Monday, March 23, 2015

Financing Tips for Event Industry Professionals

So, after much consideration and relentless planning, you've finally decided to start your own event business. You’re finally here— hooray! Even though you've still got quite a few things to do, you've taken the first step and that is definitely worth a high five.

Now, let’s get down to the nitty-gritty— financing. As a new business owner, you’ll notice how vital it is that you spend time focusing on how and where you spend your money, as well as how and where you receive it. After all, your business’s financial situation is what will cause your business to sink or swim. But don’t worry, we’re here to offer you floaties with a couple of things to keep in mind when considering your event business’s finances:

Spending money...

It’s probably one of the more difficult parts of starting a business, but drafting a budget is an absolute must. You need to maintain the details on the how much money you have now, how much you can spend, and how much you need to bring in to keep the business going. You’re going to have quite a few required expenses— paying taxes, paying any employees you may have, equipment cost, keeping inventory stocked, and more. It’s important to keep track of all of this so that you can stick to your budget and be prepared for tax time. With a program like Inspherio, you’ll have the ability to keep your expenses, invoices, and payments detailed and recorded so there’s never any question as to where money is going.

There’s also the expense of marketing your company— you've got to get your name out there! Luckily for you, there are several cost-effective ways to do this, such as email marketing (pssst, Inspherio offers a great feature for this!) Facebook Ads, Twitter, and so forth. However, if your budget allows, you may want to put some cash towards promoting your company’s name with business cards, advertisements, promotional parties, and more.

It wouldn't hurt to also consider looking in to ways to save money. If you’re just starting the engines of your event business, consider working from home. Just remember to be disciplined with your time and to keep a nicely drawn line between your work-space and the rest of your home. Trust us, this is well worth the consideration when there’s so much time & money to be saved by working from your humble abode— you’ll be offered with the flexibilities many don’t see when going into the office and you’ll see results in your productivity. Oh, and you’ll have extra room in your budget. It’s a win/win!

Getting money...

Pricing your services can be tricky in the beginning. You’re no different than your client when it comes to being a consumer, so you probably appreciate decent pricing for high quality services. Here are a couple of factors to consider:

Location, location, location. Creating a price for your services may really depend on your whereabouts. If you’re living in an area that brings in an influx of people due to peak seasons, then you may want your service pricing to reflect that; for example, your prices may go up during the spring seasons or during the holidays, and lower during the off-seasons.

You and your experience. This can really play a role into how much you charge clients. If your business is newer to the game, you may find yourself sending out lower prices than those of the big-time players you’re up against. However, offering prices that are too low will make it appear as though your services lack quality. Don’t sell yourself short— find a happy medium and stick to it.

This is quite a bit of information, I know, but don’t let it overwhelm you. Though these things are very important to your event business, it’s all doable. You’ve come this far and there’s no way you can stop now! And guess what? You’re literally reading a blog from the inside of one of the best online business management tools out there! Inspherio can help you keep your finances organized and up to date so that you can keep from breaching the budget.

Get your business up and running with Inspherio and get it for free for the first 30 days. That’s pretty perfect for that business budget!

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