Thinking about opening a party planners business? We tell you what you need to know to get started.
(article continues below)
Core Characteristics of Party Planners Company Business Plans
Your party planners company's business plan needs to be tailored to your personal and professional goals while at the same time maintaining a consistency with other business plans, particularly in the critical business plan components that most business experts consider to be essential.
The mandatory components of a party planners company business plan include an executive summary, mission statement, strategic overview, financial plan, marketing plan and timetable. Without these elements, your plan will have limited use to lenders, investors and other stakeholders..
But in today's business environment, it's also important to discuss the external factors your party planners business is facing. As a rule, we recommend including a PEST (Political, Economic, Social & Technological) analysis in your business plan as a way of addressing potential threats and opportunities at the macro level.
Assess the Competition
Before you open a party planners business in your town, it's a smart move to find out how you will fit in the competitive landscape. We've provided the link below to help you generate a list of competitors near you. Simply enter your city, state and zip code to get a list of party planners businesses in your town.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
Once you've finished assessing the competion, be sure to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. The last thing they want to do is help you to be a better competitor.
However, a fellow entrepreneur who has started a party planners business in a location that is not competitive to you can be a great learning resource for you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
The key question new becomes: how to find a party planners business founder who is willing to advise you because you live in different cities?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Advice for Acquiring a Party Planners Business
Without a doubt, it usually makes more sense to acquire a party planners business than it does to pursue a startup.
Yet for many entrepreneurs, financing represents a major hurdle to buying a party planners business. If you're prepared to deal with lender requirements, you'll find that lenders are more open to financing established operations than they are to take a chance on a startup.
Even so, before you approach lenders, we strongly recommend you dedicate a few minutes to reviewing our resource on Business Acquisition Financing Tips.
Don't Rule Out Franchising
Tapping into a franchise opportunity makes it a certainty that you can leverage ideas and systems that come from seasoned and successful entrepreneurs.
If you planning on starting a party planners business, you ought to check out whether franchise opportunities in your space might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you sell to party planners businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.