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Old 2nd January 2013, 12:00 AM   #1
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Question Starting A Business Starting A Business

My girlfriend is thinking about starting a wedding planning business, and I offered to help her out as much as I can getting started - as far as the business aspect goes. I'm no business expert, but I have some basic business knowledge. I'm a senior business major with a focus in economics and planning to start working on an MBA next fall. She doesn't have much business background, she was an assistant director at a daycare and she didn't go to college. She is smart and a quick learner though, had a 4.0 in high school.

With that said I have a couple questions:
I'm thinking she would want to set it up as either an S-Corp or LLC, but I'm not sure which one? I know there are a lot of variables to consider, but any advice would be helpful.

Any other advice for starting a business? I could be wrong, but I think this is something she could start without much capital. Another concern is whether she could do this part time while working her current job 40 hrs/wk. I have no doubt she could handle it, and could take calls before and after work and at lunch, and take care of most stuff on the weekends. I know this is very generic, and she's just now starting reading and researching about it. I just wanted to hear some input from some of you guys regarding the business/financial aspect.

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Old 8th January 2013, 03:24 AM   #2
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Your business plan is really awesome.Your friend can start your business as a wedding planner or event planner.so for that business skill should be must.For starting any business ,funds required.So business loans is one of the great option.

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Old 25th January 2013, 01:08 PM   #3
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I think you are already on the right path. The difference between an S-corp and an LLC really depend on your situation - hard to answer here. Personally, I like the LLC - easier to run and manage.
If you can do this part-time - then by all means. The real key is getting out there and drumming up business - then learning what works and what doesn't from that - improving as you move forward.
Lastly, all businesses should be started lean and mean - only spending money on those items that bring in more money to the business then they cost. You might think about asking for 50% up front and using those funds to cover your cost as you set up those nuptials.
You want to research something right now - start researching how you are going to market your offerings to local people getting married - your business will succeed or fail based on your marketing efforts and abilities.

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Old 1st February 2013, 01:07 AM   #4

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In my opinion wedding marriage planner is not a bad idea. And you can try some loans services If you don't have sufficient amount of money. i want to tell to one more if she is passionate about marriage planner you should allow.

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Old 1st February 2013, 02:00 PM   #5
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I personally set up an LLC, because I liked that business structure. However, ultimately it will be her decision which to choose.

I'm also getting married in May and I will say, it's not uncommon in my experience for vendors to have certain office hours they are available. This could work well if your girlfriend is also working a 40 hour per week job. Most weddings take place on the weekends, so if she was planning weddings she would need to be available weekends as well.

Best of luck!

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Old 6th February 2013, 10:06 PM   #6

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Focus on marketing at the start.. heavily online. Put together packages, a web site, craigslist ads, a logo, business cards, etc. Do this stuff while maintaining the current day job. Go with an LLC but there is no need to set that up until some decent business starts coming in.

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Old 7th February 2013, 01:38 PM   #7

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I always told clients looking to start either an LLC or an s-corp to chat with their accountant. Whichever their accountant is happier / more familiar with is generally the right choice.

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Old 7th February 2013, 05:43 PM   #8

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Definitely talk to your accountant. LLC vs S-Corp can really have an impact on your taxes.

Also, for getting started, take a look at bridal shows and make relationships with venues. It's going to be a very referral based business.

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