What are the typical start-up costs for a party planning business?
I am a student trying to build a small business and was instructed to use this site to seek information. Can anyone provide me with information on what the typical start-up costs might be for a party planning business?
Hey there, whilst this was posted a while ago, I only just discovered and figured I'd shed some light. When it comes to event planning, coordinating and hosting, there are several attributes to take into consideration, just like any other business.
However, being a startup and being a student, I'd assume you've got a great network of friends, school colleagues, and other associates.
These people are of great value and are likely to be your foundation of kick-starting your objectives.
You need to determine what services specifically you'll be offering because after you've figured this out, you'll need to build the right relationships with companies that can supply and fulfill requirements such as rental equipment, DJ's, party supplies, novelties (like photo booths), bartending and catering, etc.
Once you've determined how in-depth you wish to go with this, you'll want to do some of the following...
- Come up with a business identity (company name and domain) and ensure that they're available to register as an LLC
Cost: Your time spent researching
- You'll want to file an LLC as this will protect your personal assets in the event that your business explodes and something goes wrong.
- Create a presence on social media (the usual suspects Facebook, Twitter, Instagram, etc). Make these accounts biz NOT personal to help build reputation and consistency
Cost: Your time spent creating
- Create a media kit which outlines the basic logistics of what services you offer then potentially get that printed into flyers for local marketing
Cost: $100-$200, depends if you're crafty cause if you can personally develop the design, then your only cost is for the print and distribution of mailing flyers
- Seek out suppliers for services and equipment that you, yourself cannot supply.
Cost: Once again, this is a matter of time you invest to make those connections
- Manage social media accounts to hype up your business in local groups
Cost: Your time OR you can pay someone to do this but I personally don't feel you should allow someone else to handle at the beginning of any new business
This really is a loaded question you've asked because partying planning has so many levels to it that can go in many directions.
I personally have worked for over 10 years as a business consultant, helping a multitude of companies globally expand their business through trade show sponsorship's, parties, branding and advertising and have hosted as much as a dinner for 200 on a riverboat in Prague to a party held in the Real World suite at the Hard Rock in Las Vegas for approximately 1,000 people during the course of a 5 hour span.
Feel free to banter back with me and let me know whether or not you explored this idea and took the next steps as I'd be happy to provide advice based upon my own experiences. :)