Are you in a position to make the most of the money that you earn as a wedding planner? The current issue of “Success From Home” magazine listed the best practices to follow for people to be financially successful. I found that these 5 practices would be most helpful to wedding planners:
1) Spend less than you earn
When you first start you wedding planning business, set a realistic budget and stick to it. Carefully investigate business opportunities before investing. Don’t get swayed into buying a lot of advertising and marketing that you can’t afford thinking it will help you jumpstart your business.
Once you start earning money, spend wisely and don’t let yourself or your business get burdened by heavy debt.
2) Read the fine print
Now that you are in business, you will not only be helping brides review contracts, you will find yourself signing contracts with vendors when you do things such as take certification courses, buy advertising on wedding websites, and exhibit in bridal shows. These could be for large sums of money so read each document thoroughly before signing so you are clear about your commitment.
3) Protect your business and your family
Talk to your accountant to find out which business entity; sole proprietorship, partnership, LLC, or corporation, would best protect your assets and work for the type of services you will be offering.
Have clients sign contracts before you work together, so you are both clear about what is expected of you and them.
And, of course, you should invest in the business, home, auto and health insurances that protect your business and personal lives.
4) Practice giving
Sharing your wealth helps you feel happy, successful and appreciative, and that attitude helps you attract more abundance into your life.
5) Pay yourself first
If you don’t set aside some of the money you earn, you’ll soon have none. Make it a point to save a percentage of your earnings each time you get paid.
Don’t allow yourself to get so caught up in planning weddings that you don’t take are of your finances. You can hire someone else to help you do this, if you wish, but you should always know how your business and you stand financially.
