Do you want to start a wedding planning business but are not sure how much money you would need to get stared? To calculate your costs, you have to know what you need to purchase. Here is a list of the expenses you might incur. Actual costs will be determined by things such as the fees associated with starting a business in your area and the office equipment and supplies you already own and don't need to buy.
Administrative Costs
Bank Fees
You will incur a monthly fee for a business checking account and you will need to purchase checks.
Business Insurance
Talk to an insurance broker or agent to find out how much it will cost you to get liability insurance for your business.
Business License
Check with your local government offices to find out the cost of a license for running a business in your area. If you operate out of your home, there may be some additional fees you will need to pay to your city government.
Business Name Registration
County government offices charge a fee for registering your business name. Check with your County Clerk's office to find out the rates.
Professional Services
You will need to speak to an accountant or attorney to decide on the best entity for your business. They can tell you about additional fees if you decide to incorporate or form an LLC.
Office Space and Furniture
Space
Office space can be leased space in a commercial building or you can just work out of your home. If you decide to have a home office when you first start your business, as many people do, you won't have to pay rent and you may be able to get some tax write-offs. Check with your accountant for information.
Furniture
Whether your office is in your home or a leased space, you will need a desk, chair, printer stand or table, filing cabinets and shelves. For your home, you may be able to get away with less furniture if you also have some closet space with shelving.
Technology
Computer
You will need a computer that you can dedicate to your business. You need to be able to keep client information private and you don't want the possibility of someone accidentally erasing your documents.
Software
Purchase software that allows you to write documents, keep a calendar, and create a spreadsheet, most wedding planners use Microsoft Office. You may also want to get bookkeeping software, such as QuickBooks. If you intend to create or update your website, you will need a web design program. There is also special software for wedding and event planners to use when planning events.
Printer
You will want to be able to print documents and perhaps some marketing material. There are both laser and ink jet printers available. Check the cost of replacing ink cartridges before you invest in a printer. An inexpensive printer may have very expensive cartridges.
Internet Service
High speed Internet access from the phone company or a cable company is best since you will be researching venues and vendors on the web and want to be able to do it quickly.
Phone Line with Voice Mail
It is best to have a land based phone line dedicated to your business. Many people use cell phones but the reception is not always reliable. Dropped calls will make it frustrating for people to do business with you. Also, get voice mail for your line and record a professional business greeting for people to hear when you are away.
Cell Phone
Get a cell phone for access when you are out of the office working on weddings.
Fax Machine
Contracts need signatures and are typically faxed between vendors and clients so it is helpful to have an actual fax machine. An alternative might be a printer that is also a scanner and has the ability to fax documents.
Marketing
Website
You must have a presence on the web. You will need to pay for the services of a web designer, unless you can design a professional-looking site. You will also need a web hosting company.
Business Cards
You will need to hire a designer, or design your cards yourself, and a printing company which can be found in your local area or on the Internet. You will want professional looking cards so stay away from the ones that you print yourself on your computer.
Marketing Material
Some wedding planners also invest in printed brochures and other marketing material. If you do, you will need to hire designers and printers. Again, stay away from doing them yourself at home unless you have the talent and equipment to make them look professionally done.
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