual to have some relevant skills. People looking forward to starting a party planning Business need to be great at multitasking. They would be required to develop creative ideas, plan, organize, execute, declutter and then showcase what they have done. Also, in this industry, ‘Networking skills play a huge role, as the better connected you are with your target stakeholders, the more business you will have.
As and when the business grows, you will be required to keep up with plenty of service providers and clients at a given time. Hence, there is no doubt that party planners need to have excellent communication and interpersonal skills. Planning the party is not the only thing you will be stuck at. Still, in this competitive world, you will also have to develop ways to market your party planning business, using the right platform and the tools to reach out to the potential audience. But as a business genre, party planning is very flexible and, more importantly, quite interesting. It allows individuals to offer and specialize in the genre they want to specialize in. Party planning as a business includes elaborations, which include high-profile launches, weddings, kids’ birthdays, etc. There is always something placed on the cards for party planners who are enthusiasts.
Industry Practices for Party Planning Business in Singapore
Singapore is undoubtedly one of the most vibrant countries, having thriving cultural and arts scenes. It has a rich cultural diversity; subsequently, it caters to plenty of occasions. Over the years, tourism in Singapore has drastically gone up, which leads to events taking place now and then. Starting a party planning business is an extremely great way to capitalize on all of these below-mentioned factors. Be it Gen Z, youngsters, or middle-aged people, everyone likes to attend a party once in a while to get a break from the mundane routine. Hence, there is plenty of scope for a party planning business in Singapore.
Beginning your own business is a different feeling altogether, as it helps you drive the company and gives you a platform to showcase all your hard work and talent, not for someone else but for yourself. The greatest USP of the party planning business is its ‘Cost-Effectiveness,’ which has driven and lured people towards itself. You will not have to commute to work (Save time and cost); you will not have to put money into any product and wait for it to sell. Starting a party planning business requires very little investment, which is why this business genre attracts many people. Most importantly, who would not like to work in a profession where they can have fun all the time? In such a business, one can work towards what they are passionate about and not stress over 9-5 job timings.
Licenses and Permits Needed for Event Planning Business in Singapore
In general, businesses in Singapore do not require a license for training, and these permits are also very industry-specific. But, some events do require proper written approval from the police or the local authority.
Hence, in the case of a party planning business owner, it is always good to check with all the required and relevant authorities about the guidelines before planning any event. For instance, the license for arts entertainment comes from IMDA – Infocomm Media Development Authority of Singapore. In the case of any public entertainment event also, one needs to take permission.
During the event, if you are looking forward to selling food and beverage, you will be required to get approval from NEA (National Environment Agency). Hence, it is important to plan well in advance to avoid any risks during the event.
Here are the examples of the permits and licenses you will need to cover for some specific events:
- Trade Fair Permit
- Fireworks Display Licence
- Music & Video Copyright Permit
- Animal Exhibition License
- Public Entertainment License
- Animal Exhibition License
Just like with any other business, even while starting a party planning business in Singapore, one needs to get the basics right in the first place. When it comes to setting up a business, firstly, you should be ultra-clear about what you want and what the place is. The next very important step is company registration in SG. There are different structures regarding the registration of businesses which include the following:
- Sole proprietorships
- Private limited company.
Currently, Singapore has a scheme for home offices in place, allowing small businesses to operate freely from home. There are rules clearly stating the dos and don’ts for business activities carried out in residential properties. However, an important point to note during the stage of SG company incorporation is that it is now allowed to use the HDB flats as a business address while registering a company. One also needs to set up an official business bank account and protect their IP (Intellectual property, by getting brand protection for the trademark.
Also, post-registration of your business, you will need to come up with an official website to showcase who you are and market it to your target audience.
There are no set rules and regulations for the party planning business set in Singapore by professionals, but it is always advisable to have crystal clear clarity first. One can always get in touch with 3E Accounting – one of the best SG corporate service providers, and verify all the rules and regulations.
Licenses and Permits
For starting a party planning business in Singapore, you do not require any license. Also, there will be no officials who would be running to check the working of your business. However, it would always be practical to look at the industry practices, conduct the background check of the team members, and clients and take everyone into confidence. ‘Prevention is Better Than Cure’ is a common phrase, and businesses often need to use it.
Hence, to get deeper information regarding licensing and permissions, you can reach out to the experts at 3E Accounting Singapore – a prominent Singapore corporate service provider.
Every time, the biggest mantra of the organization has to be to keep their clients’ needs ahead of anything else. 3E Accounting is a very known name in the business world. Consistently since its inception, the experts at the company have not left any stone unturned in offering the highest quality of services. The professionals here have years of experience and knowledge about the industry.
Starting any genre of business is not easy, including the party planning business. For this, you would need the help and guidance of professionals who have had plenty of success stories and case studies themselves. Contact us and get in touch with one of the professionals who can help you sort all your queries out.