Franchise Spotlight: Events
Industry analysis shows that, despite a bumpy year, the events sector looks set for a bright future.
In 2018, the events industry was valued at a whopping $1,100 billion world-wide. Famous for its ability to execute events on a global scale, America is an industry leader in this sector. Events come in many shapes, sizes and forms.
It is therefore no surprise that this is a diverse business model with many franchise opportunities. These cover: festivals, sport, music concerts, corporate seminars, weddings, birthdays & party planning, conferences, arts & performance and more.
Events industry analysis
2020 has seen a dip in industry revenue as the pandemic has meant that people have been unable to gather socially in the same way. However, some companies have found a way to offer event services online. Others have generated business by offering bespoke, socially distanced events or provided a service in re-thinking pre-existing events and making them safe and covid secure.
Whilst some businesses have undoubtedly suffered, there have been others than have capitalized and thrived. The ability to be flexible and think outside the box has been more valuable than ever, in 2020. Furthermore, when it is safe to do so, there is no doubt that the events sector is going to be in high demand. People will want to gather, celebrate and socialize and in-turn, industry revenue will peak.
A background in the events industry is not necessarily required when becoming a franchisee. However, the events sector is best suited to those who are creative, organized and enjoy working with people. Franchisees can lean on the wealth of experience, training and tried and tested systems the franchise has to offer, as well as a recognized brand name to draw in loyal customers. An established reputation is important during economic uncertainty, as customers want to feel like they are in safe hands.
Although 2020 has been a difficult year for the events industry, one that no-one could have predicted, it is only temporary and has a bright, long-term future ahead.