I make my love of helping small businesses, entrepreneurs, and solopreneurs pretty well known. That is why I also enjoy helping wedding vendors. Most wedding vendors fit in one of the above categories, but they don’t always seem to know that.
I meet several vendors that are still treating their business as a hobby. Now there is nothing wrong with a hobby but when you have transitioned that hobby into something that is going to be making you money there are some issues that should be taken care of.
Here are 3 tips on to go from hobby to business:
- Decide if you are going to incorporate. By that I mean are you going to have an LLC, Corp, or Inc attached to your business name?
- Get a bank account. When your business was a hobby it was fine to put your money in your personal account but it you are now a business you need a separate bank account.
- Get some contracts. Actually get a lot of contracts. I meet vendors all the time who still have no sort of formal contracts for clients to sign. Get a contract by an attorney, not one you find after you google “wedding vendor contract template”.
While there is a lot more to running a business than the 3 tips listed above these will at least get you on the right track.