These are all good reasons to pursue this profession.
But anyone who contemplates the fantasy of starting their own event planning business must follow some important steps before you even beginning to talk to clients.
Now that you realize that creating an event planning business should be viewed as a “work in progress,” it’s very important to determine your business structure in the beginning.
The most fundamental step is to make sure you decide what type of business entity works best for your plan.
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.
In time you may handle a full range of events, but initially recognize that there are distinctive differences between corporate, association, nonprofit and social events. Because you decided on your market, you may be thinking this is a good time to share the news about what you can offer to the world. Starting your own business isn’t as glamorous as such fantasies.
Like everything else, starting an event planning business requires a business plan.
The good news is that several resources are available to help.
Expert to Home Business Randy Duermyer provides some insights into business plan basics and walks you through the process. S Small Business Administration is a good resource that publishes materials about writing business plans as well.