Beginner’s Guide to Start a Home-Based Party Planning Business in Singapore
Everyone loves a party and starting a home-based party planning business in Singapore can be an exciting business venture. Working from home is the new norm that is here to stay. Party planning is a versatile business idea you can do from the comforts of your own home.
Planning a party requires multitasking on many different levels and sharp networking skills. You’ll be engaging with a variety of service providers and clients at any given time. Hence, having good people skills is essential and something you should constantly work on.
You will also need to market your business with the right tools to reach the right audience. Consider doing some due diligence and market research to reveal the most sought-after type of events. These essentials will come in handy if you need a loan or funding. It will also form the playbook upon which to build up your business and grow exponentially.
What Is Home-Based Party Planning Business?
Starting a home-based business can be challenging, especially if it’s one as dynamic as party planning. It’s common to find that business has taken over ‘home time’ and is something to be wary of. Establishing routines is essential as it will ensure you have a balanced work and life regime.
As a business, party planning is quite flexible. It allows you to specialize or offer everything on the menu. Party planning includes elaborate ones such as weddings, high-profile product launches, and fun kids’ birthday parties. There’s always something on the cards for an enterprising party planner!
Why Choose to Start a Home-Based Party Planning Business in Singapore?
Singapore is a vibrant city that has a thriving arts and culture scene. Its cultural diversity is unique and caters to many celebratory occasions. A home-based party planning business in Singapore is an enterprising way to capitalize on these factors.
Home-based businesses genuinely allow you to be your own boss. You drive the company and how successful you become depends on how hard you work. Perhaps its greatest allure is the cost-effective measures and the fact that you don’t have to commute to work.
It’s also a great way to explore and find out if this is the business that works for you. Starting up is easy, investments are low, and you get to set your own schedule. You also get to work on a business idea that you are passionate about. It offers savvy entrepreneurs both the freedom and flexibility to create their personalized empires.
Requirements to a Start a Home-Based Party Planning Business
As with any business, you need to ensure you get the basics right. Writing up a great business plan is the key to starting successfully. This way, you’ll have a clear idea of how to drive your business to turn over serious profits. You should include a financial forecast as well as scalable objectives.
An important step is registering your business – structures include sole proprietorships, partnerships, and the popular private limited company. Singapore has a Home Office Scheme that allows small businesses to operate from home. The rules clearly state the dos and don’ts of business activities that can be carried out in residential properties. Do note that it’s not permitted to use your HDB flat as a registered business address.
While most businesses in Singapore do not require a license to operate, it’s always best to check first. Company formation firms or legal professionals will be able to advise you on what you need to do. You may need permits and licenses for certain types of events such as street parties, etc.
You will also need good connectivity and designated areas in your home to set up as an office. Do consider investing in a website, domain name, and logo that will do justice to your business. Don’t forget to set up your business bank account. Another consideration is protecting your intellectual property (IP) and getting your brand some trademark protection.
Guidelines for Starting a Home-Based Party Planning Business in Singapore
A good starting point in any party planning business is to categorize it. This makes it easier for you to niche or focus on areas that interest you. Groups can include:
- Social Events such as Weddings & Gala Dinners; Themed Parties; Pop-Ups;
- Reunions Corporate Events such as MICE (Meetings, Incentives, Conferences & Exhibitions); Workshops; Product Launch
- Summits and Fundraisers
- Performances and Festivals
You should choose the type of party planning that really plays to your strengths. Make a list of all the types of services you offer and work out your pricing strategy. Do set up a reliable network of service providers such as caterers, etc. Most importantly, do observe the guidelines set down by the Government, such as the Singapore Tourism Board (STB).
How to Grow a Home-Based Party Planning Business?
There’s no escaping the fact that every business needs to make its presence known. This translates to sound marketing and branding exercises along with a vibrant social media presence. Get your website up, call on friends and family for recommendations, and plan a few parties.
Get your brand and business out there, and always ensure that you provide professional service. The infamous ‘elevator speech’ is also something to polish upon. Getting reviews and recommendations from clients is also a great way to drum up business. Don’t forget that every party you plan has a whole list of potential clients as well.
Now that you have some ideas about a home-based party planning business in Singapore, it’s time to get started. Planning parties and events is hard work, but it can be a lot of fun too! It’s undoubtedly one of the more exciting businesses that allow you to be creative and make a profit. It’s simply a win-win situation for the new class of home-based business entrepreneurs.