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?
For this, it’s important to secure professional advice.
There are several options available to you, and it’s important to select the type of business organization that best represents your interests.Most event planners charge based on the following: In most cases, this shouldn’t be step 9, but it’s important to be motivated by the work that your new firm will bring so that you don’t get discouraged when considering the necessary realities.And each business owner will vary how he or she chooses to secure and source such funds.Together, they cited 16 How marks an article as reader-approved once it receives enough positive feedback.This article has over 208,103 views, and 93% of readers who voted found it helpful.Whether you plan on starting a home-based business or if you will have a small office elsewhere, ask questions about these forms of insurance (but not limited to) as follows: It’s time to try to lighten the burden of business structure for a moment.Now it’s time to consider who you want to include in your network of suppliers.What about communications services for event communications and more?With services in mind, it’s important to determine your fee structure.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.