05 08

Event and party planning business

Do you love to throw parties, and especially enjoy the planning and preparation that takes place before the big event? If so, a small business as a party planner might be the perfect small business idea for you.

The Pros of Starting a Party Planning Business

Some of the reasons you might want to start a party planning business include:

  • Startup costs for a party planning business are low.
  • Party planning is a great home-based business that can be done part-time.
  • It's fun work with variety that changes from job-to-job.
  • You will meet potential clients at every event; your parties can be the perfect marketing tool.
  • The earning potential of a successful party planning business is high.
  • It's a great business for naturally organized, detail-oriented and creative personalities.
  • You don't need any formal training.
  • There are franchise opportunities available.

The Cons of Starting a Party Planning Business

Some of the potential challenges of starting a party planning business include:

  • It can be a high-stress job because your business and reputation are on the hook with every party.
  • You may have to work long hours, evenings, weekends and holidays.
  • You may have to work with unrealistic clients and unreliable suppliers and subcontractors.
  • It can take time to build a profitable client portfolio.
  • There is a relatively high degree of liability if the end result doesn't meet expectations.
  • You may need to have legal counsel for drafting of contracts in order to avoid issues that might arise later.
  • You may need liability insurance and bonding.

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