How to Start a Fun Party Business
Are you the life of the party? Do you enjoy planning, organizing and/or entertaining? Then starting a fun party business could be a great way to turn your passion into profits. Here are some tips to start a fun party business.
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Instructions
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Decide what type of fun party business to start. Will you organize children's theme parties or plan events for adults? Will you focus on specific themes such as birthdays or holidays, or generalize? Will you simply plan and organize parties using third-party contractors to provide food, entertainment, etc. or will you provide everything?
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Do market research. When you have your fun party business idea outlined, determine who are the people that will hire you. What are their demographics? Where are they located? How can they be reached. Then do a short survey to find out if this group is willing and able to hire you. You don't want to start a business without verifying that you have customers. These people can't just think you have a good idea, they have to report that they'd hire someone like you and indicate how much they'd pay.
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Set up your fun party business. Choose a business name that identifies what your business does. Check to make sure its not already trademarked by doing a search at the U.S. Trademark and Patent Office (http://www.uspto.gov/trademarks/index.jsp). Set up your business structure (e.g. LLC) and get any needed business permits and licenses as required by your city or county. If you'll be catering, you might need additional permits from the health department. Apply for an Employer Identification Number (EIN) for tax purposes. (If you are a sole proprietor you can use your Security Number instead of an EIN.)
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Write a business plan. This is the road map to your party business' success. Describe your business in detail including your products and services, target market and marketing strategies, financial information, and your goals for the next 12 months.
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Get start up money. The amount of money you'll need depends on how you set up your business. You should have an idea of all your expenses (start up and ongoing) from the financial section of your business plan. Next you need to get the money. You can use your business plan to obtain loans or investors. Visit the Small Business Administration (http://www.sba.gov/smallbusinessplanner/start/index.html) online to get information about financing your party business.
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Negotiate with suppliers and contractors. If you'll be supplying materials such as decorations and food, you'll want to contract with wholesalers that usually provide discounts for regular and volume buyers. If you'll be hiring third-party service providers such as caterers, you'll want to research and create relationships with these businesses before you get your first client.
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Market your fun party business. Thinking of your target market, create marketing materials they will respond to and put them in places they will see. This includes ads in magazines or newspapers, building a website, creating a party newsletter and more. Don't forget to launch a grand opening party and send press releases to the media. Finally, be sure to let everyone you know about your new business and ask for referrals.
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