Do you have strong organizational skills and love planning events? Maybe you love to help people strategize and figure out the best way to execute their event. Perhaps one of your greatest joys is helping a couple write the next chapter in their love story by planning their wedding. If so, couples of all stripes could use your assistance when it comes to the details of their big day. Here are some things to consider for starting your wedding planning business.

Envisioning Your Role

Not every couple needs the same level of service from a planner. You should have a mental picture of what your business will be. Some planners help work out every detail leading up to the special day, from finding a dress to hiring vendors such as a photographer and caterer. Some couples will take care of the planning but need an assistant to manage things on their wedding day. Your business might also extend to other details, such as coordinating rehearsal dinners and honeymoons. You’re free to modify your services as you go along, but you should have an idea of the type of planner you’ll be.

Taking Care of Business

As a business owner, you’ll need to decide on how to structure your enterprise for legal and tax purposes. You should select an entity that insulates your personal finances from any liabilities or exposures associated with your operations. A limited liability company is one where you cannot be held liable as an owner for any obligations of your business. You’ll need to think of a name for your LLC and register according to the laws of your state. While there are many resources available for registration, consider consulting a business attorney to help you dot all the I’s and cross all the T’s.

Putting Together a Plan

What’s a wedding planning business without a business plan? You can write one from scratch or use an online template or software, but your plan needs these elements:

• Summary: States the purpose or need of your company, with details about services or products you’ll provide
• Market analysis: Looks at the existing market or lack thereof, identifying opportunities for your venture as well as threats
• Marketing or sales plan: Includes roadmap for how to advertise and publicize your company
• Financial costs: Outlines expenses involved in starting and running your company
• Sales projections: Projects revenue and profit objectives

You’re better equipped for success when you plan the work and work the plan.

Thinking About the Money

It’s strongly suggested that you have separate bank and credit card accounts for your business. You’ll need to start by applying for an employee identification number with the IRS. Getting your EIN can take as little as a few minutes. Once you have this number, use it to open accounts. Keeping your company accounts separate from your personal accounts will prove advantageous when it’s time to do your taxes. Please be aware that your business will also have a credit score based on how you borrow and repay, similar to a personal credit score.

Counting the Costs

You’ll have startup costs that may be minimal if you’re able to operate out of your home. Securing funding will be important for your wedding planning business. This can be achieved through a loan from a bank, private investment funds, or crowdsourcing with family and friends. Some of your startup expenses will include things like purchasing a domain, hiring someone to create a logo, building a website, and creating marketing materials.

Getting into a wedding planning business can be quite lucrative. After all, love springs eternal, and presumably there will always be people who need your creativity and energy for planning their nuptials. You’ll be better equipped for long-term success with a detailed and thorough business plan.