How to Finance Children’s Party Planner Business
Children’s party event planner services organize and host events such as baby blessing receptions, graduations, baptism receptions, birthdays, tea parties, bar mitzvahs, and many others. This is a popular business and a great way to earn a living and have fun at the same time.
Financing for Your Party Planner Business
Obviously, it is important to specialize in some niche, whether arranging dinners or children’s parties. Stick to it to master the details. The first step, however, is to find financing for licenses, supplies, and other expenses. You will need cash to purchase a computer, office supplies, a scanner or copier, an answering system a telephone, and so on. There are different ways to fund your endeavor, and the cheapest is to use cash in your savings or checking account. If you are short of cash, your credit card can be a handy option, especially if you use a low-interest card. If you plan to apply for a business loan, you will probably need a good business plan. А comprehensive business plan takes at least several weeks to complete but this is one way to improve your chances for approval. You can also use the services of a professional. When it comes to basics, include your net profits, gross margin, and sales. State your objectives as well, i.e. to become a leading children’s party planning specialist in Canada (or your province or territory). It is also a good idea to list your milestones or keys to success, for example, significant profits on each party organized, competitive prices, and consistent and quality services. Emphasize the fact that the funding is minimal for a service-based business and provide information about your start-up expenses and the amount required to cover them. You may stress on the fact that outside funding is a viable option. Your bank will offer one of two options or both – an unsecured or secured business loan. Secured loans require some type of business collateral, and banks offer larger sums compared to unsecured ones. A low-cost government loan is yet another option to explore.
What to Do Next
Once you have been approved for financing and opened a children’s party planner business, it is time to create a functional office space. There are two options – a rented office space or a home office. The next step is to advertise your services online and in local media (newspapers, business journals, and other outlets). Print advertisements are also an option. You can place advertisements in areas such as toy stores, malls, children’s boutiques, day care centers, and others. Place ads around libraries and other public buildings as well. Think of a logo that is eye-catching, easy to remember, and child- and family-friendly. Do some research on other event planners in your area to find out what they charge for their services. To this, it is important to find a supplier that offers competitive prices because supplier costs usually determine service pricings.