Start a Party Planning Business

Are you great at organizing? Can you create a memorable party atmosphere without necessarily having to be the life of the party? Are you searching for a way to make extra money; or considering, going into business for yourself? If, you answered yes to these questions, there is a perfect home based start up business for you.

The Concept

Home based party planning businesses are great for well organized extroverted individuals, who know how to put these skills to good use. And, as more people look to outsource activities that they no longer have time to complete, the industry is growing. There are typically elements of a good party that the average person forgets, such as contracts with the photographer, disc jockey or band, and caterer, that ensures things turn out as planned. However, it takes a skilled and flexible person to turn into a problem solver when surprises do arise. As a party planner, you can choose to tailor your business around particular types of parties, like wedding receptions and business parties; or, you can choose to offer a variety of party planning services.

Start-Up Costs

Like other start up businesses, your first and most important costs will revolve around any necessary business licenses and insurance. Other initial and on-going costs will be due mainly to marketing strategies. Aside from these expenses, a home-based party planning business has few other initial costs.

Marketing

One unique way to debut your party planning services is to throw a free party. Although many resources suggest throwing this free party for friends and neighbors, consider taking your debut party a step further by throwing it for a local charity, non-profit, or even for select businesses. Depending on your start up capital you may even decide to throw more than one of these parties. Another great marketing tool is a portfolio of party themes, ideas, and decorations. This will really allow you to showcase your creativity and the ideas that will set you apart from your competitors. As a party planner, you need to have a website that highlights your creativity without being too busy. Yet, there is no substitute for old fashioned marketing. So, remember to pass out business cards and place ads in local papers.

Take-away Tips

To be an effective party planner you need to familiarize yourself with many of the food, beverages, and entertainment vendors in your area. It is important to know their pricing; whether you can workout more favorable terms, and the quality of their service. Create contracts templates for the service providers that you may need to hire. Contracts ensure that you and your client are receiving the specific services that you are not only expecting, but also paying for. Before you plan a party for your first client, decide how you will charge for your service. Some party planners charge either, a flat flee, by the service, or by the hour. And, as always, keep good financial records to be able to claim the most tax deductions possible.