Risk: High

Starting an event planning and coordination business from scratch can be quite risky, especially for someone who can't afford to lose money. Beginners in this field may potentially lose money on initial marketing efforts, networking events, and operational costs. It's not uncommon for novices to spend money on advertising or equipment without seeing immediate returns. There are startup costs involved such as obtaining necessary licenses, building a portfolio, and investing in marketing which may not pay off right away. Online discussions often highlight challenges like underquoting, mismanaging budgets, and dealing with last-minute cancellations that can lead to financial losses.