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How to get started – Success

When you are starting your own business, there are a few practicalities you will need to take care of first, before you get started on the business of wedding planning itself.

First, here are some online resources and advice that you might find helpful for getting started.

business.gov.au
Offers all the essential information on planning, starting and running your business, and access to all the government information, transactions and services you need.
www.business.gov.au

Business Victoria
This is a comprehensive online resource designed to help you start, run and grow your business.
www.business.vic.gov.au

Business Development
This website aims to help you to start your small business on the right foot.
www.business.qld.gov.au

My Small Business
All kinds of advice including blogs and discussions on starting a small business.
http://smallbusiness.smh.com.au

Small Business Development Corporation
Independent guidance and information for existing and/or intending small business owners.
www.sbdc.com.au

Australian Taxation Office
Tax basics for small business (click on the ‘Business’ tab).
www.ato.gov.au

Creating a business plan

Writing a business plan is essential to having a successful business. Business planning involves putting on paper all the plans you have for your business including:

  • the services you will provide
  • who your clients are
  • who your competitors are
  • where you will find suppliers (vendors)
  • what you will charge for your services
  • how you will advertise and market your services
  • how much money you will need to get started.

If you are seeking financing for your business from a bank or other lender, they will expect to see a business plan that shows you have a viable business idea with an excellent chance of success. Even if you don’t need financing, putting your ideas on paper will give you the ‘road map’ of where you want to go with your business and how you are going to get there.

A business plan can also help you avoid costly surprises. If you are considering whether to leave a secure job to start your own business, a business plan can help you determine the resources you will need to start your business and decide when the timing is best for you to get started.

Outlining your services and identifying your customers

A key component of your business plan will be deciding what services your business will offer and who you will offer them to. When you are starting out, it’s tempting to say you will do anything related to weddings that people will pay you to do. And while it’s great to have such a can-do attitude, you may find you are able to attract my clients by offering specific services. For example, you could offer any – or all – of the following services.

Full service wedding planning

A full service wedding planner is involved in all aspects of planning and coordinating the ceremony and reception. As outlined in Part 2 of this guide, the tasks you might be responsible for range from scheduling and budgeting to finding and negotiating with vendors. You will be in regular contact with your clients as the wedding approaches. In addition to planning before the wedding, you will be available throughout the entire event to assist with any last minute details that arise.

Wedding day coordination

For couples that wish to plan their own wedding, you could offer your services as a wedding day coordinator. This allows the couple to enjoy their special day without the stress of overseeing all of the vendors and activities. Most wedding day coordinators also coordinate the rehearsal. In fact, wedding coordinators typically start working with a couple about a month before the wedding so they can review what needs to be done, contact vendors, and develop a plan for the rehearsal and wedding day.

Wedding consultations

For couples who want to do everything themselves – but want to know how to do it as easily and cost-effectively as possible – you can offer brief consultations to help them get started. For example, you might offer an hourly consultation (most planners suggest a two-our minimum) to help them plan a schedule, recommend specific vendors, prepare a preliminary budget, and answer any questions they may have.

Destination weddings

Some wedding planners have built successful businesses by offering destination-wedding services. A ‘destination wedding’ is a wedding at a location such as a report that the couple has to travel to. It may involve only the couple (commonly known as eloping) or it may involve guests.

Vendor

Some wedding planners also offer related products and services such as catering, flowers, or wedding invitations. For example, if you have a talent for baking, you might make the wedding cakes for clients yourself rather than recommending another vendor. If you want to offer services beyond wedding planning, you will need to do additional research about starting that type of business.

Choosing a business name

Your business name can instantly communicate a powerful message to potential customers, so it should be memorable and easy to pronounce.

To choose a name for your wedding planning company, start by taking a look in the phone book or on the Internet to see the names that other wedding planners have chosen. Notice which names stand out. Your name might be creative, or you might choose a name that clearly communicates what your business does.

Examples of business names include: ‘An Affair of the Heart’, ‘Engaging Events’, ‘Weddings by Design’, and ‘The Wedding Experts’.

Legal structure of your business

Your business structure affects the cost of starting your business, your taxes and your liability (responsibility) for any debts of the business. There are several different legal structures a business can take.

Sole trader – If you want to run a business yourself, you will be known officially as a ‘sole trader’. This is the least expensive way to start your own business. It is also the easiest because it requires less paperwork and your can report your business income on your personal tax return. One drawback to this type of business is that you are personally liable for any debts of the business.

Partnership – If you want to go into business with someone else, the easiest and least expensive way to do this is by forming a partnership. Legally, you would both be responsible for any debts of the company.

Before going into business with a partner, you should spend many hours talking about how you will work together. You should identify:

  • what you will each be responsible for
  • how you will make decisions on a day-to-day basis
  • what percentage of the business each of you will own
  • how you see the business developing in the future
  • what you expect from each other.

During your discussions you can learn if there are any areas or where you need to compromise. For example, one of you may wish to have a wedding planning business as a fun part-time job, while others may want to work full-time and eventually build a business that will employ other people. You can avoid future misunderstandings by putting the points you have agreed on into a ‘partnership agreement’ that covers any possibility you can think of (including one of you leaving the business at some point in the future.)

Company – Whether you are working alone or with partners, if you want a more formal legal structure for your business, you can form a company. A company can have limited, personal liability and may make your business appear more professional to come clients. However, it usually costs several hundred dollars and there are many rules and regulations involved with this type of business structure.

It’s a good idea to consult with your accountant and/or solicitor before forming a company.

Registering for an ABN

When you register your business name- regardless of the structure, before you commence trading you will need an Australian Business Number (ABN).  You can get an ABN number online from the Australian Tax Office Website.

You will need to display your ABN on each invoice and receipt, and give quote your ABN when dealing with suppliers and ordering supplies from your wholesalers.

You can find out more information on ABNs from the Tax Office. Go to: www.ato.gov.au (and click on the ‘Businesses’ tab).

You can apply for an ABN online via the ASIC. Go to: www.asic.com.au.

Taxation

If you are working in Australia, you will also need a Tax File Number (TFN) which is used when you do your tax return at the end of the financial year.  If your business structure is a company, you will need an individual tax file number for your company. If you are a sole trader, you can use your individual tax file number that you have already.  If in doubt, you can speak with your accountant.

Goods and Services Tax (GST)
In Australia, you are required to collect GST of 10% from your clients if your income is $75,000 per annum, or more. You need to register with the Government for GST before you can start to charge GST. For more information on GST, go to: www.ato.gov.au (and click on the ‘Businesses’ tab, then ‘Tax Topics A-Z’).

Pay As You Go (PAYG)
PAYG instalment is a system for paying instalments towards your expected tax liability on your business and investment income. PAYG withholding may also apply if you one day have employees, and withhold amounts from their income for the Government. For more information on PAYG, go to: www.ato.gov.au (and click on the ‘Businesses’ tab, then ‘Tax Topics A-Z’).

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