Do you enjoy coordinating events? If this is you then why not make a profit out of what you love? There are a number of perks to starting up a party planning business. This includes the fact that it is an enjoyable job, it is in demand, facilitates a flexible work environment and allows you to transform your creative ideas into people’s memorable occasions. However, like all businesses, there are a number of legal and business obligations that need to be fulfilled. By following the P-A-R-T-Y guideline you will be on the way to a successful business journey.
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Pick a business name and have it registered
Choosing your business name is a critical component in your business set-up. Generally speaking, the quirkier the name, the more curious consumers will be to learn about the products and services that you provide. If you are into puns then maybe your business name can be puntastic. For a pointer on things to consider when naming your company click here.
Once this is decided, register for an Australian Business Number (ABN). This will enable you to run your party planning business in Australia and will increase the legitimacy of your business in the eyes of potential customers.
Always remember to enrol for tax
The type of taxes that you need to pay will depend on your business structure – sole trader, partnership or company – your annual turnover and the monthly wages that you will pay your employees (if you choose to have any). Click here for a full list of business taxes that may apply to you.
Most business owners, for example, will find that they need to register for the Goods and Services Tax (GST). This is a 10% tax on the majority of products and services sold in Australia. You must register for GST if your annual turnover exceeds $75,000, as gross income. If you are worried about which kind of taxes you need to register for, you may like to consult one of our Startup Lawyers.
Realise your online potential
As a party planning business one of your most powerful tool will be your online presence. This can range from a Facebook post to an e-commerce website. Having an online presence will not only attract more customers, but your colour scheme, font and choice of words will point to your business ‘vibe’. While this is up to your own personal preference, there are a number of things that can guarantee your online success. Make sure your text is easy to read and free from any spelling and grammatical errors. Have a logo that encapsulates what your business stands for and ensure that your contact details are clear.
Choosing to set up a website is also ideal. It ensures that individuals who are uncomfortable in purchasing goods and services through social media forums have another method of reaching you. Additionally, it will make your business look more established and, by utilizing a website ‘contact us’ function, you can also save time when communicating with customers. If you are interested in creating a website, we can help.
Think about your target market
You need to decide on what kind of parties you will plan – birthdays, weddings, fairs, anniversaries and/or reunions. Are you going to specialize in one type of event or will you take on a general approach? When making this decision, think about your own interests and the resources required for each kind of event. Doing research into each style will assist you in making your decision.
Your ethical responsibilities are as important as your profits
Today consumers are cautious about where their products are sourced. In particular, whether it is environmentally friendly. While choosing environmentally friendly products for the decorations may be costly, they will benefit your brand image and, ultimately, your profit margins in the long run.
You should also consider your corporate social responsibility (CSR). This revolves around how your business operations are enhancing society. For example, by using eco-friendly products you are appealing to the needs of the environment. You can also contribute to other organisations. When considering CSR think about what issues you are passionate about. Consumers will be attracted to your concern about social and environmental issues, rather than just increasing profit margins.
