![]() It includes both general and limited professional liability coverage, protecting you whether you drop the wedding cake or a client is injured tripping over a chair you placed. Starting at just $21 per month, our event planner insurance can grow with your company. Yet this error could prove costly, as there is always a risk for something to go wrong when coordinating someone’s big event.Īt Next Insurance, we offer business insurance for event planners that is specifically designed to meet your needs. You have a lot to think about, from deciding what types of events you want to plan to building relationships with vendors, and it’s easy for insurance to slip your mind. Business Insurance Optionsįor many small business owners, business insurance is not at the forefront of their thoughts, especially when first starting out. Also check with your state for any forms that may be required. To make sure everything is submitted correctly and on time, either work with a startup attorney in your community or follow the IRS Checklist for Starting a Business guidelines. No matter which business structure you select, you will need to fill out a variety of forms. S corporations offer some tax benefits, but they require more paperwork than LLCs. If you want to incorporate, this is an easy way to go about it. S Corporation: LLCs have the option to become S corporations.Your company’s profits or losses will “pass through” to each owner’s personal tax returns, limiting the amount of paperwork you need to file at tax time. An LLC is a separate entity, so your personal assets are typically shielded from business-related lawsuits. An LLC (limited liability company) is a relatively easy solution. LLC: If your company has two or more owners, it can’t be a sole proprietorship.The downside is that if someone sues your business, you could be held personally liable. You won’t need an IRS employer identification number (EIN), and you will simply do your business taxes as part of your personal income tax return. You can use your own name for the business or file a state DBA (doing business as) form to use a different company name. Sole Proprietorship: For event planning businesses with just one owner, a sole proprietorship is the simplest structure.Small businesses typically take one of three structures: You may also want to consult with a tax professional and a business attorney before making your final decision. Each type of business structure has real implications for taxes and liability issues, so it’s worth doing some research to choose the one that best meets your needs. One of the most important aspects of starting your own event planning business is choosing the business structure that works for you. Do your research to make sure the program is legitimate and well-regarded before committing. Other certification options include college or university programs, as well as a variety of online schools. If you want to plan corporate meetings and conventions, consider the Certified Meeting Professional (CMP) designation from the Events Industry Council. ![]() If you are starting a party planning business, the Certified Special Events Professional (CSEP) designation from ILEA (International Live Events Association) is one of the best. There are numerous institutions offering a wide range of different certification options. Requirements vary by location, so check your state’s official website for details.Īlthough certification is not required, it can help you land more lucrative contracts. ![]() License and CertificationĪlthough event planners don’t need a license to perform their work, your company will most likely need a state or local business license (sometimes called an occupational license). Here’s how to start an event planning business, step by step. Licensing and certification, choosing a business structure, obtaining business insurance, writing (and following!) your business plan, and marketing your company all play a role in whether your party planning business succeeds. ![]() Yet starting an event planning business has the same small business challenges as starting any other business. Although every party planner sets his or her own fees individually, the average is about 15% of the total cost of the event. ![]() And event planning can be highly lucrative.Īccording to Entrepreneur, the event planning and management industry brings in more than $500 million worldwide each year. You can set your own hours, choose your own clients, and decide on your own rates. You can spend your days meeting with clients and designing various gatherings, and your evenings making sure everything runs smoothly. If you enjoy planning parties, you may have wondered whether an event planning business is right for you. ![]()
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