If you're serious about making party planning a serious business, there are several things you should do. Before you begin any business, it's important to do a lot of homework. The failure rate of new businesses is upwards of 50 percent, partly due to lack of planning.
Following are some suggestions for getting started:
Get Organized. There are many tasks involved when starting a business including choosing a business name, applying for business licenses, setting up an accounting system, and writing a business plan. You will need to keep notes and organize a filing system online and offline. To begin the process, you can download a free business startup checklist at www.BusinessInfoGuide.com/startupchecklist.
Study Your Industry. Read books, visit websites, and join trade associations so you can learn everything there is to know about event coordinating. It's also a good idea to try getting some experience by working or volunteering in that line of work.
Talk to Business Owners. Most business owners are happy to help others, provided they don't view you as competition. Contact owners of businesses outside of the area where you live. Let them know you are interested in starting a similar kind of business and ask questions. You could offer to buy them lunch in exchange for some friendly advice. You could even e-mail business owners across the country to ask for advice.
Read About Small Business. Start by reading a minimum of three business books. Check them out from your local library or take a trip to a bookstore and invest in growing your knowledge. Also check out Home Business Magazine, Entrepreneur, and Inc. Each is worth the price of subscription.
Access Free Resources. The Small Business Administration (http://www.sba.gov/) offers classes in most major cities. The Service Corp of Retired Executives (http://www.score.org/) provides free counseling to entrepreneurs. There are also many websites with business startup resources:
http://www.businessinfoguide.com/
http://www.ideacafe.com/
http://www.entrepreneur.com/
Write a Business Plan. You will need to have a business plan if you apply for a business loan, though even if you aren't applying for a loan, you should still create one. The act of writing the plan will teach you a lot about the business you are starting because it forces you to examine every aspect of the business. There are numerous books available on business plans and you can even purchase software to help you write yours. Download a free business plan outline at http://www.BusinessInfoGuide.com/bplans.htm.
Develop a Marketing Plan. Marketing is extremely important to business longevity, and will certainly be a big part of promoting events. The "Guerrilla Marketing" series of books by Jay Conrad Levinson provide lots of great marketing tips.
Plan a Proper Budget. Under capitalization is one of the leading causes of business failure. Be sure you have your finances in order and have extra money set aside for unexpected expenses. A good rule of thumb is to develop a list of startup costs and then double it. You will also need enough money to live on for six months to a year or more. For information on business loans and grants, visit http://www.BusinessInfoGuide.com/money.htm.
Don't Leap Off a Cliff. While a leap of faith can work for some people, it's not always a wise choice. A better choice is to proceed with caution and never wager more than you can afford to lose. The ideal option is to start your business on the side while maintaining some steady income. This will give you the opportunity to grow your business and make sure it can support you over the long run.
Starting a business can be very rewarding, but it also requires a lot of work and dedication. Also be sure to pursue a business you can be passionate about. Because of the hard work and investment in time and money, you will increase your chances of success and your quality of life if you genuinely love what you are doing.
Following are some suggestions for getting started:
Get Organized. There are many tasks involved when starting a business including choosing a business name, applying for business licenses, setting up an accounting system, and writing a business plan. You will need to keep notes and organize a filing system online and offline. To begin the process, you can download a free business startup checklist at www.BusinessInfoGuide.com/startupchecklist.
Study Your Industry. Read books, visit websites, and join trade associations so you can learn everything there is to know about event coordinating. It's also a good idea to try getting some experience by working or volunteering in that line of work.
Talk to Business Owners. Most business owners are happy to help others, provided they don't view you as competition. Contact owners of businesses outside of the area where you live. Let them know you are interested in starting a similar kind of business and ask questions. You could offer to buy them lunch in exchange for some friendly advice. You could even e-mail business owners across the country to ask for advice.Read About Small Business. Start by reading a minimum of three business books. Check them out from your local library or take a trip to a bookstore and invest in growing your knowledge. Also check out Home Business Magazine, Entrepreneur, and Inc. Each is worth the price of subscription.
Access Free Resources. The Small Business Administration (http://www.sba.gov/) offers classes in most major cities. The Service Corp of Retired Executives (http://www.score.org/) provides free counseling to entrepreneurs. There are also many websites with business startup resources:
http://www.businessinfoguide.com/
http://www.ideacafe.com/
http://www.entrepreneur.com/
Write a Business Plan. You will need to have a business plan if you apply for a business loan, though even if you aren't applying for a loan, you should still create one. The act of writing the plan will teach you a lot about the business you are starting because it forces you to examine every aspect of the business. There are numerous books available on business plans and you can even purchase software to help you write yours. Download a free business plan outline at http://www.BusinessInfoGuide.com/bplans.htm.
Develop a Marketing Plan. Marketing is extremely important to business longevity, and will certainly be a big part of promoting events. The "Guerrilla Marketing" series of books by Jay Conrad Levinson provide lots of great marketing tips.
Plan a Proper Budget. Under capitalization is one of the leading causes of business failure. Be sure you have your finances in order and have extra money set aside for unexpected expenses. A good rule of thumb is to develop a list of startup costs and then double it. You will also need enough money to live on for six months to a year or more. For information on business loans and grants, visit http://www.BusinessInfoGuide.com/money.htm.
Don't Leap Off a Cliff. While a leap of faith can work for some people, it's not always a wise choice. A better choice is to proceed with caution and never wager more than you can afford to lose. The ideal option is to start your business on the side while maintaining some steady income. This will give you the opportunity to grow your business and make sure it can support you over the long run.
Starting a business can be very rewarding, but it also requires a lot of work and dedication. Also be sure to pursue a business you can be passionate about. Because of the hard work and investment in time and money, you will increase your chances of success and your quality of life if you genuinely love what you are doing.
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