It will also depend, to a lesser degree, on your own taste and lifestyle choices.
Keep in mind that while working from home will keep your costs low, you can't start any but the smallest of event planning business on a shoestring.
Just a few years ago, Goldblatt says, the average profit margin for an event planning entrepreneur was around 15 percent.
His most recent studies, however, show profit margins can be as much as 40 percent.
Both owners will derive their income from pre-tax net profit.
Annually, these businesses will gross ,000 and 0,000, respectively.
This chart lists the startup costs for two hypothetical event-planning services.
The first business is homebased and has no employees.
Editor's note: This article was excerpted from Start Your Own Event Planning Business (Entrepreneur Press, 2015).
The special events industry has grown enormously in the past decade. Joe Goldblatt, CSEP (Certified Special Events Professional), spending for special events worldwide is 0 billion annually.