The events industry in South Africa is one with a lot of potential and entrepreneurs are flocking to become part of it. It is, however, a sector that requires a specific set of skills if you are going to be successful.
If you have the skills and you’re able to find the right niche, though, buying an events business could be the start of a successful and passion-driven career! Read this to find out how to find the right business to buy and what to do once you’ve found it!
About the industry
The low exchange rate has meant that there are many foreign companies and individuals that are choosing to host their events in South Africa. The country has become the ideal spot for destination conferences and weddings.
Because of this and other factors, the industry is thriving. This means that there are a lot of opportunities for those that are wanting to get into the industry.
If you are going to buy an events business, you need to make sure that this is the right industry for you. Running an events business will require that you are outgoing and ready to be interacting with people on a daily basis.
You also have to be detail-oriented and very organized. Running a successful event will mean thinking on your feet and working under high levels of stress.
The advantage of this industry is that you can find a business that you can buy that will suit your needs. You could run your events business from home to keep your costs down and fit your business around your home life. Or, you could run your events business from an office space.
Finding the business that best suits might take time but it will pay off in the long run.
Find your niche
With thousands of options for customers to choose from, you will need to find a niche. Once you know who it is that you are catering to you can push yourself to the top of this market.
Your niche could be weddings or corporate events, but it could also be even narrower. Your business could focus on esports or business expos.
Before you buy a business, find one that will be able to cater to a niche market as well as your passions and needs.
Finding your niche is, essentially, identifying who your target market is. The clearer you are of who you are targeting, the better you can reach your audience. You will also then be able to build specific contacts with suppliers and better understand the needs of your customers.
Research before you buy
Finding the right business will be a process. It’s important that you know what you want to do before settling on the right business to buy. Be sure about what you will and won’t be able to change about the business before you put in an offer.
You need to research the market as thoroughly as possible. Do your due diligence and know what the business is worth so that you can go into negotiation prepared. The more time you put into finding the right business, the greater the payoff will be later on.