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Basic Tips When Starting an Event Planning Business

Basic Tips When Starting an Event Planning BusinessIs your entrepreneurial spirit kicking in? Do you want to engage yourself in the events planning industry? If you are, then this post is definitely for you. We will give you a quick overview of what you need to consider should you want to make this your serious business.

Know your Target

You might think that being the ‘jack of all trades’ is a good idea when you are starting your own events planning business. While it is important to know a lot of things, it is also vital to have focus. You have to remember that there are different events. We have the celebrations, education, promotions to name a few. Each celebration calls for different planning. You must know which one would be your forte so you can do more research on that, making you stand out from the rest of events planning companies. Engage in a specific niche that you enjoy doing before extending your network to other type of occasions.

Make Your Business Legal

Secure the necessary permits required for your business to be able to release official receipts to your customers. Being a legal business also increases your credibility as a service company to your clients. Registering business also protects you and your clients as well.

Building Contacts

Quite frankly, building contacts is never easy. And we believe one should be able to invest a lot of time building network. You should start from your family and friends. Tell them that you are starting up a business and would appreciate if they could refer you to their friends. From there, you can build your own potential clients. Just make sure your services are always the best so you can get the best advertising out there – word of mouth.

Creating Portfolio

Now that you have clients, never forget to document your events. Always have your camera ready to take snapshots of even the littlest details. Create your social media accounts so you can have a wider reach. And of course, always ask for testimonial from your clients and politely ask if you could quote them on your pages. Have a media kit as well that can be easily distributed as flyers to extend your services to potential customers.

Get Certificates

It would also be great for your business to get certificates. This is going to look good and of course, big companies would be more comfortable in dealing with you. So while you can, get certified.

An event planning business is a big business and opportunity you can explore. With the right foot forward in starting the business, success is quite easy to achieve.

Reasons Why You Should Be Your Own Boss In Business

“There is only one success, to be able to spend your life in your own way. – Christopher Marley.”

Becoming your own boss means that you create your own business. You are going to have to take responsibility for your business and you have to be willing to take risks. That said, here are 6 reasons why you should be your own boss.

You pursue a purpose – Being your own boss means that you are able to decide what you want to do with your career and your life. If you were working for someone else, you are working for their purpose, which you may or may not agree with. However being self-employed will give you the opportunity to create a unique purpose that will contribute to other peoples’ lives.

You are passionate – Creating your own business means that you can use your interests and passions to your advantage. You will be able to build a business that resonates with the things that excite you and give you passion. You will wake up every day feeling excited to work because you enjoy it.

You create freedom and flexibility – Working for yourself will mean that you can choose the times in which you work, creating a flexible lifestyle. You can spend more time with friends and family. Depending on the type of business you own, such as an Internet Business, you are also able to work from different locations, giving you the ability to travel while you work.

You control your finances – Being employed for someone else means that you are given a pay check that may or may not satisfy you. Being self-employed means that you have the power to control how much you earn. It will certainly be a struggle at first when building your own business to earn a good income. However as time passes and you commit to your business, the financial benefits can be very satisfactory.

You are in charge – There is no one to tell you how to run your business. You make decisions, you manage employees and you take the responsibility. Imagine working for someone else your whole life, where they tell you what to do and how to do it. Being your own boss allows you to do things the way you like to do them.

You grow as a person – Building your own business will build your character over the years. Your self-esteem will develop due to the confidence of managing your own business. Your legacy will develop as you make a difference in the world and change people’s lives. You will grow in many ways that you couldn’t of if you were working for someone else.

Finally, becoming your own boss is not for everyone. Some people do not want to deal with the commitment and persistence involved in creating their own business. They would much rather prefer to choose the easy option and work for someone else.

NonbProfit Does Not Mean No Money

There is a big misconception with first time business owners and entrepreneurs about non-profit businesses. Many first time business start-up owners think that they would rather start a for-profit over a non-profit because they want to make money. The thought is that they do not want to start a non-profit because they (incorrectly) think that non-profits cannot make money.

The fact is that there are more streams of revenue in a non-profit organization than a for-profit business. Although not all types of businesses are eligible for the non-profit tax-exempt status, there are some types of businesses that can easily be formed as a for-profit or non-profit. Perhaps the best example is a child day-care center. Regardless the type of business entity the child day care center can charge the same rates and fees for the same services. The staff can receive the same rate of pay and benefits. The same profits (surplus) can be gained.

In addition to generating the same revenue through the sale of products and services the 501c3 non-profit can receive tax-exempt donations from fund raising, in-kind donations of products and labor (volunteers), endowments, and grant funding. The 501c3 tax-exempt organizations are also exempt from paying federal income tax, federal unemployment taxes (FUIT), and in some states, sales tax.

Non-profit organizations can purchase capital assets such as property, buildings, and investments. Non-profit organizations can pay employees benefits, insurance, and retirement plans. Non-profits can pay for additional employee benefits and perks as long as they generate enough revenue to do so.

Non-profit organizations do have a limit as to the amount of revenue they can receive in a tax year. The limit is three times the amount of their estimated budget for that year. For example, if a non-profits budget was $500,000 for the next tax year they could legally generate up to $1.5 million before adjusting their budget and reporting.

A couple of examples of excellent non-profits and their ability to generate revenue are: the Girl Scouts of America (501c3) which sells cookies, and the NFL (National Football League, a 501c6) which is a kind of membership association of privately owned for-profit businesses.

These organizations generate hundreds of millions of dollars in revenue each year through their business efforts.

Why You Shouldnt Rely On Motivation As An Entrepreneur

Do you know the one thing you should never rely on as an entrepreneur?

Motivation.

Why?

Because your motivation changes faster than David Beckham’s haircut.

Think about it.

Let’s say you watch a “motivational” video…

You’re all pumped up…

You’re gonna be the next Bill Gates…

You’re invincible…

No one’s gonna stop you.

And then…

Two hours later…

You’re on the sofa with a large bowl of ice cream watching Jeremy Kyle.

(Okay, you might not sink that low.)

But you get the point.

Motivation is short term… VERY short term.

And as an entrepreneur, I’m afraid to say you have to play the long game.

So what can you do instead?

Well, have a long term goal… Decide what you want to achieve in ten years time. And I mean, really decide what you want to achieve.

When goal-setting, people tend to set goals they think they want, but it’s not what they actually want. So if you don’t really care about driving the latest Ferrari, don’t set it as a goal.

Be specific with your goals, too. If goal setting is to work, this is important.

Write everything down in detail.

Paint a word picture of your ideal home…

Your ideal holiday…

You ideal life.

Anyway, when it comes to goal-setting you should also have a medium goal…

As well as a weekly (or even daily) short term goal.

Then make a plan so you smash every goal you set.

That’s it.

No, it’s nothing “ninja”.

But, is it effective?

Absolutely.

Because you’re not relying on motivation to get you through the day.

Instead, you’re relying on your goal.

Anyway, no matter what your goals are when it comes to being successful as an entrepreneur, email marketing can help you achieve them.

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