Set up own events planning business
15 March 2018 at 1:04 pm #8733
Is there anyone on here able help me set up a business from home15 March 2018 at 1:20 pm #8734
Well, I know the basics: First you need to register the business with Companies House. You’ll probably need a website designed and launched. You’ll probably need to do a few freebies or at promotional rates to start off word of mouth and to get recommendations you can post in their name, with their consent. Set up dedicated social media sites too – not just ones in your own name. Speak to your bank about your plans – they will be really helpful and set up a dedicated business account. This might help if you need a business loan at some point. If possible choose the one you already have a mortgage and accounts with (providing they’re in good shape) as that shows long term loyalty and good financial management. There are courses I think you can go on for free – maybe try DfE to begin with (or if you’re currently signing on). Then of course you need to look into getting marketing. If you can afford it, it might be worth hiring a marketing company to think up a bespoke strategy for you and manage the contact legwork, but it is expensive. However, they often have a way into companies that you would struggle getting your foot in the door with.
Not sure what else at this stage. Hope that’s given you some food for thought.15 March 2018 at 8:25 pm #8798
Hi, what is you want to know Jessica? I have just started my own photography business with a company name but am trading as a sole trader not registered with Companies House. I have notified the Inland Revenue though.
I think the first thing you have to do is a business plan – doesn’t have to be all singing and dancing but cover the basics:
Who are your customers?
What are you offering them, what can you offer them that no one else is?
How are they going to find you?
Who are your suppliers?
How are you going to pay your suppliers?
What money if any is going to be your working capital?
Can you do it all or do you need to subcontract certain parts?16 March 2018 at 9:33 pm #8824
I helped my wife set up and run a childcare business about 5 years ago. From this, we learned:
1. Write a solid business plan – the bare bones of what you want to do, how you will do it, who you customers will be, the competition, pricing, financial projections (cash flow and profit and loss account over first 3-5 years), how you will find it, what you will have to invest in and pay for, resource (who, where etc).
2. Company or sole trader. The latter is easier to set up, and involves less red tape, but the former ringfences the business from you personally (which will be easier if it does not work out).
3. Have a good local, reasonably priced accountant or book+keeper on board.
4. Keep good records, books, separate bank account etc.
5. Register with HMRC and keep completely up to date with your tax, payroll, etc.
6. Be cost careful on the marketing side.
7. Decide on a timeframe for getting the business to break even, and don’t let your heart rule your head.
8. Be commercial and disciplined.
9. Develop resilience and be prepared to work hard – you’ll reap what you sow!
10. Figure who you can trust and rely upon, being cautious to delegate to the right people.
11. Relish the challenge!
12. Enjoy what hopefully will be personal achievement, and fulfill your ambition.
13. Take considered risks.(can’t finish on 13, so:)
14. Get a good balance between business and family time.
Hope helpful – bit of a brain storm.