Owning a business
I have always wanted to start my own business. It started as a dream bakery with secret passage to the underground city, incase of a zombie apocalypse. Now it has evolved from bakery in elementary school to clothing, shoes, to more creative turn into event planning and catering. With event planning and catering I'll be able to experience the creative, artistic side along with the food and business side. With college approaching I've been thinking a lot about my future and what I want to do for "the rest of my life." When I look to the future all I see is working with others in a creative artistic way with a purpose, like weddings, birthday parties etc. In this inquiry I hope to really dive deep and start creating my own business.
BIG QUESTION:
What would it take to run a successful business at a young age? What is the competition like for event planners and catering?
What would it take to run a successful business at a young age? What is the competition like for event planners and catering?
Important Things to Consider:
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Kick Start Checklist:
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Education/Experiences:
Don't need a degree but it will help Degree in business communication, management, hospitality management, public relations or marketing Competition in the field: This area is only raising --> especially after COVID-19 Projected to grow 8% from 2019-2029 Other bigger, well known event planners, vendors and coordinators who've already made a name for themselves Money Management: Keep track of all prices and money spent--> written and digital Keep prices relatively far, while taking into consideration the competition in that specific field Always stay within budget→ never over unless it is talked over with those involved Pay those involved, invest in growth Spread out tax payments Find a good billing strategy Monitor the books and money Always plan ahead and keep good financial habits Social Media Platform:
Make an Instagram/Facebook to spread the word - Start local: senior events, birthdays Take pictures of the events with consent to post |
Necessities:
Make a business plan Secure funding→ start up price Follow all the right legal procedures - Business bank account - Create a business structure - Choose/register a business name - Get/apply EIN→ employer ID # - Obtain licenses and permits - Health department → food sale - Sales tax license → selling product and services - Premises license → required for capacity over 499 at any one time that will run for over 96hrs( specific venues indoor/outdoor) - Temporary event notices (for smaller and low impact events) - Liquor license → when old enough ofc - Special events permits if state requires it - Plan for tax payments → federal tax ID #, state tax ID # - Create a compliance plan - Get business insurance !!ALWAYS have a contract in place → prepare for cancellations!! Be surrounded by those you can trust Establish a location Develop a marketing plan Build a customer base Change the plan as it evolves Make plans for payments and banking |
GOALS
1. Go to college for event management, PR, marketing or hospitality management (diploma or degree) → without a degree need 1-2 years of experience in the field to qualify to become a certified event planner but there’s no standard qualification requirement