How To Start Your Own Party Planning Business

For this, it’s important to secure professional advice.

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The Expert to Tax Planning William Perez outlines the six forms of business organizations recognized within the U. by the IRS: Sole proprietor, C-Corporation, S-Corporation, Partnership, Trust and Non-profit organization. Event planning businesses should secure general liability and other forms of insurance to protect the business owner’s interests.

Several forms of insurance exist, so it’s best to speak with an insurance advisor to learn all of the requirements.

Many independent and small event planning firms should be conscious of the various ways to cover their expenses and make a reasonable profit.

After all, this will help keep you in business five years from now.

This includes staffing resources for administrative, sales, marketing, communications, legal, accounting, and other functions. But now it is also a time to think a little deeper and continue pondering what types of event planning services you will offer. Will you offer full-service planning and execution on behalf of your client for venues, catering, production, speakers, gifts, transportation, lodging and more?

Some of you may be disheartened by the reference to “legal” and “accounting.”. We recognize that many of you have probably already thought of this, but it’s important to stay focused on your core services. Will you specialize in one particular aspect of the planning?

The long-term success of an event planning business will be based on the experience that the planner brings to his or her clients.

That means, if you’re thinking about starting an event planning business, you should have a solid grasp as to what an event planner is, and make sure you have some solid skills:​ Okay, let’s say you’ve been working in corporate meetings for five years and are ready to create a business.

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