Making Money With a Children’s Party Planning Business

For many parents, creating pleasant early memories for their children that will last a lifetime is a common goal. Parties for kids seem simple to execute in theory. The reality is that there’s more to planning a stellar children’s party than meets the eye. Oftentimes, the logistics of such gatherings are overwhelming for overworked parents short on time. As such, there’s plenty of money to be made in planning parties for kids. If you’re looking for a fun business opportunity with loads of growth potential, children’s party planning is an appealing option.

Selecting An Appropriate Niche
Before you book your first party, you’ll probably want to settle on a niche to specialize in. A party for young boys will typically differ from a party thrown for young girls in terms of entertainment and activities. Mixed-gender parties will need to be more neutral when it comes to themes. In addition, you may want to decide whether you’ll be overseeing parties for birthdays, for holidays like Halloween and Easter or a combination of the two. The point is to establish a roadmap for yourself to avoid becoming overextended.
Bureaucratic Red Tape & Funding
As with any venture, you’ll need to select a business name, register it with the local authorities and incorporate it in some fashion. A limited liability company is probably the best way to go for most beginner party planners. If you eventually need to hire employees, an EIN from the IRS will be required. However, you can skirt this requirement by hiring caterers, entertainers and the like as independent contractors, which makes more sense for irregular work. You’ll probably need at least $1,000 to get started, so get a small business loan if need be.
Sourcing the Raw Materials
Your party planning business will inevitably need to purchase supplies, so plan ahead and buy those goods in bulk. Things like generic party favors, decorations and so forth can be obtained from online wholesalers. Do a little research to see if there are any bulk party supply distributors in your area to find the best deals. You’ll no doubt discover that many scenarios will require unique items that are difficult to anticipate. Stockpile as much party equipment beforehand as possible and make connections with vendors and entertainers.
Building a Solid Foundation
To establish yourself as a party planning authority, start small and throw parties for neighborhood friends and acquaintances. Doing a few jobs for free will help you to build a name for yourself. The first few “trial run” parties will enable you to foresee future potential problems and give you much-needed experience in rolling with the punches. They’ll also help you to settle on a reasonable rate to charge for your services. At a minimum, this should be $25 per hour plus expenses. If you play your cards right, you can eventually make up to $100 per hour or more.
Marketing & Expanding Your Business
Once you’re comfortable with your new business and have things more or less running on autopilot, you can work on expanding your operation. With a party planning business, you’ll find that traditional advertising avenues are quite effective. Use local newspaper advertisements, flyers and brochures to spread the word about your enterprise. Furthermore, digital marketing channels like social media are increasingly effective. Google+, Facebook and Yelp are the top sites to rely on as they allow your clients to review and rate you, thereby projecting a positive image for your brand.
Making the Dream a Reality
Though party planning can be a fun way to make a living, it’s also a business just like any other. If you’re serious about making it a full-time occupation, you’ll need to continue to evolve and grow professionally over time. That means staying up-to-date on the latest prevailing children’s party trends. Having an edge over the competition is especially important if you want to survive over the long haul. There’s no specific formula for determining what that edge should be. Ultimately, the ingenuity and creativity required to thrive must come from you.
About the author