Written by guest expert Tim Gill of The White Box of Wedding Design.Avoiding Three Major Financial Pitfalls in the Wedding Planning Industry
As CFO of The White Box of Wedding Design, it is my responsibility to make sure every dollar is being spent as wisely as possible and every contract is maximized while maintaining our goal of meeting the exact and specified needs of our clients. I’ve learned a few things along the way and would like to pass this advice along to you so that you may learn from this, rather than experience these financial pitfalls yourself. So let’s dive in!
1. Keep your business accounts separate from your personal accounts.
I know this may seem like a very obvious point, but set up your business in a way that allows for clear differences between business expenses and personal expenses. The first thing you want to do is have a separate checking account for your business. In order to obtain this, the bank will need either your Assumed Name Certificate (“doing business as” or "DBA" for a sole proprietorship) or the Articles of Organization (for an LLC).
Deposit any money that you have designated as profit from your business up to this point into the account as a starting balance. In the beginning, if you need to “borrow” money from yourself to build your business, that’s okay. Just make sure you consider it a “loan” in your mind and establish a plan to pay yourself back.
Beyond paying back these “loans” you should also be making a profit! Always have enough money in your business account to continue your operations and pay your bills, but don’t forget to pay yourself as well.
Welcome to 
For millennials, the generation that accounts for more than 70% of today's weddings and the first to grow up with the Internet, technology has done more than give unprecedented access to information; it has physically changed their brains on a microcellular level. What worked in bridal marketing just ten years ago is no longer effective because the way today's engaged couples think is actually different than couples of generations past. In 
BUSINESS
2 comments:
Great Post! When I borrow money from myself, I often forget to pay myself back. In some instances, I didn't think that I needed to but this post had informed me other wise. I look forward to the next post in this series.
It does seem like it would be obvious. When I first started out I didnt do that. I really didnt have any issues with it, but things did go smoother when I opened my own business account.
Post a Comment